Analysis: How the Ukraine conflict is reshaping global oil markets
LONDON, May 30 (Reuters) - Russias invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get …
Oil just off 2-month high amid global supply concerns
May 27 (Reuters) - Oil prices eased slightly in early Asian trade on Friday, after surging to a two-month high in the previous session as investors focused on signs of tight global supply.Meanwhile, a top Hungarian aide said the country needs 3-1/2 to…
Oil firms on tight supply though EU ban on Russian oil still uncertain
MELBOURNE, May 26 (Reuters) - Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the worlds second-largest crude exporte…
Oil prices climb on prospects for tighter supply as demand rises
HOUSTON, May 25 (Reuters) - Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the U.S. summer driving season.Brent crude futures for July rose 46 cents, or 0.4%, to $114…
German economy minister expects EU embargo on Russian oil 'within days' -ZDF
BERLIN, May 23 (Reuters) - The European Union will likely agree an embargo on Russian oil imports "within days," Germanys economy minister said on Monday, but making a dent in Russias war chest may require capping global oil prices."We …
Russia stops gas flows to Finland over payments dispute
OSLO, May 21 (Reuters) - Russias Gazprom (GAZP.MM) on Saturday halted gas exports to neighbouring Finland, in the latest escalation of an energy payments dispute with Western nations.Gazprom Export has demanded that European countries pay for Russian …
U.S. power and natgas prices soar during spring heatwave
May 19 (Reuters) - U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave.Even before the latest heat, gas f…
EU unveils 210 bln euro plan to ditch Russian fossil fuels
BRUSSELS, May 18 (Reuters) - The European Commission on Wednesday unveiled a 210 billion euro plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.The inva…
Oil falls 2% on Powell comments, hopes for Venezuela supply
NEW YORK, May 17 (Reuters) - After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuelas government, raising hopes that the market could see some additional sup…
Texas heatwave to test power grid again this week
May 16 (Reuters) - A heatwave will test the Texas power system again this week after power plant failures late Friday caused prices to spike, forcing the grid operator to urge homes and businesses to turn up their air conditioner thermostats to conser…
Oil prices open lower as EU struggles to seal Russia import ban
May 17 (Reuters) - Oil prices opened lower in early Asian trade on Tuesday after the European Unions efforts to enact a ban on Russian oil imports, a move that would tighten global supply, ran into resistance from member country Hungary.Brent crude fu…
Oil rises but fears of weaker demand limit gains
SINGAPORE, May 13 (Reuters) - Oil prices extended gains on Friday but were headed for their first weekly loss in three weeks as worries about inflation and Chinas COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from…
Oil eases after surging in previous session on Russia's sanctions
May 12 (Reuters) - Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies.On Wednesday Russia sanctioned 31 companies based in …
Oil falls on uncertainty over Russian energy embargo by EU
May 11 (Reuters) - Oil edged lower in early Asian trade on Wednesday, sustaining the previous sessions weakness that was caused by risks to demand from an economic recession and on uncertainty about an embargo on Russian oil by the European Union.Bren…
Oil tumbles about 6% as China COVID lockdowns weigh
NEW YORK, May 9 (Reuters) - Oil prices sank about 6% on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.Brent crude fell $6.45, or 5.7%, to settle at $105.94 a barrel. …
OTC 2022: Department of Energy to boost investment in U.S. offshore wind development
HOUSTON (WO) — The offshore wind sector has made huge strides over the last year, putting the industry on track to achieve President Joe Biden’s goal of reaching 30 gigawatts of offshore wind generation by 2030. To ensure its success, the U.S. Depar…