Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Oil spikes 4% as geopolitical tensions stoke fears of a supply disruption
Markets were rattled by military clashes between Israel and the Palestinian Islamist group Hamas.
The fighting has led to more political uncertainty across the Middle East and raised concerns about supplies.
Reuters Videos
Oil prices jump, Middle East violence hits markets
BBC
Oil prices rise following Hamas attack on Israel
LONDON (Reuters) - Oil prices leapt $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter.
Reuters
Oil surges $3 on US sanctions, tight stockpile forecasts
Oil prices gained about $3 early Friday after Israel’s military ordered hundreds of thousands of civilians living in Gaza City to evacuate ahead of a possible ground offensive. The directive followed what the United Nations said was a warning from Israel to evacuate 1.1 million people living in northern Gaza within 24 hours
Stock market today: World shares slip, oil prices soar on growing concern over the Israel-Hamas war
The attack by Hamas has “bullish implications” for oil, although the key issue is for how long that’ll be the case, according to Citigroup Inc. There are now growing risks of an Israeli attack on Iran, given its backing of Hamas, analysts incluidng Ed Morse said in a note. In addition, it seems likely the Saudi-Israeli rapprochement will be postponed, cutting expectations that Riyadh could reduce or end its 1-million-barrel-a-day voluntary supply cut, they said.
Goldman Sachs Group Inc.’s forecast for Brent remained for now at $100 a barrel by June, analysts Daan Struyven, Callum Bruce and Farouk Soussa flagged two potential implications of the attacks for global oil supply.
Traders fear an escalation could prompt a wider conflict that embroils Tehran and, possibly, the US. Iranian security officials helped to plan Hamas’ assault, the Wall Street Journal reported, citing senior members of the militant group and Hezbollah. The US, meanwhile, said it’s moving a carrier strike group to the eastern Mediterranean and augmenting its fighter squadrons in the region
Global oil prices surged higher Monday, reversing the market's sharp declines last week, following a series of attacks on Israel from Hamas fighters in the south from Gaza and Hezbollah-backed militants in the north from Lebanon.
The surprise moves, which triggered retaliation from Israel and threaten to escalate into a wider regional conflict over the coming weeks, could put as much as 20% of global oil output at risk if it were to expand into the key transit areas around the Strait of Hormuz.
Oil surges as Iran links to Israel attacks add to supply hit concerns
Crude oil futures were over 4% higher in early trading on Monday amid concerns about conflict in the Middle East after fighting between Hamas and Israel broke out over the weekend.
OPEC raised its estimate for medium- and long-term demand for oil, and said trillions of dollars in spending would be needed to keep up with that higher demand.
The oil cartel pointed to demand growth in China and India, as well as other countries in Asia, Africa, and the Middle East.
OPEC warned that efforts to stop new investments in oil projects would be dangerous.
prayers for Israel
OPEC Raises Its Estimate for Future Oil Demand
n terms of cleaning up the current energy makeup, "the goal is to lower methane emissions by 45% between now and 2025 and some 55% by 2030," he said.
Ecopetrol has made an effort to incorporate natural gas as an element of the green transition by investing in technology in what Roa called an "important local bet."
"We have five or six important (renewable energy) projects that we're looking to participate in," he said, without giving details due to confidentiality agreements.
Brent oil prices could reach $150 per barrel, says JPMorgan
5
Investing.com
Sun, September 24, 2023 at 10:56 PM EDT·1 min read
In this article:
CL=F
-0.1444%
In a recent forecast, JPMorgan has predicted a potential surge in Brent oil prices to $150 per barrel. This prediction was made on Monday, as the financial institution observed escalating oil rates that have been on a consistent upward trajectory.
The U.K. bank said too much attention had been paid to weekly demand estimates, adding that other U.S. economic data show the U.S. economy to be strong. It maintains its $92 a barrel estimate for Brent this quarter.
Based only on today's policy settings by governments worldwide — even without any new climate policies — demand for each of the three fossil fuels is set to hit a peak in the coming years," IEA Chief Fatih Birol wrote. "This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated."
But the OPEC head underlined that fossil fuels will remain an essential component of the world's energy environment, especially given the pace of population and economic growth. Renewables or hydrogen alone won't be enough to satisfy future energy demand, he told CNN.
When asked whether oil prices will hit $100 a barrel, Al-Ghais replied, "the factors that may lead to this number … have been there for some time and continue to be there — most notably, the under investments that we've seen in oil."
At least $12 trillion in oil industry investments are needed to prevent a spike in energy prices, OPEC chief says
agree gator,,,colombia needs to update old strategy.
Oil and gas exploration has been at the heart of Colombia’s national energy strategy and that of its National Oil Company, Ecopetrol. But as the world decarbonises and Colombia focuses on its own net zero target, the winds of change are blowing.
The entire state of California currently has the highest gas prices in the entire country. While Southern California drivers have it worse, LA County drivers are dealing with something else. Prices are so high that, as KTLA reports, LA County inspectors are checking local gas stations for price gouging.
Gas prices are high in California. According to AAA, the current state average is $6.07, a whopping $2.24 higher than the rest of the country. LA County’s gas prices are 24 cents higher than the state average at $6.31. The most recent jump is the 22nd time in just 24 days that prices have risen in the county. Because of the high prices, inspectors have been hitting thousands of stations cross the county to make sure buyers are getting the correct amount of fuel they’re paying for
Bank of America strategists forecasted in a Wednesday note that West Texas Intermediate prices would trade at $90 a barrel in the first quarter of 2024 and then end next year at $86, before falling further to $75 a barrel by the end of 2025.
Meanwhile, they maintained that Brent crude could hover around $90 a barrel by the end of 2024, and then $80 barrel to end 2025. The staying power of oil's big rally in the second half of this year, the bank said, looks uncertain.
The rise in crude prices has added to the bearish outlook for the economy, with commentators seeing strong headwinds to growth if oil continues to rise. JPMorgan this month predicted that oil could hit $120 a barrel, a level that would bring GDP growth to a halt in the coming quarters.
US crude oil prices hit their highest mark of the year on Wednesday.
West Texas Intermediate crude oil moved 3.62% higher to $93.64 a barrel.
Prices have been climbing since this summer when OPEC+ slashed global oil supply.
The price of US oil surged to a new 2023 high on Wednesday, with West Texas Intermediate crude up more than 3.4% to trade at $93.75 just before noon in New York.
Oil Prices Hit 13-Month High
The price of oil is nearing $94 per barrel after U.S. crude inventories fell by 2.2 million barrels last week, according to the Energy Information Administration (EIA).
Total U.S. oil supply ended the week at just 416.3 million barrels, the EIA said, 4% below the five-year average.
WHERE DO THE GOP PRESIDENTIAL CANDIDATES STAND ON ENERGY POLICIES?
The crude shortage comes as members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and Saudi Arabia, extend production cuts of just 1.3 million barrels a day to the end of 2023.
Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources Inc., the shale driller controlled by billionaire Harold Hamm.
Oil headed for $150 without US support for more drilling, Shale CEO Says
The increased production from the US had helped fill a void in global markets left by output cuts from Saudi Arabia and Russia in recent months, with the country routinely exporting more than 4 million barrels a day. But so far it hasn’t been enough to ease crude prices as the constrained supply picture meets with rising global demand, and dwindling supplies at home may start to slow shipments abroad.
US Oil Production Nears Record as Texas Shale Output Soars
Oil jumps to 2023 highs amid low tank levels at US storage hub
Fundamentally, oil is as strong as it was when I spoke to you in the height of the summertime when oil was $68 a barrel," Dicker tells Yahoo Finance, adding: "But now that it's approaching $92, $93, $94, it seems to be way ahead of itself in terms of the cycle and where it's supposed to be. I do see $100 oil coming, but it's way ahead of itself."
Oil prices (CL=F, BZ=F) have surged to their highest levels in over a year, with analysts suggesting the potential for oil to reach $100 per barrel is coming soon. This price action follows extensive production cuts from both Saudi Arabia and Russia, occurring in lockstep with the U.S. presidential election coming in 2024.
OPEC data from this month has highlighted a widening imbalance between oil demand and supply due to the production cuts, which could spark the biggest oil deficit since 2007 in the next quarter.
Saudi Arabia has an incentive to for oil prices to reach the $100 level, as the country looks to use export revenue to diversify its economy away from petroleum.
Energy Transition
Despite so much uncertainty revolving around oil markets and the transition to cleaner sources of energy, one thing is clear: Efforts to decarbonize the transportation sector are set to boost demand for metals that are key to electric-vehicle batteries. Lithium, nickel, cobalt, manganese and graphite are crucial to battery performance and energy density, while copper is at the heart of all electricity components. The IEA will host its first-ever summit on critical minerals and their role in the clean-energy transition on Thursday in Paris. Ministers from countries around the world — including both large mineral producers and consumers — as well as business leaders and investors will gather to discuss diversifying supply chains, processes to enhance market transparency and promoting sustainable and responsible development practices.