Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit to production led to tight global supplies. U.S. West Texas Intermediate (WTI) crude was up $1.66, or 2.25% at $75.59 a barrel. Brent Crude prices were trading at $79.72 a barrel, up $1.68, or 2.15%. Brent futures hit a near three-year high last week as global output disruptions have forced energy companies to pull [Read more]
Column: Worldwide energy shortage shows up in surging coal, gas and oil prices: Kemp
Record gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage. In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly. The business cycle downturn and slump in energy prices [Read more]
Global oil demand seen reaching pre-pandemic levels by early 2022
Global fuel demand is expected to reach pre-pandemic levels by early next year as the economy shrugs off pandemic woes, but spare refining capacity is likely to weigh on outlook, oil producers and traders said on Monday. While a persistent rise in COVID-19 infections in several markets has hurt recovery in demand for some refined products such as jet fuel, consumption trends of petrol and diesel indicate higher growth, the industry leaders said. They were speaking at the Platts APPEC 2021 [Read more]
Baker Hughes sees global required LNG capacity at 800 mln tonnes by 2030
Oil and gas services giant Baker Hughes Co sees the need for global liquefied natural gas (LNG) capacity to rise to 800 million tonnes by 2030, more than double current capacity, its chairman said on Monday. Baker Hughes sees strong prospects for gas in the transition to cleaner energy, with LNG combined with carbon capture and storage helping to reduce the industry's carbon footprint. "We've taken up our estimate of the required installed base of LNG by 2030 up to 800 million tonnes," [Read more]
Oil producer Canadian Natural Resources to require worker vaccinations
Canada's biggest oil producer, Canadian Natural Resources will require employees and contractors at Canadian sites to be vaccinated by Dec. 1, as Alberta grapples with a deadly new wave of the COVID-19 pandemic. Canadian Natural (CNRL), the first oil sands company to announce such a policy, made the decision after the recent rise in infections in Alberta, spokesperson Julie Woo said. Alberta has the highest rate of active cases among Canada's 10 provinces, with 456 per 100,000 people, [Read more]
U.S. drillers add oil and gas rigs for 14th month in a row
U.S. energy firms this week added oil and natural gas rigs for a 14th month in a row as more offshore units in the Gulf of Mexico returned to service after shutting when Hurricane Ida slammed into the coast in late August. This week, 3 offshore rigs returned in the Gulf of Mexico, energy services firm Baker Hughes Co said in its closely followed report on Friday. During the week ended Sept. 3, all 14 offshore oil rigs operating in the Gulf of Mexico, all of which were located off [Read more]
Oil edges higher on supply concerns, China releases 4.43 mln barrels
Oil prices rose on Friday for a fourth straight day due to global supply concerns following powerful storms in the United States, with China's first public sale of state crude reserves causing a momentary blip in the rise. U.S. West Texas Intermediate (WTI) was up 16 cents, or 0.22%, at $73.36 a barrel, having closed 1.5% in the previous session, the highest since the start of August. Brent crude was up 19 cents, or 0.25%, at $77.44 a barrel, after touching two-month high on Thursday and [Read more]
Canada’s Federated Co-operatives looks to sell oil-producing business, keep refinery
Canada's Federated Co-operatives Limited (FCL) put its oil production business up for sale this week, according to a marketing document obtained by Reuters, but the co-op said it plans to keep its Saskatchewan refinery. FCL spokesperson Cam Zimmer did not comment on the reason for offering to sell the production business but said the co-op is committed to owning its Regina, Saskatchewan refinery long-term. FCL, which made C$7.9 billion in sales last year from energy, crop supplies and [Read more]
Canadian oil sands project Syncrude cuts September crude deliveries, say sources
The Syncrude oil sands project in northern Alberta has cut September deliveries after declaring a force majeure earlier this month, two market sources told Reuters on Thursday. Syncrude, which is majority-owned by Suncor Energy, expects to cut 15-20% of deliveries to customers, one source said. Another source said that amounted to 1.5 million barrels for the month. Suncor did not immediately respond to a request for comment. [Read more]
Oil prices rise on tight supply, renewed risk appetite
Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes. The market was also supported by a broad plunge back into risk assets as concerns eased over a potential default by huge property developer China Evergrande and its possible fallout on the world's second-largest economy. U.S. West Texas Intermediate (WTI) crude rose 69 cents, or [Read more]
- 1
- 2
- 3
- …
- 274
- Next Page »