Tag Archives: Oil

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

(Bloomberg) — Most Read from Bloomberg Trying to catch a bus at the Maliya station in Kuwait City can be unbearable in the summer.About two-thirds of the city’s buses pass through the hub, and schedules are unreliable. Fumes from bumper-to-bumper traffic fill the air. Small shelters offer refuge to a handful of people, if they squeeze. Dozens end up standing in the sun, sometimes using umbrellas to shield themselves. Global warming is smashing temperature records all over the world, but… Source link

The renewed vigor in oil prices of late is only just the beginning, contends veteran industry analyst Phillip Streible of Blue Line Futures.  Streible thinks oil prices are at risk of hitting $60 in the near-term due to an Omicron-related demand slowdown. But that will likely prove to be a buying opportunity in front of a “long-term” rally in 2022.  “We are going to see the demand picture continue to pick up going into the [summer] driving season. Hopefully we can get this pandemic behind… Source link

One month ago, gas prices—up 50% during the last year—were looking like the bane of Joe Biden’s presidency. Then three things happened: Combined, these developments have shaved oil prices by more than 20% since late October. Gas prices haven’t yet fallen by the same amount, but they most likely will. Gas prices lag oil prices whether going up or down, but only by a few weeks, as the following chart shows. So gas prices should be dropping by the end of the year. There’s already been a… Source link

Oil prices dropped more than 4% before rebounding on Thursday after OPEC+ announced it would continue its supply hike of 400,000 barrels per day per month, despite the threat of Omicron variant cases. Oil analysts had been split on whether the cartel would hold steady with its output hike or pause it amid uncertainty about demand given the threat of the new variant.  West Texas Intermediate (WTI) crude (CL=F) touched $63 a barrel shortly after 9 a.m. ET. By 2 p.m. in the afternoon, future… Source link