The total number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.
During a visit to Algeria earlier this month, the European Union’s foreign policy chief, Josep Borrell, called for closer energy cooperation between the EU and the North African country, which happens to be the largest natural gas exporter on the continent.
After a major decline that saw oil prices fall to multi-year lows, oil markets appear to have bottomed out and begun an encouraging ascent higher. Over the past two weeks, a general bearish and risk-off sentiment cut across asset markets and triggered a lengthy unwind of speculative positions in oil futures.
New U.S. and Canadian LNG export projects show signs of accelerating but volatile natural gas prices are making bets on future supply and demand difficult, industrial market intelligence provider Industrial Info Resources (IIR) said in new research on Friday.
The statement from the U.S. Energy Secretary that it will be difficult to refill the SPR despite oil prices being in the desired range has added downward pressure to oil prices and limited the potential for a rebound.
Oil prices plunged by 4% early on Friday as the U.S. dollar rallied and banking stocks in Europe crashed in a sign of renewed pressure on the sector.
Oil prices fell sharply on Friday amid declining European banking shares and after US Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
The OPEC+ group is not expected to intervene in the oil market with changes to its production policy, likely keeping the current quotas until the end of 2023, despite the oil price plunge and the financial markets turmoil, three OPEC+ delegates told Reuters on Wednesday.
Historically, giant commodity traders such as Switzerland’s Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants usually feed on crumbs.
Crude oil prices moved lower today as the Federal Reserve signaled the U.S. economy is not yet out of the woods and the EIA reported yet another weekly build in crude oil stocks.