The U.S. average gasoline price has fallen for the third week in a row, falling another 7.5 cents per gallon from a week ago, according to GasBuddy data.
Brent crude oil was up nearly 2% on Monday, largely driven by the easing of economic slowdown fears in the U.S.
Given the high stakes geopolitical game in which the world finds itself following Russia’s invasion of Ukraine last year, it would be naïve to be believe that anything as high-profile as Iran’s seizure of oil tankers in and around its coastal waters occurred in political isolation.
Europe’s benchmark natural gas prices extended losses on Monday and began a sixth week of declines amid comfortable inventories and tepid gas demand in Europe and Asia.
Concerns about the economy and new banking sector jitters have sent oil traders rushing for the exits and cutting their bullish bets on crude oil again.
On Friday, April 7th, Brent crude closed at over $85 per barrel. That was a few days after OPEC+ had announced it would reduce its production by an additional 1.16 million barrels daily.
Despite another strong set of quarterly profits reported over the past two weeks, the oil and gas sector has underperformed the broader market this year as commodity prices have dropped and fears of a recession have intensified.
Ghana lost $300m worth of natural gas in the upstream petroleum sector through flaring, the 2022 Annual Public Interest Accountability
Committee (PIAC) Report on Management and
Use of Petroleum Revenue has revealed.
A two-year rally in US oil and gas stocks is coming to a halt as falling crude prices and fears of a slowdown in the world’s biggest economy threaten producers’ ability to maintain bumper shareholder payouts.
The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, dealing a fresh blow to an energy sector already struggling with western sanctions, according to officials from the western coalition.