OPEC

Crude oil prices declined for the fifth consecutive session on Tuesday, with West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:USO), closing at $73.32. This marks the lowest level since Feb. 7, 2024. The recent decline in oil prices is primarily due to...

Oil prices surged during the first quarter of 2024 as the supply/demand outlook tightened and global geopolitical concerns intensified, pushing both U.S. and European benchmark crude futures to five month highs. Over the first three months of the year, Nymex West Texas Intermediate, the U.S....

Ukraine drone attacks are increasingly targeting Russian infrastructure, and at the top of the list are oil and refining installations. Could this have a knock-on impact on gasoline prices in the U.S.? In the last two days, two Russian fuel depots have been damaged — one critically — in separate...

Natural gas prices surged on Monday after EQT Corporation (NYSE:EQT), the largest U.S. producer, announced it was cutting output in response to low prices. U.S. natural gas futures jumped 5.6% to $1.938, while exchange traded funds that track gas prices were also higher. The United States Natural...

Oil has rebounded nicely this year and yet OPEC+ is leaning toward keeping supply curbs in place, a report said on Sunday. What Happened: OPEC+ members have agreed to extend production cuts until the end of the second quarter, Bloomberg reported, citing sources. The 22-nation, oil-producing...

Oil prices rose on Tuesday pushing up average gasoline prices at the pump on concerns supply could be disrupted as Iran tested a ballistic missile in the Gulf of Oman, while demand hopes were led by OPEC raising its economic forecasts. Nymex WTI, the U.S. benchmark crude oil futures contract, was...

Oil prices fell by more than 1% on Thursday after Angola said it was to exit the Organization of the Petroleum Exporting Countries (OPEC), raising concerns the African nation will not stick to quotas set by the cartel. Brent crude, the European benchmark oil futures contract, fell 1.1%, to $78.80 a...

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. What Happened: Reuters reports that this development marks a first in the COP summit’s three-decade history, proposing “transitioning...

Oil prices fell to five-month lows on Wednesday following four straight days of declines as traders remained wary that OPEC+ production cuts would have sufficient impact to offset any loss in demand from a global economic slowdown. Brent crude fell 0.8% in early trading on Wednesday to $76.55 a...

The latest Commitment of Traders report (COT) raises questions about the future of the energy complex. Producer short positioning has hit its lowest level since August 2015, an indication that weakness in the oil market may not be a short-term phenomenon, but rather it could usher in a new dynamic...

Oil prices fell during afternoon trade on Friday, as OPEC+ was reported to be close to a deal that will bring more oil onto the market from African-producing members of the oil cartel. In mid-afternoon trade, Brent Crude was down 1.3% at $80.35 a barrel, while US West Texas Intermediate fell 2.4%...

Crude oil prices rose on Monday following reports that the Organization of Petroleum Exporting Countries (OPEC) and its allies will discuss further cuts in output at its upcoming meeting this weekend. What Happened: OPEC could cut production by an additional 1 million barrels a day over the 5...

Crude oil has captured the attention of investors and traders over the last month due to supply constraints resulting from OPEC+ pressure. Additionally, domestic rig counts have driven crude oil to reach over $90. However, the prevailing question is its ability to maintain these current levels or...

The latest projections from the International Energy Agency (IEA) suggest that demand for oil, gas and coal will peak before 2030. "This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated," Fatih Birol, executive director of the IEA,...

Major energy stocks were mixed in premarket trading on Tuesday as crude oil flat-lined ahead of the opening of the U.S. market. Uneven Recovery: The WTI-grade crude, also known as light-sweet crude, was last trading at $80.70 a barrel, down 0.02% from the previous session close of $80.72 a barrel....