Investing LONDON – Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could impact oil supply from the Middle East. Brent crude was up $3.07, or 3.6%, to $87.65 a barrel by 1341 GMT, while U.S. West Texas Intermediate crude was at $86.15 a barrel,
Nasdaq LONDON – The bullishness about petroleum prices which flooded through parts of the investment community at the end of 2022 ebbed in the first full week of 2023 as concerns mounted about the global economy and China’s coronavirus wave. Hedge funds and other money managers sold the equivalent of 17 million barrels in the six most important petroleum-related futures
World Oil (Bloomberg) — The global oil industry is on pace to repeat or even surpass the heady days of 2008 when crude ascended to dizzying heights and drilling profits soared, according to the world’s biggest oilfield contractor. In the sector’s most bullish forecast yet, Schlumberger told investors and analysts Friday that the widespread disarray set off by Russia’s invasion
Reuters NEW YORK – Oil prices dropped on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled. Brent crude LCOc1 fell 41 cents, or 1%, to $40.81 a barrel by 12:24 EDT (1724 GMT) and U.S. West Texas Intermediate (WTI) crude CLc1 was down 50 cents, or 1.3%, at
CNBC Goldman Sachs is warning that the presidential election could see delayed results, and is therefore recommending that clients hedge their market bets through December in anticipation of heightened volatility through November. Goldman Sachs chief U.S. equity strategist David Kostin said several factors could delay the results beyond Nov. 3, including a rise in mail-in ballots as Covid-19 keeps people
CNBC Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world, but several energy analysts argue it’s too soon to get carried away. The commodity that saw one futures contract go negative for the first time ever last month, over the worst demand destruction in its history,
From Reuters Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal. Brent crude LCOc1 settled up 81 cents, or 1.4%, at $59.51 a barrel. U.S. West Texas Intermediate crude CLc1 ended $1.29, or 2.4%, higher
From Reuters China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude
From Reuters Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal. Brent crude lost 64 cents, or 1.1%, to settle at $58.70 a barrel, after hitting a session high of $60.17.
From Reuters China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand. Beijing said crude would be among the U.S. products hit by tariffs of 5% as of Sept. 1.
From Reuters President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession. Trump, who has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favor of U.S.
By Tyler Losier, Energy Reporter, Oil & Gas 360 Train 1 of Sempra’s Cameron LNG project commences commercial operations Sempra LNG, a subsidiary of San Diego-based Sempra Energy (stock ticker: SRE), has begun commercial operations under tolling agreements at Train 1 of its Cameron LNG liquefaction-export project in Hackberry, Louisiana. Previously, Sempra’s Cameron LNG facility had shipped its first commissioning
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