|Day's Range||71.49 - 73.05|
More than 42 million Americans are expected to travel this Memorial Day Weekend, with approximately 37 million Americans driving to their destinations, according to AAA. Overall, Memorial Day road...
On the other, it’s whether a stay or another cut is coming. New York-traded West Texas Intermediate, or WTI, crude settled Friday’s trade up 84 cents, or 1.2%, at $72.67 per barrel. London-traded Brent crude, the global benchmark for oil, settled up 69 cents, or 0.9%, at $76.95.
With its stock down 10% over the past three months, it is easy to disregard Tethys Petroleum (CVE:TPL). However, a...
Record-breaking production predicted for the rest of this decade
Uganda expects to make a final investment decision (FID) for its crude oil refinery next month, a crucial step towards commercially producing crude oil in 2025, the country's energy ministry said on Friday. Uganda discovered crude reserves in the Albertine rift basin in the west of the country more than ten years ago and reserves are estimated at 6.5 billion barrels. "Negotiations with the refinery consortium on the various agreements are ongoing and the FID is expected in June 2023," the Ministry of Energy and Mineral Development said in a report.
Oil prices rose Friday, heading towards their second consecutive week of gains on signs of tightening U.S. supply and improving fuel demand in the world’s largest oil consumer. Both benchmarks are on course for gains of close to 2% this week on expectations of tighter U.S. supplies as the travel-heavy summer season approaches, boosted by an unexpected, hefty fall in U.S. crude oil inventories last week. U.S. commercial crude oil inventories fell by 12.5 million barrels a day, the largest weekly decline since November, while ING noted that “the 4-week average for implied gasoline demand remains just above 9MMbbls/d, which is the highest post-COVID level seen for this time of year.”
"The price cap coalition countries need to get a grip on their own policy to avoid losing the initiative in the sanctions game," CREA said.
Investing.com-- Oil prices retreated in Asian trade on Friday, extending a sharp drop from the prior session as traders awaited more clarity on the OPEC’s plans for future production cuts, while concerns over the U.S. debt ceiling kept markets on edge.
(Bloomberg) -- Colombia is studying the need for more exploration contracts after a report showed oil and gas reserves dropping, according to a senior minister. Most Read from BloombergCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsEurope’s Economic Engine Is Breaking DownCredit Suisse Loses Singapore Case Against Georgian Billionaire IvanishviliJPMorgan Tells 1,000 First Republic Employees They'll Lose Their Job
OPIS Global Head of Energy Analysis Tom Kloza joins Yahoo Finance Live to discuss gas prices, the upcoming summer travel season, and the impact of debt ceiling negotiations on the energy market.
Jason Turcotte of Southern California moved up a cross-country driving trip this year to April instead of summer, fearing that gasoline prices would repeat last year's sharp run-up as vacation season unfolded. He returned home to California this week only to find fuel prices lower than when he left, with the U.S. retail average about $3.56 a gallon, down about $1.50 from last summer's peak. "I had expected another price surge after Memorial Day weekend with schools getting out for break," Turcotte said, referring to the U.S. holiday that falls on May 29 this year.
TOKYO (Reuters) -Nippon Steel Corp is still in talks with Teck Resources, despite Glencore's bid for the Canadian miner, as Japan's top steelmaker remains eager to take a stake in Teck's high-grade coking coal asset, a senior executive said. "We are still negotiating with Teck toward making an equity investment in coal assets," executive vice president Takahiro Mori told Reuters in an interview on Wednesday. "The amount of our investment may need to be lifted due to Glencore's bid, but we are determined to take 15% or more stake in the coal asset so that we can make it an affiliate unit," he said.
S&P Global Commodity Insights now sees oilsands production reaching 3.7 million barrels per day by 2030.
The Russians aren’t helping the price of oil — to the delight possibly of the West and the utter frustration likely of other producers within the OPEC+ alliance, not to mention market bulls. Crude prices tumbled some 3% Thursday after Russian Deputy Prime Minister Alexander Novak, who is also the nation’s de facto oil minister, said he expected no new steps from OPEC+ at its meeting on June 4. Given that Saudi Energy Minister Abdulaziz bin Salman had hinted just 24 hours earlier of the possibility of another round of production cuts at the meeting, Novak’s remarks meant only one thing — that the alliance will keep output unchanged.
A fire incident at Marathon Petroleum's (MPC) Galveston Bay refinery leads to a worker's death, raising concerns regarding safety within the facility.
Some oil-related stocks that could benefit in the current environment include NOW Inc. (DNOW), Murphy USA (MUSA) and Dril-Quip (DRQ).
U.S. use of 'levelized costs of energy' distorts by counting taxes and subsidies
Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap. Inventions, such as directional drilling and hydraulic fracking, spurred U.S. oil production to the world's highest in 2018, and boosted its shale production to over 8 million barrels per day last year, from 2.6 million bpd a decade earlier. The lack of investment has oil growth slowing as some of the most productive areas tap out.
Traders consider whether another crude production cut is on the cards as oil prices rally.
Oil prices fell Thursday, handing back some of the week’s strong gains as U.S. debt ceiling uncertainty and a stronger dollar weighed on the crude market. Fears of a U.S. debt default have grown after rating agency Fitch raised the possibility of a downgrade to the U.S.’s prized “AAA” rating, placing it on credit watch negative, citing the uncertainty surrounding the negotiations to lift the country’s $31.4 trillion debt ceiling. "Fitch still expects a resolution to the debt limit before the X-date," the credit agency said in a report.
Oil prices settled lower on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Oil prices began falling after Novak was quoted saying he did not think additional OPEC+ cuts were likely. "I don't think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries..."
Investing.com -- Oil prices fell slightly in Asian trade on Thursday, capping off three days of gains amid growing pressure from a strong dollar, while uncertainty over the U.S. debt ceiling persisted as a June deadline to reach a deal grew closer.
World stocks dropped on Wednesday as U.S. debt ceiling talks dragged on without resolution, stoking a general malaise in markets that saw safe-haven assets such as the dollar hold around recent highs. But crude oil prices bucked the downtrend and kept rising, after a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy met again on Wednesday to end an impasse in talks.
Yahoo Finance's Ines Ferre joins the Live Show to discuss the rise in oil prices amid retailers stocking up on supplies before the Memorial Day holiday.
New York-traded West Texas Intermediate, or WTI, crude settled up $1.43, or 2%, at $74.34 per barrel. London-traded Brent crude, the global benchmark for oil, also hit a three-week peak, at $78.66, before settling up $1.52, or 2%, at $78.36. Brent rose 1.6% in two previous days of trading.