U.S. gives green light🚦 to Chevron to pump oil in Venezuela
The U.S. federal government on Saturday granted petroleum company Chevron a limited license to resume...
The U.S. federal government on Saturday granted petroleum company Chevron a limited license to resume pumping oil in Venezuela, marking the potential first step in ending a years-long embargo of Venezuelan oil production by the United States.
In a press release, the Treasury Department said it had authorized Chevron to resume "natural resource extraction operations." The oil conglomerate is the last remaining American petroleum company in Venezuela but had been barred from pumping due to U.S. sanctions against the authoritarian government of Venezuelan President Nicolás Maduro.
Chevron may now resume activity in its oil fields alongside a joint venture with the Venezuelan national oil company, Petroleos de Venezuela SA.
The EU still won't buy Russian oil even with a price cap
The European Union won't purchase Russian oil regardless of...
The European Union won't purchase Russian oil regardless of a price cap,Energy Aspects' Amrita Sen said, addressing confusion in the market. Starting December 5, imports of seaborne Russian oil will not be allowed into the EU. In addition, EU-based companies will not be allowed to provide insurance and shipping services for Russian oil cargoes headed anywhere in the world.
But there's a misconception that EU countries can still import Russian oil as long as they adhere to the price cap.
"The reality is the embargo, which the EU is going ahead with on the 5th of December, supersedes the price cap. So the EU will still stop importing Russian oil regardless of the price cap," Sen said in an interview on Bloomberg TV Wednesday.
U.S. Rig Count Sees Small Increase In Thanksgiving Week
The number of total active drilling rigs in the United States...
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Wednesday instead of Friday this week due to the Thanksgiving holiday.
The total rig count increased to 784 this week—215 rigs higher than the rig count this time in 2021, and 291 rigs lower than the rig count at the beginning of 2019, prior to the pandemic.
Oil rigs in the United States rose by 4 this week, to 627. Gas rigsdeclined by 2 to 155. Miscellaneous rigs stayed the same at 2.
The day after Thanksgiving Day, crude oil prices suffered a 2% drop over continuing worries about Chinese...
The day after Thanksgiving Day, crude oil prices suffered a 2% drop over continuing worries about Chinese demand and growing debate over the Western price cap of Russian oil.
West Texas Intermediate crudefor January delivery fell $1.66 or 2.13% a barrel to settle at $76.28 on the New York Mercantile Exchange.
Global benchmark Brent crude for January delivery dropped $1.71 or 2% to finish at $83.63 a barrel on ICE Futures Europe.
December natural gas fell nearly 4% or 29 cents to $7.02 per 1,000 cubic feet.
Stocks close shortened Black Friday trading mostly lower, but the Dow did gain
U.S. stocks finished mixed on Friday with the Dow notching its...
U.S. stocks finished mixed on Friday with the Dow notching its highest close since April 21, while the S&P 500 index finished marginally lower, but held above the key 4,000 level.
Meanwhile, the Nasdaq Composite finished lower following back-to-back gains. All three major U.S. benchmarks finished the week with modest gains.
The S&P 500SPX finished down 1.1 points, or less than 0.1%, at 4,026.12.
The Dow Jones Industrial AverageDJIA closed 152.97 points, or 0.5%, higher at 34,347.03.
The Nasdaq CompositeCOMP shed 58.96 points, or 0.5%, to 11,226.36.
