Oil will average $100 a barrel next year as demand rebounds in China and falling Russian output...
Oil will average $100 a barrel next year as demand rebounds in China and falling Russian output keeps supplies tight. That's according to Bank of America analysts, who wrote Monday that global markets will remain strained heading into next year thanks to a variety of factors. Get the full details here.
Nigeria and Morocco to build gas pipeline to Europe
The proposed pipeline would connect the Nigerian and Moroccan gas networks, enabling Nigeria to supple...
The proposed pipeline would connect the Nigerian and Moroccan gas networks, enabling Nigeria to supple both Europe and West Africa with its natural gas.
The project involves 16 African countries and would stretch for 6,000 kilometers along the continent’s Atlantic coast,ensuring energy supplies to land-locked Niger, Burkina-Faso, and Mali.
Nigeria has the highest known natural gas reserves of all on the continent:at least 5.8 trillion cubic meters, and potentially up to 17 trillion. The country has already emerged as a major supplier of Liquid Natural Gas (LNG).
Oil futures finish higher as tight supplies come back into focus
Oil futures on...
Oil futures on Monday gave up early losses to finish higher, with tight supplies returning to the spotlight, providing support for prices. The market is "waking up to realize" that distillate supplies are so tight that there's little room for any disruptions, ahead of the winter heating season, said Phil Flynn, senior market analyst at The Price Futures Group. October WTI crude CLV22, -0.17% rose 62 cents, or 0.7%, to settle at $85.73 barrel on the New York Mercantile Exchange.
Ford stock drops more than 5% as supply costs to jump by $1 billion, parts shortages to leave more cars unfinished
Ford Motor Co. shares dropped more than 5% in the extended session...
Ford Motor Co. shares dropped more than 5% in the extended session Mondayafter the company said inflation and parts shortages will leave it with more unfinished vehicles than it had expected, reminding Wall Street supply-chain snags are far from over for automakers.
Ford said it expects to have between 40,000 and 45,000 vehicles in inventory at the end of the third quarter “lacking certain parts presently in short supply.”
The automaker also said that based on its recent negotiations, payments to suppliers will run about $1 billion higher than expected for the quarter, thanks to inflation. The company reaffirmed its outlook for the year, however.
Ford’s warning “is evidence that auto parts shortages and supply-chain issues are still ongoing,” CFRA analyst Garrett Nelson told MarketWatch.
Chevron Offering Minority Stakes in Three Alaskan Oil Fields
Chevron Corp. is marketing its interest in more than 2,000 oil...
Chevron Corp. is marketing its interest in more than 2,000 oil and gas wells in Alaska, the company told Reuters on Sept. 19, in a move that could mark the oil major’s second exit from oil production in the state in three decades.
One of the earliest companies to prospect for oil in Alaska, Chevron helped develop the state's oil industry last century but later exited output there in 1992. It returned a decade later with its $20 billion purchase of Unocal.
The company is offering stakes in three oil fields, it confirmed. It holds around 10% in Alaska’s Endicott field, 5% in Kuparuk Field and 1.2% in Prudhoe Bay. Bids are due this month. The stakes are nonoperating interests that provide a share of profits.
A sale could fetch between $450 million and $550 million, according to a Rystad Energy analyst using comparable transactions.