Tag Archives: Oil

Back up the dump truck on Caterpillar’s stock (CAT), says Jefferies analyst Stephen Volkmann. “Recent turmoil in Eastern Europe fundamentally reshapes global commodity markets, driving structurally higher pricing and after years of underinvestment capacity additions and supply diversification will be necessary in both mining and oil and gas sectors, though new projects will take time. Caterpillar has historically been a strong hedge to commodity and general inflation,” Volkmann said in a new… Source link

WASHINGTON (AP) — President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump. The action follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion…. Source link

Shell (SHEL) says it will stop buying Russian crude and apologized for purchasing a cargo last week amid the ongoing Russian invasion of Ukraine. “We are acutely aware that our decision last week to purchase a cargo of Russian crude oil to be refined into products like petrol and diesel – despite being made with security of supplies at the forefront of our thinking – was not the right one and we are sorry,” Shell Chief Executive Officer, Ben van Beurden said in a company statement. The… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Tuesday, March 8, 2022 When an oil crunch turns foes into frenemies Since Vladimir Putin attacked Ukraine for the sin of refusing to exist as a Russian satrapy, fiery crude prices are stoking fears of a 1970’s style oil shock, and sending a chill down the market’s spine. The U.S. government is weighing slapping embargoes on Russia’s crude —… Source link

Stocks dipped Monday and oil prices soared as investors nervously considered the potential for even higher inflation and greater global economic damage from Russia’s war in Ukraine and sanctions that have ensued. The S&P 500, Dow and Nasdaq declined but came off session lows from pre-market trading. Traders piled into safe haven assets, and gold prices (GC=F) briefly jumped above $2,000 per ounce for the first time since September 2020. U.S. Treasury yields advanced. In energy markets, Brent… Source link

The Biden administration’s sanction strategy hinges on levying severe sanctions on pretty much every facet of the Russian economy except energy. But that plan is getting more and more pushback in Washington, even from some members of Biden’s own party. Russia is the world’s second-largest producer of natural gas and third-largest producer of crude oil, And while the energy market has begun to impose a sort of ‘de facto ban,’ the sanctions were designed to try to minimize the impact on… Source link

Even before Russia’s invasion of Ukraine, U.S. gas prices were rising rapidly — and are now marching toward a national average of $4 per gallon or higher in the coming months with the crisis showing no signs of abating. As sanctions isolate Moscow and crimp Russian energy supplies, skyrocketing crude oil and gas prices will impact consumers and businesses already facing the highest inflation levels since 1982. On Thursday, Brent (CL=F) briefly flirted with $120 per barrel, with U.S. oil ( Source link

The spike in oil prices — crude rose as high as $112.51 per barrel Wednesday — won’t cause too much turmoil in emerging markets, according to one veteran investor. Because of the globe’s reduced reliance on fossil fuel generally, and oil as an energy source specifically, emerging-market economies should be able to weather the surge. “The good news regarding oil prices is that these emerging markets have lots of alternatives now,” Mark Mobius, founding partner at Mobius Capital… Source link

Oil backed off its session highs after President Biden indicated petroleum reserves could be tapped as needed and sanctions from Western countries avoided targeting Russian supplies . Sanctions from world leaders were closely monitored by analysts after Russia invaded Ukraine, sending oil surging on Thursday morning. “Oil and gas supplies from Russia as of now have not been affected at all,” Vanda Hari, founder of Vanda Insights, told Yahoo Finance Live this morning. “Will Russian oil and gas… Source link

(Bloomberg) — Oil was whipsawed along with gold after France said that the U.S. and Russian presidents agreed to a summit meeting over Ukraine. Most Read from Bloomberg West Texas Intermediate sank as much as 0.8%, reversing an early gain, after Joe Biden and Vladimir Putin agreed to the “principle” of a summit proposed by French President Emmanuel Macron, according to statements from the White House and the Elysee. There was no immediate confirmation from the Kremlin. See also: Biden… Source link