Naftogaz CEO Yuriy Vitrenko. Anatolii Siryk | Ukrinform | Barcroft Media | Getty Images LONDON — The chief executive of Ukrainian state energy giant Naftogaz has accused Russia’s Gazprom of using natural gas as a geopolitical weapon, calling on the U.S. and Germany to take action against Moscow while it awaits regulatory approval for a
Brent crude futures settled at the highest level in almost three years as supplies shrink at a time when a global energy crunch makes it increasingly likely oil will be tapped for power generation. The global benchmark crude rose 1.4% on Thursday to close at the highest level since October 2018, while U.S. crude futures
Oil advanced after U.S. crude inventories slid to the lowest since October 2018 amid a global energy crunch expected to increase demand. Futures in New York rose 2.5% on Wednesday. Domestic crude stockpiles fell for a seventh straight week to about 414 million barrels, according to an Energy Information Administration report. Meanwhile, U.S. equities
Oil ended modestly higher after a choppy session as concerns over growing tight supply outweighed fears over the state of China’s economy. Futures in New York closed 0.4% higher, posting the first gain in nearly a week as traders focused on growing supply constraints in the U.S. Gulf of Mexico following lasting damage from Hurricane
DUBAI, United Arab Emirates — Soaring gas prices are the cost of the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday. “I have talked about a new premium that is emerging in the energy markets that I term the transition premium,” Barkindo told CNBC’s Dan Murphy at the
Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities. U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude.
Aman Sharma | Getty Images LONDON — Britain’s energy industry could be headed for a significant shakeup, industry insiders have warned, as countries all over Europe grapple with an unprecedented crisis in the power sector. Wholesale gas prices have spiked across the region, with the U.K. being hit particularly hard. The front-month gas price at the
OPEC has announced that its secretary general, Mohammad Sanusi Barkindo, has visited the Bolivarian Republic of Venezuela at the invitation of its government to celebrate OPEC’s 61st anniversary. The four-day visit to the country has included meetings with Nicolas Maduro, President of Venezuela, Tareck El Aissami, the people’s minister of petroleum, and Asdrubal Chavez, the
Chevron Chairman and CEO Mike Wirth told CNBC on Wednesday the oil company’s lower-carbon investments focus on areas such as renewable natural gas and hydrogen because it sees significant potential to create shareholder value. “One of the things we’ve chosen not to go into is wind and solar,” Wirth said in a “Mad Money” interview.
Here are some of Rigzone’s top stories during the last week, just in case you missed them… Chevron CEO Warns of High Energy Prices According to Chevron’s CEO, the world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, Bloomberg reported. Read full
A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, North Dakota, U.S., on Thursday, March 8, 2018. Bloomberg | Bloomberg | Getty Images There’s an old saying in Texas — oil will be found where it was once found before. Now, some investors are saying the
Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the dollar rallied. Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the U.S. dollar reduced investor interest in commodities priced in
An Emirati woman paddles a canoe past skyscrapers in Abu Dhabi, United Arab Emirates, on Wednesday, Oct. 2, 2019. Christopher Pike | Bloomberg | Getty Images Abu Dhabi’s property market is showing signs of steady growth, as the oil rich capital of the United Arab Emirates recovers from the deep blows of the coronavirus pandemic.
Oil ended the session unchanged after choppy trading with traders focused on adjusting positions in U.S. crude options ahead of expiration. Futures in New York closed flat on Thursday after earlier declining as much as 1.5% amid a U.S. dollar rally. Nearly 312 million barrels of Nymex front-month West Texas Intermediate crude options, instruments used
Round bales of straw drying on the field are seen in front of the power station operated by RWE AG near Rommerskirchen, Germany on August 10, 2021. The cost of natural gas and electricity has surged across Europe. Ying Tang | NurPhoto | Getty Images LONDON — European power prices have spiraled to multi-year highs
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles. Futures in New York surged 3.1% on Wednesday and global benchmark Brent closed above $75 a barrel for the first time since July. U.S. crude supplies hit the
Oil ended the session little changed as investors tracked U.S. dollar movements and concerns faded around Hurricane Nicholas’ threat to crude supply in the U.S. Gulf of Mexico. Futures in New York erased nearly all gains, yet still managed to close at the highest since early August on Tuesday. The dollar advanced, reducing the appeal
Oil closed above $70 a barrel for the first time in nearly six weeks as another heavy storm heads to the U.S. Gulf of Mexico, while producers are still reeling from Hurricane Ida. Futures in New York settled 1.1% higher. Tropical Storm Nicholas, which may reach hurricane strength before it makes landfall, is expected to
Chevron Corporation (NYSE: CVX), BP (NYSE: BP) and Phillips 66 (NYSE: PSX) have revealed that they are donating funds to support relief efforts following Hurricane Ida. Chevron announced that it is making a commitment of $3 million to support relief and recovery efforts underway in the communities affected by the storm, with the American Red
Here are some of Rigzone’s top stories during the last week, just in case you missed them… Noble Declares Force Majeure On Drillship Damaged By Hurricane Ida Noble Corporation has given a force majeure notice to the customer of the Noble Globetrotter II ultra-deepwater drillship due to sustained damages during Hurricane Ida. Read full article