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Licenses allow ConocoPhillips to advance legal efforts Texas-based oil and gas producer owed $10 billion by Venezuela ConocoPhillips has been granted a string of licenses by the US government that allow the oil and gas producer to better position itself to recover some or all of the roughly $10 billion it is owed by Venezuela after …
ConocoPhillips Gets US Licenses in Bid to Recoup Venezuela Debt Read More »
The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles almost 30% of the world’s oil trade, it’s closely watched for signs of disruption. The escalating conflict between Iran and Israel has again raised concerns that shipping through the vital waterway …
Why the Strait of Hormuz Is a Focus of Worry Again Read More »
(Reuters) – U.S. crude stocks rose as refining activity slipped last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 422.7 million barrels in the week ended October 4, the EIA said, compared with analysts’ expectations in a Reuters poll for a …
US Crude Stocks Rise, Gasoline and Distillate Inventories Fall, EIA Says Read More »
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 103.5 bcfd in …
US Natgas Output to Decline as Demand Hits Record High in 2024, EIA says Read More »
By Reuters (Reuters) – Geopolitical risk premium gauges in the oil market have decreased slightly this week, following sharp increases last week in both Brent implied volatility and call options implied volatility skew, Goldman Sachs said. Oil prices steadied in Asian trading as traders weighed developments in the Middle East conflict against continued bearish expectations for …
Geopolitical Risk Premium in Oil market Slips Slightly, Goldman Sachs Says Read More »
(Reuters) – MARA Holdings Inc., the world’s largest publicly traded bitcoin miner, has begun producing power in the U.S. shale patch as part of a pilot program to fuel 25 megawatts of its mining operations with excess natural gas, the company told Reuters on Tuesday. The move comes as intensifying competition for electricity between Big …
Cryptominer MARA Taps U.S. Shale Patch Power Generation in New Pilot Program Read More »
A week is a long time in the oil market. When traders hit their desks last Monday, Brent crude was trading closer to $70 a barrel. Their concerns largely centered on shaky supply-and-demand balances next year and additional OPEC+ barrels in the coming months. But events in the Middle East have since sent prices into overdrive near …
The Oil Market’s Bumper Volatility Won’t Go Away Anytime Soon Read More »
Summary Concern over potential oil supply disruption eases China ‘fully confident’ it will meet full-year economic targets US API inventory data due at 2030 GMT (Reuters) – A rally in oil prices took a break on Tuesday as the market waits for Israel’s response to last week’s Iranian rocket attacks that triggered a price surge …
Oil Rally Pauses as Investors Await Israeli Response Read More »
Summary Companies Storm expected to miss most oil infrastructure Set to make landfall near Tampa Imports and exports could be temporarily halted Biden approves emergency declaration (Reuters) – At least one oil and gas platform in the U.S. Gulf of Mexico was shut on Monday and Florida ports imposed restrictions on vessel navigation as Hurricane Milton rapidly …
Ports Restrict Navigation, Some Oil Facilities Shut as Milton Approaches Florida Read More »
Bearish traders whipsawed by China stimulus, Iran-Israel WTI call skew highest since Russia’s invasion of Ukraine Oil futures posted their largest gain in more than a year last week. And the frenzy was even bigger in the options market. As traders fretted over the risk of a major price spike, the call skew on second-month …
Oil Bets Most Bullish in Two Years as Mideast Tension Flares Read More »
