Global oil benchmark falls back below $90 a barrel as recession fears, dollar strength take toll
Oil futures traded lower Monday, after a third straight losing...
Oil futures traded lower Monday, after a third straight losing week,as investors await a Federal Reserve decision that’s expected to deliver another jumbo rate hike.
West Texas Intermediate crude for October delivery CL.1, fell $2.02, or 2.4%, to $83.09 a barrel on the New York Mercantile Exchange.
November Brent crude BRN00, the global benchmark, was down $2, or 2.2%, at $89.35 a barrel on ICE Futures Europe.
Back on Nymex, October gasoline RBV22, fell 2.8% to $2.348 a gallon, while October heating oil HOV22, -0.82% dropped 1.2% to $3.135 a gallon.
October natural gas NGV22, declined 3.8% to $7.467 per million British thermal units.
Germany's takeover of Russian refineries frees the nation from dependence on Moscow, Chancellor Olaf Scholz says
After the German government ...
After the German government seized control of three oil refineries owned by Russia's Rosneft, Chancellor Olaf Scholz said it is a step away from energy dependence on Moscow.
"We are making ourselves independent of Russia, and any decisions that are taken there," he said at a news conference Friday, according to Bloomberg.
He added that Germany is taking steps to prepare for Russia to slash oil deliveries. Another refiner, per the report, has already warned it's bracing for such retaliation from Moscow.
The latest rig report by Baker Hughes Co. showed Oklahoma’s rig activity remained steady with a count...
The latest rig report by Baker Hughes Co. showed Oklahoma’s rig activity remained steady with a count of 64 active oil and gas rigs, the same number as last week.
The Ardmore Woodfordstayed at 4 rigs while the Arkoma Woodford continued with 7 rigs. The Cana Woodford gained 2 rigs to reach 23. The Granite Washwas unchanged with 7 active rigs.
Russian energy giant Gazprom may be able to withstand Western sanctions by buying back its bonds
High natural gas prices have put ...
High natural gas prices have put Gazprom on track for sky-high profits this year – and the state-run energy giant may use the extra cash to better insulate itself from Western sanctions, according to Barclays.
Gazprom reported profits of 2.5 trillion rubles ($42 billion) in the first six months of this year, meaning it's already surpassed last year's $29 billion. Even conservative estimates suggest it has already made more than $70 billion from gas sales this year, according to Barclays.
"High gas prices have provided Gazprom with financial flexibility," said a team led by energy analyst Amarpreet Singh in a recent research note. "On conservative estimates, Gazprom has already generated more revenue from gas sales in 2022 than in the whole of 2021, which was already the most profitable for the group in recent years."
