The energy sector is off to a mixed to lower start, looking past strength in the underlying commodities and pressured by weakness in the major equity futures. U.S. stock index futures were poised to open lower after starting the week on a strong footing, as investors awaited key inflation readings for clues on the Federal Reserve's interest-rate path.
WTI and Brent crude oil futures are up in early trading, boosted by a tighter supply outlook, and as OPEC said major economies were faring better than expected despite rising interest rates. OPEC noted in its monthly report that World oil demand will rise by 2.25 million bpd in 2024, compared with growth of 2.44 million bpd in 2023 as forecasts remained unchanged from the month prior.
Natural gas futures are moving higher for the fourth-consecutive sessionas the NOAA's 6-10 day outlook shows above-normal temps over the northwestern and north-central US, as well as over southern TX.
OPEC Oil Data Show 3 Million-Barrel Shortfall on Saudi Supply Squeeze
(Bloomberg) -- Global oil markets face a supply shortfall of...
(Bloomberg) -- Global oil markets face a supply shortfall of more than 3 million barrels a day next quarter — potentially the biggest deficit in more than a decade — as Saudi Arabia extends its production cuts.
The latest data published by OPEC show why the kingdom’s supply squeeze, amid a period of record demand, has sent oil prices surging beyond $90 a barrel in London. Riyadh announced last week it will extend an extra 1 million-barrel-a-day output reduction until the end of the year, even though markets are already tightening.
Woodside's $7.2 Billion Bet on Deepwater Mexico Potential
Australia’s Woodside Energy is making a massive bet offshore Mexico at the large,...
Australia’s Woodside Energy is making a massive bet offshore Mexico at the large, high-quality conventional resource Trion development, which checks key production, climate, and financial boxes for both Mexico and partners Woodside and state-owned Petroleos Mexicanos (Pemex).
Of Trion’s $7.2 billion final investment decision (FID), Woodside’s share is $4.8 billion, including a $460 million capital carry of Pemex. First oil is expected to flow in 2028.
The US finalizes deal with Iran for release of five detained Americans, includes a waiver...
The US finalizes deal with Iran for release of five detained Americans, includes a waiver for international banks to transfer $6B in frozen Iranian funds from South Korea to Qatar (More) | American researcher rescued from Turkish cave (More)
Libya was hit with severe floods, and officials say as many as 2,000 people may be dead and 6,000 are missing.
The FDA approved updated Covid vaccines from Pfizer and Moderna that target the strain circulating now. They’re expected to be available by the middle of the month.
Google is going to court today to fight the Department of Justice’s allegations that it violated anti-monopoly laws.
Apple will unveil the iPhone 15 today. The biggest change is expected to be a USB-C charging port. RIP, Lightning connector.
Recently I saw a post that somehow the SPR will collapse if drained; perhaps the author referred to geomechanical risk related to caverns collapsing…but What if I told you that the US Strategic Petroleum Reserve (SPR) comprises of 60 STANDALONE salt-dome ~storage caverns located… pic.twitter.com/wgOtUCXdTE
