Oil Prices Fall. The Market’s Focus Could Be Shifting.
BARRON'S-The story in commodity markets may be changing, at least for now, as doubts...
BARRON'S-The story in commodity markets may be changing, at least for now, as doubts about demand offset worry over supplies.
Oil prices have been rising in response to expectations that sanctions to punish Russia over its invasion of Ukraine will leave less crude available on the international market. The price of crude was soaring, adding to concern about inflation, even before Russia, the world’s biggest oil exporter, attacked its neighbor on Feb. 24. It rose further in response.
Now, efforts to rein in the price, plus a combination of other factors, may be having an effect. The price of Brent oil, the main benchmark grade internationally, has fallen six of the past eight sessions, with a drop of $5.57 per barrel, or 5.2%, to $101.07 on Wednesday.
West Texas Intermediate, the main U.S. grade of crude, lost $5.73 per barrel, or 5.6% to $96.23, also marking its sixth drop in eight trading days.
Evolution Petroleum Closes $26 Million Acquisition of Natgas Assets in Wyoming’s Jonah Field
Evolution Petroleum closed its acquisition of assets in Wyoming’s Jonah Field...
Evolution Petroleum closed its acquisition of assets in Wyoming’s Jonah Field from privately-owned Exaro Energy III LLC for a net purchase price of $26.2 million, the Houston-based company said April 4.
The Jonah Field acquisition will increase pro forma net daily production by 37% to roughly 8,000 boe/d and add about 38 Bcfe of natural gas of long-life PDP reserves to Evolution Petroleum’s portfolio.
Today, I offered a contract drilling hand $424,000 for a 6 month job, and he turned it down. The oilfield is officially back. This is not a joke. #EFT#OOTT
U.S. Natural gas futures are up by more than 5% (+25 cents at...
U.S. Natural gas futures are up by more than 5% (+25 cents at $6.28)as Western nations are set to announce sanctions on Russian gas supplies which will keep U.S. LNG exports near record highs, outweighing forecasts for mild weather and lower heating demand in key consuming regions.
The energy sector is set for a higher start, supported by mild gains in the crude complex and...
The energy sector is set for a higher start, supported by mild gains in the crude complex and a rally in U.S. Natural gas futures, despite losses in the major equity futures. U.S stocks are poised for a lower start amid weakness in technology as bond yields hit their highest level in three years and investors wait for more details about the Federal Reserve’s plan to raise interest rates.
WTI and Brent crude futures are up in early trading as the threat of new sanctions on Russia raised supply concerns, offsetting fears of weaker demand following a build in U.S. crude stockpiles and extended COVID-19 restrictions in Shanghai. Oil futures also rose as a halt in talks to revive the 2015 Iran nuclear deal increased concerns over the existing tight supply. The United States and its allies prepared new sanctions on Moscow over civilian killings in northern Ukraine, which President Volodymyr Zelensky described as "war crimes,” to which Russia has denied. Additionally, Goldman Sachs raised its 2023 oil price forecast to $115 a barrel from $110 a barrel on tight fuel supplies and firm demand despite COVID-19 lockdowns in China and a record release of strategic reserves by the United States.
