American energy producers are being incentivized to boost production, as high fuel prices, strong demand, and a tight supply chain at the start of the summer driving season raise the chance of increased profits margins this year, Bloomberg reported. Global crude oil prices have been fluctuating between $100-120/bbl since the conflict in Ukraine erupted in…
American Energy Producers Shift Into High Gear Due to Rising Profits and Demand
Oil Edges Higher on Tight Supply and Expected Demand Uplift
LONDON—Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world’s biggest crude consumer. Brent crude futures for July rose for a fifth session running, gaining $1.69, or 1.5 percent, to $115.25 a barrel by 0940 GMT. U.S. West Texas…
Stocks Edge Up Before Fed Minutes, Dollar Off 1-month Low
LONDON—Stock markets and the dollar moved cautiously higher on Wednesday before the latest Federal Reserve meeting minutes, while New Zealand’s dollar soared as its central bank joined those now aggressively jacking up interest rates. Nerves about a global recession were jangled on Tuesday by weak U.S. housing market data, but European and Asian trading saw…
US Announces Sales of 40 Million Crude Oil Barrels From Strategic Petroleum Reserve
May 25, 2022
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Business & Economycommoditiescrude oileconomyExecutive BranchGeorge BushGeorge W. BushJoe BidenMarketsPolicies & ImpactsPoliticsRussia-UkraineStrategic Petroleum ReserveUSUS News
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The U.S. government has announced the sale of up to 40.1 million barrels of crude oil to be released from the Strategic Petroleum Reserve (SPR) over the coming months. The U.S. Department of Energy’s (DOE) notice of sale is part of the Biden administration’s March 31 announcement to release 1 million barrels of crude oil…
Cargoes of Russia’s Flagship Crude Oil at Sea Climb to Record High
Some 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to find buyers for the crude. The United States and other countries have banned imports of Russian crude and oil products over its invasion of Ukraine,…
Oil Drops on Recession Fears and China COVID-19 Curbs
LONDON—Oil fell by almost $1 on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed tight global supply and expectations of a pick-up in fuel demand with the U.S. summer driving season. Investment banks including UBS and Goldman Sachs have cut their 2022 China growth outlooks. The head of the International Monetary…
Stocks Slump as Snap Cracks Rally, Lagarde Lifts Euro
LONDON—Shares slid worldwide on Tuesday as fears about weak earnings and slowing growth punctured the recent mini-rally, while hawkish remarks from European Central Bank Chief Christine Lagarde reminded edgy markets that rate hikes loom. Nasdaq futures lost 2.06 percent, with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble…
Cost of Electric Vehicle Batteries May Increase 15 Percent Amid Supply Chain Disruptions: Report
May 24, 2022
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Business & EconomycommoditiesCompanieseconomyelectric vehicleinflationInternationalMarketssupply chain disruptionUkraineWorld
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The cost of electric vehicle batteries is set to soar amid the ongoing Russia–Ukraine conflict and supply chain disruptions, the International Energy Agency (IEA) warned on Monday. While electric vehicle sales have remained strong so far this year with 2 million electric cars sold worldwide in the first quarter, IEA said that further efforts to diversify battery…
Fuel Shortage in Laos Sees People Asked Not to Travel
The Laos government has called on residents to avoid unnecessary travel amid fuel shortages, citing the need to prioritize agriculture and other essential industries, according to local reports. Laos, which imports most of its gasoline from neighboring countries, faces fuel shortages due to soaring fuel prices and a weak currency. Many gas stations have been…
White House Confirms It’s Monitoring Looming Diesel Crisis, Says It Will Take Action
The White House could soon tap the nation’s emergency diesel reserve as part of the administration’s efforts to address a critical supply crunch. Diesel prices have spiraled out of control in energy markets this year. President Joe Biden is monitoring diesel supplies and might begin weighing the release of supply from the 22-year-old Northeast Home…
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