China’s economy appears to be leaving behind the early faltering of the reopening, with manufacturing, construction, and export orders rebounding sharply in February, in a sign that the world’s top crude importer could soon start seeing a jump in oil demand. The Chinese manufacturing purchasing managers’ index (PMI) jumped to 52.6 in February from 50.1 …
Continue reading “Oil Demand Set To Climb As China’s Economy Finally Rebounds”
Federal Reserve Bank of Atlanta President Raphael Bostic warned on Wednesday that should the central bank dip into the easing of monetary policy too soon, this could lead to inflation flaring up anew. In an article posted on Atlanta Fed’s website, Bostic wrote that “amid some signs that price pressures could be receding, a narrative …
Continue reading “Fed’s Bostic: Inflation to ‘flare anew’ on early policy easing”
Dealmaking in the U.S. oil and gas patch declined last year to the lowest level since 2005. Recently, M&A activity fell even further along with a slide in gas prices. Rystad Energy data suggests that $40 billion in energy deals may remain unsold. Last year, mergers and acquisitions in the U.S. oil and gas industry …
Continue reading “Plunging Gas Prices stop $40 Billion In Deals”
Russia’s decision to reduce its oil production by 500,000 barrels per day (bpd) in March will help balance the global oil market, which is in a surplus now, Alexander Dyukov, chief executive of Russian oil company Gazprom Neft, said on Tuesday “Currently the market is in a surplus, so the Russian government’s decision to cut …
Investor sentiment toward stocks is becoming more pessimistic as they build short bets in both US and European equity futures, according to Citigroup Inc. strategists. In a “markedly more bearish” swing last week, traders added nearly $3 billion of new shorts to S&P 500 futures positioning and pulled a net $5.1 billion from exchange-traded funds, …
Continue reading “Citi Strategists Say Traders Are Piling Up Short Bets on Stocks”
The Department of Energy in the United States, which is responsible for a network of national research laboratories, has changed its mind about the biggest scientific mystery of our time. When it comes to the origin of the Covid-19 pandemic, it now says the most likely scenario is that it began in a Chinese laboratory …
Continue reading “US experts FINALLY reveal Wuhan lab leak caused Covid pandemic,”
The CEO of Vitol Group believes oil prices could trade in the $90-$100 per barrel range in the second half of the year. With oil demand set to rise by 2.2 million barrels per day this year while supply remains limited, there is a good chance of a price rally. The Vitol Group has added …
Russia raked in significantly more money from its crude oil sales than previously thought, a group of academics have said. Russia took in more money in the weeks that followed the oil price cap implemented on December 5 last year, calculations from academics at the Institute of International Finance, Columbia University, and the University of …
Polish oil refiner PKN Orlen on Saturday announced that Russia halted crude exports to Poland through the Druzhba pipeline. According to CEO Daniel Obajtek, the move was something the petroleum company was prepared for. “Only 10% of the raw material came from Russia and we will replace it with oil from other directions. This is …
The National Congress of American Indians (NCAI) is calling on the Biden Administration to halt all permitting and scoping for offshore wind projects until a comprehensive procedure to protect tribal interests is in place. NCAI adopted this week a resolution that “strongly urges the Department of the Interior and the Bureau of Ocean Energy Management …
Continue reading “Native Americans Urge Biden To Halt Offshore Wind”