Oil traders expect large inventory draw in third quarter
Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other. But futures markets are...
View ArticleGlobal corporate clean energy procurement maintains momentum in 2024
Corporate procurement has been a key driving force of renewables uptake globally. In 2023, corporate power purchase agreements unleashed 25% of wind and solar capacity additions globally, outside...
View ArticleUS oil output, demand rose in April to four-month high, EIA says
U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration’s Petroleum Supply Monthly report. Total U.S. field production of crude oil rose by...
View ArticleSaudi Arabia may cut oil prices for Asia for second month in August
Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, tracking weakness in Middle East benchmark Dubai, trade sources said. The potential price...
View ArticleOil prices to stay steady as China demand woes offset Mideast risks
Oil prices will not change much in the second half of 2024 as concerns around demand from China and prospects of higher supply from key producers counter risks from geopolitical tensions, a Reuters...
View ArticleThe Commodities Feed: US drilling slows
Energy – Speculators increase their gasoil net long position The oil market managed to close higher for a third consecutive week as expectations for a tighter market continued to pull in speculative...
View ArticleOil prices lifted by summer demand hopes
Oil prices rose on Monday, helped by expected peak summer consumption and OPEC+ production cuts, though gains were capped by rising output from other producers and the potential for economic volatility...
View ArticleSaudi Arabia announces discovery of seven oil, gas deposits
Saudi Arabia’s energy minister announced on Monday the discovery of seven oil and gas deposits in the kingdom’s Eastern Province and Empty Quarter, the official Saudi news agency SPA reported. Saudi...
View ArticleEnergy policy in focus as Iran decides on new leadership
Political leadership of OPEC’s third-largest crude producer has come down to a runoff election set for July 5 between two candidates who hold opposing views toward the western world and any chance of...
View ArticleMiddle East Crude-Benchmarks start new month on strong note
Middle East crude benchmarks Oman, Dubai and Murban kicked off a new month’s trade at stronger levels than last month on Monday. Spot premiums for the three benchmark grades were in the range of...
View ArticleBrent crude oil, gold and aluminium prices resume their ascents
Brent crude oil price rises towards its two-month high The Brent crude oil front month futures price is heading back up towards Friday’s two-month high at 86.13, above which beckons the 87.11...
View ArticleSaudi Aramco holds OSPs for LPG in July steady, Sonatrach raises it by 11-18%
Saudi Arabia’s state oil producer Aramco left unchanged official selling prices (OSPs) for liquefied petroleum gas in July, while Algeria’s Sonatrach raised OSPs for LPG by 11-18% due to a rising...
View ArticleNorth Sea benchmark oil supply to drop in August
Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 542,000 barrels per day (bpd) in August, compared with 588,000 bpd in July, loading programmes...
View ArticleEurope’s gas jitters set to persist into Q3 despite healthy storage position
Despite high stocks and subdued demand, the European gas market remains jittery and mindful of the potential for unexpected supply shocks through the third quarter of 2024. Prices remain relatively...
View ArticleOil holds near two-month high on summer demand outlook and supply fears
Oil prices were little changed on Tuesday, trading near two-month highs reached in the previous session on expectations of rising demand during the summer driving season and possible supply disruptions...
View ArticleVENEZUELA DATA: June oil production rises to 908,000 b/d
Venezuela’s crude output has risen to average 908,000 b/d in June, up 10,000 b/d from May and up from 760,000 b/d in October 2023, when the US partially eased sanctions on the country’s oil and gas...
View ArticleMiddle East Crude-Benchmarks extend gains amid strengthening oil demand outlook
Middle East crude benchmarks Oman, Dubai and Murban gained on Tuesday, tracking rising global oil futures amid expectations of growing demand during the summer driving season and possible supply...
View ArticleU.S. oil pares gains as storm forecast spares offshore oil patch
U.S. West Texas Intermediate (WTI) crude gave up most of its gains from earlier in the day as the forecast track for Hurricane Beryl continued to aim it away from major offshore production areas in the...
View ArticleGerman energy transition powered mainly by fossil fuel cuts: Maguire
Germany’s power sector is relying on cuts made to fossil fuel use for the lion’s share of recent decarbonisation efforts, but will need a sustained jump in clean generation to ensure a lasting shift in...
View ArticleBrent crude oil, gold and aluminium prices resume their ascents
Brent crude oil price rises towards its two-month high The Brent crude oil front month futures price is heading back up towards Friday’s two-month high at 86.13, above which beckons the 87.11...
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