Oil and Gas Prices
News
October 20, 2023
War in the Middle East could cause the oil price to surge to $140 a bbl and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade.
News
October 11, 2023
Benchmark U.S. crude futures dropped below $85 a bbl on Wednesday as the conflict remained largely confined to Israel and Gaza. Iran is OPEC’s fourth-largest oil supplier, behind Saudi Arabia, Iraq and the United Arab Emirates.
News
October 10, 2023
ExxonMobil Corp. boss Darren Woods is poised to emulate his two predecessors with a career-defining mega deal that — for better or worse — would likely transform the oil giant.
News
October 09, 2023
Oil surged more than 4% after Hamas’ surprise attacks on Israel over the weekend threatened to inflame tensions in the Middle East, home to almost a third of global supply.
News
October 09, 2023
Treasury Secretary Janet Yellen said the U.S. is preparing to crack down on evasion of the Group of Seven’s price cap on Russian oil, as recent market prices signal that the mechanism may no longer be working as hoped.
News
September 26, 2023
CEO Vicki Hollub said she hadn’t seen evidence of demand destruction yet. Even if oil prices do top $100 a barrel, she doesn’t expect them to stay there long enough to start eroding demand.
News
September 19, 2023
Wirth has held a bullish view on oil for some time. In March, he cited a combination of dwindling spare production capacity around the world and the anticipation that China’s economy will pick up speed again.
News
September 19, 2023
Market expectations indicate that oil prices will “stabilize and move down” over time, Treasury Secretary Janet Yellen said in an interview with MSNBC on Tuesday, adding that that was her own hope and expectation also.
News
September 18, 2023
“Proactive, preemptive and precaution — these three words will address how we are attending to the situation knowing there are uncertainties coming from multiple directions,” Prince Abdulaziz said during a discussion at the World Petroleum Congress in Calgary.
News
September 04, 2023
West Texas Intermediate rose as much as 1.9%. Brent also climbed. Prices also gained as U.S. jobs data indicated wages were rising slower than forecast, taking the pressure off the Federal Reserve to hike interest rates.
News
August 16, 2023
nverus Intelligence Research (EIR), a subsidiary of Enverus, has released its latest quarterly FundamentalEdge report focused on global drivers for oil and gas prices to 2030, the five-year oil and gas supply and demand outlook, and price forecasts.
News
July 28, 2023
Almost exactly two years ago, bp Plc shocked the global oil market by saying that its most important pricing benchmark — the North Sea crude price Dated Brent — was experiencing “regular dislocations.”
News
July 07, 2023
Johan Sverdrup, the single largest crude stream in the North Sea, is a relatively dense and sulfur-rich type of oil —- properties that normally mean it trades below Dated. However, Saudi Arabia hiked the premiums it charges for its own barrels — which are similar to the Norwegian grade, triggering the price surge, the traders said.
News
June 30, 2023
Riyadh surprised oil traders earlier this month when it announced the extra cutback, which came on top of curbs it was already making with fellow OPEC+ producers. The supply reduction will take effect in July, with the possibility of extensions.
Article
June 2023
Crude prices fell in May despite a 1.16-MMbopd reduction by OPEC+ in April, and a 503,000-bopd cut by Saudi Arabia and Russia in May.
Article
May 2023
Crude prices surged in April after OPEC+ announced it was slashing output by 1.16 MMbopd as a precautionary measure targeted at stabilizing oil markets.
Article
May 2023
Despite reasonable oil price levels, U.S. upstream activity is being restrained by inflated equipment/supply costs, residual lags in the supply chain, and, perhaps most of all, manpower issues.
News
May 04, 2023
WTI Midland joined the Dated Brent benchmark on Tuesday, in an effort to revamp a gauge that is used to set the price of more than two-thirds of the world’s crude. So far, that integration has proved successful.
News
April 29, 2023
As dealmaking starts to heat up in the industry, Pioneer, one of the dominant independent explorers in the prolific Permian Basin, will have a “high bar” to make acquisitions, Rich Dealy said in an interview with Bloomberg Television.
News
April 13, 2023
World markets may be under supplied by about 2 MMbpd in the fourth quarter as a result of cutbacks announced by Saudi Arabia and its partners, according to figures in a report from the Organization of Petroleum Exporting Countries.
News
April 11, 2023
Net-long positions in Brent crude jumped by more than 73,000 contracts in the week to April 4, according to data from ICE Futures Europe. The only other time a bigger net-inflow occurred was in late-2016, which also followed unexpected output curbs from OPEC that ultimately led to the creation of OPEC+.
