India Wants Russia to Discount Its Oil to Below $70 a Barrel
(Bloomberg) India, which imports more than...
(Bloomberg) India, which imports more than 85% of its oil, is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.
The South Asian nation is seeking Russian cargoes at less than $70 a barrel on a delivered basis to compensate for additional hurdles, such as securing financing for purchases, in high-level talks between the two countries, said the people, asking not to be identified as discussions are confidential. Global benchmark Brent is currently trading near $109 a barrel.
State-owned and private refiners in the world’s third-biggest oil importer have bought more than 40 million barrels of Russian crude since the invasion of Ukraine in late February.
The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for...
The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for crude oil of 3.479 million barrels, compared to analyst predictions of a 1.167 million barrel draw.
U.S. crude inventories have shed some 73.5 million barrels since the start of 2021 and about 17.5 million barrels since the start of 2020.
In the week prior, the API reported a surprise draw in crude oil inventories of 4.784 million barrels after analysts had predicted a build of 2.167 million barrels.
Cushing saw a 0.978-million-barrel build this week. According to EIA data from April 22, cushing inventories rose to 27.450 million barrels—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021
Gunvor Group and Energy Transfer LP signed a 20-year agreement for liquefied natural gas and Energy Transfer...
Gunvor Group and Energy Transfer LP signed a 20-year agreement for liquefied natural gas and Energy Transfer estimates it will provide 2.2 million short tons of LNG per year. The project is another step forward for its Lake Charles LNG project in Louisiana and deliveries for the contract should begin in 2026.
Ranger Oil Unveils Three ‘Bolt-on’ Acquisitions Totaling $64 Million
Ranger Oil Corp. agreed to add 17,000 net acres to its Eagle Ford position...
Ranger Oil Corp. agreed to add 17,000 net acres to its Eagle Ford position through three “bolt-on” acquisitions for a total purchase price of roughly $64 million in cash, the pure-play Eagle Ford Shale producer said on May 3. “As consolidation in the Eagle Ford continues, we see additional attractive opportunities that, at the right valuation, could add both immediate and long-term value to shareholders,” said Darrin Henke, Ranger’s president and CEO.
Worries about China and its nagging COVID-19 lockdowns dragged down oil prices by more than 2%...
Worries about China and its nagging COVID-19 lockdowns dragged down oil prices by more than 2% on Tuesday as Europe moved closer to a total embargo of Russian crude oil. But Oklahoma energy stocks had a good trading day.
West Texas Intermediate crude oil for June delivery in the U.S. dropped $2.76 before settling at $102.41 a barrel in trading on the New York Mercantile Exchange.
Global benchmark Brent crude for July delivery fell $2.61 and closed at $104.97 a barrel on ICE Futures Europe.
June natural gas rose 47 cents to $7.95 per 1,000 cubic feet.
