WTI and Brent crude oil futures extended yesterday’s retreat into this morning’s session,...
WTI and Brent crude oil futures extended yesterday’s retreat into this morning’s session, inching further off seven-year highs ahead of the resumption of indirect talks between the United States and Iran, softening of tension with Russia and the West and ahead of tomorrow’s inventory report. The US and Tehran are meeting in Vietnam today to discuss an international nuclear agreement and a deal could return more than 1 million bpd of Iranian oil, equating to more than 1% of global supply, to the market. Prices were also dented by comments from French President Emmanuel Macron, who said his meeting with Russian counterpart Vladimir Putin had helped to prevent a worsening of the Ukraine crisis. Ahead of the first of this week's two supply reports, analysts expect the data to show inventories rose by 700,000 barrels last week.
On Monday, Brent crude settled down 58 cents, at $92.69. Its session high of $94 was the highest since October 2014.
U.S. West Texas Intermediate crude fell 99 cents, or 1.3%, to settle at $91.32 after touching $92.73.
The energy sector is poised for a lower start, pressured by weakness in the crude complex and in the...
The energy sector is poised for a lower start, pressured by weakness in the crude complex and in the major equity futures which slipped lower this morning on another round of disappointing earnings results while investors start to shift their focus to inflation data later this week for clues on the path of interest rates. Earnings season continued to heat up this week with BP announcing profits hit their highest level in eight years as well as a boost in their share repurchases and accelerated plans to cut emissions with increased spending on low carbon energy.
BP has jumped from a $5.6 billion underlying replacement cost loss in 2020 to a $12.8 billion underlying...
BP has jumped from a $5.6 billion underlying replacement cost loss in 2020 to a $12.8 billion underlying replacement cost profit in 2021, according to the company’s latest results statement, which was released on Tuesday.
Profit attributable to BP shareholders also rose from a loss of $20.3 billion in 2020 to a profit of $7.5 billion last year and operating cash flow almost doubled from $12.1 billion in 2020 to $23.6 billion in 2021. Net debt stood at $30.6 billion in 2021 - down from $38.9 billion in 2020.
Low Cushing Inventories Could Lead To Higher Oil Prices
Crude oil inventories at Cushing, Oklahoma—the designated delivery point for WTI Crude...
Crude oil inventories at Cushing, Oklahoma—the designated delivery point for WTI Crude oil futures contracts—have been falling for the past four weeks, reaching what could be uncomfortably low levels and pointing to a potential further upside for oil prices.
In the latest reporting week to January 28, the U.S. Energy Information Administration (EIA) said that Cushing crude inventories fell to 30.5 million barrels, down by 1.2 million from the previous week. Cushing inventories are now down by 37.3 percent compared to this time of the year in 2021.
Houston Smoke Plume May Be Tied to Post-Storm Refinery Start
Black smoke spewed across Houston’s industrial suburbs on Monday, just days after a winter storm knocked...
Black smoke spewed across Houston’s industrial suburbs on Monday, just days after a winter storm knocked out power at several of the nation’s largest oil refineries.
The plume appeared to be from Valero Energy Corp.’s plant east of downtown, according to a Coast Guard official. The refinery had been completely shut down as of Monday morning, according to Wood Mackenzie Ltd.
Valero was in the process of restarting some units over the weekend and notified emergency management officials of plans to flare “excess material.” In a later notice, the company said the problems stemmed from a third-party power outage.
