Oil prices were broadly steady on Wednesday, heading for monthly and quarterly gains, after some data suggested U.S. crude stockpiles were shrinking while an OPEC report warned of a possibly significant glut building by the end of next year. U.S. West Texas Intermediate (WTI) crude futures was slighty down 2 cents, or 0.02% at $73.43. Brent crude was up 13 cents, or 0.17% at $74.74 a barrel. Both contracts are just below highs last reached in 2018, and are set to record their seventh [Read more]
Goldman says more OPEC+ supply needed to balance oil market
Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere. The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29. "While a large new infection wave could [Read more]
U.S. natgas producers hope customers will pay more for ‘green gas’
U.S. natural gas producers hope climate-conscious electric utilities and gas exporters will pay a premium for what they say is "greener gas" that has been certified as coming from low-emission operations or from renewable sources such as landfills. EQT Corp, Chesapeake Energy and liquefied natural gas firms Cheniere Energy and NextDecade Corp are among the companies considering low-carbon certifications from groups such as Denver-based Project Canary. Gas certified as "responsibly produced" [Read more]
Oil to sustain surprise rally despite Iran, third COVID-19 wave threat
Who of the traditional bulls predicted a rally that saw oil prices doubling in the last eight months? The short answer is no one. Of more than 50 analysts polled by Reuters last October when Brent was hovering near $35 per barrel amid a second large wave of global lockdowns to slow the coronavirus pandemic, almost none dared to predict prices would approach $60. U.S. bank Goldman Sachs saw second-quarter average prices hitting $57.50 a barrel and much smaller Houston-based consultancy [Read more]
Oil rises even as COVID-19 surges threaten fuel demand outlook
Oil prices rebounded on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. U.S. West Texas Intermediate (WTI) crude futures rose 67 cents, or 0.92%, to $73.42 a barrel, extending a 1.5% loss on Monday. Brent crude futures climbed 6 cents, or 0.8%, to $74.64 a barrel, after slumping 2% on Monday. The flare-up in cases of the Delta variant comes as the Organization of the [Read more]
Enbridge raises funds from sustainability bonds in climate-goal push
Enbridge Inc said on Monday it has closed its inaugural sustainability-linked bond (SLB), the first company in the midstream sector to raise sustainable bonds in North America, as it moves a step closer to its environment goals. Enbridge said in a statement that as part of a larger $1.5 billion financing, it issued a $1 billion 12-year term senior note, integrating emissions and inclusion goals into the financing terms. The energy infrastructure firm said it also closed a 30-year $500 [Read more]
Uneven global recovery creates ‘daunting challenges’ for policymakers, BIS says
An uneven global recovery from the COVID-19 crisis will make recalibrating the fiscal and monetary stimulus a "daunting" challenge for policymakers, the Bank for International Settlement's annual report said on Tuesday. Dubbed the central bank to world's central banks, the Swiss-based BIS said its main scenario was one of a solid global pick-up, albeit at varying speeds across countries. The bank set out two alternative scenarios. One where large fiscal stimulus and a drawdown of [Read more]
Oil drifts near 2018 highs ahead of OPEC+ meeting
Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week's OPEC+ as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports. U.S. West Texas Intermediate crude for August was at $73.19 a barrel, down 81 cents, or 1.09%. Brent crude for August had slipped 70 cents, or 0.92%, to $75.42 a barrel. Oil prices rose for a fifth week last week as fuel demand rebounded on strong [Read more]
Old, small and CO2-intense: How Canada’s highest-carbon sites are reducing emissions
In the shadow of Canada's mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector's already high average. These projects present another challenge to Canada's goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building new projects in a world heading toward net zero, operators are aiming to pump dry existing facilities, including the most carbon-intense [Read more]
U.S. shale industry tempers output even as oil price jumps
Even with oil prices surging toward $75 a barrel, U.S. shale producers are keeping their pledges to hold the line on spending and keep output flat, a departure from previous boom cycles. This year's run up in crude prices, and oil output curbs imposed by the OPEC+ producers group, historically would have triggered a drilling boom. But investors are demanding financial returns over more volume and energy financiers are shifting to renewables, so shale firms are determined to stay [Read more]
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