Energy News Results

  • Saudi Arabia lowers light crude prices to Asia; US, Europe prices steady

    Saudi Arabia lowered its light crude oil prices to Asian customers in October versus September, though left prices to northwestern Europe and the United States steady. Oil giant Saudi Aramco lowered the price differential of light crude for delivery to the Far East in October to a premium of $1.7 per barrel versus the average of Oman and Dubai crudes, according to a company pricing document.

  • Oil slips as weak U.S. jobs report gives 'reality check'

    Oil prices fell on Friday after a weaker than expected U.S. jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic. Losses were capped by concerns that U.S. supply would remain limited in the wake of Hurricane Ida, which cut production from the U.S. Gulf of Mexico. Brent crude futures settled lower by 42 cents, or 0.58%, at $72.61 a barrel.

  • U.S. loans Exxon Mobil 1.5 mln bbls of crude from Strategic Petroleum Reserve

    The U.S. Energy Department said on Thursday it authorized an exchange of 1.5 million barrels of oil for Exxon Mobil (XOM) from the Strategic Petroleum Reserve to relieve fuel disruptions in Hurricane Ida's wake.

  • Kinder Morgan restores power at Products (SE) Pipe Line Baton Rouge Station

    Kinder Morgan (KMI) on Thursday said it had restored power at its Products Pipe Line Baton Rouge Station and that inspections and activities for restarting the line were underway. The mainlines from Collins, Mississippi to Greensboro, North Carolina, were currently shut down as planned.

  • Chevron to invest in Bunge soybean crushers to secure renewable feedstock

    Oil major Chevron (CVX) plans to invest $600 million in two soybean crushing facilities owned by U.S. agricultural commodities trader Bunge Ltd (BG), securing future feedstock for renewable fuels, the two companies said on Thursday. The investment will result in a 50/50 joint venture, under the memorandum of understanding the two companies said they reached.

  • Oil rises on economic recovery hopes, weaker dollar

    Oil prices rose more than $1 a barrel on Thursday, rebounding on optimism about global economic growth despite the coronavirus pandemic, and after U.S. crude inventories fell more than anticipated. Brent crude ended up $1.44, or 2%, at $73.03 a barrel. The rally briefly pushed U.S. crude futures above the 50-day moving average for the first time in a month, a signal of bullishness for investors.

  • Oil price firms before OPEC+ policy meeting

    * OPEC+ raise 2022 oil demand forecast, sources say. * United States urges OPEC+ to boost output to ease prices. * U.S. refineries aim to restart after Hurricane Ida. By Noah Browning. Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day each month to the end of December.

  • TABLE-UAE's Fujairah oil inventory data for week ended Aug 30

    Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Aug. 30, according to industry information service S&P Global Platts.

  • Oil steadies; OPEC+ sticks to gradual output hikes

    Oil prices steadied on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases. Brent crude fell 4 cents to settle at $71.59 a barrel. Brent had plumbed a session low of $70.42 a barrel, while WTI fell as low as $67.12 a barrel.

  • Oil steady ahead of OPEC+ supply decision

    Oil prices were stable on Wednesday ahead of an OPEC+ meeting, at which major producers will decide whether to go ahead with their plan to add supply while COVID-19 cases soar in Asia and U.S. refiners assess flood damage in the wake of Hurricane Ida.

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