WTI and Brent crude oil futures extended their slide lower, falling...
WTI and Brent crude oil futures extended their slide lower, falling on a rise in economic uncertainty and continued strength in the greenback which offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Futures yesterday recorded their biggest daily drop in two weeks after U.S. services industry data indicated a strong U.S. economy and drove expectations of higher interest rates than recently forecast. The U.S. dollar index edged lower this morning but was still buoyed by bets of higher interest rates, following the biggest rally in two weeks yesterday. In China, more cities are easing COVID-19-related curbs today and the country is set to announce even more relaxation tomorrow, prompting expectations of increased demand.
Natural gas futures continued to build on yesterday’s 11% decline, pressured by warmer weather forecasts in key consuming regions, and another delay in the Freeport LNG export facility.
Hess Inks $750 Million Carbon Credit Deal with Guyana
Hess Corp. announced a deal on Dec. 2 to acquire 37.5 million REDD+ jurisdictional carbon credits directly...
Hess Corp. announced a deal on Dec. 2 to acquire 37.5 million REDD+ jurisdictional carbon credits directly from the government of Guyana between 2022 and 2032 for a minimum of $750 million.
The credits will be on the Architecture for REDD+ Transactions (ART) registry and independently verified to represent permanent and additional emissions reductions under ART’s REDD+ Environmental Excellence Standard 2.0 (TREES), the U.S.-based independent announced in a press release.
The agreement supports government efforts to protect Guyana’s vast forests and will provide capital to improve the lives of Guyanese citizens through government investments as part of the country’s Low Carbon Development Strategy (LCDS) 2030, Hess said.
Oil tankers are piling up off Turkey from the EU’s price cap on Russian oil
A European Union price cap on Russian oil kicked in on Monday and it's already causing shipping disruption...
A European Union price cap on Russian oil kicked in on Monday and it's already causing shipping disruption — oil tankers are piling up off the coast of Turkey as Ankara is demanding paperwork that the vessels are fully insured, according to the Financial Times.
Georgia voters will decide today between Republican Herschel Walker and incumbent Democrat Raphael Warnock in the state's US Senate runoff amid record-breaking early voting. Warnock finished ahead of Walker in the first round of voting, 49.4% to 48.5%, but failed to pass the 50% threshold needed to avoid a runoff.
Democrats have secured a Senate majority when factoring in Vice President Kamala Harris acting as the tiebreaker. Surveys suggest Warnock enters with a few percentage point lead that remains within the margin of error. Polls close at 7 pm ET.
2023 Predictions. Will Markets Crash and Oil Fall?
The Fed cutting rates by 200 basis points and oil falling to $40 a barrel are among Standard...
The Fed cutting rates by 200 basis points and oil falling to $40 a barrel are among Standard Chartered's list of surprises for 2023. The group listed potential scenarios that could send shockwaves through global markets next year — and one prediction says the Nasdaq 100 will crater another 50%.
