Oil prices retreat as investors await OPEC+ meeting
Both international and U.S.-based crude oil benchmarks traded lower on Monday after...
Both international and U.S.-based crude oil benchmarks traded lower on Monday after clinching their second straight monthly loss in July as recession fears have weighed on commodity prices.
West Texas Intermediate crude for September delivery was down $3.17, or 3.2%, to $95.59 on the New York Mercantile Exchange
October Brent crude the global benchmark, was off $2.52, or 2.4%, to $101.42 on ICE Futures Europe.
Back on Nymex, September gasoline RBU22, -1.36% retreated by 2%, to $7.90 per gallon while September heating oil HOU22, -1.00% shed 2.3% to $3.42 per gallon.
September natural gasNGU22, -3.89% shed 4% to $7.87 per million British thermal units.
Oil traders are focused on the upcoming meeting of the Organization of Petroleum Exporting Countries and its allies — a group colloquially known as OPEC+. The meeting is set for Wednesday.
Manchin Spending Deal Includes Billions in Taxes on Oil Sector
(Bloomberg) -The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer...
(Bloomberg) -The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost the oil industry $25 billion in new taxes.
The legislation, which may get a Senate vote as soon as next week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per gallon, according to a summary of the plan released Sunday by the Senate’s tax-writing committee.
Continental’s Solid Q2 Overshadowed by Harold Hamm’s Take-private Offer
Despite solid second-quarter results that include $1.23 billion in free cash flow and...
Despite solid second-quarter results that include $1.23 billion in free cash flow and a 4.6x increase in production in the Powder River Basin, Continental Resources Inc.’s future remains in limbo as an internal committee weighs Harold Hamm’s offer to take the company private.
After spending about $99.9 million on share repurchases in the first quarter, Continental announced in its earnings release that it made no additional buybacks in the second quarter following a nonbinding offer by Hamm and associated entities that would purchase the company’s outstanding stock for $4.1 billion. The company also reported closing a $197 million strategic leasehold acquisition it agreed to in April to expand its operations in the Permian Basin.
Oklahoma City-based Continental will not hold an earnings call for its second-quarter results and published a pared-down version of its investor presentation compared with previous quarters.
Volume down in pipelines from Permian Basin to Houston
Magellan's Longhorn pipeline to Houston saw volume decrease to 200,000 barrels per day in the three...
Magellan's Longhorn pipeline to Houston saw volume decrease to 200,000 barrels per day in the three months ending June 30 from 260,000 a year ago, and its Bridgetex pipeline dropped 215,000 bpd from nearly 315,000 bpd. Due to fluctuations in the international market, volume dipped as shippers used the port in Corpus Christi, Texas, rather than Houston.
