Major stock markets in the United States closed higher on Wednesday, with the Ukraine crisis in the center of attention. Investors continued monitoring the situation in Europe and the effect of sanctions on Russia and the global economy. Earlier it was known that senior Chinese officials asked top Russian officials not to invade Ukraine before …
Crude oil prices remained elevated today after the U.S. Energy Information Administration reported crude oil inventories had shed 2.6 million barrels in the week to February 25. This compared with a build of 4.5 million barrels for the previous, which also failed to reverse the direction of oil prices as it was reported a day …
Continue reading “Brent Holds Above $110 As EIA Confirms Crude Draw”
President Joe Biden, who used his first State of the Union address to label Vladimir Putin a “dictator,” signaled Wednesday that he’s open to imposing restrictions on oil and gas imports to the U.S. Russia’s military advance continued, with its Defense Ministry saying it captured the Black Sea port city of Kherson as units moved …
Continue reading “Biden Open to Sanctions on Russian Oil, Gas: Ukraine Update”
The OPEC+ group decided on Wednesday to rubberstamp another 400,000 barrels per day (bpd) increase in its collective oil production in April, despite soaring oil prices after a key member of the pact, Russia, invaded Ukraine. During a short ministerial meeting of OPEC+, the ministers decided to proceed with the monthly increase agreed upon last …
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Kremlin spokesperson Dmitry Peskov said on Wednesday that Russia is capable of withstanding sanctions, and is prepared for all possible scenarios regardless of the severity of measures. Speaking to reporters, Peskov added that it is unclear whether the Ukrainian side will show up for negotiations later during the day, and stressed that Moscow’s representatives are …
Continue reading “We can bear sanctions, talks could happen tonight – Kremlin”
The Biden Administration could couple releases from the Strategic Petroleum Reserve (SPR) with a longer-term policy to support the U.S. oil industry if it wants to reduce the soaring gasoline and oil prices and ensure America’s energy security, Mike Wirth, chief executive at supermajor Chevron, said on Tuesday. The U.S. Administration is discussing another SPR …
Continue reading “Chevron: Biden Can Lower High Crude Prices If He Supports U.S. Oil”
Short of an official request, the White House is now encouraging U.S. drillers to produce more crude. The White House has received a lot of pushback in recent days for not tapping what many see as at least a partial solution to the headache that is high oil prices—U.S. shale.nnnnIn a move that likely angered …
Continue reading “White House Quietly Calls On U.S. Oil Companies To Increase Production”
Russian invasion of Ukraine fuels near-40% rise in gas price and oil to over $11o per barrel as European stock markets tumble Prices of oil futures continued to increase on Wednesday and added 7% as the situation in Ukraine escalated, further inciting supply worries. Ukrainian president estimated that 6,000 Russian soldiers were killed since the …
Continue reading “Oil continues to rise, gains 7% amid Ukraine crisis”
A Russian military convoy moving towards Kyiv is more than double the size of original estimates as troops attempt to lay siege to the capital, a satellite company has warned. Tanks and armoured vehicles were said to stretch for 17 miles early on Monday – but are now believed to be 40 miles long, according …
Continue reading “Russian military convoy north of Kyiv stretches for 40 miles”
Goldman Sachs: geopolitical premium over the war in Ukraine is even higher than current oil prices. Goldman Sachs strategists: The market may be underestimating the risks of tighter supply on oil pricing. Goldman Sachs: Market may have started to overestimate the potential of the war to significantly change Fed’s monetary tightening schedule. Oil prices rallied …
Continue reading “Goldman: Oil Markets Haven’t Fully Priced In Geopolitical Risk Premium”