Wti crude oil stock price

- A + A KUALA LUMPUR (Aug 12): The ringgit opened easier against the US dollar on Friday due to mixed sentiments and falling crude oil prices, said an analyst. At 9 am, the local currency fell to 4.4450/4495 versus the greenback from Thursday’s close of 4.4445/4460. The analyst said with the worries on inflation and global growth, as well as tighter financial conditions for the greenback, the local note is not expected to strengthen in the near term. He said the increase in US interest rate would put pressure on the ringgit. Meanwhile, the ringgit traded higher against a basket of major currencies. It rose against the Singapore dollar to 3.2441/2478 from 3.2456/2469 and gained versus the British pound to 5.4162/4217 from 5.4307/4326 previously. The local currency improved vis-a-vis the Japanese yen to 3.3351/3387 from 3.3516/3529 on Thursday and appreciated against the euro at 4.5846/5892 from 4.5934/5949 at yesterday’s closing. … [Read more...] about Ringgit depreciates versus US dollar on mixed sentiments, weak crude oil

Share to Twitter Share to Linkedin Gasoline prices have risen significantly in recent months. What’s behind the price spike? Is it the cancelation of the Keystone XL pipeline? Is it the supply disruptions from COVID-19? Is it Russia invading Ukraine? There are many opinions on the issue. Let’s look at the facts. Background Gasoline prices rise and fall with the price of crude oil, though not always in sync or to the same degree. Oil is a global commodity and as such, its price is determined primarily by global supply and demand. When supply is greater than demand, prices fall. Conversely, when demand is greater than supply, prices rise. The following chart is from an article I published in 2015. It illustrates how supply and demand were catalysts for oil price movements. If you take a minute to study the chart, you will see how crude oil prices followed the supply-demand trend quite well. A Look at Global Production The U.S. is the world’s largest … [Read more...] about The Real Reason Behind Surging Gas Prices

Share to Twitter Share to Linkedin Topline The average national price of gas fell below $4 per gallon on Thursday for the first time since March, according to the American Automobile Association’s (AAA) tracker , but the cost remains higher than lows seen earlier this year, while analysts warn of another potential spike in the future. Key Facts According to AAA’s tracker, the national average price of gas dropped to $3.990 per gallon on Thursday, down from a peak of more than $5 in June. Gas Buddy, which also tracks gas prices, reported a slightly lower average price of $3.969 per gallon. While the drop will offer some relief to Americans at the pump, prices of gasoline still remain higher than the $3.318 per gallon at the start of 2022. The price also remains significantly elevated compared to the $3.184 price from 12 months ago. The fall in gas prices has been attributed to multiple factors, including a drop in demand … [Read more...] about Gas Prices Fall Below $4—But Are Still Higher Than Before Russia Invaded Ukraine

(Representative Image) Oil India Ltd (OIL) , the nation's second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation. Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement. The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79. Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia's invasion of Ukraine. Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1. The earnings were also aided by a 4 per cent rise in crude oil production at 0.78 … [Read more...] about Oil India net profit triples on oil in June quarter, gas price boost

- A + A HOUSTON (Aug 12): U.S. offshore oil producers Shell, Chevron and Equinor on Thursday halted operations pumping hundreds of thousands of barrels per day, citing an onshore pipeline leak that a local official said should take about a day to fix. The shut-ins are not expected to last but the number of facilities affected by the leak offered another example of how a relatively minor failure can affect a swath of U.S. energy infrastructure. The shut-ins could halt about 600,000 barrels per day of oil production, a person familiar with offshore operations said. A flange connecting two pipelines onshore in Louisiana failed and caused about two barrels of oil to spill onto the ground, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A fix is expected to take about a day, he added. The spill halted operation of the Mars and Amberjack Pipelines that serve several oil production platforms off the Louisiana coast. It occurred at a booster … [Read more...] about Oil output halted at 7 U.S. Gulf platforms on pipeline outage

Large oil and gas producers are lauding the Senate Democrats’ climate bill due to its green incentives and regulations on fossil fuels; however, smaller producers argue that the new taxes and fees included in the bill will kill their operations. Big oil is hailing the $369 billion climate bill for its steps to regulate the fossil fuel industry and promote green energy, according to Bloomberg. However, smaller, independent oil and gas companies are arguing that the bill’s numerous, costly regulations will threaten their industry’s development, according to an industry letter that was sent Tuesday night to the House Ways & Means Committee. (RELATED: ‘The Little Guys Get Swept Up’: Taxes In Senate Dems’ Climate Bill Threaten Independent Oil, Gas Producers) Exxon’s Darren Woods said the Democrats’ bill was “a step in the right direction” and Occidental’s Chief Executive Officer Vicki Hollub called the bill “very positive,” according to Bloomberg. BP and Shell also cheered … [Read more...] about Big Oil Is Backing Dems’ Climate Bill — Here’s Why

- A + A LONDON (Aug 11): Global shares edged higher on Thursday as investors bet on the pace of interest rate hikes slowing after data pointed to inflation peaking, leaving the US dollar struggling after its biggest fall in five months. Oil prices languished below US$100 a barrel in search of direction, while better-than-expected earnings from Zurich lifted the insurer's shares. Figures on Wednesday showed that US consumer prices were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. Investors now turn to US producer prices data, along with the latest jobless claims numbers, ahead of Wall Street's open. Michael Hewson, chief markets analyst at CMC Markets, said peaking inflation could mean less aggressive interest rate hikes from the US Federal Reserve when it meets in September. The Bank of England and European Central Bank also meet next month. "Markets are getting ahead of themselves, and … [Read more...] about Peak inflation bet lifts stocks, US dollar in doldrums

- A + A NEW YORK (Aug 12): The S&P 500 and Nasdaq finished in the red while Treasury yields rose as investors digested signs of cooling U.S. inflation and hopes the Federal Reserve could slow interest rate hikes against warnings that the battle with rising prices was far from over. Thursday's data showed U.S. producer prices (PPI) unexpectedly fell in July amid a drop in the cost of energy products. This followed Wednesday's surprise news that consumer prices (CPI) were unchanged in July due to a drop in gasoline prices. U.S. Treasury yields rallied after dropping sharply earlier. Two straight days of slower inflation data gave investors some hope that soaring prices were finally "peaking and heading in the right direction," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. But Saluzzi cautioned that this was a "one month data point." "You'd still like to see a trend next month and see it's not necessarily just energy. You … [Read more...] about Stocks lose ground, Treasury yields climb after inflation data

- A + A (Aug 12): Gasoline and oil prices should bounce back through the end of the year as the market still needs to balance rising demand and tight supplies, according to Goldman Sachs Group Inc.. Brent oil futures could go as high as US$130 per barrel, with retail gasoline prices in the US surging back to about US$5 per gallon, said Damien Courvalin, Goldman’s head of energy research in a Bloomberg Television interview. These are the levels “at which we need to see sustained prices to eventually solve the market deficit,” Courvalin said. Demand for crude is poised to rise as power generators and industrial producers switch from pricier natural gas. The combination of relatively lower prices and the continued reopening of economies should also help boost consumption. The supply outlook is aggravated by the lack of an inventory buffer for gasoline and diesel at a time when refiners are heading into their maintenance season. Goldman earlier this week cut its … [Read more...] about Goldman sees US gasoline prices climbing back to US$5 by year-end

- A + A (Aug 11): OPEC expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies. The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report. That’s about 570,000 barrels a day less than OPEC’s 13 members pumped in July. The revision diverges from that of the International Energy Agency, which bolstered demand forecasts on Thursday as soaring natural gas prices compel companies and refiners to switch to using oil. But OPEC’s outlook may give further explanation for the minimal production increase it agreed on with its allies last week. OPEC+ surprised traders at the Aug 3 meeting with plans to add just 100,000 barrels a day in September, despite calls from US President Joe Biden to open the taps during a visit to group … [Read more...] about OPEC sees global oil market tipping into surplus this quarter