Oil Prices Soar Past $100 As Russia Invades Ukraine
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military...
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military operation” in Ukraine. The price of Brent crude oil is now well over $100 per barrel for the first time since July 2014. The price of Brent crude reached $104.99 per barrel - up $8.15 (+8.42%) on the day. The price of WTI crude oil had reached $100 before falling back to 99.52 up $7.42 per barrel (+8.06%) as Russian forces made their way into Ukraine in a show of force not seen in Europe since WWII in a multi-pronged attack.
Economists polled by The Wall Street Journal had estimated new claims would slip to 235,000.
Key details: The number of people already collecting jobless benefits fell by 112,000 to 1.48 million in the week ended Feb. 12. These so-called continuing claims are at their lowest level since March 1970.
Big picture: Claims had risen to a three-week high in the prior week, but the gain was just a blip higher.
Overall, the labor market is seen as very tight and economists think claims will continue to move lower.
U.S. Eyes Oil Reserves Release as Prices Rise on Ukraine
The Biden administration is considering tapping its emergency supply of oil again in coordination with...
The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine, according to two people familiar with the matter.
While no decision has been made, “robust conversations” within the administration are underway, including on potential price point triggers and how to coordinate a release from the reserve with other nations, said the people, who asked not to be identified discussing non-public government deliberations. Modeling is being done to ascertain the size and scope of any potential release, they said.
Vietnam has been grappling with gasoline and diesel shortages for weeks after its main refinery cut production...
Vietnam has been grappling with gasoline and diesel shortages for weeks after its main refinery cut production last month and forced the Southeast Asian nation to tap its strategic national reserves to alleviate the supply crunch. Hundreds of gas stations across Vietnam have had to close because they have run out of fuels, while the price of gasoline was raised to a record-high earlier this week as international crude oil prices rallied.
In addition, a power outage at the refinery early this week forced some processing units to shut down, two sources with knowledge of the matter told Reuters on Tuesday.
Shale Producer Ovintiv Considering Sale of Utah Land
Shale producer Ovintiv Inc. is looking to hire an investment bank to consider options...
Shale producer Ovintiv Inc. is looking to hire an investment bank to consider options for its acreage in the Uinta Basin of Utah, as it looks to cash in on a boom in energy prices to cut debt, three sources familiar with the matter told Reuters on Feb. 22.
A full or partial sale would be among the options for Ovintiv, one of the top producers in the Uinta Basin, the sources said, adding that a sale of the assets could fetch around $1 billion.
No final decision has been made about the assets and Ovintiv could still decide to retain them, the sources cautioned. They requested anonymity as the discussions are confidential.
