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Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental …
Investors Turned More Bearish on Oil Last Week Than Ever Read More »
UBS cut its oil price forecasts for 2024, citing a weaker global demand outlook especially driven by a slowing Chinese economy. It lowered its price view for both Brent and WTI by $4 to $80 per barrel and $76 per barrel respectively. “The key downside risks would be a recession, which would in turn raise …
UBS Cuts Oil Price View for 2024 on Weak Demand Outlook Read More »
Energy companies in the US are planning new natural gas-fired power generation at the fastest pace in years, one of the clearest signals yet that fossil fuels are likely to have a longer runway than previously thought. From Florida to Oregon, utilities are racing to meet a surge in demand from power-hungry AI data centers, …
AI Boom Is Driving a Surprise Resurgence of U.S. Gas-Fired Power Read More »
There are alternative sources of energy for coal, gas and oil, but there are few substitutes for polymers. By David Fickling David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times. Could our unshakeable addiction to plastics be broken? …
A Dose of Reality: Breaking Our Plastics Habit Is Easier Said Than Done Read More »
Natgas producer BKV aims to raise up to $315 mln in US IPO By Reuters (Reuters) – Natural gas producer BKV Corporation said on Monday it plans to raise up to $315 million in its initial public offering in the United States. The Denver, Colorado-based company is offering 15 million shares priced between $19 and $21 …
Natgas Producer BKV Aims to Raise up to $315 Mln in U.S. IPO Read More »
Summary Offline capacity in Gulf of Mexico still supports prices Markets await decision on Fed rate cut Poor August data stokes China demand worries (Reuters) – Oil prices stabilized on Monday as ongoing disruption to U.S. Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await news on …
Oil Prices Stabilize Ahead of Fed Interest Rate Decision Read More »
Summary Brent and WTI both set for weekly gains US offshore oil industry reawakens after Francine shut-ins US oil and gas rig count rises by most in a year Benchmarks hit multi-year lows this week on demand fears (Reuters) – Oil prices fell on Friday as U.S. Gulf of Mexico crude production resumed following Hurricane …
Oil Eases on Resuming U.S. Output After Storm, Rising Rig Count Read More »
A federal judge on Friday blocked new oil drilling permits from being granted for a 5,000-well oil and gas development project in Wyoming that was approved in the waning days of Republican former President Donald Trump’s administration. U.S. District Judge Tanya Chutkan in Washington, D.C., agreed with two environmental groups that the U.S. Bureau of …
Judge Blocks New Drilling Permits for Wyoming Oil Development Project Read More »
U.S. Gulf of Mexico energy firms on Friday were lumbering back from hurricane disruptions as offshore oil and gas producers ramped up operations after halving the key energy region’s output, ports reopened, and onshore terminals accepted oil and liquefied natural gas (LNG) tankers. Hurricane Francine shut in up to 42% of the region’s offshore oil …
U.S. Offshore Oil Industry Reawakens After Francine Shut-Ins Read More »
Sept 13 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks in the biggest weekly rise in a year, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future …
US Drillers Add Oil and Gas Rigs for First Time in Five Weeks, Baker Hughes Says Read More »
