Oil Prices ///
Europe’s largest oil and gas companies are showing confidence that the era of big profits is back by significantly boosting returns to shareholders.
Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery.
Natural gas futures soared to $4 per million British thermal units in the U.S. for the first time since December 2018 as summer heat intensified concerns about tight supplies later this year.
Oil jumped the most since mid-April amid broader market gains and after a U.S. government report showed declining fuel and distillate stockpiles during the high-demand summer driving season.
Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020, maintaining momentum in 2021 with crude oil exports reaching 3.00 million barrels per day (bpd).
Futures in New York lost as much as 8.3% on Monday as OPEC and its allies pledge to increase oil production from August until all halted output is revived. A jump in virus cases from Asia to the U.S. drove down equities, with stocks in Europe hitting a seven-week low.
OPEC's deal will will ease a looming crude supply squeeze and reduce the risk of an inflationary oil price spike by increasing output each month beginning in August.
OPEC and its allies will meet on Sunday, the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved.
The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end of next year. But there is some disagreement on the paths it will take to get there.
“Looking ahead to 2022, risks and uncertainties loom large and require careful monitoring to ensure the recovery from the Covid-19 pandemic,” OPEC said in its monthly report, which contained the first detailed estimates for next year.
Oil fell for a second day after a surprise jump in U.S. gasoline stockpiles tempered signs that the American market has returned to robust health.
While gasoline and diesel demand have returned to pre-pandemic levels, a surge in petroleum use for products such as plastic, asphalt, lubricants and other industrial needs is propelling the recovery.
Oil fluctuated as Saudi Arabia and the United Arab Emirates were said to resolve the standoff that has prevented OPEC+ from satisfying a growing clamor for extra barrels.
The United Arab Emirates has resolved its standoff with OPEC+ and reached a compromise deal that will give it a new output quota, said a delegate.
Oil prices climbed as the International Energy Agency warned of a deepening supply crunch.
One week after OPEC and its allies abandoned their meeting in acrimony, the window for an August oil-production increase is closing without any deal in sight.
Oil edged lower as traders grappled with the demand implications of a Covid-19 resurgence in several regions and slowing economic growth in China.
The Biden administration is preparing to release a blueprint for limiting sales of U.S. drilling rights as rising oil and gasoline prices highlight the risks of curtailing domestic crude production.
Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.
Oil companies will produce 20,000 barrels a day more than previously forecast for this year, at 11.1 million barrels, the Energy Information Administration said in a report on July 7th.