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By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …
U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »
By Reuters (Reuters) – Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region. However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment. …
Baker Hughes Sees Lower North America Activity; Bets on Foreign Demand Read More »
(Reuters) – Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns. Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel. West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 …
Oil Falls 1.5%, Ends Week Lower on China Demand Fears Read More »
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row, boosting the monthly count by the most since November 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose …
July 25 (Reuters) – Goldman Sachs said on Thursday that whoever wins the U.S. presidential election in November will have limited tools to significantly boost domestic oil supply next year. Strategic petroleum reserve stocks are low and regulatory easing may only significantly boost U.S. long-run supply, the bank said in a client note. Oil prices rose …
A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies, and pushing the Organization of the Petroleum Exporting Countries and allies (OPEC+) to release more oil into the market, Citi said in a research note on Thursday. “Trump could roll back environmental policies, …
A Trump Presidency to Pose Mostly Bearish Risks for Oil, Citi Says Read More »
PARIS, July 25 – French oil major TotalEnergies reported a 6% fall in second-quarter earnings on Thursday, worse than analysts expected, hurt by lower refined product and gas sales and as European refining margins tumbled. Adjusted net income for the three months to June 30 was $4.7 billion, down from $4.96 billion a year earlier and $5.1 …
TotalEnergies Q2 Earnings Fall 6% on Weak Refined Product and Gas Demand Read More »
Summary Mexico will likely need to import crude after 2030 Zama and Trion fields to lift output but others decline rapidly (Reuters) – Mexico’s incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply. …
Declining Mexican Crude Output Could Shatter Energy Independence Dream Read More »
(Reuters) – Oil prices fell on Thursday on mixed demand signals a day after large draws on U.S. inventories while consumption in China, the world’s largest crude importer, remains lacklustre. Brent crude futures for September fell 74 cents, or 0.9%, to $80.97 a barrel by 0855 GMT. U.S. West Texas Intermediate crude for September slid …
Comments come as Kamala Harris is a contender for White House Harris had previously endorsed fracking, offshore-drilling ban Prices for natural gas would “skyrocket” if fracking was banned. That’s according to Toby Rice, chief executive officer of shale driller EQT Corp., marking one of the first prominent voices in the fossil fuel industry to comment on …
Shale Boss Warns Gas Prices Would ‘Skyrocket’ Under Frack Ban Read More »
