Oil pushes higher as traders weigh omicron risks, OPEC+ meeting
Oil rose as investors weighed risks to the near-term outlook, including the impact of the omicron virus variant and upcoming OPEC+ meeting.
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Oil rebounds after rout as traders size up threat from omicron
Oil rebounded from Friday’s omicron-driven rout as traders assessed the risks to global demand from the new variant, and speculation mounted that OPEC+ may decide this week to pause output increases.
Brent oil slides on covid concerns ahead of key OPEC+ meeting
Brent oil slumped as increasing coronavirus cases and a new Covid-19 strain raised concerns about the outlook for energy demand ahead of next week’s OPEC+ meeting on production policy.
Oil steady after OPEC says reserves release to bloat surplus
Oil was steady in Asia after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year.
Oil traders pile into $70 barrel longer-term crude price
Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.
Oil steadies as global release of strategic reserves underwhelms
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
US poised to release oil from reserve with other nations
President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday, according to people familiar with the plan.
Japan joins ranks of oil consumers weighing stockpile releases
Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.
Biden calls for major oil reserve sales, but in Asia, that’s not so easy
Dwindling inventories and concerns over energy security in key Asian economies may hamstring US efforts to arrange for a sizeable and coordinated release of strategic crude reserves in a bid to rein in prices and tackle inflation.
OPEC+ heads for geopolitical showdown as Biden demands more oil
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies meet today to choose whether to heed American demands for more oil.
China’s crude oil imports fall in September
Estimates from OilX show China’s crude oil imports fell 8.6% month-on-month to average 9.62 million barrels per day (b/d) in September. This would imply a year-on-year fall of 18.7%, or 2.2 million b/d, the latest data from the analytics firm showed.
Asian LNG price soars to record-high on competition for fuel
Asian liquefied natural gas (LNG) prices surged to a record-high as global competition for the super-chilled fuel intensified amid low inventories and coal shortages.
China orders top energy firms to secure supplies at all costs
China’s central government officials ordered the country’s top state-owned energy companies -- from coal to electricity and oil -- to secure supplies for this winter at all costs, according to people familiar with the matter.
China’s NOCs to spend $120bn on drilling in effort to cut oil imports
China’s national oil companies, CNPC, CNOOC, and Sinopec, are expected to spend over $120 billion on drilling and well services by 2025 to help meet rising domestic oil and gas demand. With 118,000 wells estimated to be drilled in China, analysts at Rystad Energy reckon there will be significant opportunities for innovative suppliers.
China’s maiden SPR auction unlikely to affect global oil markets, Woodmac says
China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.
Shell’s storm damage pinches one-sixth of US gulf oil
Shell warned that production from two of its largest US Gulf of Mexico fields won’t resume until next year after Hurricane Ida inflicted “significant structural damage.”
Oil declines for a second session with focus on Fed stimulus
Oil dropped as the dollar strengthened and investors turned their attention to a Federal Reserve meeting this week that’s expected to signal moving toward scaling back stimulus.
Pertamina lifts Rokan output after Chevron exit
Indonesian national oil company (NOC) Pertamina has seen production at the giant Rokan Block edge up by 2,000 barrels per day (b/d) since taking over the field from Chevron last month. However, it remains to be seen if the NOC, which plans to spend $2 billion at Rokan by 2025, can significantly boost volumes in the longer term.
Oil price could hit $200 without new investments says Omani minister
Oil prices could hit $200 per barrel if no new investments are made in the upstream oil and gas sector in the short-term, Oman's energy and minerals minister said yesterday in reply to the International Energy Agency's (IEAs) assessment for reaching net-zero emissions by 2050, reported S&P Global Platts.
China intervenes in oil market with historic sale of reserves
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices.
Indonesia’s traffic snarls return while Vietnamese roads empty affecting oil demand
From congested streets to deserted highways, traffic conditions across Asia are shedding light on each nation’s battle to contain Covid-19 and maintain economic activity, which in turn affects oil consumption.
Hurricane-hit US oil industry examines damage, crude price volatility expected
Oil and gas producers, and refineries that fuel the US, are assessing the impact on operations after the passage of Hurricane Ida, with peak daily supply curtailment of 1.8 million barrels per day recorded in the Gulf of Mexico. As a result of the disruption price volatility can be expected in global crude markets.
US Gulf oil producers, refiners shut as hurricane Ida comes ashore
Oil and natural gas explorers in the US Gulf of Mexico and Louisiana refineries have shut production as Hurricane Ida crashed ashore.
Oil giants brace for tropical storm Ida
Tropical Storm Ida has formed in the Caribbean and is forecast to a grow into a powerful hurricane in the days ahead, wreaking havoc across the Gulf of Mexico and ultimately crashing into the US coast.
Oil extends gain after rally with investors looking past delta
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.