CNBC U.S. crude rose Thursday to trade above $82 per barrel, with the benchmark heading for its second weekly gain in a row, as oil and gasoline inventories fell. West Texas Intermediate has gained 4.8% this week, while global benchmark Brent is up 3.8%. Prices found support Thursday as U.S. crude and gasoline stockpiles fell for the first time in
Oil Price There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the world’s top lenders continue doing business with the oil industry—and they’ve been doing more of it lately. The revelation comes from the 15th annual Banking on Climate Chaos report authored by
World Oil (Bloomberg) – OPEC+ chose to stick with oil production cuts for the first half of the year, keeping global markets tight and potentially sending prices higher. A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Wednesday, according to a statement posted on the group’s website. That means roughly
Oil Price The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. WTI, according to Bloomberg, has added 14% since the start of the year, topping $82 per barrel earlier this week. Brent crude has gone from around $78 per barrel at the start of the year to over $86
Oil Price Reducing methane emissions and addressing methane leaks in operations are immediate actions from which both businesses and the climate will benefit, JP Morgan, one of the world’s top fossil fuel financiers, said in a new report on Wednesday. JP Morgan’s “The Methane Emissions Opportunity” white paper urges companies to boost efforts to cut methane emissions and says that the
Oil Price Three days after Jamie Dimon sparked a marketwide selloff which sent stocks to fresh 2022 lows after he predicted a US recession in “6 to 9” months, citing drivers including rising interest rates, persistent inflation and Russia’s invasion of Ukraine, and warned stocks could drop another 20%, the JPMorgan CEO who is expected to report earnings tomorrow (and hopefully clarify
Oil Price Jamie Dimon, the chief executive of JP Morgan, called on the U.S. oil industry to boost crude production to make up for OPEC+ cuts that could cause a severe shortage in the global oil market. “In my view, America should have been pumping more oil and gas and it should have been supported,” Dimon told CNBC, adding “America needs to
Oil Price Cutting off investments in fossil fuels would be the road to hell for the United States. This is what JP Morgan’s chief executive Jamie Dimon said during a congressional hearing on a range of topics. “Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, Mr.
Nasdaq Nov 24 – Any impact on oil prices from a release of crude from strategic petroleum reserves by the United States and other countries may not be sustained for long, JP Morgan Global Commodities Research said on Wednesday. The United States is to release of millions of barrels of oil from strategic reserves in coordination with China, India, South
CNBC JPMorgan Chase granted Jamie Dimon new stock options as a retention bonus to incentivize the chief executive officer to lead the banking giant for a few more years. The 65-year-old Dimon was awarded 1.5 million stock appreciation rights, a form of options contracts he can exercise in five years if the stock price rises. JPMorgan shares closed at $149.71 on Tuesday after
CNBC JPMorgan Chase said Thursday it will commit more than $2.5 trillion over the next decade toward long-term solutions that tackle climate action and contribute to sustainable development. Within the initiative, $1 trillion is earmarked for green projects, including renewable energy and clean technologies that are focused on speeding the transition to a low-carbon economy. The $2.5 trillion target, which
Reuters LONDON – Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. “At current prices, most U.S. onshore operators are economic, leaving a vast group of operators, from large public companies to private players, in good position to ramp up activity in 2H21 and build solid momentum
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