Tag Archives: Oil

Oil prices could spike again by the beginning of 2023, says one analyst. “Domestically, whether it’s oil or it’s gas, these companies have very very limited incremental capacity at this time,” Truist Securities Managing Director of Energy Research Neal Dingmann told Yahoo Finance Live. U.S natural gas prices rallied on Monday to new 14-year highs over reserve concerns and the energy crisis in Europe. Oil prices declined during the session amid worries of a global slowdown and the prospects of… Source link

(Bloomberg) — Oil pared losses after Saudi Oil Minister Prince Abdulaziz bin Salman said the disconnect between the futures market and supply fundamentals may force OPEC and its allies to act. Most Read from Bloomberg West Texas Intermediate futures bounced to about $90 a barrel after earlier trading below $87 on Monday. The Saudi oil chief warned that “extreme” volatility and lack of liquidity in the futures market are moving prices in ways that don’t conform to fundamental… Source link

The Biden administration expects to implement the first phase of a price cap on Russian oil exports this fall in coordination with the G7, with sights set on bringing additional Asian partners on board in the winter. “We’re trying to prevent a spike in global energy prices by avoiding a situation where Russia production just shuts down, and you see a subsequent spike in the price,” Assistant Treasury Secretary for Economic Policy, Ben Harris, told Yahoo Finance. The U.S. has been in… Source link

JPMorgan CEO Jamie Dimon, pictured in November 2021, has spoken out on the bank’s need to harness big sets of data and artificial intelligence across units like asset management.REUTERS/Brian Snyder/File Photo JPMorgan CEO Jamie Dimon spoke to wealthy clients on a call Tuesday, Yahoo Finance reported. The call touched on various topics, including climate change and the odds of a recession. He said US natural gas production does not conflict with the reduction of greenhouse gas… Source link

Should the U.S. government get into the oil and gas business? Absolutely not! This is a capitalist country and …. Wait, maybe it makes sense. Since 1975, the United States has bought and sold oil for the strategic petroleum reserve, a national stockpile established for times of emergency. This year, President Biden has authorized the release of 180 million barrels of oil—one fourth of the total—to help combat gasoline prices that soared to a peak of $5.02 per gallon after Russia invaded… Source link

The U.S. still remains ‘a ways away’ from reaching an international agreement to impose a price cap on Russian oil exports, with limited enthusiasm from the world’s largest energy buyers India and China, so far, a Senior Biden energy advisor said. But Amos Hochstein, Special Coordinator for International Energy Affairs for President Biden, said he remains optimistic that Russia would ultimately continue its output despite a price limit, in large part because ‘their economy has nothing… Source link

One of Biden’s top energy aides confirmed Friday the administration won’t extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall. The Strategic Petroleum Release “was really a stop-gap measure,” says Amos Hochstein, Biden’s Special Presidential Coordinator for International Energy Affairs. “We can’t be an oil supplier. It’s a reserve and so we have to keep that.” He vowed that ending the releases won’t spur supply shocks, noting that the… Source link

(Bloomberg) — Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom. Most Read from Bloomberg Biden said late Friday that the Saudis shared his “urgency” to increase oil supply and he expects “further steps in the coming weeks” to that end. Saudi officials stressed any decision to pump more would be made in the framework of OPEC+, which holds… Source link

U.S. SPR release were exported to Europe and Asia last month, including top US geopolitical nemesis in the global arena, China, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. In a call, Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing rightful criticism from Amazon founder Jeff Bezos, because going after mom and pop gas stores… Source link

Global oil markets are going to be very volatile in the coming months if news emerging from OPEC’s main producers about production capacity constraints turns out to be true. OPEC will be meeting again in the coming days to discuss its export agreements, while today the oil group is presenting its Annual Statistical Bulletin (ASB) 2022. While the media is likely to be focused on rumors in the next 24 hours of a possible change in the export strategy of OPEC+, the real focus should be on… Source link