How Oil Could Hit $150. It’s Not Just About Russia.
By one measure, oil prices could rise to $150 a barrel this year, which would be the highest...
By one measure, oil prices could rise to $150 a barrel this year, which would be the highest price ever recorded. And while the Russia-Ukraine standoff is part of the reason for oil’s recent spike, there is more to it.
RBC Capital Markets explained one scenario where oil prices could jump to record levels. It has more to do with demand than supply. For now, analyst Michael Tran sees very little pressure on the supply side to restrain prices. Oil supplies are growing at a relatively slow rate, in part because OPEC has been unwilling—and potentially unable—to boost production. Several OPEC members are not adding as much supply as they were expected to add under current limits.
Transocean Ltd. issued a quarterly Fleet Status Report that provides the current status...
Transocean Ltd. issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs. This quarter’s report includes the following updates: Deepwater Conqueror – Awarded a one-well contract extension in the U.S. Gulf of Mexico at $335,000 per day. Deepwater Asgard – Awarded a two-well contract in the U.S. Gulf of Mexico at $395,000 per day. Deepwater Invictus – Awarded a one-well contract extension in the U.S. Gulf of Mexico at $305,000 per day. Discoverer Inspiration – Awarded a one-well contract, plus two one-well options in the U.S. Gulf of Mexico at $290,000 per day. Paul B Loyd, Jr. – Awarded a one-well contract in the U.K. North Sea at $160,000 per day. The aggregate incremental backlog associated with these fixtures is approximately $87.7 million. As of February 14, the company’s total backlog is approximately $6.5 billion.
A $27-billion deal between TotalEnergies and Iraq, that Baghdad hoped would reverse...
A $27-billion deal between TotalEnergies and Iraq, that Baghdad hoped would reverse the exit of oil majors from the country, has stalled amid disputes over terms and risks being scrapped by the country's new government.
Reuters reported that TotalEnergies SE's 225,500 barrel-per-day (bpd) Port Arthur, Texas, refinery returned to normal operation on Friday evening after a malfunction.
Oil futures trade in almost $3 range for Monday morning
WTI and Brent crude oil futures have traded in an almost $3 range in early trading, as Ukraine hinted...
WTI and Brent crude oil futures have traded in an almost $3 range in early trading, as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war. On Sunday, the United States said Russia could invade Ukraine at any time and might create a surprise pretext for an attack. Investors are also watching talks between the United States and Iran to revive the 2015 nuclear deal which could lead to an increase in oil output. The Iranian foreign minister said on Monday Iran was "in a hurry" to reach a swift agreement with world powers in nuclear talks in Vienna, provided its national interests are protected.
Brent crude and West Texas Intermediate futures traded at a low of $93.46 per barrel and $92.09 per barrel, respectively, early on Monday after hitting $96.16 per barrel and $94.94 per barrel, respectively, during the session, as of 11:18 AM ET.
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and the major market futures which traded lower as rising geopolitical tensions between Russia and the West posed compounded lingering investor worries about aggressive policy tightening by the Federal Reserve to combat surging inflation. Market participants will be looking to the producer prices data for January and minutes from the U.S. central bank's most recent monetary policy meeting later this week.
