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(Reuters) - An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated. "Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for... Continue Reading →
(Reuters) - European banks are providing billions of dollars of funding to expand oil and gas production, a report on Monday showed, despite International Energy Agency guidance against new facilities in order to slow global warming. Last year, 25 of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil... Continue Reading →
(Reuters) - Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies. Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens... Continue Reading →
(Rigzone) The world’s oil supermajors are pumping out cash as if crude was already trading at $100 a barrel. BP Plc, Shell Plc, TotalEnergies SE, Exxon Mobil Corp. and Chevron Corp. just generated the highest free cash flow since the start of 2008 -- when oil first climbed above $100 a barrel. Crude isn’t that... Continue Reading →
(Reuters) - Oil prices were steady on Thursday as markets weighed the possibility of an aggressive and unforecast rate hike for a steeper rise in energy demand. After rising more than 1% in early trade, Brent crude futures settled down 14 cents, or 0.2%, at $91.41 a barrel. U.S. Texas Intermediate crude , which rose... Continue Reading →
(Bloomberg) — U.S. oil production will grow even more than the government previously expected as a scorching price rally drives producers to boost drilling. Oil output will average 12.6 million barrels a day in 2023, an increase from its previous estimate of 12.41 million, according to Energy Information Administration data. The current annual all-time high of... Continue Reading →
(Reuters) - The risk of geopolitical disruption to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run. Under this "backwardated" market structure, the current price is higher than that... Continue Reading →
(Reuters) - Argentina has struck an agreement in principle with the International Monetary Fund over a new $44.5 billion standby deal, both sides said on Friday, a major breakthrough in tense talks to restructure loans the country cannot repay. The South American country has been locked in talks for over a year with the IMF... Continue Reading →
(Reuters) - Oil prices rose on Friday, heading towards a sixth consecutive weekly gain, as geopolitical tensions continue to raise supply concerns. Brent crude futures were up 63 cents, or 0.7%, at $89.97 a barrel by 1013 GMT, having hit $91.04 on Thursday for their highest since October 2014. U.S. West Texas Intermediate (WTI) crude... Continue Reading →
(Reuters) - Oil extended gains to seven-year highs above $90 a barrel on Thursday as the Ukraine crisis outweighed signs that the U.S. Federal Reserve will tighten monetary policy. Brent crude futures were up 89 cents, or 1%, at $90.85 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 87... Continue Reading →
Brazil Energy Insight 