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Saudi oil giant sees demand “north of 106 million b/d” in 2025 “Robust” oil use points to “fairly healthy” market: CEO The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco. Brent crude dropped to almost $75 a barrel on Monday, …
Aramco CEO Says Oil Demand Is Strong and Recent Selloff Was Overreaction Read More »
Marathon Petroleum’s second-quarter profit hit by lower refining margins (Reuters) – Top U.S. refiner Marathon Petroleum posted lower second-quarter profit on Tuesday, hurt by lower refining margins. The company posted net income of $1.5 billion, or $4.33 per share, for the three months ended June 30, compared to the $2.23 billion, or $5.32 per share, …
Marathon Petroleum’s Second-Quarter Profit Hit by Lower Refining Margins Read More »
Summary Fear of wider Middle East conflict spurs buying US passes message to Iran not to escalate Financial markets recover after strong US services sector data (Reuters) – Oil prices pared gains in volatile trade on Tuesday as fears of an escalation in the Middle East conflict and a drop in production at Libya’s largest Sharara …
Oil Prices Steady, Supported by Middle East Supply Fears Read More »
Brent crude prices are likely to stay above $75 per barrel as the oil market will withstand macro recessionary fears and find support in the coming weeks, Goldman Sachs said on Monday. Limited recession risk, strong demand in the West and from India, and very low speculative positioning having room to recover will support oil …
Brent likely to Hold $75/Bbl Floor Despite Macro Fears, Goldman Says Read More »
Chevron Corp said on Sunday that non-essential personnel from its Blind Faith and Petronius facilities in Gulf of Mexico have been removed as Tropical Storm Debby approaches.“There has been no effect to production at our Chevron-operated assets due to the tropical weather,” the company added. Tropical Storm Debby is expected to strengthen rapidly into a …
Chevron Removes Non-Essential Personnel from Gulf of Mexico Sites as Debby Approaches Read More »
Bloomberg News See More from Bloomberg Energy News Here Tom and Christi Craddick wield influence in the energy industry while also owning a piece of the action. In the West Texas oil capital of Midland, Tom Craddick’s name is everywhere. The Nadine and Tom Craddick Highway helps drivers skirt the (not-very-heavy) traffic downtown. At the local hospital, …
A Father-Daughter Dynasty Looms Large in Texas Oil and Politics Read More »
Venture Global LNG Inc., a US liquefied natural gas developer, is requesting a court order to prevent the release of confidential information to Shell Plc amid contract disputes between the two companies over a facility in Louisiana. The Arlington, Virginia-based company petitioned for a temporary restraining order and preliminary injunction against engineering firm Kiewit Louisiana Co., according to a Aug. 2 …
U.S. LNG Exporter Venture Seeks Court Order Against Kiewit Read More »
Exxon Mobil and Chevron’s tug-of-war over a $1 trillion deposit is part of the industry’s shifting climate strategy. The battle between Chevron Corp. and Exxon Mobil Corp. over Guyana’s $1 trillion oil field took another twist last week, when arbitrators said they would need nearly a year to settle the dispute. Chevron’s stock plunged as the news meant its …
Guyana Fight Shows Big Oil’s Need for Cheap Crude Read More »
Summary Demand concerns rise after weak US payrolls report Risk of wider Middle East conflict limits oil’s decline London, Aug 5 (Reuters) – Oil futures extended losses in a volatile session on Monday as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle …
Oil Prices Drop as U.S. Recession Fears Spark Broader Selloff Read More »
Surprisingly weak U.S. employment data on Friday stoked fears of a recession ahead, prompting investors to dump stocks and turn to safe-haven bonds. Treasury prices surged, sending yields to multi-month lows. Elsewhere in commodities, oil prices fell $2 a barrel. The dollar index hit its lowest since March. Richly-valued technology firms bore much of the …
U.S. Jobs Data Fuels Stock Selloff, Hits Oil Price – Investors Turn to Safe-Haven Bonds Read More »
