WTI(-$1.22 at $103.95) and Brent crude oil(-$1.12 at $106.46) futures turned lower this morning, sliding as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in and some apartment blocks were sealed shut. The European Commission is expected to finalize today's work on the next package of EU sanctions against Russia, which would include a ban on buying Russian oil. Next in focus will be the latest round of U.S. inventory and supply reports.
MarketWatch: U.S. stocks edge upward with Fed set to convene monetary-policy meeting
Stocks were mostly higher after the opening bell Tuesday as the Federal Reserve prepared...
Stocks were mostly higher after the opening bell Tuesday as the Federal Reserve prepared to kick off a two-day policy meeting that's expected to result in a half-point rate increase and the beginning of the wind-down of the central bank's balance sheet. The Dow Jones Industrial Average rose 117 points, or 0.4%, while the S&P 500 edged up 0.2%. The Nasdaq Composite weakened in early action, but trimmed losses to trade less than 0.1% lower on the day.
US Shale Producers Coterra, Devon, Diamondback Top Wall Street Estimates
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy...
U.S. shale producers Devon Energy, Diamondback Energy and Coterra Energy on May 2 reported sharp increases in profit that beat Wall Street estimates but held production plans steady as they stressed a focus on shareholder returns.
U.S. oil and gas producers are facing a windfall from higher energy prices, as Russia’s invasion of Ukraine has stoked global supply concerns and sent oil futures to their highest levels in years. On May 2, WTI was trading around $105/bbl.
Devon and Coterra reported more than a four-fold rise in quarterly income on May 2, while Diamondback's profit rose more than three-fold. All three increased their dividends.
Pemex Swings to Highest Profit in 18 Years Amid Oil Rally
(Bloomberg) Petroleos Mexicanos swung to a first-quarter profit of $6 billion, the highest...
(Bloomberg) Petroleos Mexicanos swung to a first-quarter profit of $6 billion, the highest in at least 18 years, as the company benefited from rallying oil prices and stabilizing crude output.
Pemex, as the state-run company is known, posted a net income of 122.7 billion pesos ($6 billion), the most since at least the first quarter of 2004, when Bloomberg began collecting the data
Pemex has stabilized oil production with increased extraction in shallow-water and offshore fields. First-quarter oil and condensate output rose by 0.23% compared to the previous quarter, to 1.755 million barrels a day. Output compared to the same period a year ago rose 2.3%..
Germany Looks to Rapidly Build LNG Import Terminals to Shift Away from Russian Gas
With the war in Ukraine raging on, German Vice Chancellor Robert Habeck is calling for a rapid buildout...
With the war in Ukraine raging on, German Vice Chancellor Robert Habeck is calling for a rapid buildout of liquefied natural gas (LNG) terminals to help the country source more gas from overseas suppliers and wean off Russian imports, which currently account for around a third of Germany’s natural gas.
Habeck has previously called for building new terminals at “Tesla speeds,” in reference to the Tesla Gigafactory in Berlin, which was erected in just two years. To meet that timeline, Tesla began construction before receiving every permit, an approach that Habeck is now championing for liquefied natural gas.
