Oil Prices ///

Goldman Sachs projects $90 oil if winter is colder than normal

Oil may surge to $90 a barrel if the approaching winter in the northern hemisphere proves colder than normal, said Jeff Currie, global head of commodities research at Goldman Sachs Group Inc.

Oil prices rise on falling U.S. crude inventories

Oil rallied after a U.S. industry report showed another big draw in crude inventories, pointing to a tightening market, and China’s central bank added liquidity to quell concern about a major developer’s debt woes.

UK weighs options to weather natural gas crisis

The UK is considering all options to address the energy crisis, but people should prepare for longer-term high prices, Business Secretary Kwasi Kwarteng told a committee of Parliament.

OPEC warns natural gas crisis may create oil market turbulence

As the global natural gas crunch hits suppliers and consumers alike, OPEC nations are warning of the knock-on impact for oil markets.

EIA reports Cushing, OK crude inventories down 40% from start of 2021

The U.S. Energy Information Administration reported crude oil inventories in Cushing, Oklahoma, totaled 32.9 million barrels (excluding pipeline fill and stocks in transit by water and rail) in the week ending September 10, which is a 42% decrease since the beginning of the year.

Oil gains on rebounding equities, Ida damage recovery timeline

Oil rose after a two-day decline with a selloff in global equities easing and some crude output still shut three weeks after Hurricane Ida hit the U.S.

Gastech 2021: OPEC chief says Euro gas crunch highlights need for more fossil fuel investment

The world’s biggest gas traders and producers are meeting in Dubai this week for the Gastech conference -- the first major in-person event for the industry since the onset of the coronavirus pandemic.

OPEC ministers see a path to more oil output increases

OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.

Oil prices fall with broader market on China’s economic concerns

Oil resumed declines amid growing concerns over the health of China’s economy that have triggered massive losses in equities.

Russia decides against increasing European gas flows, sending prices higher

European gas prices surged more than 10% as Russia is keeping its grip on the market, opting to cap additional flows to the continent.

Oil set for fourth weekly gain with high energy prices in focus

Oil headed for a fourth weekly gain supported by signs of a tighter market and a wider rally in energy prices.

Chevron’s Mike Wirth sees higher energy prices, supply crunches ahead

The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.’s top executive.

Oil prices climb as U.S. crude, gasoline inventories tighten

Oil jumped amid indications of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.

European gas price rally continues on U.S. LNG export, UK power issues

Natural gas prices in Europe continued their record-breaking run as uncertainties about supply security this winter worsen. Power prices also surged to a new high after a disruption on a power link with France.

China’s move to lower oil prices has market wary of more to come

China’s first auction of oil from its strategic reserves looks relatively paltry, but the possibility of further releases is still likely to exert a powerful influence on global crude prices.

Iraq cuts U.S. oil prices sharply, bucking Saudi’s pricing trend

Iraq cut the price of its banner crude for U.S. customers sharply, a bold deviation from what Saudi Arabia chose to do with its own barrels just a few days ago.

Extra OPEC oil production canceled out by hurricane Ida outages

The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy Agency said.

OPEC sees global oil supply disruptions boosting demand for its crude

The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production.

Oil prices climb as U.S. supplies restart following historic Ida impact

Oil climbed above $70 a barrel in New York after three weeks of gains as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand and inventories over the fourth quarter.

Power struggle threatens Libya oil output once again

Libya’s oil production is in danger of slumping again, as a political power struggle threatens to end a period of relative stability.