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Goldman Sachs revised down its annual average price forecasts again for Brent and WTI crude in 2026, citing increased recession risks and the possibility of higher-than-expected OPEC+ supply. In a note dated April 6, the bank cut its 2026 average price forecast by $4 for Brent to $58 a barrel and WTI to $55. The …
Goldman Sachs Lowers 2026 Oil Price Forecasts Again Read More »
April 7 (Reuters) – Exxon Mobil CEO Darren Woods’ pay package for 2024 rose 19.3% to $44.1 million, a regulatory filing by the U.S. oil major on Monday showed. Woods’ base salary was about $1.96 million, with the majority of his pay package based on variable factors, including a $4.5 million bonus and $26.8 million …
Tariff-stunned markets face another week of potential tariff turmoil, with fallout from President Donald Trump’s sweeping import levies keeping investors on edge after the worst week for U.S. stocks since the onset of the coronavirus crisis five years ago.Investors will look for signs the stock market may be close to at least a short-term bottom …
Wall Street Week Ahead – Shell-Shocked Markets Brace For More Trump Tariff Tumult Read More »
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 …
Seeking to Punish Cheaters, Saudi Arabia Pushes OPEC+ to Open Oil Taps Read More »
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 …
S&P 500 Loses $5 Trillion in Two Days in Trump Tariff Selloff Read More »
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 …
Western Canada Select Heavy Crude Discount Enters Sub-$9 Territory Read More »
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 …
Oil Dives 7% Friday to Lowest in Over 3 Years on China’s Tariffs Read More »
(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 …
US Oil Service Firms Set for Hit From Trump Tariffs, Tumbling Oil Prices Read More »
(Reuters) – Shares of U.S. refiners fell to two-year lows on Friday in the wake of U.S. President Trump’s announcement of new tariffs, as fears of slower oil and fuel demand and weakening refining margins rattled investors. Top refiners Marathon Petroleum, Valero Energy and Phillips 66 have shed more than $20 billion in market capitalization …
Refining Stocks Plunge to Near Two-Year Lows as Trump Tariffs Spur Demand Worries Read More »
(Reuters) – U.S. energy firms this week cut the total number of rigs operating for a second week in a row, even as the number of oil rigs rose to the highest since June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early …
US Oil Rig Count Rises to Highest Since June, Baker Hughes Says Read More »
