US OKs 2.7 Million-barrel Release from Strategic Oil Reserves to Exxon Mobil
The U.S. Department of Energy has approved the 12th exchange of 2.7 million barrels of crude...
The U.S. Department of Energy has approved the 12th exchange of 2.7 million barrels of crude oil for release to Exxon Mobil Corp. from the nation’s Strategic Petroleum Reserve (SPR), the department said in a statement on March 7.
The move was part of the Biden administration’s approval for such releases authorized in November 2021 as part of a larger effort to boost the U.S. fuel supply, it added.
On March 1, The U.S. vowed to release another 30 million barrels of oil as part of a global 60 million barrel pledge in an effort to shore up energy markets amid the ongoing Russian invasion of Ukraine and said it could take further steps as needed.
The Dow Jones Industrial Average slid nearly 800 points Monday to close in a correction...
The Dow Jones Industrial Average slid nearly 800 points Monday to close in a correction as surging oil prices deepened concerns about inflation and economic growth.
The S&P 500 fell 127.78 points, or 3%, to close at 4201.09, its largest one-day percentage decline since October 2020. The broad U.S. stock index entered a correction on Feb. 22 as tensions in Eastern Europe escalated.
The Dow Jones Industrial Average dropped 797.42 points, or 2.4%, to 32817.38. The Nasdaq Composite slumped 482.48 points, or 3.6%, to 12830.96.
Not since 2008 has the world seen crude oil prices as high as they soared on Monday when a barrel...
Not since 2008 has the world seen crude oil prices as high as they soared on Monday when a barrel of oil traded for more than $139.
The credit rests with the extreme fighting between Ukrainian defenders and invading Russian soldiers, fighting that has left thousands dead. The potential return of Iranian crude to global markets also added to the rising prices as well as the growing push for a U.S. ban on the purchase of Russian oil.
Global benchmark Brent crude rose $5.10 or 4.3% to settle at $123.21 a barrel after actually hitting a peak of $139.13. The settlement was the highest since April of 2012.
West Texas Intermediate crude for April delivery rose 3.70% or $3.72 and finished the day at $119.40 a barrel. It was the highest front-month contract close since September 2008 and at one point overnight traded at $130.50.
April natural gas fell 3.7% to $4.83 per million British thermal units. - Source: OkEnergyToday.com
Shell is already backtracking on its boycott of Russian oil
On Tuesday, March 1, Shell was lauded for ...
On Tuesday, March 1, Shell was lauded for cutting ties with Russian firms Gazprom and Salym Petroleum, and for ending its involvement in the Nord Stream 2 gas pipeline. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said at the time. “Our decision to exit is one we take with conviction.”
That conviction lasted less than a week. By Friday (March 4), as the price spread widened between Russia’s Urals crude and Brent crude, the international benchmark for oil prices, Shell bought 100,000 metric tons at a record discount of $28.50 per barrel, according to a report from the Wall Street Journal.
On Twitter, Shell confirmed that it would continue to buy Russian oil, citing a tight market and few alternatives for sourcing crude.
Natural gas prices in Europe hit the equivalent of $600 oil
The price of natural gas in Europe hit an all-time high on March...
The price of natural gas in Europe hit an all-time high on March 7, briefly touching €345 per megawatt-hour. That’s equivalent, in terms of British thermal units of energy, to oil prices of $600 per barrel. Late in the day, the price had settled back to about €190, still a record.
