Oil Prices Extend Losses Global Trade War, Recession Fears
Investment bank JPMorgan said it now sees a 60% chance of a global economic recession by year-end, up from 40% previously.
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Panama Canal to Open Bidding for LPG Pipeline, Authority Says
Reuters) – The Panama Canal has authorized the opening of a bidding process for a new pipeline that will transport liquefied petroleum gas (LPG) across the interoceanic waterway, its authority said on Friday. Since Panama’s Supreme Court last year ruled the return of areas near the canal to its administration, the planning of projects to …
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Seeking to Punish Cheaters, Saudi Arabia Pushes OPEC+ to Open Oil Taps
Summary • Saudi Arabia seeks to punish cheaters – three sources • Oil falls 8% below $65 per barrel, lowest since 2021 • Move revives memories of oil price wars of 2014, 2020 • Production hike, oil price drop to appease Trump (Reuters) – Saudi Arabia’s anger at Kazakhstan and other over producing nations was …
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Chevron to Pay $740 Million to Restore Louisiana’s Coast
(Reuters) – Chevron was ordered to pay $740 million to restore damages the oil and gas major caused to southeast Louisiana’s coastal wetlands, the Associated Press reported on Friday. The ruling — delivered by a jury — awarded $575 million for land loss compensation, $161 million to compensate for contamination and $8 million for abandoned …
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S&P 500 Loses $5 Trillion in Two Days in Trump Tariff Selloff
Global stock markets extended their recent rout on Friday, with S&P 500 companies wiping out $5 trillion in stock market value since U.S. President Donald Trump unveiled sweeping tariffs on Wednesday, while investors fled to the safety of government bonds.The Nasdaq confirmed it was in a bear market, ending more than 20% below its record …
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Western Canada Select Heavy Crude Discount Enters Sub-$9 Territory
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) continued to narrow on Friday, dipping into sub-$9 territory as global oil prices fell to pandemic levels. WCS for May delivery in Hardisty, Alberta, settled at $8.90 a barrel under WTI, according to brokerage CalRock, after …
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Oil Dives 7% Friday to Lowest in Over 3 Years on China’s Tariffs
Summary • Brent closes at lowest since August 2021 • Oil posts biggest weekly decline since 2023 • China announces retaliatory tariffs on US • OPEC+ unexpectedly speeds up oil output hikes • Russian court rules not to suspend Caspian pipeline export terminal (Reuters) – Oil prices plunged 7% on Friday to settle at their …
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WhiteWater-Led NatGas Pipeline Traverse Reaches FID
The Traverse natural gas pipeline JV project will give owners optionality along the Gulf Coast.
US Natgas Prices Drop 7% on Reduced Flows to LNG Export Plants, Lower Demand Forecasts
(Reuters) – U.S. natural gas futures dropped about 7% to a five-week low on Friday on a decline in daily liquefied natural gas (LNG) exports and forecasts for mild weather and lower demand over the next two weeks than previously expected. That price drop occurred despite a decline in output so far this month. Gas …
US Natgas Prices Drop 7% on Reduced Flows to LNG Export Plants, Lower Demand Forecasts Read More »
US Oil Service Firms Set for Hit From Trump Tariffs, Tumbling Oil Prices
(Reuters) – U.S. oilfield service firms are bracing for a hit as President Donald Trump’s tariffs throw supply chains into disarray and tumbling oil prices set the stage for a drop in drilling activity, analysts and financial firms said on Friday. Financial services firm Morningstar lowered its fair value estimates for the big three oilfield …
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