Economics ///

U.S. oil majors’ stock prices return to pre-pandemic levels

A rally in oil prices lifted U.S. energy stocks to the highest since the pandemic emerged more than two years ago.

Permian’s biggest oil producer closes 2022 hedges in bullish outlook

Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin, closed out almost all its hedges for this year, indicating a bullish outlook for crude prices.

Lack of gas infrastructure sends New England’s power prices soaring

Electricity prices in New England jumped on Tuesday as a frigid start to the day spurred demand when the cost of natural gas used to fuel power plants soared.

Europe seeks “sustainable” label for some gas, nuclear projects

The European Union is planning to allow some natural-gas and nuclear energy projects to be classified as sustainable investments in a proposal that sparked immediate criticism from the Greens.

Oil posts highest yearly gain since 2009 as demand recovers

Oil posted its biggest annual advance since 2009 as vaccination rollouts accelerated the reopening of economies, spurring global consumption while crude production returned at a more moderate pace.

Shale drillers face record cost pressures as banks shun the sector

Oil drillers in the biggest U.S. fields are shouldering record costs at the same time that some banks are increasingly reluctant to loan money to the sector, according to the Federal Reserve Bank of Dallas.

European gas traders suggest high energy prices will persist beyond winter

For a glimpse of how much longer this year’s energy crunch is going to last, look no further than the European natural gas market.

European energy price surge forcing industrial output cuts

The relentless surge in European energy prices is exposing the region’s biggest gas and power consumers to heavy losses, forcing industrial giants to cut production and threatening the economic recovery.

Biden’s crude sale moves to second round with bids due Jan. 4

The Biden administration’s release of crude from U.S. emergency reserves in an effort to cool oil’s rally is going into a second round, with bids due by the first working day of the year.

Europe’s turbulent energy market is now at winter’s mercy

Everyone may be back to watching the daily number of coronavirus cases as the omicron variant spreads through Europe, but the energy market is focusing on a more traditional gauge of worry: the temperature.

Goldman says $100 oil possible as record demand outpaces supply

Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc.

Hamm says privately held drillers have more freedom to ramp up oil output

Harold Hamm, who took Continental Resources Inc. public 14 years ago, says right now his closely held competitors can do what he simply can’t: increase oil production to meet rising demand.

Harold Hamm pledges $50 million to found energy research institute

Billionaire oil wildcatter Harold Hamm is donating $50 million for a new research center at Oklahoma State University focused on “securing America’s energy future,” a move that comes as the industry debates how to transition to cleaner fuels.

Sen. Warren wants SEC to probe oil CEO pay tied to ESG metrics

Fossil fuel companies should face probes on whether they’re using “loophole-ridden” environmental, social and governance goals to boost executive pay while contributing to environmental destruction, Senator Elizabeth Warren said, adding to her calls to rein in CEO compensation.

OPEC, EIA, IEA each have different 2022 oil demand forecasts

Oil forecasters have parted company on their views about demand in the coming months, as the omicron variant of the Covid-19 virus spreads rapidly around the world. And producers have emerged as the surprising bulls in the latest round of estimates.

Europe plans to end long-term gas import contracts as prices soar

The European Union is planning a hard deadline to end long-term contracts to import natural gas as part of its green shift, a setback for top supplier Russia.

OPEC increases global oil demand forecast for Q1 2022

OPEC increased its forecast for global oil demand in the first quarter substantially, as some of this year’s recovery is delayed by Omicron but the overall risk from the new virus strain remains limited.

OPEC delegate warns traders against shorting oil prices

Saudi Arabia’s energy minister warned traders against shorting oil prices, saying OPEC+ could react quickly to any fall in prices.

Saudis foresee oil price spikes from energy transition efforts

Saudi Arabia’s finance minister echoed warnings from the kingdom’s oil officials that a slowdown in fossil-fuel investment globally will cause spikes in energy prices.

Biden’s strategic crude sale hasn’t inspired action from other nations

It’s been almost three weeks since the U.S. unveiled an internationally coordinated release of oil from national reserves, but so far there’s been little follow through from the other five nations.

Hilcorp employees in line for $75,000 bonuses after meeting multi-year goals

Oil driller Hilcorp Energy Co. is lavishing $75,000 bonuses on employees as reward for reaching multi-year expansion and production goals.

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