SlavkoSereda/iStock via Getty Images Crude oil futures rose Wednesday after a larger than expected decline in U.S. inventories, in thin trading ahead of the U.S. Independence Day holiday. The U.S. Energy Information Administration’s weekly report showed across-the-board draws in crude and refined product inventories, with crude stocks falling by anContinue Reading
anatoliy_gleb/iStock via Getty Images J.P. Morgan (JPM) foresees an acceleration in demand for oil, as it expects a travel trend that emerged from the pandemic to keep running. In the firm’s 2024 mid-year outlook released last last week, its commodity analysts said they expected a seasonal uptick in oil demandContinue Reading
luismmolina/iStock via Getty Images Kosmos Energy (NYSE:KOS) +1.9% in early trading Wednesday after announcing the start-up of oil production from two development wells at the Winterfell field in the U.S. Gulf of Mexico. A third well at Winterfell is currently being drilled and anticipated to come by the end ofContinue Reading
SlavkoSereda/iStock via Getty Images Crude oil futures gave up early gains to finish lower Tuesday, as concerns over potential supply disruptions from Hurricane Beryl eased during the session. U.S. crude had climbed on Monday, as traders believed Beryl might have a wider impact on offshore oil production areas in theContinue Reading
NiseriN/iStock via Getty Images At least a dozen oil companies including Exxon (NYSE:XOM) and Shell (SHEL) have expressed interest in buying a 40% stake in Galp Energia’s (OTCPK:GLPEF) (OTCPK:GLPEY) Mopane oil discovery offshore Namibia, which could be valued at more than $10B, Reuters reported Tuesday. In April, Galp (OTCPK:GLPEF) (OTCPK:GLPEY)Continue Reading
FeelPic Gold prices (XAUUSD:CUR) ticked lower on Tuesday, pressured by a firmer U.S. dollar index (DXY), while oil prices edged up on hopes of better demand during summer and rising geopolitical tensions. A strong dollar causes the gold price to rise in other currencies, leading to selling pressure, while higherContinue Reading
SlavkoSereda/iStock via Getty Images Crude oil futures climbed ~2% to two-month highs Monday in anticipation of rising demand in the Northern Hemisphere’s summer driving season and worries that conflict in the Middle East could spread and reduce global oil supplies. A drone attack from Hezbollah injured 18 Israeli soldiers onContinue Reading
SlavkoSereda/iStock via Getty Images Crude oil futures closed the week and the month with gains as expectations rose for summer demand to continue the rally. Oil had tumbled to multi-month lows early in June when OPEC+ said it would start unwinding production cuts after September, then rallied on forecasts ofContinue Reading
Manuel Milan/iStock Editorial via Getty Images Repsol (OTCQX:REPYY) (OTCQX:REPYF) plans to sell a minority interest in its Eagle Ford shale assets in Texas in a deal that could value the assets at as much as $2B, Reuters reported Friday. The Spanish company reportedly is open to selling as much asContinue Reading
SlavkoSereda/iStock via Getty Images Crude oil futures climbed more than 1% Thursday as rising worries over geopolitical risk and expectations of tightness in Q3 outweighed a surprise increase in U.S. crude and gasoline inventories. Cross-border tensions between Israel and Hezbollah in Lebanon have been escalating, fanning fears of a wideningContinue Reading
