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Ports Restrict Navigation, Some Oil Facilities Shut as Milton Approaches Florida

Conventional Energy, Energy Topics & Technology, Latest, Offshore, Oil, Pinned Primary, US News / By

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 …

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Oil Bets Most Bullish in Two Years as Mideast Tension Flares

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

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 …

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Oil Moguls Emerge as Key Cash Source for Trump as Race Nears End

Conventional Energy, Latest, Oil, US News / By

Trump helped broker plan to cut oil production, boost prices Petroleum chiefs’ support increasingly important to campaign Oil executives have emerged as an increasingly important source of funding for Donald Trump, as industry titans open their wallets to bolster the Republican nominee’s campaign for a second term in the White House. The billionaires backing Trump include Kelcy …

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BP Abandons Goal to Cut Oil Output, Resets Strategy

Conventional Energy, Latest, Oil, US News / By

Summary BP had aimed to cut output by 25% by 2030 BP eyeing investments in Iraq, Kuwait CEO Auchincloss to unveil new strategy in February (Reuters) – BP  has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three …

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Iran’s Oil Minister ‘Not Worried About Crisis’ Amid Israeli Threats

CDN and International News, Latest, Oil / By

By Reuters DUBAI, Oct 5 (Reuters) – Iran’s oil minister Mohsen Paknejad said on Saturday that he was “not worried” amid the escalating conflict in the region, the ministry’s Shana news site said, after reports that Israel may strike Iran. “I am not worried about the crises that the enemies of the revolution are creating, and this trip …

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OPEC+ Still Has an Asia Dilemma as Crude Imports Remain Soft: Russell

CDN and International News, Conventional Energy, Latest, Oil / By

By Clyde Russell (Reuters) – The OPEC+ group of crude oil exporters is still planning on lifting output from December, but it will be doing so against a backdrop of weak demand in the top-importing region of Asia. Asia’s imports of crude were 27.05 million barrels per day (bpd) in September, up marginally from August’s 26.47 …

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Oil Settles Up, Biggest Weekly Gains in Over a Year on Middle East War Risk

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Brent crude posts biggest weekly gains since Jan 2023 Israel conducts air attack on Beirut, Iran calls on allies to step up anti-Israel struggle Biden says he would consider alternatives to striking Iranian oilfields if he was in Israel’s shoes Oil analysts caution prices could stay elevated until Middle East conflict is resolved Spare …

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Exxon Sees $1.6 Billion Earnings Hit From Oil, Refining Margins

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and …

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The 2024 Disinflation Lesson: Ignore Oil at Your Peril: McGeever

Conventional Energy, Latest, Oil, US News / By

In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is …

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Russia’s Novak Says Market Wary of Oil Supply Cuts Due to Middle East Conflict

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a …

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