Oil prices post a loss in February as U.S.-Ukraine tensions feed uncertainty
Oil futures declined on Friday, with worries about...
Oil futures declined on Friday, with worries about the global economic outlook and rising trade tensions from the Trump administration’s tariff plans prompting U.S. and global benchmark prices to post their biggest monthly losses since September.
Prices on Friday then finished off at the session’s lowest levels after a tense meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky dashed hopes for a Ukraine-Russia peace deal that might have eventually led to an end to sanctions on Russia’s oil sector.
West Texas Intermediate crude for April delivery fell 59 cents, or 0.8%, to settle at $69.76 a barrel on the New York Mercantile Exchange. Based on the front month, prices lost 0.9% for the week and ended 3.8% lower for the month, according to Dow Jones Market Data.
April Brent crude the global benchmark,declined by 86 cents,or 1.2%, at $73.18 a barrel on ICE Futures Europe, to lose 1.7% for the week and 4.7% for the month. The May contract which is now the front month, fell 76 cents, or 1%, to $72.81 a barrel.
March gasoline lost 1.3% to $1.9703 a gallon, down nearly 3.3% for the month, and March heating oilfell1.7% to $2.3549 a gallon, ending down 5.2% for the month. The March contracts expired at the session’s end.
Natural gas for April delivery settled at $3.834 per million British thermal units, down 2.5% Friday, with prices finishing 26% higher for the month.
U.S. stocks end sharply higher Friday, closing out a rough February
U.S. stocks ended sharply higher Friday, after a choppy...
U.S. stocks ended sharply higher Friday, after a choppy trading session in which investors appeared initially shaken by Ukraine President Volodymyr Zelensky’s tense meeting at the White House.
The Dow Jones Industrial Average rose 601.41 points Friday, or 1.4%, to close at 43,840.91.
The S&P 500 gained 92.93 points, or 1.6%, to finish at 5,954.50.
The Nasdaq Composite climbed 302.86 points, or 1.6%, to end at 18,847.28.
Investors also assessed on Friday the latest inflation reading from the personal-consumption expenditures price index, which was in line with Wall Street’s forecast. U.S. stocks ended the trading session, the last day of February, with a monthly loss as sticky inflation worries and growth concerns weighed on the market.
The Dow fell 1.6% in February, while the S&P 500 saw a monthly drop of 1.4% and the technology-heavy Nasdaq saw a 4% monthly loss. The Nasdaq snapped a three-month winning streak.
BP ramping up fossil fuels, cuts renewables investment
BP has announced a strategic...
BP has announced a strategic shift to increase annual investment in oil and gas to $10 billion through 2027 while reducing spending on renewables to $1.5 billion to $2 billion per year, more than $5 billion below previous guidance. "We will be very selective in our investment in the transition, including through innovative capital-light platforms. This is a reset BP, with an unwavering focus on growing long-term shareholder value," said CEO Murray Auchincloss.
Canada faces hurdles in building new oil pipelines
As US tariffs loom, some Canadian politicians are advocating for new...
As US tariffs loom, some Canadian politicians are advocating for new pipelines to diversify oil exports beyond the US market, but the high-risk nature of such projects is deterring private investment. Industry experts say only significant government intervention, confidence in long-term oil sands production growth and regulatory stability could encourage companies to consider new projects.
As CNX Resources and partners pursue a $37.6 million geothermal pilot...
As CNX Resources and partners pursue a $37.6 million geothermal pilot at an existing well pad in Pennsylvania, a new report by Penn State University and Project InnerSpace highlights the state's vast untapped geothermal potential and recommends measures to accelerate development, including streamlining permitting, increasing mandates for clean electricity and crafting a geothermal plan. American Petroleum Institute President and CEO Mike Sommers says the oil and gas industry's subsurface expertise makes geothermal a logical pursuit.
