LONDON—Oil prices rose by over 2 percent on Wednesday on signs of tighter supply, a weaker dollar, and optimism over a Chinese demand recovery. Brent crude futures rose $2.06, or 2.48 percent to $85.09 per barrel by 1044 GMT. The more active February Brent crude contract rose by 2.02 percent to $85.95. U.S. West Texas…
Oil up Over 2 Percent on Tighter Supply
November 30, 2022
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Canada Could Displace Half of Russia’s Gas, Oil Exports: Report
If Canada were to make a priority of developing and exporting more oil and natural gas, it could displace half of Russia’s exports, says think tank SecondStreet.org. Russia is the source of about 14 percent of the world’s supply, according to the International Energy Agency (IEA). “As long as the world requires oil and natural gas—and…
Oil Jumps on Hopes for Easing of China’s COVID-19 Controls
November 29, 2022
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LONDON—Oil prices jumped by 3 percent on Tuesday on hopes for a relaxation of China’s strict COVID-19 controls after rare protests in Chinese cities over the weekend. Brent crude futures gained $2.50, or 3 percent, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 percent, to…
Oil Prices Erase 2022 Gains as China’s Protests Spark Demand Worries
November 28, 2022
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Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand. Brent crude dropped $2.66, or 3.1 percent, to trade at $80.97 a barrel at 1000 GMT, after diving more than 3…
Is Fossil Fuel Actually Produced Renewably Inside the Earth? Some Scientists Theorize ‘Abiotic’ Origins of Oil
Most people are taught that petroleum is formed deep under the Earth over the course of millions of years and is derived from the remains of plankton, plants, and other biological organisms. This explanation is stated matter-of-factly on certain government and educational websites. This theory for oil formation is, however, just that—a theory. There is…
Oil Prices Rise, but Chinese Demand Worries Linger
November 25, 2022
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LONDON—Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures were up $1.29, or 1.5 percent, to trade at $86.63 a barrel at 1024 GMT. U.S. West Texas Intermediate (WTI) crude futures were up…
Oil Drops as Price Cap Proposal Eases Supply Concerns
November 24, 2022
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LONDON—Oil prices fell on Thursday, hovering around two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent…
Biden Admin Quietly Greenlights Plan to Build Huge Gulf Oil Terminal
November 24, 2022
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The Biden administration has quietly approved plans to build a new crude oil terminal in the Gulf of Mexico off Texas, seemingly in contradiction to the president’s climate agenda. The Department of Transportation’s Maritime Administration approved the application (pdf) for Enterprise’s Sea Port Oil Terminal, one of four proposed offshore oil export terminals, on Monday. According to the application, the port…
US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA
November 24, 2022
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With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…
Oil Prices Fall Over $1 a Barrel on Russian Oil Price Cap Talks
November 23, 2022
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LONDON—Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2, or 2.26 percent, to $86.36 a barrel at 1153 GMT, while U.S. West Texas Intermediate (WTI)…
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