What’s Affecting Oil Prices This Week? (May 9, 2022)
China’s continued coronavirus lockdowns and worries about the demand outlook sent crude prices...
China’s continued coronavirus lockdowns and worries about the demand outlook sent crude prices tumbling nearly 6% on Monday.
West Texas Intermediate crude dropped 6.1% or $6.68 to settle at $103.09 a barrel, while global benchmark Brent crude fell 5.7% or $6.45 to finish at $105.94 a barrel.
Uncertain demand versus tenuous supply—Stratas Advisors says it looks like we are heading to an inflection point in its latest oil price forecast.
ConocoPhillips Plans $1.1 Billion Investment as Norway Oil Sector Heats Up
ConocoPhillips Co. submitted on May 9 a plan to develop an oil discovery in the Norwegian...
ConocoPhillips Co. submitted on May 9 a plan to develop an oil discovery in the Norwegian North Sea for 10.5 billion Norwegian crowns (US$1.1 billion), the first of an expected rush of new petroleum projects to be launched in Norway this year.
Known as Eldfisk North, the development is part of the wider Ekofisk area, where ConocoPhillips has pumped hydrocarbons for more than 50 years. The U.S. operator said the new reserves are expected to come onstream in 2024.
The Eldfisk North reservoir contains mostly oil and some gas and is estimated to hold between 50 million and 90 million boe, ConocoPhillips said.
Rangeland IV Launches with $300 Million EnCap Flatrock Commitment
Rangeland Energy recently secured a $300 million growth equity commitment from EnCap Flatrock Midstream...
Rangeland Energy recently secured a $300 million growth equity commitment from EnCap Flatrock Midstream to support the formation of a new entity.
Headquartered in Sugar Land, Texas, and with offices in Calgary and Athabasca, Alberta, Rangeland Energy was formed in 2009, and focuses on developing, acquiring, owning and operating midstream infrastructure that transports, processes, and stores crude oil, natural gas, NGL and biofuels across North America.
With fossil fuels expected to continue in a significant role during the clean energy transition, oil...
With fossil fuels expected to continue in a significant role during the clean energy transition, oil majors including Chevron, Equinor and ExxonMobil are carving a path toward low-carbon oil and natural gas production through investments in electrification, carbon capture and other low-carbon technologies. In addition, many companies are exiting old projects in favor of new discoveries to reduce carbon emissions.
Dow falls over 600 points, S&P 500 closes below 4,000 as stocks tumble
U.S. stock indexes finished deeper in the red on Monday, with energy and technology stocks leading...
U.S. stock indexes finished deeper in the red on Monday, with energy and technology stocks leading a swoon ahead of the closing bell. The Dow Jones Industrial Average DJIA, -1.99% lost about 653 points, or 2%, to end near 32,245. Declines were even steeper for the S&P 500 index SPX, -3.20%, which tumbled 3.2% to close below the 4,000 mark for the first time since March 2021. The Nasdaq Composite Index COMP, -4.29% finished down 4.3%. But it was the S&P 500's energy sector, down 8.3%, that booked its worst one-day decline since June 11, 2020 when it fell 9.5%, according to Dow Jones Market Data. Crude oil futures CL00, -6.60% also tumbled Monday, leaving West Texas Intermediate crude for June delivery CLM22, -6.60% down 6.1% at $103.09 a barrel. Investors have been on edge as the Federal Reserve gears up to raise interest rates sharply over the next few months to help cool inflation at 40-year highs, but while also looking to avoid sending the economy into a recession.
