The White House on Tuesday expressed outrage on Tuesday at Exxon Mobil Corp's record net profit in 2022 of $56 billion, a historical high not just for the company but for the entire Western oil industry. Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to near $200 billion The scale has brought renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the [Read more]
U.S. natgas holds at 21-month low as output drop offsets falling demand
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected. Gas prices have been depressed for weeks due to a growing belief that the country has more than enough gas in storage for the rest of the winter and expectations that Freeport LNG's liquefied natural gas [Read more]
Oil slips on rate hike worries, Russian crude flows despite China performance
Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows cancelled out demand recovery expectations from China. U.S. West Texas Intermediate (WTI) crude futures slipped 24 cents, or 0.31%, to $77.52 a barrel. March Brent crude futures fell 32 cents, or 0.38 to $84.08 per barrel. "Oil markets are facing downside pressure as risk-off trades prevail ahead of the Fed meeting, along with a strengthened USD," said CMC Markets [Read more]
Russia seeks $220 mln in unpaid taxes from Exxon
The Russian General Prosecutor's Office is asking a court to recover 15.5 billion roubles ($220 million) in allegedly unpaid taxes from U.S. oil major ExxonMobil, local news agencies TASS and Interfax reported on Tuesday citing court documents. The Sakhalin regional court website lists a claim against Exxon Neftegaz Ltd, ExxonMobil's Russian subsidiary, by the General Prosecutor's Office, without giving further details. Exxon declined to immediately comment. The local court declined to [Read more]
Russia bans oil exporters from adhering to Western price caps
The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin's decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. The G7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering [Read more]
U.S. natgas drops 5% on forecasts for milder weather, lower heating demand
U.S. natural gas futures dropped about 5% to a 21-month low on Monday on forecasts for warmer weather and lower heating demand through the middle of February than previously expected. Gas prices have also been under pressure in recent weeks by growing beliefs in the market that there was more than enough gas in storage for the rest of the winter and that Freeport LNG's liquefied natural gas (LNG) export plant in Texas would not start pulling in big amounts of gas until at least March. On [Read more]
Oil falls ahead of OPEC+, U.S. Federal Reserve meetings
Oil prices fell on Monday, giving up earlier gains, as global producers this week will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility. U.S. West Texas Intermediate crude was at $78.55 a barrel, down 73 cents, or .92%. Brent crude futures fell 70 cents, or 0.81%, to $85.29 a barrel. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including [Read more]
Delegates expect OPEC+ to keep oil policy steady at Feb. 1 JMMC meeting
An OPEC+ panel is likely to recommend keeping the group's current oil output policy when it meets this week, two OPEC+ delegates told Reuters on Monday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, are due to hold a virtual meetng at 1100 GMT on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted. The JMMC had been due to follow a [Read more]
U.S. natgas end-of-season storage to hit two-year high in March
U.S. natural gas storage is expected to end the November-March withdrawal season at 1.744 trillion cubic feet (tcf) on March 31, 2023, the most since 2021, according to analysts consensus forecasts. That compares with 1.401 tcf at the end of the winter withdrawal season in 2022 and a five-year (2018-2022) average of 1.561 tcf. There was 1.801 tcf of gas in storage at the end of March 2021. Looking ahead to the end of the April-October injection season, analysts project storage will rise to [Read more]
U.S. drillers leave oil and gas rigs unchanged – Baker Hughes
U.S. energy firms this week kept oil and natural gas rigs steady, energy services firm Baker Hughes Co said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, remains at 771 in the week to Jan. 27. Baker Hughes said that puts the total rig count up 161 rigs, or 26%, over this time last year. U.S. oil rigs fell by 4 to 609 this week, their lowest since October, while gas rigs rose 4 to 160, their highest since September. For the month, total [Read more]
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