China Can't Meet Its US Energy Commitments
The more you delve into the details of China's commitment to buy an additional $52.4 billion in U.S. energy over the next two years, the more it becomes apparent the goal is unachievable, even with the best will in the world.As part of the "Phase 1" trade truce between Beijing and Washington, China undertook to buy energy over and above a $9.1 billion baseline of U.S.
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S.
Oil Jumps After US Kills Iran's Soleimani
Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel, its highest since mid-September when Saudi oil facilities were attacked, and…
Oil on Track for Biggest Yearly Rise Since 2016
Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell 82 cents at $60.86 per barrel.The volume of trade remained low as…
Russia Says Nord Stream 2 Will Be Ready in Months
Russian Prime Minister Dmitry Medvedev said on Monday that the Nord Stream 2 gas pipeline would be completed in a matter of months and U.S. sanctions imposed on the project last week would not be "catastrophic".Russia's new gas transit deal with Ukraine would also mollify the impact on Russian gas supplies of U.S. sanctions introduced on the pipeline project, he said.Last week a major contractor suspended work on the Nord Stream 2 project…
Allseas Suspends Nord Stream 2 Work
Swiss-Dutch company Allseas said last week it had suspended its pipe-laying activities in the Nord Stream 2 Russia-to-Germany natural gas pipeline in anticipation of U.S. President Donald Trump's signing of a defense policy bill."In anticipation of the enactment of the National Defense Authorization Act (NDAA), Allseas has suspended its Nord Stream 2 pipelay activities," the company said in a statement dated Dec.
Oil Hits Highest Since September
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.Brent crude…
Oil Jumps 4% on U.S. Stockpiles Drop
Oil prices surged 4% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.Brent crude futures were up $2.44, or 4%, at $63.26 a barrel by 11:09 ET (1609 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $2.38, or 4.2%, at $58.48.The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia…
Oil Steadies After Brief Slide
Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel.
Oil Edges Lower on U.S. Crude, Gasoline Build
Oil eased on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but losses were limited by optimism that a U.S.-China trade deal would be reached soon.Brent crude futures fell 34 cents, or 0.5%, to $63.93 a barrel by 1:14 p.m. EST (1814 GMT). U.S. West Texas Intermediate crude fell 34 cents, or 0.8%, to…
Trump Nominates Brouillette as New Energy Secretary
The U.S. Department of Energy said on Thursday that President Donald Trump had formally nominated Deputy Energy Secretary Dan Brouillette, a former vice president of Ford Motor Co and Louisiana state energy regulator, to head the department.If confirmed by the Senate, Brouillette will replace Rick Perry, who said last month he would step down by the end of the year.
Oil Rises Above $62
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without…
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S.
Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main markets were expected to add to their 20% gains and best year since 2013.
U.S. Ingenuity Will Solve Climate Challenge: US DOE
The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.The world should look to the United States' ability to reduce its emissions, the Department of Energy's Steven Winberg said at an oil conference in…
USA to Make Paris Climate Exit Official
The Trump administration will file paperwork with the United Nations as early as Monday to withdraw the United States from the Paris Agreement, marking the first formal step in a one-year process to exit the global pact to fight climate change.The move would finalize a decision President Donald Trump promised early in his term to unfetter America’s domestic oil,…
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S. crude futures also swung back into positive territory, up 94 cents at $57,14 a barrel.
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars in projected tax revenues from the drilling industry in the Permian Basin…
Big Corn, Big Oil Unhappy with Fed's Biofuel Plan
Corn farmers, ethanol producers, refinery representatives, energy traders and state and local officials from the Midwest all blasted away at the Trump administration's proposed biofuels plan for next year during a public hearing on Wednesday hosted by the U.S. Environmental Protection Agency (EPA).The hearing in Ann Arbor, Michigan, marks the second public meeting on the topic in as many days…
Oil Steady as Russia Commits to Output Cuts
Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept. 20.West Texas Intermediate (WTI) crude futures were down 4 cents at $56.62 a barrel…