Despite lingering concerns about China’s economy, global oil demand hit a record high in June. It could be on track for another form of tighter oil market move in August. This is what the International Energy Agency (IEA) said in its latest monthly report. The cuts from OPEC+ and Saudi Arabia are coupled with expected […]
US Pump gas prices are creeping toward $4 a gallon nationally. According to AAA, the national average for regular gasoline hit $3.85 a gallon on Monday. That’s the highest level since October 19 and comes just weeks ahead of Labor Day weekend when millions of Americans will hit the roads. The summer spike in gas prices […]
Denver-based PDC Energy in acquisition by Chevron Corporation, creating Colorado’s largest oil and gas company. The deal comes three years after Chevron acquired Noble Energy. The new company will now hold 600,000 acres statewide. It is about half of that in the Denver-Julseburg Basin adjacent to Chevron’s existing operations. This will produce 400,000 barrels of […]
Oil and gas companies in the Permian Basin are planning to ramp up production of fossil fuels. This is despite a slight dip in crude oil production expected this month. Chevron reported record Permian Basin production during the second quarter of 2023. It has an 11% increase compared to the same period last year. The […]
A surge in United States crude gains made oil exports change the face of the global market and how oil is priced. This is with the price of U.S. crude gaining weight against other benchmarks. This is what traders and analysts have observed this year. Now, as Europe became a major destination for U.S. oil […]
Global oil prices strongest run have gained more than 16% since late June. Moreover, it is heading for their fifth-straight week of gains. It is the longest rally since before Russia’s full-scale invasion of Ukraine upended energy markets. The price of Brent crude, the global benchmark, ticked down 0.1% to $84 a barrel in Friday. […]
Oil prices were steady on Friday but on track for a fifth straight week of gains. This is with investors optimistic healthy demand and supply cuts will keep prices buoyant. Risk appetite in wider financial markets has been fuelled by growing expectations. The expectation is that central banks are nearing the end of policy tightening […]
Oil prices have been slowly but surely edging higher in July as rising optimism around Chinese demand combines with supply concerns to boost bullish sentiment. Oil bulls are optimistic now? Chinese authorities have reformed natural gas pricing in the country, linking retail residential gas prices to distributors’ purchasing costs to avoid squeezing the margin of […]
Experts’ oil price expectations are that it could rise to $100 per barrel by the fourth quarter. The price per barrel currently sits at $74. The demand for oil is high right now and more production is needed to meet it. This is according to Judy Stark, the president of Panhandle Producers and Royalty Owners […]
Oil prices gain on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lackluster economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up […]
