U.S. crude stocks rose while gasoline and distillate inventories fell last week on stronger demand, the Energy Information Administration said on Thursday. Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended November 7, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.96-million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 346,000 barrels in the week, the EIA said. Oil futures pared gains [Read more]
Repsol weighs merger of $19 billion upstream unit with APA, Bloomberg news reports
Spain's biggest refinery operator Repsol SA is considering a reverse merger of its upstream unit with potential partners, including U.S. energy producer APA, Bloomberg News reported on Thursday, citing people with knowledge of the matter. APA shares were up 7.1% at $25.59. Repsol in 2022 entered into a deal to sell a 25% stake in the upstream division to private equity firm EIG Global Energy Partners, valuing the whole business around that time at $19 billion including debt. The [Read more]
Almost a third of Russian seaborne oil export potential stuck in tankers, JPMorgan says
Around 1.4 million barrels per day of Russian oil, or almost a third of the country's seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday. The U.S. set a November 21 deadline to wind down all dealings with Rosneft and Lukoil, in the first direct sanctions imposed on Russia by President Donald Trump since the start of his second term. The sanctions have put a strain on Lukoil's business, forcing it to [Read more]
EU lawmakers back further weakening of sustainability law
European Union lawmakers backed further cuts to the bloc's corporate sustainability law on Thursday, following months of pressure from companies and some governments demanding the EU weakens its rules. The European Union's corporate sustainability due diligence directive (CSDDD) was adopted last year and requires companies to fix human rights and environmental issues in their supply chains, or face fines of up to 5% of global turnover. The law has become a political flashpoint, with [Read more]
IEA sees global oil supply growth driving larger market glut
The International Energy Agency (IEA) raised its global oil supply growth forecasts for this year and next in its monthly oil market report on Thursday, signalling a deeper surplus in 2026. "Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards," the IEA said. The agency expects global oil supply to grow by around 3.1 million barrels per day (bpd) in 2025 now, and 2.5 million bpd [Read more]
Confident Chevron brushes off oversupply and energy transition fears: Bousso
When warnings abound about an imminent collapse in oil prices, one would not expect the CEO of a major oil company to boast that he has never been more confident. Yet that was precisely the message conveyed in Chevron's updated strategy, unveiled by CEO Mike Wirth on Wednesday. He shrugged off concerns about oversupply in the near term and exuded confidence in the sector’s long-term outlook, brushing aside doubts that hovered over the industry only a few years ago as momentum built for the [Read more]
LNG prices will drop in 2026 to absorb supply surge, but how much?: Russell
The liquefied natural gas market is bracing for a surge in supply next year, largely from top exporter the United States, but what is less certain is just how low spot prices will have to drop to clear the additional volumes. Global supply of the super-chilled fuel is expected to rise to 475 million metric tons in 2026, according to data from commodity analysts at Kpler, a 10.2% gain over the 431 million tons forecast for 2025. To put this figure in context, the expected increase in supply [Read more]
Six US states to watch as rising gas prices drive a coal comeback: Maguire
A jump in natural gas costs has spurred several U.S. utilities to lift coal power output and cut back on gas-fired generation so far this year, reversing a years-long trend of lower coal use and emissions in the country. While the trend has been a national phenomenon, six states - Arkansas, Indiana, Michigan, Ohio, South Carolina and Wisconsin - will play a more prominent role in determining the future trajectory of U.S. coal use if natural gas prices keep climbing. That's because these [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for December delivery in Hardisty, Alberta, settled at $11.50 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Monday's close of $11.70. Markets were closed Tuesday in Canada for Remembrance Day. * The differential has been trading in a tight band, ranging between $10.25 and $11.70 under WTI, since September 1. * Analysts point to [Read more]
US buys 900,000 barrels of crude for strategic oil reserve
The U.S. Energy Department said on Wednesday that it has bought 900,000 barrels of crude oil for nearly $56 million, a small step in replenishing the Strategic Petroleum Reserve. Trafigura Trading will supply 600,000 barrels while Energy Transfer Crude Marketing will supply 300,000 barrels, an Energy Department document said. The solicitation, which called for up to 1 million barrels, was announced in October. The oil will be delivered in December and January to the Bryan Mound SPR site in [Read more]
- « Previous Page
- 1
- …
- 128
- 129
- 130
- 131
- 132
- …
- 1089
- Next Page »