Crude oil prices moved lower on Thursday on the prospect of a peace deal for Ukraine, following a statement by President Donald Trump who said the presidents of both Russia and Ukraine had separately expressed a willingness to reach a peace deal. At the time of writing, Brent crude was trading at $74.55 a …
Read More »Stocks Mostly Rise, Oil Falls As Trump Fans Ukraine Peace Hopes
Major stock markets mostly rallied, while the dollar and oil prices retreated Thursday on hopes for an end to the war in Ukraine. London was a rare faller owing to sharp losses to share prices of big companies, including Unilever and Barclays, on mixed earnings which overshadowed news that the UK economy surprisingly grew in late 2024. Overall however, US …
Read More »Oil Prices Fall on Rising Crude Stocks, Fed Comments
Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell that signaled slower rate cuts this year. Brent futures were down 67 cents or 0.87% at $76.33 a barrel, while U.S. West Texas Intermediate crude dropped …
Read More »Pushback Begins Against Trump’s Oil Agenda
President Trump declared a national energy emergency as soon as he took office. The declaration had the goal of facilitating growth in energy supply or, as Trump likes to call it “Drill, baby, drill.” Yet this time, Baby doesn’t feel much like drilling. And it’s saying this loud and clear. The oil and gas …
Read More »Iran Says Trump’s Maximum Pressure Will Fail to Drive Its Oil Exports to Zero
The new U.S. Administration’s maximum pressure campaign on Iran will fail – again – and will not achieve its goal to drive the Islamic Republic’s oil exports to zero, Iran’s Oil Minister Mohsen Paknejad said this weekend. “The maximum pressure policy has failed, and (Trump’s) dream of reducing Iran’s oil exports to zero will …
Read More »Russia’s Crude Oil Exports to EU via Ukraine Dropped 15% in 2024
Russian crude oil exports to the EU via Ukraine fell by 15% last year from a year earlier, sources familiar with Russia’s energy ministry data told local newspaper Vedomosti on Friday. While the EU banned imports of seaborne Russian crude in 2022 as part of the Western campaign to stifle Putin’s oil revenues, pipeline …
Read More »Gold is Hot, Oil is Not
Gold (GLD) continued its hot streak as investors turned to it as a safe haven. Despite losing its use to back a country’s currency, markets still want protection against inflation, geopolitical tensions, tariffs, and a hedge on stocks. Gold will increase in value as the trade war against the U.S. worsens throughout this year. Countries need to accumulate …
Read More »China’s Energy Tariffs Shake Up Global Oil and LNG
China’s retaliatory tariffs on imports of U.S. crude oil, LNG, and coal will have a limited effect on Chinese purchases as Beijing’s oil and gas imports from the United States were modest, at best, even before the renewed trade war. However, the Chinese tariffs on U.S. energy, expected to take effect on February 10, …
Read More »Oil Prices Drop Amid Rising Crude Inventories
Petroleum prices dipped on Wednesday as rising U.S. stockpiles and concern about a new Sino-U.S. trade war fueled fears of weaker economic growth, off-seting U.S. President Trump’s renewed push to eliminate Iranian crude exports. Brent crude futures were down 86 cents, or 1.1%, at $75.34 U.S. a barrel. U.S. West Texas Intermediate crude (WTI) …
Read More »Oil Giants TotalEnergies, Equinor Reduce Low-carbon Investments
French oil and gas giant TotalEnergies said Wednesday it would reduce its low-carbon energy investments while Norwegian peer Equinor scaled back its renewables ambitions as the companies reported sharp drops in annual profits. Major fossil fuel companies have seen their profits fall as crude prices have dropped over demand concerns after soaring in the wake of Russia’s invasion of Ukraine …
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