Power curve prices in the European wholesale market soared on Thursday on a combination of firmer oil and carbon and Russian gas supply uncertainty, while spot prices fell on lower demand as the current heat wave was forecast to ease.
Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine, as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand. Benchmark Brent crude futures settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb. 18.
-U.S. shale producers continued a streak of returning more cash to shareholders this week on the back of higher oil prices, despite criticism from lawmakers and other officials that they are reaping excessive profits at the expense of consumers.
The shrinking discount of U.S. crude to Brent and rising Canadian oil imports this month will send more barrels to the top U.S. oil storage hub, continuing a recent supply build, oil dealers and traders said. Rising storage levels at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, are putting pressure on futures prices, which could help ease U.S. inflation.
Crude oil prices will continue to climb as demand rebounds and supplies remain tight, the head of one of the largest U.S. shale producers said on Wednesday. Prices will remain at $100 a barrel or more over the next five years, Pioneer Natural Resources Chief Executive Scott Sheffield told investors on a conference call.
Crude oil prices will continue to climb as demand rebounds and supplies remain tight, the head of one of the largest U.S. shale producers said on Wednesday. Prices will remain at $100 a barrel or more over the next five years, Pioneer Natural Resources Chief Executive Scott Sheffield told investors on a conference call.
The Abu Dhabi National Oil Company set the September official selling price for its benchmark Murban crude at $105.96 a barrel, the company said on Wednesday.
European spot power prices were mixed on Wednesday, with those in Germany rising on lower wind levels and those in France falling on higher nuclear availability, though the latter remain at a huge premium due to summer heat affecting nuclear output. German Thursday baseload was up 2.2% at 417 euros a megawatt hour at 0910 GMT.
Oil Logistics Company EXOLUM: * OIL PRODUCT DELIVERIES TO THE SPANISH MARKET FROM FUEL DISTRIBUTOR EXOLUM TERMINALS INCREASED BY 7.5% IN JULY YEAR ON YEAR Source text: https://bit.ly/3OVJMUY.
* U.S. crude, gasoline stockpiles rise unexpectedly - EIA. * OPEC+ decides on small 100,000 bpd increase to output target. * U.S. had pushed for more meaningful supply boost. * Iranian and U.S. negotiators travel to Vienna for talks. By Arathy Somasekhar.
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