Oil and Gas Prices
Article
January 2023
Crude prices declined in December, due to apprehension that steadily increasing interest rates will trigger a global economic recession. WTI fell 9.4%, to average $76.44/bbl in December, with Brent trading at $80.92/bbl, down 11.5% compared to November.
News
January 26, 2023
The tsunami of cash generated by the group over the past 12 months means the industry can sustain dividend increases and share buybacks, analysts said. Crucially for shareholders, management teams held off on spending increases as commodities boomed, in stark contrast with previous cycles.
News
January 06, 2023
The update suggests the company may avoid a repeat of what happened in the third quarter when Shell’s peers were much more successful in profiting from record gas prices in Europe.
News
December 30, 2022
U.S. shale executives remain concerned about the outlook for rising costs going into 2023 as they continue to struggle with hiring and retaining workers, according to the Federal Reserve Bank of Dallas.
News
December 29, 2022
The oil and gas industry warns that the Energy Price Levy, which slaps a 35% rate on profits from North Sea producers, risks drying up investment in a sector that’s key to the country’s energy security even as it transitions away from fossil fuels to achieve climate goals.
News
December 09, 2022
Russia may cut its oil production in response to the G-7 cap on the price of its crude, President Vladimir Putin said. A decision on Moscow’s response will be announced in a presidential decree within the next several days
News
December 08, 2022
Russia’s Energy Ministry rebuffed concerns that the oil price cap imposed by the Group of Seven nations will throw the country’s production into turmoil.
News
December 07, 2022
Europe is facing high natural gas prices and high uncertainty due to the substantial reduction in Russian imports, according to a new report from Rice University’s Baker Institute for Public Policy.
Article
November 2022
The recovery of U.S. upstream activity is being slowed by high costs for equipment and services, personnel issues, and supply chain shortages, including spare parts.
News
November 27, 2022
Iraq, OPEC’s second largest producer, plans to start increasing oil export capacity from its southern ports from next year to add a total of 1 million to 1.5 million barrels a day by 2025, according to its OPEC delegate.
News
November 23, 2022
Talks between European Union nations on where to set a proposed Group of Seven price cap on Russian oil bogged down Wednesday evening, as governments split over how to design the plan, according to people familiar with the matter.
News
November 20, 2022
The U.S. crude market’s structure is signaling oversupply for the first time in almost a year, the latest indicator of the scale of the dramatic slump in the nearest section of the oil futures market.
News
November 17, 2022
Saudi Arabia has cut oil exports sharply this month as the kingdom delivers on an OPEC+ agreement to shore up global crude markets.
News
November 14, 2022
Due to a weaker economic backdrop and China’s strict anti-Covid measures, OPEC lowered estimates for the amount of crude it will need to pump this quarter by 520,000 bpd, following a similar-sized downgrade a month ago.
News
November 10, 2022
India is suddenly facing an LNG glut as the nation’s customers rush to alternatives to pricey natural gas. Scheduled LNG deliveries may need to be delayed as storage tanks are nearing maximum capacity, traders said.
News
November 09, 2022
West Texas Intermediate fell 3.5% Wednesday on rising U.S. crude inventories while China struggles to contain rising Covid cases.
News
November 09, 2022
China's passion for Alaskan oil appears to be over as the country turns to Russia for oil that is being sold at a discount due to sanctions. Alaskan crude has traded at its biggest premium to WTI since 2014.
News
November 08, 2022
The split in the European Union is deepening over how to contain an energy crisis, with nations supporting a price cap on imported natural gas accusing the bloc’s executive of being too slow to develop a proposal to limit the costs of the fuel.
News
November 06, 2022
One day after a cordial meeting between oil executives and President Joe Biden, the industry was blindsided by his attack on its profit and charges of war profiteering. It was just the kind of whiplash that has repeatedly sown mistrust and tension in the industry.
News
November 04, 2022
Oil closed at the highest level since August as markets rallied over China easing its Covid restrictions, with Brent crude posting its third straight weekly gain.
News
November 04, 2022
The Czech Republic imposed its first windfall tax on some of the biggest businesses to help finance energy subsidies without boosting government borrowing. The 60% "surcharge" will be in place for three years.
