Crude prices edge lower, though supply concerns still dominant
NEW YORK, Jan 20 Reuters. Oil edged lower on Thursday, posting slim losses after...
NEW YORK, Jan 20 Reuters. Oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply.
Brent crude futures settled down 6 cents to $88.38 a barrel.The global benchmark rose to $89.17 on Wednesday, its highest level since October 2014; the benchmark is up 13% on the year so far.
U.S. West Texas Intermediate (WTI) crude futures for February delivery lost 6 cents to $86.90 a barrel on the last day of the contract's life.WTI is up 15% so far this year.The more active March WTI contract settled at $85.55 a barrel, down 25 cents.
Europe is already experiencing the worst energy crisis since the Arab oil embargoes of the 1970s. Record...
Europe is already experiencing the worst energy crisis since the Arab oil embargoes of the 1970s. Record natural gas prices are stoking a cost-of-living crisis from London to Warsaw. If Russia invades Ukraine, it could get much worse.
The EU relies on Russia for around 40 percent of its gas in normal years. A steep decline in exports from the country in recent months has served — most likely by Kremlin-approved design — as a reminder of Europe’s huge strategic weakness when it comes to energy.
While few observers think Moscow would look to sever gas flows to Europe entirely if tensions escalate further, any additional restrictions on exports in the depths of winter would be likely to send gas prices to new heights.
A winter storm will hit Texas — bringing back memories of last year’s power grid failure
Temperatures in wide swaths of Texas are forecast to nosedive in the coming days,...
Temperatures in wide swaths of Texas are forecast to nosedive in the coming days, triggering concerns about the state’s natural gas supply as well as memories of last year’s power grid failure that led to widespread outages and hundreds of deaths.
In advance of the second Arctic blast to hit Texas this season, the state grid reported Tuesday that all of the electric generation units and transmission facilities have met new standards set after the freeze in February 2021. The frigid conditions prompting the National Weather Service to issue winter storm watches from Central Texas to the Mexican border will be one of the first tests of the updated system in the face of snow, sleet and freezing rain from the Lone Star State through the Mid-Atlantic.
This week’s storm, although not forecast to be nearly as severe as last year’s, will also test the weatherization of the state’s natural gas system, which is largely relied on for power and heat generation. ~Source:Washington Post
Continental Resources Boosts Its Powder River Footprint
Continental Resources has added about 85,000...
Continental Resources has added about 85,000 net acres in the Powder River Basin through a “follow up” deal, CEO William Berry said in an exclusive interview.
“We now have approximately 215,000 acres that we've ended up with, in the Powder River,” Berry told Oil and Gas Investor.
He did not disclose the purchase price. The deal was closed in November.
Oil prices slip from 2014 highs, supply concerns limit losses
London, Jan 20 Reuters~ ...
London, Jan 20 Reuters~Oil slipped on Thursdayon indications of rising U.S. stocks and as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.
Brent crude futures were down 45 cents, or 0.5%, at $87.99 a barrel by 1242 GMT after dropping more than $1 in earlier trade. The global benchmark rose to $89.17 on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were down 46 cents, or 0.5%, at $86.50 a barrel after dropping nearly $1 earlier. The contract, which expires on Thursday, climbed to $87.91 on Wednesday.
