Month: November 2022

Nov 30, 2022 (Bloomberg) Oil rose for a third day as data pointed to a large decline in US oil stockpiles, while traders weighed the outlook for Chinese demand and a forthcoming OPEC+ meeting.West Texas Intermediate climbed above $80 a barrel for the first time in a week after the industry-funded American Petroleum Institute reported inventories … Read more

LONDON, Nov 29 (Reuters) – Petroleum markets were hit by a second week of heavy investor sales last week as fund managers became convinced the planned G7 price cap would be set and enforced in a manner that won’t interrupt Russia’s crude exports. Hedge funds and other money managers sold the equivalent of 90 million … Read more

The Organization of Petroleum Exporting Countries and allies including Moscow meet this weekend to decide on output at an especially complex time in global oil markets. With prices down this month, key market signals flashing weakness, uncertainties around China’s Covid Zero policy, and the European Union locked in hard negotiations to agree a price cap … Read more

Nov 30, 2022 (Bloomberg) The European Union has slashed its dependence on Russian energy this year, banning coal imports and readying an oil embargo too. But one product is booming, and is unlikely to face an EU boycott anytime soon.Liquefied natural gas imports from Russia are up about 40% in a year as buyers scramble to replace dwindling … Read more

Nov 30, 2022 (Bloomberg) European diplomats trying to reach a deal to curb Russian oil prices are wrestling with an awkward truth: Moscow’s main benchmark crude is already trading below the levels proposed for the cap.Talks have so far focused on levels from $62 to $70 a barrel. Those who want the oil to keep flowing … Read more

Nov 30, 2022 (Bloomberg) Airbus SE said a lack of so-called green hydrogen and associated infrastructure could push back service entry for a carbon-free aircraft that the manufacturer is readying for the middle of next decade.The European planemaker, which plans to introduce a hydrogen model around 2035, is working with airports, energy companies and infrastructure providers … Read more

OPEC and its allies are expected to consider deeper supply curbs when they meet this weekend against the backdrop of a faltering global oil market. Saudi Arabia and its partners surprised traders — and drew a fierce rebuke from President Joe Biden — when they announced a 2 million barrel-a-day cutback last month. Even so, … Read more

Oil rose as China refined its approach for dealing with Covid-19 after widespread protests against strict curbs, and investors looked ahead to an OPEC+ meeting that may see a supply cut to counter market weakness. West Texas Intermediate gained above $79 a barrel, reversing an earlier drop. Beijing said it would bolster vaccination among seniors, a … Read more

Qatar has agreed to supply Germany with liquefied natural gas under a long-term deal that will go a small way to helping the European country replace piped flows from Russia. State-owned Qatar Energy and ConocoPhillips have signed agreements that will see the Persian Gulf state send up to 2 million tons of LNG a year … Read more

The United Arab Emirates’ main energy company will boost investment to $150 billion over the next five years, speed up an increase in oil-production capacity and list some of its natural gas business. Abu Dhabi National Oil Co. also said it would expand its international gas, chemicals and clean-energy operations. The moves are part of … Read more

Nov 28 (Reuters) – Nord Stream AG, the operator of the Russia-led Nord Stream 1 gas pipeline, on Monday updated the end date of the unplanned outage at the Greifswald exit in Germany to April 1, next year. Nord Stream 1 was shut down for repairs on Aug. 31, but never restarted and was subsequently … Read more

November 28, 2022 J.P. Morgan cuts its forecast for global benchmark oil price Brent for 2023 to $90 per barrel on average from $98; estimates 2024 average of $98 Brokerage expects Russian production will normalize to pre-war levels by mid-2023 “Our forecast of $90 Brent in 2023 rests on the view that OPEC+ alliance will … Read more

NEW YORK, Nov 28 (Reuters) – The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns … Read more

Oil tumbled to the lowest level since December as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to the stresses in an already-volatile global crude market. West Texas Intermediate sank toward $74 a barrel following three weeks of losses, while Brent traded around $81. Protests over harsh anti-virus … Read more

LAUNCESTON, Australia, Nov 24 (Reuters) – There are signs that China and India are pulling back from buying Russian crude oil ahead of the Group of Seven nations’ proposed price cap and a European Union ban on imports. However, the more important question for the market is whether any slowing by China and India of … Read more

CAIRO, Nov 26 (Reuters) – The OPEC+ meeting in December will take into account the condition and balance of the market, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer SOMO, as saying on Saturday. OPEC+’s October decision to reduce production by two million barrels per day (bpd) … Read more

A group of children and young adults including Greta Thunberg have filed a class action lawsuit against the Swedish state for failing to take adequate measures to stop climate change.The lawsuit is part of an international wave of climate-related legal action, some of it targeting national governments. It follows a high-profile case in the Netherlands, … Read more

(Bloomberg) Oil posted a third weekly loss as the European Union suspended talks over a Russian oil price cap amid disagreements between member states. West Texas Intermediate futures fell 2.1% to settle at $76.28 a barrel after trading in a more than $3 range on Friday. European diplomats remain locked in talks over how strict the cap … Read more

Nov 25 (Reuters) – The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday Iraq’s energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman … Read more

Nov 25, 2022 (Bloomberg) Oil pared a third weekly loss as the European Union weighed a higher-than-expected price cap on Russian crude and concerns about an economic slowdown threaten the demand outlook.Brent traded near $86 a barrel, putting the global benchmark on course for a small decline at the end of a volatile week, with trading … Read more

U.S. President Joe Biden said on Thursday that price caps on Russian oil being proposed under the Group of Seven nations (G7) scheme were in play, adding that he had spoken to Treasury Secretary Janet Yellen on the issue. “Yes, it’s in play,” Biden told reporters during a Thanksgiving holiday visit to a fire station … Read more

U.S. energy firms this week added oil and natural gas rigs for a fourth week and second month in a row as relatively high oil prices encourage firms to drill more. The oil and gas rig count, an early indicator of future output, rose two to 784 in the shortened week to Nov. 23, its … Read more

The European Union is set to pause efforts to approve a package of emergency measures to curb fallout from high natural gas prices as diplomats try to resolve a deep split over a push to cap the cost of gas. Energy ministers holding an emergency meeting in Brussels agreed on the content of several emergency … Read more

Oil held steady as the European Union considered a higher-than-expected price cap on Russian crude and signs of challenges to demand increased. West Texas Intermediate hovered around $78 a barrel after losing almost 4% in the previous session, with volumes likely to be thin due to a US holiday. EU diplomats are optimistic they can reach a … Read more

LONDON/NEW DELHI/MOSCOW, Nov 23 (Reuters) – The Group of Seven (G7) nations’ proposed price cap of $65-$70 a barrel on Russian oil would have little immediate impact on Moscow’s revenues, as it is broadly in line with what Asian buyers are already paying, five industry sources with direct knowledge of the purchases said on Wednesday. … Read more

Nov 23 (Reuters) – France’s first commercial-scale offshore wind farm started operating on Wednesday, adding 480 megawatts of capacity to the grid at a time when Europe is scrambling to secure energy supplies following Russia’s invasion of Ukraine. The Saint-Nazaire wind farm, situated off the coast of Brittany in northwestern France, consists of 80 turbines … Read more

Summary After months of squabbles, Commission proposes cap at 275 e/MWh Some EU members oppose cap in general, others want tougher one Agreement unlikely when EU energy ministers meet on Thursday BRUSSELS, Nov 23 (Reuters) – The 27 European Union countries disagreed on Wednesday over a proposal by the bloc’s executive to cap future gas … Read more

Oil tumbled again as the EU discussed imposing a price cap on Russian oil between $65 and $70 a barrel, a level that could help keep the nation’s supplies flowing into the global market. West Texas Intermediate dropped below $80 a barrel, extending a recent run of recent volatility that on Monday pushed prices to … Read more

“OPEC is back in the driver’s seat,” John Hess, chief executive of the eponymous oil company, told an investor conference in Miami on Nov. 17, tacitly acknowledging the U.S. shale revolution has run its course. For a decade between 2009 and 2019, the surge in U.S. petroleum and other liquids production transformed the availability and … Read more

BRUSSELS, Nov 23 (Reuters) – The Group of Seven nations (G7) is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said on Wednesday. Ambassadors from the 27 EU countries are discussing the G7 proposal with the aim of reaching a common position by … Read more

BRUSSELS, Nov 22 (Reuters) – The European Commission proposed introducing a gas price cap for one year from Jan.1, 2023, according to draft legislation seen by Reuters that has so far left the actual ceiling level blank. The idea to cap prices has divided EU countries for many months. The Commission’s latest proposal will be debated by energy ministers … Read more

No fuel is more essential to the global economy than diesel. It powers trucks, buses, ships and trains. It drives machinery for construction, manufacturing and farming. It’s burned for heating homes. And with the high price of natural gas, in some places it’s also being used to generate power. Within the next few months, almost every … Read more

Norway will add a new natural gas field in the Norwegian Sea from 2026 in a push to bolster supplies to continental Europe as the EU rushes to replace Russian flows. Equinor ASA will lead the development of the Irpa gas discovery in the northern reaches of the Norwegian Sea to unlock an estimated 20 … Read more

Oil futures were steady after a volatile run as investors juggled a clouded supply outlook and concerns over weaker demand in virus-hit China. West Texas Intermediate traded little changed around $80 a barrel after swinging in a $5 arc in the week’s opening session. Prices had plunged following a report that OPEC+ was considering an … Read more

Hours after the COP27 climate talks reached the deadline, there was still no deal and the European Union’s climate chief was threatening to leave Sharm El-Sheikh without one. “We don’t want a result at any price,” Frans Timmermans told reporters, flanked by ministers from Germany, Austria, Ireland and Spain. “The EU would rather have no decision than a bad decision.” The … Read more

A gas pump selling E15, a gasoline with 15 percent of ethanol, is seen in Mason City, Iowa, United States, May 18, 2015. REUTERS/Jim Young NEW YORK, Nov 21 (Reuters) – A group of oil, renewable fuel and farm trade organizations have joined together for the first time to voice support for U.S. legislation that … Read more

Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in a statement. Novak’s reiteration of his country’s established position comes as the Group of Seven … Read more

Russia doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Alexander Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in a statement. Novak’s reiteration of his country’s established position comes as the Group of Seven … Read more

Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month, and said it stands ready to make further cuts if needed. Crude futures pared earlier losses, trading 1.8% lower at $86.04 a barrel as of 5:18 p.m. in London. “The current cut of 2 million barrels per … Read more

Goldman Sachs on Sunday cut its fourth-quarter Brent oil price forecasts by $10 to $100 a barrel, citing factors including a likely hit to consumption from China’s COVID case spike. But the investment bank said that the China concerns were “another speed bump on the road higher,” since the major consumer has indicated that this … Read more

LONDON, Nov 21 (Reuters) – Oil prices were hit by an abrupt reversal of sentiment last week, with investors selling at the fastest rate for four months, as the economic outlook worsened and fears eased that the G7 price cap on Russian crude would disrupt its exports. Hedge funds and other money managers sold the … Read more

Rising acceptance that the world needs to cut carbon emissions fast has coincided with a parallel rise in ineffective solutions to the problem. There’s now real danger that tools meant to slow global warming may end up allowing more emissions. A prime example of that risk is carbon offsets. These promissory notes offer buyers an … Read more