Diversified Energy buys energy producer Maverick for $1.3 billion
Diversified Energy, a U.S. company, announced on Monday that it would buy Maverick Natural Resources, a private equity firm, for $1.28 Billion, including debt. The purchase will allow the company to expand its operations in the oil-and-gas-rich Permian Basin. Diversified Energy - which produces natural gas and liquids - said that it would assume about $700 millions of Maverick Natural Resources debt.
Oil prices fall as Trump reiterates his call for OPEC price cuts
Oil prices fell on Monday, after U.S. president Trump asked OPEC for a reduction in prices in response to his announcement that he would take a wide range of measures to increase U.S. oil production and gas output during his first week as president. Brent crude futures fell 53 cents or 0.68% to $77.97 per barrel at 0430 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $74.16 per barrel, down by 50 cents or 0.67%.
Trump calls for OPEC price reductions
The oil prices dropped more than 1% Monday, after U.S. president Trump asked OPEC for a price reduction following his announcement of sweeping measures to increase U.S. gas and oil production in his first weeks in office. Brent crude futures fell 87 cents or 1.11% to $77.63 per barrel at 0043 GMT, after closing up 21 cents Friday. U.S. West Texas Intermediate Crude was $73.77 per barrel, down by 89 cents or 1.19%.
Canadian, WTI Crude Prices to Asia Jump
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners face a margin squeeze as their costs of crude and shipping have spiked since Washington earlier this month imposed sweeping new sanctions targeting Russian insurers…
EIA: US crude and distillate stocks fall; gasoline increases last week
The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose. The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels.
US NatGas Demand Could Hit Record High
U.S. spot natural gas and power prices soared to multi-year highs in several parts of the country with extreme cold expected to boost gas demand to a daily record high on Tuesday.Extreme weather has created havoc for power and gas markets in recent years as demand has come close to outpacing supply.In February 2021, a freeze in Texas killed more than 200 people and left millions without power…
Dollar jumps after Trump's tariff plans. Shares are jittery.
The global markets welcomed Donald Trump's new presidency on Tuesday with apprehension, largely due to the headlines about his plans for trade and tariffs. The U.S. market was closed on Monday for a holiday, so the reactions to Trump’s return to the White House began to be felt in Asian trading on Tuesday. European futures were also pointing towards a lower opening. Investors cheered the possible delay of Trump's tariffs after a brief mention in his inauguration address…
The oil price is dropping on the plan to increase US oil production, and the tariffs are being re-instated
Oil prices fell in Asian trading Tuesday, after President Donald Trump announced his plan to increase U.S. production of oil and natural gas and delayed the application of new tariffs. Brent crude futures fell 11 cents or 0.14% to $80.04 a barrel at 0156 GMT. The West Texas Intermediate crude contract for March, the most active one on the market, fell 67 cents from Friday's closing price to $76.72 per barrel. Due to a holiday, there was no settlement on the U.S.
Oil Dips on Larger US Crude Draw, Russia Sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents, or 0.15%, to $81.91 per barrel at 1415 GMT, after rising 2.6% in the previous session to their highest since July 26.U.S. West Texas Intermediate crude futures were down 18 cents…
US Storm, Weaker Dollar Push Oil to 12-week High
Oil prices edged up to a 12-week high on Monday as a winter storm boosted demand for energy to heat U.S. homes and businesses, and on support from a weaker U.S. dollar and expectations of tighter sanctions on Iranian and Russian oil exports.Brent futures rose 27 cents, or 0.4%, to $76.78 a barrel by 11:33 a.m. EST (1633 GMT), while U.S. West Texas Intermediate crude rose 27 cents…
Dallas Fed: US oil executives will expect quicker permits under Trump
According to a Federal Reserve Bank of Dallas study released on Thursday, U.S. Energy executives expect quicker permitting times for drilling federal lands in the Trump administration. According to a survey conducted in December of 134 energy companies in Texas, Louisiana, and New Mexico, the overall outlook improved, activity levels increased, and uncertainty decreased in the fourth quarter of 2024.
EIA data show that US oil production reached a record high in October.
The U.S. Energy Information Administration reported on Tuesday that U.S. crude oil production increased by 260,000 barrels a day (bpd), month over month, to a new record of 13.46 million bpd during October. Demand surged to its highest level since the pandemic. U.S. crude oil production has increased rapidly this year despite concerns about oversupply, which have led to a drop in prices, particularly for China, the world's largest oil importer.
Oil Rises on China Stimulus Hopes, US Inventory Drop
Oil rose almost 1% on Thursday in thin holiday trade driven by hopes for additional fiscal stimulus in China, the world's biggest oil importer, and supported by an industry report showing a decline in U.S. crude inventories.Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported on Tuesday, citing two sources…
North Dakota oil plants slow to return online after wildfires in October
The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October swept through counties with significant oil production. According to Justin Kringstad of the North Dakota Pipeline Authority, the outages were limited to isolated production sites such as well pads that experienced local equipment damage, or a loss in electricity due to damaged electrical lines.
North Dakota oil operators are still bringing back some facilities online after wildfires in October
The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October ravaged key oil-producing counties. Mark Bohrer is the assistant director of North Dakota Department of Mineral Resources' oil and gas division. He said that the October production in the state was down by 520,000 bbls.
Oil Climbs After US Crude Stocks Fall
Oil edged up on Wednesday after a drop in U.S. crude inventories, and as investors eyed a potential interest rate cut by the U.S. Federal Reserve while weighing its projections for 2025.Brent futures were up 62 cents, or 0.85%, to $73.81 a barrel at 10:40 a.m. ET, while U.S. West Texas Intermediate crude was up 86 cents, or 1.23%, to $70.94.U.S. crude stocks and distillate inventories fell while gasoline inventories rose in the week ending Dec.
Oil Falls on Demand Worries, Market Awaits Fed Advice
Oil prices eased about 1% to a one-week low on Tuesday on demand worries following the release of negative economic news from Germany and China, while investors remained cautious ahead of a U.S. Federal Reserve decision on interest rates.Brent futures fell 90 cents, or 1.2%, to $73.01 a barrel by 1:36 p.m. EST (1836 GMT), while U.S. West Texas Intermediate crude slipped 86 cents, or 1.2%, to $69.85.
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST, after settling on Friday at their highest since Nov. 22.U.S. West…
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22.
Oil prices drop on forecast surplus supply in 2025, but are set to rise by a weekly gain
Oil prices fell on Friday, as investors shifted their focus to a forecast for ample supply. They also shrugged off the expectation of higher demand in 2013 due to Chinese stimulus measures. Meanwhile, they were watching a Federal Reserve rate cut scheduled next week. Brent crude futures were down 8 cents at $73.33 per barrel as of 0125 GMT, while U.S. West Texas intermediate crude was down 7 cents at $69.95 per barrel.
