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Chevron has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday. Its $5.7-billion project, called Anchor, ushers in an era of production from deepwater areas that had long been off-limits, because of the lack of equipment able to cope with …
Chevron Delivers Industry First in Ultra-High Pressure Oil Field Read More »
Oil prices rose for a fifth consecutive session on Monday, holding on to last week’s more than 3% gains, as U.S. recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel by 0458 GMT, while U.S. West Texas Intermediate crude futures …
Oil Extends Gains for Fifth Session Supported by Mideast Tensions Read More »
Market concerns about global growth may have been excessive this week as there is no evidence of an imminent U.S. recession, a co-founder of consultancy Energy Aspects said on Friday. “Overall, we do not believe the global economy is on the verge of a sudden downshift,” said Amrita Sen, director of research at Energy Aspects, …
No Evidence of Imminent U.S. Recession, Energy Aspects Says Read More »
(Reuters) – Oil prices settled higher on Friday and notched over 3.5% in weekly gains as positive economic data and signals from Fed policymakers that they could cut interest rates as early as September eased demand concerns, while fears of a widening Middle East conflict continue to raise supply risks. Brent crude futures settled 50 …
Oil Posts 3% Weekly Gains on Positive Economic Data, Rate Cut Hopes Read More »
(Reuters) U.S. natural gas futures touched an over two-week peak on Friday, aided by forecasts for hotter weather and higher demand for the next week. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 0.7 cent, or about 0.3%, at $2.13 per million British thermal units at 10:14 a.m. EDT …
US Natgas Prices Hit Two-Week High on Hot Weather Outlook, Higher Demand Forecasts Read More »
(Reuters) Market concerns about global growth may have been excessive this week as there is no evidence of an imminent U.S. recession, a co-founder of consultancy Energy Aspects said on Friday. “Overall, we do not believe the global economy is on the verge of a sudden downshift,” said Amrita Sen, director of research at Energy …
No Evidence of Imminent US Recession, Energy Aspects Says Read More »
Aug 9 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 588 in the …
US Drillers Add Oil and Gas Rigs for Third Time in Four Weeks – Baker Hughes Read More »
Disappointing U.S. jobs data has shaken confidence in a soft landing for the world’s largest economy, sending global equity markets tumbling and bets on interest rate cuts surging. But investors abandoning a popular yen carry trade has played a big role in the selloff, complicating the message from asset prices on the economic outlook. The …
Recession Risks Roil Markets but Not Yet Alarming Read More »
(Reuters) – Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) …
Oil Traders Dgnore Dwindling Stocks to Focus on Economy – John Kemp Read More »
U.S. crude oil refiners are trimming third-quarter production plans, company executives said in recent earnings calls, as summer fuel demand ebbs and profit margins remain weak. Operators say they are budgeting more maintenance downtime into forecasts after running at an industry average 95% of capacity earlier this year. Those high oil processing levels led to …
U.S. Refiners Trim Q3 Output Amid Weaker Margins, Plant Overhauls Read More »
