Oil Prices ///

Biden rattles his saber at oil producers as prices surge to 2014 high

“We continue to work with producer and consumer countries, and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices,” President Biden's National Security Council spokeswoman Emily Horne said in a statement on Tuesday.

Key jet fuel market metric surges as flight demand withstands Omicron

The jet fuel market is soaring in Europe as global air traffic withstands the impact of the omicron virus strain.

Brent North Sea crude trades near 2014 highs as oil demand grows

Brent oil traded near the highest intraday level since 2014 as the market tightened and concerns about the impact of omicron eased.

Russia denies responsibility for Europe’s winter energy crisis

Russia has nothing to do with the energy crisis in Europe, Deputy Prime Minister Alexander Novak said, rejecting allegations from the International Energy Agency that it’s holding back supplies and driving up prices of natural gas.

Vitol sees bullish oil price pattern continuing on tight global crude supply

The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies.

European gas prices lure U.S. LNG cargoes away from Asia

Higher natural gas prices and lower shipping rates are increasing the draw of U.S. liquefied natural gas cargoes to Europe over more traditional winter markets in Asia.

Markets for physical oil cargoes booms on upbeat Omicron projections

“The oil market is unbelievably resilient, and bulls are in full control,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. “The physical crude market is way over the forward or futures contracts. It implies genuine prompt tightness.”

OPEC targeting oil prices below $100, Oman’s oil minister says

OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.

Oil prices surge as Fed chief’s comments less hawkish than expected

Oil jumped by the most in month after Jerome Powell’s comments to the Senate Banking Committee appeared to be less hawkish than the Federal Reserve had recently telegraphed.

China buying hundreds of millions of barrels of sanctioned oil

China doubled down on imports of Iranian and Venezuelan crude in 2021, taking the most from the U.S.-sanctioned regimes in three years, as refiners brushed off the risk of penalties to scoop up cheap oil.

IEA says oil demand more resilient than expected in the face of Omicron

Global oil demand has proven stronger than expected as the latest coronavirus variant inflicts a softer hit to the economy than anticipated, the International Energy Agency said.

U.S. gasoline markets point to bad news for Biden this summer

The gasoline market is painting a picture of tight supplies this summer -- the last thing Joe Biden will want to see as he tries to contain high fuel prices.

Oil prices prep for third weekly advance as supply lines fray

Oil was poised for a third weekly gain as demand remained resilient while supplies are frayed across the OPEC+ coalition and beyond.

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.

Oil prices rise on skepticism of OPEC’s production plan

Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend.

Pioneer CEO sees oil above $100 as a net negative for shale

Bosses for some of the biggest oil explorers in the Permian Basin say their industry could be hurt if crude climbs above $100 a barrel.

OPEC commits to more oil supply as global demand grows

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.

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.

OPEC to increase oil output as 2022 demand confidence grows

OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand.

Kuwait’s candidate for OPEC chief enjoys broad member support

Kuwait’s candidate to take over as OPEC’s top diplomat has widespread support from the group’s members, delegates said.

Oil prices reach four-week high as markets account for Omicron

Oil rose in tandem with equity markets as investors weighed the rapid spread of omicron against signs it may be milder than previous variants.