WTI and Brent crude oil jumped in early trading as the European Union released plans to phase out imports...
WTI and Brent crude oil jumped in early trading as the European Union released plans to phase out imports of Russian energy, offsetting demand worries caused by lockdowns in China.
West Texas Intermediate crude oil for June delivery in the U.S. was up $4.23 at $106.64 a barrelas of 9:42 AM ET.
Global benchmark Brent crude for July delivery rose $4.10 at $109.07 a barrel, also as of 9:42 AM ET.
June natural gas this morning was up46 cents to $8.41 per 1,000 cubic feet.
Energy Sector Commentary for Wednesday, May 4, 2022
The energy sector is off t0 a higher start, supported by strength in the underlying commodities and the...
The energy sector is off t0 a higher start, supported by strength in the underlying commodities and the major market futures. Markets edged up during the final countdown to a widely-expected hike in Federal Reserve interest rates while crude oil jumped on the prospect of the sixth wave of sanctions towards Russia. Earnings continued to pour in across energy, with numerous E&Ps, services and MLP and pipeline operators reporting quarterly results. The theme continued to focus on total return metric enhancement and acceleration with few planning to lift spending and production meaningfully.
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
