Front Month Nymex Crude for May delivery lost $2.13 per barrel, or 3.47% to $59.32 this week. --Largest one week net and percentage decline since the week ending March 19, 2021. --Down four of the past five weeks.
Oil production activity across U.S. Great Plains and Rocky Mountain states rose moderately last quarter, marking the first year-on-year increase since 2019, according to a report on Friday by the Federal Reserve Bank of Kansas City. The uptick comes as oil prices recover after the coronavirus pandemic crushed activity and battered the industry.
Trafigura has begun launching a carbon trading desk led by Hannah Hauman, the global commodities trading firm said on Friday, as part of its push to gain a foothold in the global energy transition. The Geneva-based firm set up a renewables and power division in 2019 to be a third core pillar alongside metals and oil trading.
Oil prices edged lower in rangebound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic's impact on fuel demand. Brent crude futures for June fell 16 cents, or 0.3%, to $63.04 a barrel by 1:38 p.m. EDT. Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago.
Front Month Nymex Crude for May delivery lost 17 cents per barrel, or 0.28% to $59.60 today. --Snaps a two session winning streak. --Off 9.82% from its 52- week high of $66.09 hit Friday, March 5, 2021.
In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices. A multi-trillion dollar spending push designed to diversify the economy's sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said.
Intercontinental Exchange Inc (ICE): * ICE ANNOUNCES THAT A RECORD 14,419 MURBAN CRUDE OIL FUTURES CONTRACTS TRADED ON APRIL 7 Source text for Eikon: Further company coverage:
Brazil's state-run oil company Petroleo Brasileiro SA has asked the Mines and Energy Ministry to clarify comments from President Jair Bolsonaro that recent hikes in natural gas prices were "unacceptable" and that while he would not interfere in the company, it was still possible to change its pricing policy.
Front Month Nymex Crude for May delivery gained 44 cents per barrel, or 0.74% to $59.77 today. --Up for two consecutive sessions. --Up $1.12 or 1.91% over the last two sessions.
LONDON-- Royal Dutch Shell PLC (RDS/A) said gains it made from higher oil prices in the first quarter would be partly offset by disruption related to the winter storm in Texas, knocking the energy giant's recovery from the pandemic. The company said Wednesday that the cold snap had hurt its production, refining and chemicals operations in the state, and would reduce earnings by around $200 million. The unusually cold weather left millions of Texans without power and resulted in outages at...
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