Oil’s Low Prices Draw Rash Of Hedging
Last week’s crashing oil prices were awfully tempting last week for big oil consumers, who took advantage of the low prices to hedge against the inevitable price rise.Major oil consumers such as airlines boosted their hedging at a rapid pace, accordi…
Oil Prices Jump 5% On Easing Banking Fears
Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam. At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15 per…
Natural Gas Prices See Yet Another Weekly Decline
Natural gas prices are up on the day, but they are once again down on the week—the third week running—as unseasonably warm weather dampened prospects for one more demand push in the United States.Natural gas prices were trading up on the day to $2.1…
Power Of Siberia Pipeline Deal Could Be Reached This Year
A deal between China and Russia over the Power of Siberia natural gas pipeline could be reached yet this year, according to new statements from Russian Deputy Prime Minister Alexander Novak.The planned Power of Siberia pipeline will carry 50 billion c…
Oil Prices Rise As Fed Announces Small Rate Hike
Oil prices were trading up close to 2% on Wednesday afternoon after the Federal Reserve raised the key short-term interest rate by 25 basis points, emphasizing that the “U.S. banking system is sound and resilient”. The rapid rise in interest rates u…
U.S. Gasoline Demand Soars To Highest In Months
Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday.U.S. gasoline demand on Sunday and Monday was up 7…
Iran Says It Would Welcome Any Investments In Its Oil And Gas Sector
Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlie…
Russian Oil Company Lukoil Snaps Up Offshore Blocks In Congo
Russian oil company Lukoil has said it now has rights to two offshore energy blocks in the Republic of Congo in partnership with Italian oil giant Eni.The rights to the offshore blocks, known as Marine 24 and Marine 31, are now held by Lukoil with a 4…
Are Oil Prices Set For A Quick Comeback?
The energy markets are going through one of their worst selloffs in recent times as fears of a new global crisis continue to roil financial markets. Oil prices have crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days ago …
Algeria: Western Price Caps On Russian Crude Could Lead To Supply Disruption
Algerian Energy Minister Mohamed Arkab also warned that Western price caps on Russian crude oil could lead to uncertainty and supply disruption. While Arkab suggested that the OPEC+ decision to cut output by 2 million barrels per day from November 202…
Chinese Refinery Throughput Climbs As Fuel Demand Rebounds
A rebound in crude oil demand as the Chinese economy returns to normal operation pushed crude oil throughputs at refineries higher by 3.3% over the first two months of the year.At an average of 14.36 million barrels daily, per Reuters, Chinese refiner…
The World Bank May Return To Financing Natural Gas Projects
The World Bank could be open to funding gas projects in Mozambique to ensure greater energy access if the costs are the cheapest among energy sources, Victoria Kwakwa, World Bank Vice President for Eastern and Southern Africa, told Bloomberg in an int…
OPEC Is Back In Control Of The Oil Market
OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing, American industry executives say. The days of exponential growth in U.S. oil supply fr…
Libya Eyes First Oil And Gas Licensing Round In Two Decades
Libya will be ready to hold an oil and gas licensing round next year, Libyas state-run oil company chief said at CERAWeek, according to Argus.If Libya does manage to hold a licensing round next year, it would be its first in nearly two decades, and wo…
German, UAE, Egypt Consortium Signs $34 Billion Hydrogen Deal With Mauritania
In a major move to develop hydrogen production capacity and set up a supply chain in the MENA region, Germany is now looking at a less obvious partner, Mauritania.German newspaper Frankfurter Algemeine Zeitung (FAZ) reports that a consortium made up o…