OklahomaMinerals.com

Snippets

• U.S. emergency oil reserves tumble to lowest since 1984
  HOUSTON (Reuters) -U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million...
  HOUSTON (Reuters) -U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million barrels, their lowest since October 1984, according to U.S. Department of Energy (DOE) data released on Monday.
  
  The release from the Strategic Petroleum Reserve (SPR) in the week ended Sept. 9 was the steepest draw since May. It comprised of about 6.3 million barrels of sweet crude and around 2 million barrels of sour crude.
  
  President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.
  Read More
• Energy Sector Commentary for Monday
  The energy sector is off early...

  The energy sector is off early to a higher start, supported by strength in the underlying commodities and the major market averages. U.S stocks are expected to move higher ahead of a crucial inflation reading this week that could provide more insight on interest rate hikes.

  
  

  WTI and Brent crude oil are up in early trading as the talks with Iran hit obstacles and further sanctions on Russia become a possibility, amid the existing tight supply. European leaders said they had “serious doubts” about Iran’s intentions to bring more barrels into the market, comments that were rejected by Tehran. Iran earlier this month sent its latest response to the European Union's proposed text to restore the 2015 agreement under which Tehran had restrained its nuclear program in exchange for relief from U.S., EU and U.N. economic sanctions, which western diplomats said was a “step backward”. Additionally, the G7 is looking to impose a price cap on Russia which would be set at a fair market value minus any risk premium resulting from its invasion of Ukraine.

  
  

  Natural gas futures fell this morning amid growing inventories, despite forecasts for warmer weather than previously expected.

  Read More
• Ukraine is gaining ground in the war
  Ukraine tripled its territorial gains in 48 hours. Yesterday, the 200th day since the...
  Ukraine tripled its territorial gains in 48 hours. Yesterday, the 200th day since the war began, Ukrainian forces scored their biggest victory in months, driving the Russian military out of a swath of territory it seized in the spring. In a lightning counteroffensive this month, the Ukrainians say they’ve recaptured more than 1,100 square miles of the northeastern Kharkiv region—basically like regaining all of Rhode Island. In response, Russian strikes caused a “total blackout” across stretches of eastern Ukraine, President Volodymyr Zelensky said.
  Read More
• What's ahead this week in the markets 📈
  Markets: During last week’s rally, the S&P ...
  Markets: During last week’s rally, the S&P rose above its 50-day moving average—Wall Street lingo meaning the average of the 50 prior closing levels. While that’s a good sign, everything could hinge on Tuesday’s inflation report and how it’ll influence the Fed’s interest rate decisions. Over in crypto, all eyes are on Ethereum’s big software upgrade, scheduled to take place between Tuesday and Thursday this week.
  
  
  
   
  Read More
• US Treasury’s Yellen Says Oil Prices Could Spike in Winter
  U.S. Treasury Secretary Janet Yellen on Sept. 11 said Americans could experience a spike in gas prices...
  U.S. Treasury Secretary Janet Yellen on Sept. 11 said Americans could experience a spike in gas prices in the winter when the EU significantly cuts back on buying Russian oil, adding that a proposed Western price cap on Russia’s oil exports is being designed to keep prices in check.
  
  “It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” Yellen told CNN.
  
  The possible price increase could come because the EU “will cease for the most part buying Russian oil” and impose a ban on services that allow Russia to ship oil by tanker, she said.
  Read More

• Prev
• Next