Month: May 2024

Summary Euro zone inflation rose in May U.S. inflation data expected 1230 GMT OPEC+ working on complex deal to extend production cuts (Reuters) – Oil prices held steady on Friday as investors awaited U.S. inflation data for clues on the demand outlook before turning attention to Sunday’s OPEC+ meeting to determine the state of supply … Read more

Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for … Read more

Summary EIA stocks data due later Thursday US, eurozone inflation due Friday OPEC+ meets June 2 to discuss supply cuts (Reuters) – Oil prices were broadly steady as pressure from U.S. data pointing to higher-for-longer rates was offset by inventory numbers showing strong demand for crude in the United States. Ahead of U.S. crude oil … Read more

(Reuters) – Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco  later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. The landmark sale follows Aramco’s record IPO nearly five years ago, as the kingdom pushes ahead plans to diversify its economy away from … Read more

(Reuters) – Oil prices rose on Wednesday on expectations that major producers will extend output cuts at a meeting on Sunday and that fuel consumption will start rising with the start of the peak summer demand season. Brent crude futures for July delivery added 74 cents, or 0.9%, to $84.96 a barrel by 0917 GMT. … Read more

(Reuters) – Norwegian oil and gas investments are expected to hit a record high this year and will remain strong in 2025, driven by a string of new developments as well as cost inflation, a national statistics office (SSB) survey showed on Tuesday. The country’s biggest business sector now expects to invest 246.9 billion Norwegian … Read more

Summary Summer fuel demand hopes support prices Higher-for-longer US interest rates seen limiting gains OPEC+ meets on June 2 to set output policy (Reuters) – Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern … Read more

(Reuters) – Oil prices were little changed on Monday, making marginal advances in muted trade owing to public holidays in Britain and United States after a downbeat week characterised by the outlook for U.S. interest rates in the face of sticky inflation. The Brent crude July contract was up 21 cents at $82.33 a barrel … Read more

Summary Brent settles 2.1% lower for the week Interest rate policy, rise in crude oil stocks weigh Oil rig count unchanged, Baker Hughes data Market awaits OPEC+ June 2 online meeting (Reuters) – Oil prices rose about 1% on Friday, but fell for the week on worries that strong U.S. economic data would keep interest … Read more

LONDON, May 24 (Reuters) – Oil prices were stable on Friday but poised to show a weekly loss under pressure from lingering concerns that sticky inflation could prolong higher interest rates and curb fuel demand. Brent crude futures fell by 25 cents, or 0.31%, to $81.11 a barrel by 1151 GMT. U.S. West Texas Intermediate … Read more

Summary OPEC+ scheduled to meet June 1 US crude inventory rise suggests soft demand Stubborn inflation keeps rate hike on the agenda LONDON, May 23 (Reuters) – Oil prices crept up on Thursday, clawing back some of the previous three days’ losses despite the U.S. Federal Reserve entertaining further tightening of interest rates if inflation … Read more

Summary API reports crude and gasoline stocks rise, sources say UK inflation falls less than expected Fed minutes, EIA inventory report awaited LONDON, May 22 (Reuters) – Oil prices fell on Wednesday, retreating for a third straight day on expectations that the Federal Reserve might keep U.S. interest rates higher for longer due to sustained … Read more

(Reuters) – Oil prices dropped by more than $1 on Tuesday, extending losses on investor expectations that lingering U.S. inflation could keep interest rates higher for longer, depressing consumer and industrial demand. Brent crude futures fell by $1.08, or 1.3%, to $82.63 a barrel by 1037 GMT. U.S. West Texas Intermediate crude (WTI) futures for … Read more

Sector continuing to see impact from Ukraine and Middle East New sources of natural gas need to aid transition: Meg O’Neill Energy markets will continue to be impacted by the Russian invasion of Ukraine and the Israel-Hamas conflict, according to Woodside Energy Group Ltd., Australia’s largest oil and gas producer “The fallout has been massive, and … Read more

North Sea oil and gas producers are merging and shifting overseas as Britain’s windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election. The change of strategy could accelerate the decline of domestic production, risking increased dependency on imports, greater vulnerability to higher consumer prices … Read more

Kremlin has been seizing assets of some Western companies in Russia through decrees signed by President Vladimir Putin and court orders related to lawsuits over halted projects or blocked funds amid Western sanctions. Below is a list of the companies affected so far. AGROTERRA Russia seized companies belonging to agricultural group AgroTerra and placed them … Read more

By George Hay and Yawen Chen (Reuters Breakingviews) – The Middle East’s key generator of instability just got even harder to read. As demonstrated by its recent missile attacks on Israel, Iran is one of the main reasons why global investors hesitate to commit too much capital to the region. The death of President Ebrahim … Read more

Summary Brent posts first weekly gain in three weeks China’s factory output topped forecasts in April U.S. consumer prices increase less than expected in April U.S. oil rig count rises for the first time in four weeks Russia’s Tuapse oil refinery on fire after drone attacks NEW YORK, May 17 (Reuters) – Oil prices settled … Read more

(Reuters) – Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand. China’s industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% … Read more