AI likely to weigh on oil prices over the next decade, Goldman says
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources,...
View ArticleCrude oil bears run rampant as bullish news ignored
The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative. News that should be positive for oil prices is largely discounted and...
View ArticleOPEC+ discussing delay to planned oil output hike in October, sources say
OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday. Oil prices LCOc1 have...
View ArticleUS oil, gas M&A nears 2023 record, focus shifts away from Permian, Rystad says
U.S. oil and gas producers’ appetite for dealmaking is closing in on last year’s record, with rising interest in smaller oilfields offsetting slower activity in the top oil-producing Permian Basin,...
View ArticleAPI shows weekly US crude, fuel stockpiles fall, market sources say
U.S. crude oil and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. The API figures showed crude stocks fell by 7.431 million...
View ArticleAsian LNG physical MOC activity falls 53% in August; derivatives hit YTD high
The total number of bids, offers and trades reported during the physical Platts Market on Close assessment process in August declined as the market entered the post-summer shoulder period, with market...
View ArticleCiti says 2025 oil prices could average $60/bbl without deeper OPEC+ cuts
If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in...
View ArticleOil edges up on US crude stocks and possible delay to OPEC+ supply hike
Oil prices firmed on Thursday, edging up from multi-month lows on a possible delay to output increases by OPEC+ producers and a decline in U.S. inventories, though the gains were capped by persisting...
View ArticleThe Commodities Feed: Potential OPEC+ supply delay
Energy – WTI settles below $70/bbl Oil prices continued their move lower yesterday. While ICE Brent settled a little more than 1.4% lower on the day, NYMEX WTI settled below US$70/bbl for the first...
View ArticleMiddle East Crude-Benchmark premiums ease for second straight session
Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban eased slightly for a second straight session on Thursday, with Dubai and Oman premiums falling to less than $2 a barrel. The...
View ArticleOil prices up 1% on big storage withdrawal, delay in OPEC+ production hike
Oil prices edged up about 1% on Thursday on a bigger-than-expected withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers after futures fell to multi-month lows in the...
View ArticleUS crude stockpiles fall to 1-year low as imports fall, EIA says
U.S. crude oil inventories fell to their lowest since September 2023 as imports dropped, while gasoline stockpiles rose with the end of the summer driving season, the Energy Information Administration...
View ArticleOil market braces for volatility as supply glut fears drag Brent to 9-month low
Oil market watchers are expecting further price volatility in the coming weeks after crude futures slid dramatically to a nine-month low on bets that disruptions to Libyan supplies will be short-lived...
View ArticleOPEC+ agrees to delay October oil output hike for two months, sources say
OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, three sources from the producers’ group told Reuters on Thursday....
View ArticleDubai crude futures traded volume on TOCOM slips 3% in August on month
The volume of Dubai crude oil futures contracts traded on the Tokyo Commodity Exchange fell 2.82% on the month to 121,241 lots in August, the latest TOCOM data showed. The figure was also 17.07% lower...
View ArticleMalaysia’s Petronas posts lower H1 profit amid global market volatility
Malaysia’s state energy firm Petroliam Nasional (Petronas) IPO-PETO.KL on Thursday said it would look to recognise priorities for growth and ensure energy security amid heightened market volatility, as...
View ArticleRussia wants to keep gas transit via Ukraine to Europe, Putin says
President Vladimir Putin said on Thursday that Russiaaims to keep pumping gas via Ukraine tothe European Union but added that Moscow could not force Kyiv to keep the transit agreement which expires at...
View ArticleSingapore’s middle distillates stocks rebound to over 11 mln barrels
Singapore’s middle distillates stockpiles climbed back above 11 million barrels, despite a rise in net exports for diesel/gasoil and jet fuel/kerosene, official data showed. Commercial stockpiles of...
View ArticleOil steadies ahead of key US jobs report
Oil prices ticked up in Asian trading on Friday, with investors exercising caution ahead of key U.S. employment data as they weighed a big withdrawal from U.S. crude inventories and a delay to...
View ArticleThe Commodities Feed: OPEC+ delays planned supply increase
Energy – OPEC+ delays supply increase It was no surprise given the recent pressure on the oil market that OPEC+ members yesterday decided to delay plans to phase out their additional voluntary cuts....
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