Brent settles down, hit 6-month low on Opec+ output rise, tariffs, Ukraine news
OIL prices swooned on Tuesday and settled close to to...
OIL prices swooned on Tuesday and settled close to to multi-month lows after reports of Opec+ plans to proceed with output increases in April and news of US tariffs on Canada, Mexico and China as well as Beijing’s retaliatory tariffs.
Brent futures settled 58 cents lower, or 0.8 per cent, at US$71.04 a barrel. The session low was US$69.75 a barrel, its lowest since September.
US West Texas Intermediate (WTI) crude fell 11 cents a barrel, or 0.2 per cent, at US$68.26. The benchmark previously dropped to US$66.77 a barrel, the lowest since November.
Opec+, the Organization of the Petroleum Exporting Countries and allies including Russia, decided on Monday to proceed with a planned April oil output increase of 138,000 barrels per day, its first since 2022.
The move took the market by surprise, said Bjarne Schieldrop, chief commodities analyst at SEB.
Dow, S&P 500 end sharply lower as Trump’s tariffs roil stock market
U.S. stocks finished sharply lower on Tuesday amid concerns...
U.S. stocks finished sharply lower on Tuesday amid concerns that President Donald Trump’s tariffs — and retaliation from some of the U.S.'s trading partners — could put pressure on economic growth.
The Dow Jones Industrial Average lost 670.25 points, or 1.6%, to end at 42,520.99, its worst day in over a week. The blue-chip index fell more than 1,300 points over the past two trading days, logging its worst two-day decline since Dec. 18, according to Dow Jones Market Data.
The Nasdaq Composite fell 65.03 points, or 0.4%, to finish at 18,285.16. At its worst level Tuesday, the tech-heavy index slumped over 2.1% and into correction territory, defined as a 10% drop from an index’s recent high, according to Dow Jones Market Data. The Nasdaq then bounced back into positive territory in afternoon action, but still failed to maintain its footing heading into the closing bell.
The S&P 500 tumbled 71.57 points, or over 1.2%, ending at 5,778.15.
US oil and gas production hit record high in December, says EIA
U.S. crude oil and natural gas output set records in December, and...
U.S. crude oil and natural gas output set records in December, and oil demand touched multi-month highs, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday.
Crude oil output hit 13.491 million barrels per day (bpd) in December, up from 13.314 million bpd in November and topping the prior all-time high of 13.436 million in October, the EIA said.
Oil output in Texas, the largest producer in the country, fell 1.3% from November to 5.72 million bpd in December, the lowest since July, while New Mexico output rose to a record-high 2.11 million bpd, EIA data showed.
Gross natural gas production in the U.S. Lower 48 states rose by 2.0% in December to a record 118.5 billion cubic feet per day (bcfd), according to the agency's 914 production report.
Trump's tariffs on Mexico, Canada to take effect Tuesday
Previously announced 25% tariffs on goods from Mexico and Canada will...
Previously announced 25% tariffs on goods from Mexico and Canada will take effect today as well as an additional 10% tariff on Chinese imports, said President Donald Trump, citing insufficient progress in curbing the flow of fentanyl into the US. The move coincides with China's annual parliamentary meetings, potentially escalating tensions as Beijing has yet to announce countermeasures. Mexican and Canadian officials are in Washington to discuss the tariffs.
The Haynesville Shale will play a key role in meeting new natural gas...
The Haynesville Shale will play a key role in meeting new natural gas demand from upcoming LNG export facilities, but operators are unlikely to boost production until prices reach at least $5 per Mcf, according to energy executives and analysts. Even then, infrastructure constraints could cap its new supply contribution at just 4 to 6 Bcf/d.
