Crude oil prices for front-month contracts rose on Monday, with the main oil benchmark for North America, West Texas Intermediate, reaching its highest level since late October 2023. The upward movement of oil prices appeared to be propelled by stronger-than-expected manufacturing activity in the United States which seemingly brightened the demand outlook at the start of the …
Continue reading “WTI up to $84 per barrel, hits 5-month high”
DTEK, Ukraine’s largest private energy provider, reported on Saturday significant damages to its infrastructure due to Russian missile and drone attacks, According to the head of the firm, Dmytro Sakharuk, five of its six plants were damaged or destroyed, resulting in the loss of 80% of its generating capacity, with repairs potentially taking up to …
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Ukrainian President Volodymyr Zelensky said in an interview with The Washington Post published on Friday that his country’s forces would have to begin to retreat in its war against Russia unless the United States provides Kiev with more weapons and other military aid. “If there is no US support, it means that we have no …
Hamas stressed on Saturday that successful indirect ceasefire negotiations depend on four conditions. The Palestinian group said Israel must stop all hostilities, 2. Withdraw from Gaza, 3. Allow displaced Palestinians to return to their homes, 4. Let humanitarian aid enter the enclave. Ceasefire talks have made little progress in the months after the previous pause …
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Russian Deputy Prime Minister Alexander Novak announced on Friday that Russia will be implementing oil production cuts in the second quarter of 2024 to align with the rest of the OPEC+ member countries. According to Novak, Russia will reduce oil production and exports gradually. In April, production will be reduced by an additional 350,000 barrels …
Russia has targeted Ukranian energy facilities in an overnight attack with long-range precision weapons, Russia’s Defense Ministry said on Friday. “Last night, the Russian Armed Forces delivered a combined strike by air-launched, seaborne and ground-based long-range precision weapons, including Kinzhal aero-ballistic hypersonic missiles, and also by unmanned aerial vehicles against energy facilities and air defense …
U.S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and OPEC+ vowed to keep the output cut status quo as tensions continued to flare in the Middle East and Russia-Ukraine. At 4:23 p.m. ET on Thursday, U.S. crude benchmark West Texas Intermediate (WTI) trading up 2.05% at $83.02, while global benchmark Brent crude …
Russian warships from the Pacific Fleet have crossed the Bab-el-Mandeb Strait and entered the Red Sea, the state-run Tass news agency said, venturing into a maritime region plagued by Houthi attacks and crowded with naval vessels. The detachment included the missile cruiser Varyag and frigate Marshal Shaposhnikov, Tass reported Thursday, citing the Russian Pacific Fleet’s …
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A refinery in southwestern Russia owned and operated by state oil giant Rosneft has been taken offline and all production stopped, due to damage following a drone attack from Ukraine last week, Reuters reported on Thursday, quoting sources in the industry. Rosneft’s Kuibyshev oil refinery in the region of Samara on the Volga River was hit …
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The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government. Per an Argus report, the DoE declined to comment on why it had bought the oil despite the …
Continue reading “The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR”