Oil was up on Monday morning in Asia as the U.S. peak driving season sees higher demand. Brent oil futures gained 0.63% to $110.71 by 12:26 AM ET (4:26 AM GMT) and crude oil WTI futures jumped 0.54% to $110.88. “Oil prices are supported as gasoline markets remain tight amid …
Read More »No, LNG will not Derail Europe’s Climate Goals
In light of Russia’s invasion of Ukraine, many European countries have rushed to secure alternative gas supplies through the development of liquefied natural gas (LNG) import terminals. This step has sparked some sharp reactions in the climate-change community. A number of observers have raised concerns that, by building new LNG …
Read More »Oil Down $1 on China Growth Worries, while EU Weighs Russian Crude Ban
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude. Brent crude futures fell $1.13, or 1.1%, to $106.01 a barrel at …
Read More »Oil Up, but Remains in Narrow Range over Tight Supplies
Oil was up on Thursday morning in Asia but remained in a narrow range after supplies from Libya shook markets earlier in the week. Brent oil futures jumped 0.92% to $107.78 by 12:11 AM ET (4:11 AM GMT) and WTI futures rose 0.83% to $103.04. Markets are likely to become …
Read More »EU Countries Seek Solidarity Fix to Urgently Fill Gas Storage
European Union countries are wrangling over how to rapidly fill their gas storage ahead of next winter and share the burden of quickly buying large stocks at current sky-high prices. Europe is facing a race to build a buffer of stored gas ahead of winter, to help cope with potential …
Read More »Germany Activates Gas Emergency Plans, Fearing Russian Supply Cut
Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan. The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in …
Read More »Russia and West at Odds over Gas Payments in Roubles
Russia said on Monday it will not supply gas to Europe for free as it works out methods for accepting payments for its gas exports in roubles but G7 nations refused the demand. At a meeting of European Union leaders on Friday, no common position emerged on Russia’s demand last …
Read More »Oil Up, Investors Digest IEA’s Supply Warning
Oil was up on Thursday morning in Asia, with oil futures rising in early trading and recovering some of the prior day’s losses. Investors also digested the International Energy Agency (IEA)’s statement that a decline in oil demand due to higher prices would not offset a shut-in of Russian oil …
Read More »U.S. Sanctions will not Target Russia’s Oil and Gas Exports
The sanctions that the United States is imposing on Russia for recognizing two breakaway regions in eastern Ukraine and sending troops there are not targeting Russian oil and gas flows, nor will they target such flows in subsequent sanctions that could be imposed soon, the U.S. said. On the condition …
Read More »OPEC+ Compliance Rises to 129% in January
OPEC+ compliance with oil production cuts rose to 129% in January, a source from the producer group told Reuters, indicating that some members continue to struggle to raise their output. The January figure compares with 122% in December, and 117% in November. Compliance from members of the Organization of the …
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