Oil prices rise as traders await news about Iran deal, OPEC production cuts
Oil prices edged up on Friday as investors waited to hear more news about a potential...
Oil prices edged up on Friday as investors waited to hear more news about a potential nuclear deal with Iran as well as the possibility of production cuts out of Saudi Arabia.
West Texas Intermediate crude CLV22, 0.04% for October delivery climbed 82 cents, or 0.9%, to $93.32 per barrel
The front-month October Brent crude oil contract BRNV22, 0.26% gained 91 cents, or 0.9%, to $99.36 per barrel.
September gasoline RBU22, 0.14% gained 1 cent, or 0.4%, to $2.66 per gallon while September heating oil HOU22, +1.27% gained 3 cents, or 0.9%, to $3.92 per gallon.
Natural gas for September delivery NGU22, +1.80% gained 12 cents, or 1.3%, to $9.47 per million British thermal units.
The global energy crisis could drive a massive $42 billion boost in natural gas investment in the next 2 years
The global energy crisis could bring a massive investment in natural gas infrastructure, with new investment...
The global energy crisis could bring a massive investment in natural gas infrastructure, with new investment in the industry hitting as much as $42 billion in 2024, according to Rystad Energy.
Underinvestment in infrastructure has been a key component of the global energy crisis, which threatens to send Asia, Europe, and the US into a crisis this winter. Analysts have said OPEC+ has largely run out of spare capacity, which the cartel has blamed on chronic underinvestment throughout the entire industry.
Much of the investment so far has also taken place domestically. $10 billion has poured into Texas for Exxon Mobil's and Qatar Energy's Golden Pass LNG project. Another $13.2 billion has been directed to Louisiana to build Venture Global's Plaquemines LNG project.
All eyes are on Wyoming today, and markets will be hanging on every word Fed Chair...
All eyes are on Wyoming today, and markets will be hanging on every word Fed Chair Jerome Powell says at the annual gathering of central banks.
Specifically, reactions will hinge on whether he'll hint at a dovish pivot at next month's policy meeting or send investors running for cover by reaffirming the current hawkish stance.
Unfortunately for those hoping to see doves fly, the consensus going into the meeting is that the Fed's work on tackling inflation is not yet done.
The U.S. Energy Information Administration (EIA) said natural gas inventories for the week ending...
The U.S. Energy Information Administration (EIA) said natural gas inventories for the week ending Aug. 19 rose by 60 Bcf,right on target with estimates ahead of the report.
Indeed, surveys ahead of the EIA report showed expectations clustering around a build in the low-60s Bcf. Reuters polled 13 analysts, whose estimates ranged from injections of 17 Bcf to 67 Bcf, with a median forecast of 60 Bcf. The median of 13 estimates submitted to Bloomberg as of early Thursday also was 60 Bcf, with a range of 17 Bcf to 65 Bcf.
The EIA recorded a 32 Bcf build in the year-earlier period, while the five-year average injection is 46 Bcf.
Italy natural gas reserves up to 80% of capacity ahead of winter, Draghi says
Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable...
Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable to an interruption of supplies, Premier Mario Draghi said Wednesday, noting that the country has stockpiled 80% of its capacity of gas reserves ahead of winter and is on track to hit 90% by October.
Draghi told an annual summertime festival in the Adriatic seaside town of Rimini that Italy has reduced its reliance on Russian natural gas from 40% last year to half that by finding new sources in countries from Algeria to Azerbaijan. The fuel is used to heat and cool homes, generate electricity and run factories.
Italy could be completely independent of Russia by fall 2024 if it installs two new regasification plants, he added.
