ConocoPhillips CEO bullish about oil demand recovery
Oil demand appears on track to return to pre-pandemic levels...
Oil demand appears on track to return to pre-pandemic levels by the fourth quarter or the first quarter of 2022, but supply is expected to remain tight as OPEC+, US shale producers and oil giants continue to restrain production, according to ConocoPhillips CEO Ryan Lance. "We're pretty bullish on the next couple of years," Lance said.
Russia Expects To Boost Oil Production To Post-Soviet High In 2022
Russia sees raising...
Russia sees raising its oil production to an average of 11.24 million barrels per day (bpd) in 2022, which would be an 8-percent increase from 2021 as OPEC+ eases the production cuts, Bloomberg reported on Tuesday, quoting estimates from the Russian finance ministry it had seen.
The forecast production figure was included in a draft budget estimating how much revenue Russia could gain from oil and gas between 2022 and 2024. The 11.24 million bpd estimate is very close to the 11.25 million bpd post-Soviet record that Russia pumped back in 2019.
Refiners alter crude slates due to supply disruptions
Reduced supplies of medium sour barrels due to Hurricane...
Reduced supplies of medium sour barrels due to Hurricane Ida-related transportation and production disruptions will force US Gulf Coast refiners to adjust their crude slates in the coming months. Canadian sour grades like Cold Lake and Western Canadian Select and crude from the Strategic Petroleum Reserve will likely emerge as the substitutes of choice.
After four consecutive days of declines, front-month natural gas futures rebounded this morning, supported...
After four consecutive days of declines, front-month natural gas futures rebounded this morning, supported by still above seasonal temps in key consuming regions and soaring global prices. Futures were trading at $4.81 this morning at 9:45 AM ET.
The energy sector is poised for a higher start, supported by strength across the underlying commodities...
The energy sector is poised for a higher start, supported by strength across the underlying commodities and in the major equity futures which rose as concerns over a default by China's Evergrande eased, with investors now awaiting policy cues from the Federal Reserve's meeting later in the day.
WTI and Brent crude oil futures extended yesterday’s gains into this morning’s session, backed by last night’s API report which showed U.S. crude stocks fell more than expected last week in the wake of the two hurricanes, highlighting tight supply as demand improves. Reports that some OPEC members struggled to raise output and a general sense of energy market shortages amid a power and gas crisis in Europe, added additional support. Ahead of the official EIA report later today, the API report showed U.S. crude stocks fell by 6.1 million barrels for the week ended Sept. 17, significantly more than the 2.4 million barrels analysts expected.
