The Biden Administration appears not to plan to hold any lease sales for offshore oil and gas areas in the Gulf of Mexico, according to a draft budget proposal analyzed by Bloomberg. In the budget plan for the fiscal year 2023, the U.S. Administration expects oil and gas rents and bonuses of just $25 million …
Continue reading “Biden Administration Signals No Gulf Of Mexico Leases Through 2023”
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 409.9 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year. Total motor gasoline inventories increased by 0.8 million barrels last week and …
Continue reading “EIA Weekly Petroleum Data for the week ending March 25”
According to a Kremlin statement, Russian President Vladimir Putin and German Chancellor Olaf Scholz determined in a phone call that an expert discussion on how the transposition to paying for Russian gas in rubles could be carried out, Tass News reported on Wednesday. On Monday, Putin set a March 31 deadline for the country’s central …
Continue reading “Russia, Germany to talk on gas payment in rubles”
The Kremlin said there are no breakthroughs in talks with Ukraine as skeptical NATO allies evaluate whether Russia’s promise to scale back military operations in Ukraine marks a turning point in the conflict or simply a tactical shift. Attacks continued to be reported near Kyiv. President Joe Biden said he’ll wait and see whether Russia …
Continue reading “Ukraine Update: Russia Sees ‘No Breakthrough’ in Peace Talks”
LONDON (Reuters) – Oil prices jumped by more than 3% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks. Brent crude futures were up $3.07, or 2.79%, at $113.30 by 1215 GMT, reversing a 2% loss in the previous session. U.S. …
Continue reading “Oil rebounds on tight supply, prospects of new Russia sanctions”
FRANKFURT (Reuters) – Europe’s economy is increasingly feeling the heat from Russia’s war in Ukraine as growth stalls, confidence plummets and inflation soars, data and warnings from policymakers made clear on Wednesday. Sanctions on Russia following its invasion last month have pushed energy prices to record highs across the continent, sapping confidence and raising the …
Continue reading “Cracks widen in euro zone economy as war in Ukraine rages on”
Find rubles if you want Russian gas – lawmaker Speaker: West should pay roubles for oil, grain, metals Germany warns on gas supply disruption Russia says to work out rouble payment system by Thursday Medvedev: Sanctions boomerang on West LONDON, March 30 (Reuters) – The Kremlin said on Wednesday that demanding rouble payment for exports …
Continue reading “Russia should work on rouble payments for oil, grain and metals, Kremlin says”
(Reuters) – Russian Finance Minister Anton Siluanov said on Wednesday that a proposed sovereign Eurobond buyback would stop discrimination against Russian bond holders, who he said were not able to access funds sent to settlement system Euroclear, Interfax reported. Russia has offered to buy back dollar bonds maturing next week in roubles in a move …
Petroleum Institute (API) estimated that there was a draw this week for crude oil of 3.0 million barrels, compared to analyst predictions of a 1.558 million barrel draw.U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 23 million barrels since the start of 2020. In the week prior, …
Continue reading “Oil Recoups Losses As API Reports Large Crude Inventory Draw”
(Bloomberg) — Germany activated an emergency plan to help Europe’s largest economy manage limited energy supplies, as concerns mount that Russia could shut off natural gas deliveries. The government in Berlin initiated the first of three possible phases of the plan to deal with squeezed energy supplies, Economy Minister Robert Habeck said Wednesday at a …