Oil prices score a partial rebound from last week’s sharp losses
West Texas Intermediate crude for July delivery ...
West Texas Intermediate crude for July deliveryCLCLN22, which expired at the end of the session, rose $1.09, or 1%, to settle at $110.65 a barrel on the New York Mercantile Exchange. The most actively traded and now front-month contract, August WTI crude CL00CLQ22, added $1.53, or 1.4%, to settle at $109.52 a barrel. WTI slumped over 9% last week, ending a string of seven straight weekly advances.
August Brent crudeBRN00BRNQ22, the global benchmark, added 52 cents, or 0.5%, to $114.65 a barrel on ICE Futures Europe.
Back on Nymex, July gasolineRBN22 rose by less than a penny to $3.7945 a gallon, while July heating oil HON22 gained 0.4% to $4.3584 a gallon.
July natural-gas futuresNGN22 lost 2% to $6.808 per million British thermal units.
Brent and West Texas Intermediate August crude futures edged...
Brent and West Texas Intermediate August crude futures edged higher in early Tuesday trading to highs of $116.25 and $110.80 per barrel, respectively, as concerns about tight supplies outweigh recession fears. "Although recession fears have increasingly become a headwind for oil prices, it is estimated that we still have at least half a year to go before a real recession," said DailyFX analyst Leona Liu.
Fate of federal gas tax suspension to be decided soon
President Joe Biden told reporters on Monday that he is considering pausing the federal gas tax and could...
President Joe Biden told reporters on Monday that he is considering pausing the federal gas tax and could make a decision by the end of the week. Treasury Secretary Janet Yellen said a federal gas tax holiday is "certainly worth considering" since "gas prices have risen a great deal, and it's clearly burdening households."
As coal-fired power plants kick back into gear across the continent, EU leadership is urging countries...
As coal-fired power plants kick back into gear across the continent, EU leadership is urging countries to ensure this is a one-night stand with fossil fuels before they settle down with renewables.
“We have to make sure that we use this crisis to move forward and not to have a backsliding on the dirty fossil fuels,” European Commission President Ursula von der Leyen told the FT.
Zoom out: A similar dynamic is playing out in the US, where concerns around soaring energy prices are trumping environmental concerns. If two years ago we told you that President Biden would be chastising oil refiners for not producing more, you’d have looked at us real funny.
The energy sector is off to a sharply higher start, rebounding from last week’s selloff amid strength in the crude complex and major equity futures. Stock futures rallied higher this morning as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
WTI crude oil futures jumped higher in early trading and are outpacing Brent, clawing back more of last week's losses as the focus returned to tight supply of crude and fuel products as we move into the summer driving season versus concerns about a recession hitting demand down the track.
Natural gas futures extended their slide lower, pressured by forecasts for lower demand this week and next and expectations the extended shutdown of the Freeport LNG export plant in Texas would allow utilities to quickly rebuild low U.S. gas stockpiles.
