Tag Archive for: oilprices

Oil prices found support after U.S. commercial crude stockpiles declined by 1.4 million barrels in the first week of May.

Crude oil futures rose Wednesday, recovering losses from earlier in the session as U.S. crude inventories fell.

Oil prices found support after U.S. commercial crude stockpiles declined by 1.4 million barrels in the first week of May, according to official data from the Energy Information Administration. The decline was a surprise compared to industry data that indicated a 509,000 barrel buildup.

Prices have come under pressure as of late on rising inventories with U.S. stockpiles surging in the last week of April.

“Oil market indicators have turned softer in recent weeks, and prices have declined from recent peaks,” Morgan Stanley analysts said in a research note. “The oil market is not tight now, but we see seasonal strength ahead in coming months.”

Here are Wednesday’s closing energy prices:

  • West Texas Intermediate – June contract: $78.99 a barrel, up 61 cents, or 0.78%. Year to date, U.S. crude oil has risen 10%.
  • Brent July contract: $83.58 a barrel, up 42 cents, or 0.51%. Year to date, the global benchmark has risen 8.5%.
  • RBOB Gasoline – June contract: $2.53 per gallon, down 0.46%. Year to date, gasoline futures are up about 20%.
  • Natural Gas-  June contract: $2.19 per thousand cubic feet, down 0.91%. Year to date, gas is down 13%.

Oil prices have fallen more than 7% since reaching their April highs when traders bid up prices on fears that Iran and Israel would go to war. Investors have largely sold off the war premium since then, with Morgan Stanley removing $4 per barrel of risk from its oil price forecast for the year.

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Source: CNBC

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Mr. Paul believes that without future exploration, we will continue to tap into proven reserves, causing oil prices to increase.

Oil and Gas Politics signal market growth. Crude oil, often referred to as petroleum, is a liquid fossil fuel distinct from its refined counterpart, gasoline. Similarly, natural gas, colloquially known as ‘gas,’ is more precisely point out as fossil gas or methane. Despite their colloquial names, oil and gas are classified as fossil fuels, originating deep underground over millions of years from the fossilized remains of ancient organisms, including plants and animals. Furthermore, these energy resources share a common hydrocarbon composition, characterized by molecules comprising carbon and hydrogen atoms. This chemical congruence underscores their classification as hydrocarbons and shows the interrelated nature of these pivotal energy commodities.

The United States has been one of the world’s energy giants since its first oil well was inculate in Pennsylvania in 1859. Oil production peaked in the 1970s, then waned for decades, and saw a resurgence through the fracking boom that started in the early 2000s. The United States has begun to reclaim its position as the world’s largest oil and gas producer. It is estimated that the US now produces 90% of its own natural gas supply and 75% of the crude oil it needs domestically. In 2021, it produced around eleven million barrels of crude oil and one hundred billion cubic feet of gas daily.

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Source: USA Today

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Oil prices have moved higher following news that producer BP will temporarily halt shipments through the Red Sea after reported attacks on vessels delivering on this route.

Oil price rises (CL=F, BZ=F) have moved higher following news that producer BP (BP) will temporarily halt shipments through the Red Sea. After reported attacks on vessels delivering on this route. Analysts estimate 12-15% of the global oil supply moves through this passage from the Middle East. Meaning any prolonged closure could impact availability in relevant markets.

Yahoo Finance Ines Ferré breaks down the details and what these pressures will mean for oil and natural gas prices (NG=F).

And what we’ve seen today is a bump for WTI for crude oil. Let’s take a look at the chart so you can see where we’re at. With WTI and crude both jumping more than 2% during today’s session. This is after British oil giant, BP, said that it was pausing ship shipments via the Red Sea. After Houthi rebels were attacking ships. This was a precautionary pause.

Several shipping companies have been pausing their shipments, including Evergreen, that’s a global container shipping company. Now, the Red Sea, that’s connected to the Mediterranean Sea by the Suez Canal. Anywhere between 12 and 15% of oil is move via the Suez Canal, so it is a very important area that’s connecting– that is a shipping route connecting Europe to Asia.

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Source: yahoo!finance

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ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. Meanwhile, cash flow was even higher at $16 billion.

ExxonMobil (XOM 0.31%) earned an impressive $9.1 billion in the third quarter. That was up from $7.9 billion in the second quarter as the company feasted on higher oil prices. Meanwhile, cash flow was even higher at $16 billion, a whopping $6.6 billion increase from the last quarter. 

As strong as the third quarter was, even better days could be ahead for the oil giant. Here’s a closer look at the quarter and what’s in store for ExxonMobil investors.

ExxonMobil expected that higher oil prices would boost its upstream earnings by more than $1 billion in the third quarter, which is what happened:

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Source: The Motley Fool

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