Oil futures pulled back to start the week as traders looked for signs of progress in talks between Russia...
Oil futures pulled back to start the week as traders looked for signs of progress in talks between Russia and Ukraine and focused on a surge in COVID-19 cases in China.
West Texas Intermediate crude for April delivery fell $7.06, or 6.4%, to $102.27 a barrel.
May Brent crude dropped $6.78, or 6%, to $105.89 a barrel. WTI last week briefly traded above $130 a barrel, while Brent neared $140 before pulling back as volatile trading conditions continued.
April natural gas traded at $4.696 per million British thermal units, down 0.6%.
April gasoline declined by 4.6% to $3.158 a gallon and April heating oil lost 4% to $3.281 a gallon.
Harold Hamm Purchases $20 Million Worth Of Continental Resources Stock
Continental Resources founder and chairman Harold Hamm has bought about...
Continental Resources founder and chairman Harold Hamm has bought about $20 million of the shale producer's stock, according to a regulatory filing published last week.
Last month, he had cut his stake in the company by more than two-thirds to about 50% by distributing shares to his family members. In December, Hamm bought more than $16 million in company shares. read more
The energy sector is moving lower Monday morning, WTI ...
The energy sector is moving lower Monday morning, WTI (NYSEARCA:USO) was lower by ~$8, while the sector (NYSEARCA:XLE) sold off ~4% in early trading- pressured by weakness in the underlying commodities and the major market futures which are mixed as investors await on peace talks between Russia-Ukraine and look ahead to the Federal Reserve policy meeting this week where it is widely expected to raise interest rates.
WTI and Brent crude futures are down in early trading as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in COVID-19 cases in China spooked the markets. Ukrainian and Russian negotiators are set to talk again on Monday. Negotiators had given their most upbeat assessments after weekend negotiations, suggesting there could be positive results within days. China is also seeing a surge in COVID-19 cases, as the highly transmissible Omicron variant spreads to more cities, triggering outbreaks from Shanghai to Shenzhen. Its daily new caseload figures have hit two-year highs, with 1,437 new confirmed coronavirus cases reported on March 13. Additionally, India will take "appropriate" steps to calm the rise in oil prices, triggered by Russia's invasion of Ukraine, the junior oil minister said on Monday, indicating the country could release more oil from national stocks if required. India is also considering taking up a Russian offer to buy its crude oil and other commodities at discounted prices with payment via a rupee-rouble transaction, two Indian officials said.
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EnCap looking to sell oil producer Ameredev II for $4bn
Private equity firm EnCap Investments is considering the sale of its portfolio company...
Private equity firm EnCap Investments is considering the sale of its portfolio company Ameredev II, a US-based oil producer, reported Reuters. EnCap originally invested $400 million in Ameredev II in 2017 after closing the sale of its predecessor, Ameredev I, to Callon Petroleum Co(CPE.N) that same year.
With the sale of the Delaware Basin operator, the equity firm looks to raise over $4bn, including debt, reported the news agency, citing people familiar with the matter.
In December, EnCap combined two of its portfolio companies, Advance Energy Partners, and Ameredev II, to create one of the largest privately-owned oil producers in the Delaware Basin, a part of the larger Permian Basin.
