NEW DELHI, March 22 - Oil prices saw declines on Tuesday, even as some European Union members discussed a potential oil embargo on Russia and attacks on Saudi facilities sent jitters through the market. West Texas Intermediate futures were down $3.05, or 2.70%, to $109.61 a barrel. Brent futures were down $1.05, or 0.90%, to $115.10 a barrel on the Intercontinental Exchange. Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the [Read more]
U.S. natgas futures up with oil prices, despite mild weather
U.S. natural gas futures edged up on Monday as the market focused more on rising oil prices than on higher gas output and forecasts for milder weather and lower heating demand next week than previously expected. Oil futures soared about 7% on Monday as the European Union mulled a ban on Russian oil. Meteorologists forecast weather in the United States would remain milder than normal through at least early April, which should keep heating demand low and allow utilities to start injecting [Read more]
Oil prices jump as EU considers Russian oil ban
Oil prices jumped on Monday, with U.S. West Texas Intermediate closing in on $110 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities. U.S. West Texas Intermediate (WTI) crude futures rose $3.74, or 3.55%, to $109.09, extending its 1.7% jump last Friday. Brent crude futures were up $4.94, or 4.60%, at $112.78 a barrel, adding to a 1.2% rise last Friday. Prices moved higher ahead of talks this [Read more]
U.S. natgas futures ease on mild weather, rising output
U.S. natural gas futures eased on Monday on rising output and forecasts for milder weather and lower heating demand next week than previously expected. Meteorologists forecast weather in the United States would remain milder than normal through at least early April, which should keep heating demand low and allow utilities to start injecting gas into storage this week - about a week earlier than usual. That U.S. price decline came even as global demand for gas to replace Russian fuel after [Read more]
Kremlin says Russian oil embargo would hurt Europe, not U.S.
The Kremlin said on Monday Europe would be hit hard in the event of an embargo on Russian oil, striking the continent's energy balance, but would not affect the United States. Some European Union foreign ministers are pushing for an oil embargo as part of a possible fifth round of sanctions against Russi, in an effort to punish Moscow over events in Ukraine. "Such an embargo would very seriously impact the global oil market, very badly impact energy balance on the European continent," [Read more]
EU to mull Russian oil embargo with Biden set to join talks
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow. Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU - along with Western allies - has already imposed a panoply of punishing sanctions including a freezing of the assets of the Russian central bank. "We are [Read more]
U.S. oil rigs down despite $100/bbl crude prices
U.S. energy firms this week reduced the number of oil rigs active in the United States even as crude prices continued to trade over $100 a barrel after Russia's invasion of Ukraine stoked global energy supply concerns. That was the second decline for the oil rig count in three weeks after it fell three in the week to March 4, rose eight in the week to March 11 and fell three in the week to March 18. Despite the decline in oil rigs, the total rig count remained unchanged because drillers [Read more]
Biden administration says will resume plans for federal oil and gas development
The Biden administration on Friday said it would resume plans for oil and gas development on federal lands following a court ruling this week that temporarily restored a measure meant to factor the cost of global warming into federal decision-making. The announcement comes a month after the Interior Department said it would delay upcoming federal oil and gas lease sales because a Louisiana federal court judge blocked the administration from using its "social cost of carbon" value to factor [Read more]
U.S. natgas futures ease on rising output, milder weather forecasts
U.S. natural gas futures eased on Friday with a slow rise in output and forecasts for less heating demand over the next two weeks than previously expected, which should allow utilities to start injecting gas into storage next week - about a week earlier than usual. That U.S. price decline came even as global demand for gas to replace Russian fuel after its invasion of Ukraine keeps U.S. liquefied natural gas (LNG) exports near record highs and European gas prices about seven times over U.S. [Read more]
Oil jumps as Russia-Ukraine talks stall
Oil prices extended their rally on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and a prolonged disruption to oil supply. Despite battleground setbacks and punitive sanctions by the West, Russian President Vladimir Putin has shown little sign of relenting. A fourth day of talks between Russian and Ukrainian negotiators took place by videolink, but the Kremlin said an agreement had yet [Read more]
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