Fears of a potential Russian invasion of Ukraine have prompted some US refiners to seek substitutes to...
Fears of a potential Russian invasion of Ukraine have prompted some US refiners to seek substitutes to Russian fuel oil, a common choice of feedstock in gasoline and diesel production, with Mexican and Brazilian oil emerging as the top alternatives. "Any restrictions on Russian flows would cause pain exclusively on the side of the buyer because the Russians can easily place their fuel oil in China or India," said Vortexa Chief Economist David Wech.
Nat-Gas Slumps After Weekly EIA Inventories Fall Less Than Expected
March Nymex natural gas (NGH22)...
March Nymex natural gas (NGH22) on Thursday closed down by -0.231 (-4.90%).
Nat-gas prices Thursday fell from a 1-1/2 week high and closed sharply lower. Nat-gas prices retreated after weekly EIA nat-gas inventories fell -190 bcf last week, a smaller draw than expectations of -195 bcf. Nat-gas prices Thursday morning initially climbed to a 1-1/2 week high on the outlook for below-normal U.S. temperatures to boost heating demand for nat-gas. Atmospheric G2 said today that an arctic cold blast could drop into Texas and the Midwest Feb 22-26, and below-normal temperatures are expected across the eastern two-thirds of the U.S. from Feb 27-Mar 3.
Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move...
Energy stocks opened higher despite weaker broader index futures and softer oil prices as traders move back into well-performing commodity-levered companies amid expectations of higher rates. Heightening turmoil between Russia and Ukraine is also encouraging risk aversion among investors. Earnings continue to flow in across the sector.
Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine. Both contracts fell more than 2% earlier in the session. "(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
Futures Movers: Oil falls as traders weigh Ukraine fears versus progress on Iran nuclear talks
Oil futures were lower Thursday but were expected to remain subject to a tug of war between fears of...
Oil futures were lower Thursday but were expected to remain subject to a tug of war between fears of a Russian invasion of Ukraine and signs of progress toward restoring a nuclear agreement with Iran.
West Texas Intermediate crude for March delivery CL.1, -2.06%CL00, -2.04%CLH22, -2.05% fell $1.15, or 1.2%, to $92.51 a barrel on the New York Mercantile Exchange.
April Brent crudeBRN00, -2.08%BRNJ22, -2.07% was down $1.26, or 1.3%, at $93.55 a barrel on ICE Futures Europe. Both WTI and Brent ended Monday at their highest since September 2014.
March natural-gas futures NGH22, -1.95% fell 0.8% to $4.678 per million British thermal units.
March gasolineRBH22, -2.29% fell 1.2% to $2.6442 a gallon, while March heating oil HOH22, -2.45% was down 1.5% at $2.8173 a gallon.
Pioneer Natural Resources profit rises on higher oil prices
U.S. shale producer Pioneer Natural Resources Co ...
U.S. shale producer Pioneer Natural Resources Co (PXD.N) reported a rise in quarterly profit on Wednesday, as a sustained recovery in energy demand from the pandemic-driven lows lifted oil prices to multi-year highs.
The company said fourth-quarter net income attributable to common stockholders rose to $763 million, or $2.97 per share, for the three months Dec. 31, from $43 million, 26 cents per share, a year earlier.
Pioneer said its average fourth-quarter sales volume rose to 687,143 barrels of oil equivalent per day (boepd) from 364,482 boepd a year earlier.
