Oil Prices Spike as Russian Supply Concerns Increase amid Sanctions
Oil prices surged on March 2 as supply disruption fears mounted following hefty sanctions on Russian...
Oil prices surged on March 2 as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market.
Brent crude futures rose by as much as $8 and touched as high as $113.02/bbl, the highest since June 2014, before easing to $111.75 at 0804 GMT.
WTI crude futures in the U.S. were up $7.24, or 7%, to $110.67/bbl,after earlier hitting the highest since August 2013.
Continental Resources Enters Carbon Capture Space with $250 Million Investment
Continental Resources Inc. has pledged $250 million to create the largest carbon capture and...
Continental Resources Inc. has pledged $250 million to create the largest carbon capture and sequestration (CCS) project of its kind in the world to be centered in the Williston Basin, marking the U.S. shale producer’s entrance into the burgeoning carbon capture space.
“Continental has been actively engaged in limiting our carbon footprint for decades with our pioneering work in horizontal drilling, our invention of ECO-Pad technology and industry-leading gas capture initiatives. We look forward to working with Summit Carbon Solutions to become leaders in carbon capture and sequestration,” Continental CEO Bill Berry commented in a company release on March 2.
According to the release, Continental Resources agreed to commit $250 million to Summit Carbon Solutions as part of a strategic investment to help build a new CSS project across the Midwestern U.S., which Berry said the company believes will become a model for the rest of the world.
Private equity giant KKR and Pembina Pipeline have agreed to merge their western Canadian natural gas processing assets in a $8.9 billion deal that will create a natural gas processing heavyweight and aims to take advantage of rising prices for the commodity.
The transaction illustrates KKR'scontinued interest in the oil and gas industry, while many other large investors have been shifting away from traditional energy in recent years.
From Twitter: Russian O&G majors trading in London have seen their combined market cap collapse by 95%
The four Russian #oil...
The four Russian #oil and #gas majors trading in London (Moscow remains closed) have seen their combined market cap collapse by 95% or $190 billion since Putin ordered the attack on Ukraine last Thursday. pic.twitter.com/1lDzdzh6dv
Powell signals Fed will raise interest rates at March meeting
Fed Chairman Jerome Powell on Wednesday said the central bank intends to raise its policy interest...
Fed Chairman Jerome Powell on Wednesday said the central bank intends to raise its policy interest rate following the end of its two-day meeting on March 16, despite uncertainties from the Russian invasion of Ukraine.
“With inflation well above 2% and a strong labor market, we expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month,” Powell said, in remarks prepared for delivery to the House Financial Services Committee.
Most economists think the Fed will hike rates by a quarter-point at the March meeting. Speculation of a half-percentage point hike has waned in the aftermath of Russia’s invasion of Ukraine.
