A federal judge has mandated the U.S. Bureau of Land Management (BLM) to halt the issuance of new oil and gas drilling...
The Railroad Commission of Texas (RRC) is the state agency primarily responsible for regulating the oil and gas industry, pipelines, natural gas...
If confirmed, the strike would be a bold step for Israel’s clandestine operations in Syria, taking out an Assad regime insider from...
BP plc (BP) forecasts that global oil demand will reach its zenith next year, marking a pivotal shift as wind and solar...
Story Credit| Anthony Di Paola | Bloomberg | Saudi Arabia boosted imports of the dirtiest type of oil to the highest in...
On July 11, 2024, the U.S. Federal Trade Commission (FTC) sent a second request for additional information to both ConocoPhillips and Marathon...
Story By Jason Plautz| E&E News |Politico| After years of flat power demand, America’s digital economy is turning electricity into a growth industry....
The global liquefied natural gas (LNG) market witnessed a significant surge in trade, growing by 3.1% in 2023 to an average of...
Story by Andreas Exarheas| RigZone.com|Recent Houthi attacks in the Red Sea have sharply increased, disrupting shipping routes and impacting oil markets, Rystad Energy...
A new Solana-based crypto initiative, Elmnts, is set to revolutionize the blockchain space by introducing the tokenization of oil and gas well...
On Tuesday, crude oil prices plunged to their lowest levels since December 2021, with both major benchmarks falling nearly 4%. This sharp decline came in the wake of OPEC+ downgrading its demand forecast for 2024 and 2025, a move that overshadowed supply concerns arising from Tropical Storm Francine, as reported by Reuters.
Key market movements:
West Texas Intermediate (WTI) crude: Closed at $65.75 per barrel on the New York Mercantile Exchange, dropping $2.96 or 4.31% At one point, WTI futures fell over 5%, touching their lowest levels since May 2023
Brent crude futures: Settled at $69.19 per barrel on ICE Futures Europe, and fell $2.65 or 3.69%. Earlier in the trading session, Brent declined by more than $3 per barrel.
This significant price drop underscores the market's sensitivity to demand projections, particularly those from influential bodies like OPEC+. The revised forecast appears to have outweighed immediate supply disruption concerns, highlighting the complex interplay of factors influencing global oil prices.
Analysts will closely monitor how these price movements might impact production decisions and investment in the oil sector in the coming weeks.
U.S. stocks finished mostly higher on Tuesday afternoon, with the S&P 500 and the Nasdaq Composite scoring back-to-back gains ahead of Wednesday's release of August's CPI inflation report.
The Dow Jones Industrial Average was down 92.63 points, or 0.2%, ending at 40,736.96, according to FactSet data.
The S&P 500 rose 24.47 points, or 0.5%, to end at 5,495.52.
The Nasdaq Composite advanced 141.28 points, or 0.8%, to finish at 17,025.88.
According to FactSet data, the S&P 500's energy and financials sectors were the only two sectors to end in the red on Tuesday, down nearly 2% and 1%, respectively. Shares of JPMorgan Chase & Co. finished 5.2% lower amid widespread pressure on bank stocks.
Traders also look at two key economic reports that will likely decide the size of the Federal Reserve's first interest-rate cut next week. August's consumer-price index report is due Wednesday morning at 8:30 a.m. Eastern time, followed by the producer-price index report on Thursday morning.
The oil and gas industry is inherently tied to geopolitical events and domestic policy...
Landowners in Arkansas are calling on the Arkansas Oil and Gas Commission to reject...
Story By Jonathan Leake | The Telegraph | Analysts have warned that Labour’s tax...
A federal judge has hit the pause button on new oil and gas drilling...
Story By Andreas Exarheas |Rigzone.com| The U.S. Energy Information Administration’s (EIA) latest gasoline and...
By David Wethe | (Bloomberg) — The price to rent a deepwater drilling rig may...
Chevron CEO Michael Wirth recently criticized U.S. President Joe Biden’s administration for policies that...
Story by Bloomberg, via RigZone.com |Authors: J.Saul, N.S.Malik, M.Chediak| Energy companies in the US are...
A small group of California Republicans has introduced several bills ahead of a special...
Helium is the second most abundant element in the universe after hydrogen. It is a...
By Irina Slav for Oilprice.com | Crude oil prices moved higher today after the...
Story from Bloomberg|By Anthony Di Paola| Libya’s crude exports continued to slump as UN-led...
Have your oil & gas questions answered by industry experts.