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Summary Brent and WTI both set for weekly gains Prices supported by supply disruption from Hurricane Francine Demand fears had pushed benchmarks to multi-year lows this week Sept 13 (Reuters) – Oil prices rose about 1% on Friday, extending their rally and putting crude on course for a weekly gain on the back of output …
Oil Price Rally Steers Crude Towards Weekly Gain Read More »
Hydraulic fracturing, or fracking, has been thrust back into the public spotlight as Vice President Kamala Harris’ change of position on it comes under scrutiny given her campaign for the White House. The groundbreaking technique for oil and gas extraction that vaulted the US to energy independence has for years been a lightning rod for controversy. …
Why Fracking Remains a Political Lightning Rod for Controversy Read More »
Stockpiles have been declining, but a flood of supply will push them back up next year. Despite oil’s recent foray below $70 a barrel, market balances aren’t currently that bad. The problem is, this is as good as things get for quite some time. In its monthly report Thursday, the International Energy Agency said stockpiles contracted in …
COMMENTARY: Oil Market Balances Only Get Worse From Here Read More »
Asian nation dominated conversations at APPEC event this week Slowing economy, energy transition erode post-Covid recovery For the first time in two decades, China no longer looks like the engine driving global crude demand, which is uncharted waters for many of the traders and executives that gathered for the APPEC oil conference in Singapore this …
Oil Traders Confront a New World Without China Bull Factor Read More »
The candidate touts the benefits of energy independence even as she pledges to continue Biden’s decarbonization push. Kamala Harris has a claim to serving in one of the greatest presidential administrations for the US fossil fuel industry in history. Domestic oil and gas output, refining margins and company profits have all hit record highs during her …
U.S. Oil Boom Turns Kamala Harris Into an Unlikely Fracking Supporter…But For How Long? Read More »
Summary IEA’s 2024 demand growth forecast cut by 7.2% Projection for 2025 remains unchanged Oil prices pare gains after report (Reuters) – The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report …
IEA Cuts 2024 Oil Demand Growth Forecast on China Slowdown Read More »
Summary Makes second cut in 2024 oil demand growth forecast Sees headwinds for China’s diesel, gasoline demand going forward IEA to publish updated forecasts on Thursday (Reuters) – OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next …
OPEC Again Lowers 2024, 2025 Global Oil Demand Growth View Read More »
(Reuters) – India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation’s oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil …
India Wants OPEC+ to Raise Oil Output, Oil Secretary Says Read More »
Summary Hurricane Francine makes landfall in Louisiana Nearly 39% of Gulf of Mexico oil production offline IEA’s 2024 oil demand growth forecast cut by 7.2% EIA data shows U.S. oil stockpiles rose last week Sept 12 (Reuters) – Oil prices rose almost 2% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact …
Oil Prices Jump Nearly 2% on Fears Over Hurricane Impact on U.S. Output Read More »
About 39% of crude production and 49% of natural gas output in the U.S. Gulf of Mexico were shut on Wednesday as hurricane Francine barreled towards the Louisiana coast, the U.S. Bureau of Safety and Environmental Enforcement said. Francine was moving northeast on Wednesday with maximum sustained winds of 90 miles per hour (150 kph), …
Nearly Half of Gas Output at U.S. Gulf of Mexico Shut Due to Francine Read More »
