The Ukraine war has reshaped Asia's crude trade dynamics, resulting in Taiwan replacing India as one of the top three customers for North American light sweet crude.S&P Global Commodity Insights data reveal that the market share of US crude oil in Asia hit a record 7% in the second quarter, driven by double- and even triple-digit growth in imports from China, South Korea and Taiwan.
The energy sector is off to a mixed start, supported by mild strength in the crude complex but pressured by weakness in the major equity futures which slipped as investors digested a slew of earnings from the banks and soft retail sales data.
WTI and Brent crude oil futures inched back higher this morning, as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% yesterday following sluggish GDP data from China and news of a partial restart in some Libyan oilfields. Market participants are now awaiting the first of the inventory reads which they expected to show U.S. crude oil stockpiles and product inventories fell last week.
Natural gas futures surged higher this morning on updated forecasts calling for hotter weather in key consuming regions during late July.
Berry Corp. Inks Deal to Acquire Private California E&P
California-focused oil producer Berry Corp. is...
California-focused oil producer Berry Corp. is expanding its position through M&A.
Dallas-based Berry Corp. agreed to acquire Macpherson Energy Corp., a privately held operator in Kern County, California, for $70 million in cash, the companies announced July 17.
Scooping up Macpherson Energy will add about 2,400 boe/d (100% oil) of crude production in 2024, Berry said.
Under the terms of the agreement, Berry will pay $50 million at closing—which is expected to occur in the third quarter.
The company expects to pay the remaining $20 million by July 2024 based on its current projects for the pro forma company and Brent crude pricing of $75/bbl.
New data showed that the median sale price for a home in June was $426,056. Meanwhile,...
New data showed that the median sale price for a home in June was $426,056. Meanwhile, the number of US homes is at an all-time low — just over 1 million homes are on the market.
Much of the world will swelter today, with record highs forecast in Europe and a 19th straight day above...
Much of the world will swelter today, with record highs forecast in Europe and a 19th straight day above 110 degrees expected in Phoenix. Less than two weeks after the Earth recorded what scientists said were likely its hottest days in modern history, punishing heat waves are gripping much of the Northern Hemisphere.
