Oil prices gain 2% to one-week high on hopes of higher summer fuel demand
Oil prices climbed about 2% to a one-week high on Monday, buoyed by hopes of rising fuel demand this summer despite a stronger U.S. dollar and expectations the U.S. Federal Reserve (Fed) will leave...
View ArticleLatest Opec+ decision: Is it good or bad for oil prices?
Asked in 1919 whether it was true that only three people understood Albert Einstein’s theory of relativity, physicist Arthur Eddington replied: “I am trying to think who the third person is.” The...
View ArticleRussia’s Gazprom reduced gas output to all-time annual low in 2023
Russian energy giant Gazprom Group cut natural gas production by 13% to an all-time annual low of 359 billion cubic metres (bcm) in loss-making 2023 from 412.94 bcm in 2022, the company said in its...
View ArticleOPEC⁺ surprise triggered record hedge fund oil sales
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and...
View ArticleOil flat as cautious investors await Fed meet, US CPI data
Oil prices were steady on Tuesday, as investors waited for key U.S. and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean a clearer picture of where inflation is...
View ArticleThe Commodities Feed: Brent back above $80
Brent broke back above $80/bbl with the oil market set to tighten in the third quarter, while US natural gas prices strengthened on forecasts for warmer weather Energy – Henry Hub breaks above $3 Oil...
View ArticleUS crude inventories seen down last week, products likely up
U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday. Four analysts polled by Reuters estimated that crude...
View ArticleIraq oil minister reports progress in talks with Kuridsh officials on...
Iraq’s Oil Minister Hayan Abdel-Ghani said there has been progress in talks with Kurdistan region officials and representatives of international companies operating there for a deal to resume oil...
View ArticleIndia hoping for firm interest at latest oil, gas auction amid policy continuity
India is hoping that its latest round of oil and gas block auction will generate robust interest among investors and bidders, as the return of the National Democratic Alliance government for the third...
View ArticleMiddle East Crude-Benchmarks extend gains for a third session
Middle East crude benchmarks Oman, Dubai and Murban rose for a third consecutive session on Tuesday, with spot premium for Murban recovering to just above $1 per barrel to Dubai quotes. Meanwhile,...
View ArticleIndia eyes oil deals with nations including Russia, minister says
Indian Oil Minister Hardeep Singh Puri on Tuesday announced that state-run Bharat Petroleum Corp plans to build a new refinery and the nation is looking at signing more oil import deals with countries...
View ArticleOPEC Keeps Oil Demand Growth Forecast for 2024 Unchanged
Crude Oil Price Movements In May, the OPEC Reference Basket (ORB) declined by $5.53, or 6.2%, m-o-m, to average $83.59/b. Oil futures prices declined, with the ICE Brent front-month contract falling by...
View ArticleOPEC output surges 120,000 b/d in May despite quotas; Russia-led allies cut:...
To get Platts OPEC+ survey sooner, join Platts Connect. The nine OPEC members subject to quotas boosted crude oil output by 100,000 b/d in May, driven by Nigeria and Iraq, pushing the group 320,000 b/d...
View ArticleOil edges up as OPEC sees relatively strong growth in 2024 oil demand
Oil prices edged slightly higher on Tuesday as OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and as investors waited for the outcome of the Federal Reserve’s...
View ArticleEurope’s oil stocks fell y/y in May -Euroilstock
Crude and fuel stocks held by European refiners stood at 1.02 billion barrels in May, up 0.7% on the month but 1.1% lower on the year, Euroilstock data showed on Tuesday. The year-on-year drop was...
View ArticleOPEC sticks to 2024 oil demand growth forecast but trims Q1 view
OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower-than-expected use in the first quarter, saying travel and tourism would support consumption in the...
View ArticleThe Commodities Feed: OPEC holds onto bullish demand numbers
Oil prices are trading stronger this morning after constructive US inventory numbers, while in the gas market, supply concerns have resurfaced after the suspension of operations at an LNG plant in...
View ArticleOil climbs on optimistic demand outlook
Oil prices ticked higher on Wednesday amid upbeat global demand views from the U.S. Energy Information Administration and OPEC, reinforced by industry data showing {{8849|U.S. crcrude oil inventories...
View ArticleUniper wins $14 billion arbitration ruling against Gazprom
German utility Uniper UN01.DE has won a multi-billion euro arbitration against former long-time supplier Gazprom GAZP.MM, it said on Wednesday, allowing it to tear up dormant gas supply contracts and...
View ArticleFrom London to New York: Aramco boss’s quest to lure investors
Aramco boss Amin Nasser went against his banking advisers’ guidance to go straight to New York for a roadshow where the state oil giant’s shares were on sale, and instead got on a plane to London...
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