Chevron Corp.’s Venezuelan oil production has increased by about 80% since November...
Chevron Corp.’s Venezuelan oil production has increased by about 80% since November when Washington gave the go-ahead to re-engage in production operations in the OPEC country.
The California-based oil giant has seen production rise at its four joint ventures (JV) in Venezuela despite the poor state of the country’s infrastructure, Chevron Chairman and CEO Mike Wirth said Jan. 27 during the company’s quarterly webcast.
“They’re producing about 90,000 barrels a day now, which is up about 40,000 barrels a day since we saw the change in these license terms,” Wirth said. Prior to U.S. sanctions levied on Venezuela in early 2019, the JVs produced an average 200,000 bbl/d, according to Chevron data.
Benchmark U.S. crude oil for March delivery fell $1.78 to $77.90 a barrel Monday. Brent crude for March delivery fell $1.76 to $84.90 a barrel.
Wholesale gasoline for February delivery fell 9 cents to $2.50 a gallon. February heating oilfell 16 cents $3.11 a gallon. March natural gas fell 17 cents to $2.68 per 1,000 cubic feet.
Dow snaps win streak, Nasdaq ends down 2% as Fed rate decision looms
U.S. stocks ended lower Monday, with the Dow Jones Industrial...
U.S. stocks ended lower Monday, with the Dow Jones Industrial Average snapping a six-day win streak, as investors brace for the outcome of the Federal Reserve's two-day policy meeting in a busy week for company earnings reports. The Dow DJIA, -0.77% closed 0.8% lower, while the S&P 500 SPX, -1.30% fell 1.3% and the technology-laden Nasdaq Composite COMP, -1.96% dropped 2%, according to preliminary data from FactSet. The central bank's meeting wraps up Wednesday, with Fed Chair Jerome Powell scheduled to host a press conference on its interest-rate decision that same day. Energy was the S&P 500's worst-performing sector on Monday, followed by information technology.
U.S. natgas drops 5% on forecasts for milder weather, lower heating demand
U.S. natural gas futures dropped about 5% to a 21-month low on Monday on forecasts for warmer...
U.S. natural gas futures dropped about 5% to a 21-month low on Monday on forecasts for warmer weather and lower heating demand through the middle of February than previously expected. Gas prices have also been under pressure in recent weeks by growing beliefs in the market that there was more than enough gas in storage for the rest of the winter and that Freeport LNG's liquefied natural gas (LNG) export plant in Texas would not start pulling in big amounts of gas until at least March. On its first day as the front-month, gas futures for March delivery were down 13.5 cents, or 4.7%, from where the March contract closed on Friday to $2.714 per million British thermal units (mmBtu)
Oil Prices Set To Climb On Rumors That The Fed Will Stop Hiking Interest Rates
Traders expect the Federal Reserve to end its rate hikes in two months, which could push oil prices higher...
Traders expect the Federal Reserve to end its rate hikes in two months, which could push oil prices higher due to the generally inverse relationship between rates and oil prices.
Coupled with expectations for a rebound in oil demand in China, a lower rate hike and any other indication that the Fed may be preparing for a wind-down of its aggressive inflation control measures could lend additional upward potential to oil prices.
There has also been added support for prices from the reported drone attacks on targets in Iran, suggesting a possible escalation in Middle Eastern tensions. The reports pushed oil prices higher in morning trade in Asia today, although prices have since fallen back.
