The oil price selloff appears to have run out of steam with oil prices finding a floor over the past week. Brent crude for June delivery was trading at $82.44 per barrel in Wednesday’s intraday session, a sharp decline from $90.10 a month ago while the corresponding WTI contract was trading at $78.17 per barrel down from $85.41 over the timeframe. Demand...
Full operations have resumed at Freeport LNG in Texas, following outages and repairs that have been ongoing for weeks, pushing American natural gas prices lower and causing a rise in LNG prices to Europe. According to Reuters, citing LSEG data, LNG tankers began loading this week, with one tanker having departed with cargo on Tuesday and a second docked...
A continuously fading war risk premium and signs that regional oil markets look well supplied prompted traders to slash last week their bullish bets on crude oil at the fastest pace in over a year. The net long position—the difference between bullish and bearish bets—dropped to a three-month low as money managers liquidated longs, also prompting technical...
The CEO of Russian state-run gas giant Gazprom arrived in Iran on Wednesday with the delegation in what has been described as a “working visit with high-level Iranian officials, including the country’s oil minister, Reuters reports. Gazprom CEO Alexei Miller is visiting Iran at the same time that Russian President Vladimir Putin is visiting China for...
Perhaps more than any other single factor, the Common Seawater Supply Project (CSSP) is critical in enabling Iraq to dramatically increase its crude oil production. It was delayed for over a decade, as ExxonMobil and the China National Petroleum Corporation (CNPC) battled it out for control over the project. Finally, the U.S. firm pulled out and the...
Slovak Prime Minister Robert Fico, 59, remains in “life-threatening” condition following an assassination attempt that took place outside Bratislava on Wednesday, where local media reports claim he was shot in the stomach and hand by a lone gunman. Official sources have offered scant details about the assassination attempt and have not confirmed the...