(Reuters) The Swiss trading arm of Russian energy giant Lukoil (LKOH.MM) has scaled back operations after the oil company cut its supply of capital to guarantee nearly $1 billion in margin calls in the wake of Western sanctions, according to three people familiar with the matter. Litasco, which was handling more than 3.6 million barrels per day,... Continue Reading →
(FT) The crisis in global energy markets will force some smaller commodity traders out of business and unleash a wave of consolidation in the sector, a senior executive at one of the world’s largest trading houses has warned. Christophe Salmon, Trafigura’s chief financial officer, said a surge in the capital needed to keep commodities flowing... Continue Reading →
(OM) In its Annual Energy Outlook 2022 (AEO2022) Reference case, the US Energy Information Administration (EIA) projects that US energy consumption will grow through 2050, primarily driven by population and economic growth. In this case, the EIA says that renewable energy will be the fastest-growing energy source through 2050, but that petroleum will have the largest... Continue Reading →
(Reuters) - The UK government is preparing to step in and temporarily run Russian gas giant Gazprom's British retail supply arm, Bloomberg News reported on Monday, as companies cut ties with Russian businesses. Gazprom Marketing & Trading Retail Ltd, whose ultimate parent is the Russian state-run Gazprom, is a prime candidate to be taken into... Continue Reading →
Three U.S. oilfield services providers – Halliburton, Schlumberger, and Baker Hughes – have decided to suspend any future investments and operations in Russia following the country’s attack on Ukraine and the widespread sanctions imposed as a result of the war. The attack gave rise to numerous sanctions not only against Russia but also against its... Continue Reading →
(Reuters) - The recent spike and then crash in oil prices can be explained by a combination of medium-term fundamentals, the extra strain caused by the disruption of Russia’s oil exports and a severe lack of liquidity. Most bubbles are fuelled in their early stages by medium-term fundamentals, then a short-term trigger, before the market’s... Continue Reading →
(Reuters) - A $40 a barrel rise and fall in oil prices in March pushed many investors to exit the volatile trade and created the conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said. The Russian invasion of Ukraine has driven many commodity prices to all-time highs, stretching the... Continue Reading →
(Reuters) - Oil steadied above $100 a barrel in a volatile session on Wednesday, as it came under pressure from signs of progress in Russia-Ukraine peace talks and a closely-watched report that cut its forecast of world demand. Ukraine's president said the positions of Ukraine and Russia were sounding more realistic, but time was needed. read... Continue Reading →
(Reuters) - Oil prices dropped to their lowest in almost three weeks on Tuesday as Russia indicated it is in favour of the Iran nuclear deal resuming as soon as possible. Ceasefire talks between Russia and Ukraine further eased fears of supply disruptions and surging COVID-19 cases in China fuelled concerns about slower demand. Brent... Continue Reading →
(Reuters) - Oil prices shed as much as $4 a barrel on Monday, extending last week's decline as diplomatic efforts to end the war in Ukraine geared up and markets braced for higher U.S. interest rates. Brent crude futures were last down by $3.81 or 3.4% at $108.86 a barrel at 0741 GMT on Monday.... Continue Reading →
