Crude oil prices remained stable today as a ceasefire between Israel and Hezbollah took effect, suggesting the end of violence in the oil region could be in sight. Separately, expectations that OPEC+ will extend its production cuts on Sunday helped keep the benchmarks steady.
The price of liquefied natural gas in Asia could surge to above $20 per million British thermal units this winter as supply tightens in Europe, Goldman Sachs has predicted.
Gasoline inventories rose this week by 1.814 million barrels compared to last week’s 2.48-million-barrel decrease. As of last week, gasoline inventories are 4% below the five-year average for this time of year, according to the latest EIA data.
Canada, the U.S.’s largest foreign oil supplier, is particularly on edge. Over 60% of U.S. imported crude comes from north of the border, much of it the heavier kind that U.S. refineries are designed to process. A tariff could make that oil 25% pricier overnight, sending prices at the pump to uncomfortably high levels.
Shale producers have gotten good at squeezing oil out of previously uneconomic reserves thanks to fracking advancements and horizontal drilling. The Permian Basin continues to lead the charge, with its vast reserves and unmatched output.
Turkey is seeking a U.S. sanctions waiver to continue using a now-sanctioned Russian bank for paying for its energy imports from Russia, while also talking with Russian officials about the future of energy trade and payments.
U.S. businessman Stephen P. Lynch, who has lived in Russia for two decades and has done business there, has sought a U.S. license to try to buy Nord Stream 2, The Wall Street Journal reported last week
There are two vital reasons, to begin with, why the Trump Oil Price Range so rigorously enforced in his first presidency is so critical to the interests of Trump personally, his Republican Party, and the U.S. more broadly, as fully analysed in my latest book on the new global oil market order
Europe has stepped up imports of liquefied natural gas in recent weeks, especially LNG from the United States, where the benchmark gas prices at Henry Hub are significantly lower compared to the European benchmark, the Dutch TTF Natural Gas Futures.
Guyana has become notorious for its vast offshore oil reserves, but there is natural gas there, too. For now, this is being injected back into the wells operated by Exxon, Hess, and CNOOC, to maintain pressure. Yet the authorities in Georgetown have plans—and these plans feature LNG.