Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions, the International Energy Agency said on Wednesday. The findings underscore the difficulty of punishing Moscow for its invasion of Ukraine by banning Russian imports, moves which have exacerbated a supply crunch and driven up prices. Crude exports held steady on the month at 5.4 million barrels per day (bpd) but refined product shipments slipped 155,000 bpd [Read more]
Biden demands oil companies explain lack of gasoline as prices rise
U.S. President Joe Biden on Wednesday demanded oil companies explain why they aren't putting more gasoline on the market, sharply escalating his rhetoric against industry as he faces pressure over rising prices. Biden wrote to executives from Marathon Petroleum Corp, Valero Energy Corp, and Exxon Mobil Corp and complained they had cut back on oil refining to pad their profits, according to a copy of the letter seen by Reuters. "At a time of war, refinery profit margins well above normal [Read more]
U.S. natgas rebounds as focus returns to higher summer demand
U.S. natural gas futures rebounded over 6% on Wednesday as focus returned to soaring demand amid heat waves, stabilizing after a 17% slide in the last session on expectations that an extended Freeport LNG export hub outage would increase domestic stocks. Front-month gas futures for July delivery on the New York Mercantile Exchange rose 6.1% to $7.630 per million British thermal units at 9:39 a.m. EDT (1339 GMT). Prices settled 17% lower on Tuesday, registering their lowest close since May [Read more]
U.S. to sell up to 45 mln bbls oil from reserve as part of historic release
The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration's previously announced, largest-ever release from the stockpile. Deliveries of crude from the SPR sale would take place from Aug. 16 through Sept. 30, the Energy Department said. The Biden administration said in late March it would release a record 1 million barrels of oil per day of oil for six months from the SPR, held in a [Read more]
U.S. oil lobby pushes Biden to roll back fossil fuel curbs
The American Petroleum Institute, the top U.S. oil lobby organization, on Tuesday urged President Joe Biden’s administration to lift a slew of restrictions on fossil fuel development to help ease soaring energy prices. The request underscores an uncomfortable dilemma for the Biden administration as it seeks to follow through on its promises to combat climate change while also battling to curb rampant inflation. Oil prices have surged more than 70% since late last year as global demand [Read more]
Energy company execs say fossil fuels important in energy transition
Energy company executives said on Tuesday they believe fossil fuels will play a role in the fight against climate change, as global markets grapple with tight energy supplies and skyrocketing prices. Oil and gas supplies have tightened in many countries, boosting prices, especially since Russia invaded Ukraine on Feb. 24, prompting sanctions on Russia's energy. U.S. gasoline pump prices topped $5 per gallon over the weekend for the first time. TotalEnergies' Chief Executive Patrick [Read more]
Oil prices inch higher, even as China COVID, recession worries outweigh tight supply
Oil prices inched higher after seesawing through early trading on Tuesday, even as worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China outweighed tight global supplies. U.S. West Texas Intermediate (WTI) crude climbed $1.12, or 0.92%, to $122.21 a barrel. Brent crude futures rose $1.60, or 1.30% to $123.79 a barrel. "Discussion within the oil complex still revolves around Libya's decline in production, China continuing to impose measures to slow [Read more]
OPEC sees global oil demand growth slowing in 2023, sources say
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy. Fuel use has rebounded from the 2020 pandemic-induced slump and is set to exceed 2019 levels this year even as prices hit record highs. But high prices have eaten into growth projections for 2022 and fed into expectations for slower growth in 2023. The Organization of the Petroleum Exporting Countries is [Read more]
U.S. natgas rises 2% on higher demand forecasts, soaring global prices
U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over the next two weeks than previously expected, a reduction in gas output, low wind power and much higher global gas prices. Power demand in Texas failed to hit a new all-time high on Monday due to less hot weather, but will likely break peak use records on Tuesday and later this week as homes and businesses keep air conditioners cranked up to escape a lingering [Read more]
Oil falls, spooked by Beijing COVID warning and inflation concerns
Oil prices slid on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. U.S. West Texas Intermediate crude was at $119.08 a barrel, down $1.23, or 1.02%. Brent crude futures fell $1.34, or 1.10%, to $120.45 a barrel. Both contracts dropped over $2 earlier in the session. Prices fell after Chinese officials warned on Sunday of a "ferocious" [Read more]
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