August 22, 2023 7:38 am
Futures on US West Texas Intermediate Crude Oil were trading slightly lower on Tuesday, as market players awaited more clarity on the possible resumption of Iraqi oil exports, which could alleviate supply tightness. Iraq’s oil minister Hayan Abdel-Ghani is expected to discuss several matters, including the resumption of oil exports via the Ceyhan oil terminal, […]
Read moreAugust 21, 2023 12:36 pm
China’s Ministry of Natural Resources has given state oil and gas company Sinopec Corp certification for another 30.55 billion cubic meters (bcm) of proven geological reserves in the Bazhong gasfield of the Sichuan basin. With those new reserves, Sinopec’s total proven geological reserves in the northeastern part of the Sichuan basin have reached 154.7 billion […]
Read moreAugust 18, 2023 12:36 pm
Hungary’s Minister for External Economy and Foreign Affairs Peter Szijjarto announced on Friday that the country could begin receiving shipments of liquefied natural gas from Qatar, the largest LNG exporter worldwide, in 2027. “We have reached a political agreement, which is now followed by talks between energy companies Qatargas and Hungary’s MVM to determine the […]
Read moreAugust 16, 2023 12:41 pm
Futures on US West Texas Intermediate Crude Oil were registering small gains on Wednesday, as concerns over China’s sluggish economy were weighed against potential tighter supply in the US. Chinese retail sales, investment figures and industrial production fell short of market expectations, adding to concerns that sluggish recovery could last longer than anticipated. China’s central […]
Read moreAugust 11, 2023 12:56 pm
Futures on US West Texas Intermediate Crude Oil held ground above $83 per barrel on Friday despite a divergence between 2024 demand growth forecasts issued by the OPEC group and the International Energy Agency. WTI Futures hit highs unseen since November 2022 on Thursday, while Brent Futures – their highest level since January, amid a […]
Read moreAugust 9, 2023 12:34 pm
Futures on US West Texas Intermediate Crude Oil surged to fresh highs on Wednesday, as supply cuts from top oil producers countered China demand concerns and recent US oil stock build. Yesterday Saudi Arabia’s cabinet reaffirmed its support for precautionary measures by OPEC+ members to stabilize the market. Last week, Saudi Arabia extended its voluntary […]
Read moreAugust 7, 2023 12:12 pm
Futures on US West Texas Intermediate Crude Oil retreated on Monday following a sustained rally, as Saudi Arabia and Russia announced supply cuts extension through September. WTI Futures have already registered six consecutive weeks of gains, mostly due to supply tightening. Last week, top producer Saudi Arabia extended its voluntary oil production cut of 1 […]
Read moreAugust 3, 2023 12:05 pm
Key points WTI Crude Futures pull back from April highs US crude stockpiles drop the most on record last week – EIA US credit rating downgrade weighs on risk sentiment Futures on US West Texas Intermediate Crude Oil extended a pullback from over three-month peak on Thursday, after a US government credit downgrade cooled investor […]
Read moreAugust 2, 2023 12:15 pm
Key points WTI Crude Futures surge 0.7%, hold near April highs US crude stockpiles drop the most since 2012 last week – API Futures on US West Texas Intermediate Crude Oil surged on Wednesday, while trading near levels last seen in April, after a sharp drop in US crude oil stocks indicated robust fuel demand. […]
Read moreAugust 1, 2023 12:21 pm
Futures on US West Texas Intermediate Crude Oil eased on Tuesday due to possible profit-taking, following a strong performance in July mostly driven by supply tightening. WTI Crude Futures settled at $81.80 per barrel on Monday, the commodity’s highest since April 14th. Futures gained as much as 15.8% last month, or the most since January […]
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