U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row as crude prices recover to their highest in nearly a year. The oil and gas rig count, an early indicator of future output, rose 13 to 373 in the week to Jan. 15, its highest since May, energy services firm Baker Hughes Co (BKR) said in its closely followed report on Friday.
Investors are ramping up wagers that the Biden administration's focus on economic stimulus and electric vehicles will turbocharge a monthslong climb in copper and other industrial metals. Even though they slid alongside other commodities Friday, most actively traded copper futures are still up more than 2% so far in 2021 and near their highest level since early in 2013. They have been lifted by buoyant demand from China and wagers that an improving global economy will...
U.S. shale producers are taking advantage of the oil market's rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said. U.S. crude futures this month jumped above $50 a barrel to the highest since February.
U.S. shale producers are taking advantage of the oil market's rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said. U.S. crude futures this month jumped above $50 a barrel to the highest since February.
Oil prices fell more than 2% on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world's biggest crude importer and U.S. plans for a large stimulus package. Brent was down $1.33, or 2.3%, at $55.17 by 11:59 a.m. EST, after gaining 0.6% on Thursday.
Front Month Nymex Crude for Feb. delivery gained 66 cents per barrel, or 1.25% to $53.57 today. --Up 12 of the past 15 sessions. --Highest settlement value since Thursday, Feb. 20, 2020.
Oil prices edged higher on Thursday, boosted by a weak dollar and bullish signals from Chinese import data but pressured by renewed worries about global oil demand due to surging coronavirus cases in Europe and new lockdowns in China. Brent crude oil futures rose 36 cents, or 0.6%, to settle at $56.42 a barrel.
Front Month Nymex Crude for Feb. delivery lost 30 cents per barrel, or 0.56% to $52.91 today. --Largest one day dollar and percentage decline since Monday, Jan. 4, 2021. --Snaps a six session winning streak.
U.S. inventories of crude oil fell more than expected last week, but gasoline stockpiles notched another large increase, according to weekly data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices erased moderate declines to turn slightly higher after the report, which was bullish for crude but bearish for processed fuels. The Nymex front-month crude contract for February delivery was recently up 0.3% at $53.38 a barrel.
The recent rally in liquefied natural gas prices in Asia is being driven by various supply problems and cold weather, the boss of oil trader Vitol told an industry event on Wednesday. "Asia was short LNG; there were various production problems, this has been going all winter," Russel Hardy told the Gulf Intelligence forum. He added that a cold snap in the region left inventories "a bit short".
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