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Summary Brent, WTI on track to rise more than 4% this week Traders focused on geopolitical tensions U.S. economy added 303,000 jobs last month U.S. drillers cut of oil and gas rigs (Reuters) – The Brent and U.S. West Texas Intermediate crude oil benchmarks rose more than $1 a barrel during trade on Friday as …
The Week Wrap-Up: Oil Prices Climb 4% This Week on Supply Risk Read More »
(Reuters Breakingviews) – Abu Dhabi is flipping the script. In recent years, the United Arab Emirates’ leading light has blazed a trail by offloading minority stakes in subsidiaries of the Abu Dhabi National Oil Company (ADNOC). Wednesday’s acquisition of KKR and BlackRock’s 40% stake in ADNOC’s oil pipelines, by domestic investment fund Lunate, goes in …
UAE Flips Own Script with $4 Bln Oil Pipeline Deal Read More »
U.S. manufacturers have finally pulled out of the long, shallow slump that started in the middle of 2022, which will support petroleum consumption especially for diesel and other middle distillates in the months ahead. The Institute for Supply Management’s purchasing managers index for the manufacturing sector climbed to 50.3 in March (34th percentile for all …
U.S. Manufacturers Emerge From Slump, Set to Boost Fuel Use: Kemp Read More »
Royal Bank of Canada’s travails show the fine line banks must walk in shifting toward a lower-carbon future. Bloomberg In November, Dave McKay traveled from his Toronto home to Ottawa, where he accepted a medal from the Royal Canadian Geographical Society. During a gala at the national war museum, the group showered the chief executive officer of Royal …
Canada’s RBC Struggles to Go Green While Financing Oil Read More »
Reuters) – There was no surprise that a top meeting of OPEC+ ministers opted to keep output policy unchanged since the global crude oil market is almost exactly where the exporter group wants it. OPEC+’s ministerial committee on Wednesday kept the current output targets but did note that some countries had been over-producing and had undertaken to …
OPEC+ Gets Oil Price to its Sweet Spot, the Trick is Keeping it There Read More »
(Reuters) – The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow’s revenue, an American treasury official said on Thursday. India has emerged as one of the top buyers of Russian sea-borne …
U.S. Has Not Asked India to Cut Russian Oil Purchases, American Official Says Read More »
Summary Lukoil refinery struggles to repair gasoline unit U.S. firm UOP says not helping Lukoil All Russian refineries use Western technology, software Ukrainian drones damage dozens of Russian plants (Reuters) – When engineers at Russian oil firm Lukoil discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem …
U.S. Sanctions Hamper Russian Efforts to Repair Refineries Read More »
(Reuters) – Oil prices were steady on Thursday, shored up by concerns about lower supply as major producers keep output cuts in place and on signs of stronger economic growth in the U.S., the world’s biggest oil consumer. Brent futures for June fell 5 cents to $89.30 a barrel at 0919 GMT. U.S. West Texas …
U.S. oil production dropped sharply at the start of the year as exceptionally cold weather for ten days in the middle of January caused widespread freeze offs at oil wells. Nationwide crude and condensates output was down by almost 24 million barrels or 0.8 million barrels per day (b/d) in January 2024 compared with December …
U.S. Oil and Gas Output was Severely Hit by Winter Storm: John Kemp Read More »
U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending March 29, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.2 million barrels to 451.4 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel draw. Oil futures pared …
U.S. Crude Stocks Rise, Gasoline and Distillate Inventories Fall – EIA Read More »
