The energy sector is off to a higher start, supported by strength in the underlying commodities despite...
The energy sector is off to a higher start, supported by strength in the underlying commodities despite a lower morning for equities. U.S. stock futures are slightly down ahead of minutes from the Federal Reserve’s May meeting which will give investors a better understanding of future rate hikes given the economic circumstances the United States is currently facing.
The Treasury Department will not allow Russia to pay its debtholders through American banks beginning today, revoking a special license that it had granted Russia since sanctions were first placed. Because Russia can’t use American banks to pay its IOUs, it’s almost guaranteed to default on its debts for the first time since the Bolshevik Revolution.
WTI and Brent crude oil futures are up in early trading on concerns over...
WTI and Brent crude oil futures are up in early trading on concerns over tight supply and the prospect of rising demand from the upcoming U.S. driving season which is expected to start this Memorial Day weekend. Traders digested API news that showed inventories of refined oil product was down by 4.2 million barrels last week. Analysts are anticipating U.S. crude oil and gasoline inventories to have fallen as well. Oil futures are also being supported as buyers avoid oil from Russia and as the European Union comes closer to agreeing on sanctions that would phase out Russian energy imports. On the demand side, U.S. Memorial Day weekend is expected to be the busiest in two years as Americans are eager to shake off coronavirus restrictions, despite high fuel prices.
Natural gas futures edged up this morning as gas volumes flowing LNG to export plants jumped to the most in seven weeks which offset forecasts for milder weather in key consuming regions. In international news, LNG buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices in hopes that it will reverse the last decade's trend of increasing spot purchases.
Equinor, Partners to Develop $940 Million Norway Gas and Condensate Project
Equinor and partners on May 25 submitted a plan to develop a cluster of gas and condensate discoveries...
Equinor and partners on May 25 submitted a plan to develop a cluster of gas and condensate discoveries in the Norwegian Sea for 9 billion crowns ($940 million), part of a rush of new petroleum projects expected in Norway this year.
Halten Eastcontains reserves of around 100 MMboe, 60% of which is natural gas, and is expected to begin exporting to Europe in 2025, Equinor said.
The project would develop an area with six gas and condensate discoveries, with the option of developing a further three prospects, Equinor said in a statement.
Cargoes of Russia's flagship crude oil at sea climb to record high
HOUSTON (Reuters) Some 62 million barrels of Russia's flagship Urals crude oil, a record...
HOUSTON (Reuters) Some 62 million barrels of Russia's flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to find buyers for the crude.
The volume of Urals crude oil on the water is triple the pre-war average, Vortexa said, even as Russian seaborne oil exports fell to 6.7 million barrels per day (bpd) so far in May, down about 15% from the 7.9 bpd in February.
