Oil futures fell on Tuesday, reversing the previous day's rally, as concerns over weaker demand amid a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies such as Russia. Brent crude futures fell 36 cents, or 0.4%, to $81.96 a barrel by 0439 GMT while U.S. West Texas Intermediate crude was at $77.50 a barrel, down 33 cents, or 0.4%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the producer group, made [Read more]
J.P.Morgan sees oil market in surplus in 2025
J.P.Morgan expects Brent prices to remain flat in 2024, averaging $83 a barrel, edging further down in 2025 and averaging $75 per barrel.Brokerage says see sustained demand of 1.6 million barrels a day in 2024, with non-OPEC supply matching growth. Global oil demand growth could decelerate to 1 million barrels a day in 2025, with non-OPEC+ supply potentially surging and the global market likely shifting into a surplus, could lead to OPEC+ members deepening current cuts by a million barrels per [Read more]
US natgas prices hit one-month lows on surplus inventory
U.S. natural gas futures dropped to their lowest levels in about a month on Monday, pressured by forecasts of a less cold winter and surplus storage levels. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 2.3 cents, or 0.8%, to $2.94 per million British thermal units at 10:40 a.m. EST, having slid to their lowest level since Oct. 23 earlier. "The market is looking at the possibility that we're going to have a warmer-than-average winter... and if [Read more]
More OPEC+ cuts likely next year, as oil prices plunge, analysts say
The Organization of the Petroleum Exporting Countries and allies (OPEC+) are likely to extend or even deepen oil supply cuts into next year, after a more than 15% drop in Brent prices from a peak in September, eight analysts have predicted. OPEC+ is set to consider whether to make additional cuts when the group meets later this week, sources told Reuters on Friday. The sharp selloff in oil prices has come despite a supply deficit due to OPEC+ cuts, in the fourth quarter and the risk of [Read more]
Oil extends gains as OPEC+ to mull deeper cuts
Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Brent crude futures climbed 57 cents, or 0.7%, to $81.18 a barrel by 0400 GMT while U.S. West Texas Intermediate crude was at $76.40 a barrel, up 51 cents or 0.7%. The front-month December contract expires later on Monday while the more active January futures [Read more]
US drillers add oil and gas rigs for first time in three weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, as the oil rig count rose by the most since February, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose two to 618 in the week to Nov. 17. U.S. oil rigs rose by six to 500 this week, while gas rigs fell by four to 114, their lowest since early September. Data provider Enverus, which publishes its [Read more]
Goldman Sachs sees Brent average at $92/bbl in 2024 on solid demand, low OPEC supply
Goldman Sachs expects Brent prices to average at $92 per barrel (bbl)in 2024, and expects the oil market to tighten at a moderate pace amid solid demand while core OPEC supply remains low. The bank in a note dated Thursday said it expects a 0.7 million barrel per day (mb/d) deficit and a solid 1.6 million barrel per day demand growth in 2024. Goldman highlighted that while it expects the oil market to tighten at a moderate pace, still sees significant spare capacity to handle tightening [Read more]
US gasoline stocks add to crude oil turbulence: Kemp
The recent rise and then fall in U.S. oil prices has been driven primarily by changes in crude inventories around the NYMEX delivery point at Cushing, but changes in gasoline stocks have added to the volatility. U.S. gasoline stocks have tightened slightly in recent weeks, but only after a huge accumulation since the middle of the third quarter in response to earlier shortages and exceptionally high refining margins. Inventories had fallen almost exactly in line with the prior ten-year [Read more]
US natgas prices slid 2% to three-week low on record output, ample storage
U.S. natural gas futures slid about 2% to a three-week low on Friday on record output that should enable utilities to keep injecting gas into storage through late November. Utilities usually start pulling gas out of storage to meet heating demand in mid-November. U.S. gas stockpiles were already 6% above normal in the week ended Nov. 10 and were expected to reach 7% above normal in the week ended Nov. 17, according to federal energy data and analysts estimates. Front-month gas futures for [Read more]
Oil prices on track for fourth straight week of declines
Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand. Brent futures edged up 4 cents, or 0.1%, to $77.46 a barrel at 0529 GMT. U.S. West Texas Intermediate crude (WTI) was at $72.95, up 5 cents, or 0.1%. Both have lost around a sixth of their value over the last four weeks. "Oil prices are down slightly this year despite demand exceeding our optimistic [Read more]
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