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☆ Oil consolidates gains amid concerns of worsening Middle East crisis
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. A Bloomberg report on Wednesday said the U.S. and its allies believe major missile or drone strikes by Iran or its proxies against Israel are imminent. "The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk," ANZ analyst Daniel Hynes said. Oil traders will also be looking out for a monthly oil market report from the OPEC due to be published later on Thursday, and the International Energy Agency's oil market report due on Friday.

Persons: Antony Blinken, Yoav Gallant, Daniel Hynes Organizations: Brent, U.S, West Texas, Hamas, Bloomberg, Israeli, U.S . State Department, ANZ, International Energy Locations: Iran, Gaza, Israel, Syria, U.S, United States

☆ Bad news for Biden (and all Americans): Inflation is creeping higher at the worst time
▼ + stars: | 2024-04-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But, if you’re President Joe Biden, now is a particularly bad time for inflation to reaccelerate. On the other hand, bad economic data, especially regarding inflation, almost certainly guarantees people aren’t going to be feeling better about the economy. Significant progress over the past two years in getting inflation down from multi-decade highs has been of little help to struggling Americans. “We have more to do to lower costs for hardworking families,” he said. The shelter index, a broader component of the inflation report that covers a majority of housing expenses, is up 5.7% year-over-year.

Persons: CNN Business ’, New York CNN — There’s, Joe Biden, Biden, hasn’t, Ron Klain, ”, Ian Maule, he’s, CNN Biden, “ Organizations: CNN Business, New York CNN, Labor, Politico, Biden, Center, CNN, Republican Locations: New York, Las Vegas , Nevada

☆ Oil prices could spike to $100 if Iran directly attacks Israel, analyst says
▼ + stars: | 2024-04-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The price of global benchmark Brent crude oil could spike to $100 a barrel if Iran directly attacks Israel, a former senior White House energy official said. @LCO.1 YTD mountain Brent crude oil, YTD Oil rallied last week after a missile attack destroyed Iran's consulate in Damascus, Syria, killing seven Iranian military officials. "If Iran attacks from its territory, Israel will react and attack Iran," Israeli Foreign Minister Israel Katz said on the social media platform X , tagging Ayatollah Khamenei. Defense Secretary Lloyd Austin made clear that the Biden administration is worried about rising energy prices during congressional testimony Tuesday. "Certainly, those attacks could have a knock-on effect in terms of the global energy situation," Austin told the Senate Armed Services Committee.

Persons: Bob McNally, McNally, George W, Brent, YTD Oil, Israel, Ayatollah Ali Khamenei, Khamenei, Israel Katz, Biden, terrify, Daniel Yergin, Yergin, CNBC's, Natasha Kaneva, Lloyd Austin, Austin Organizations: Brent, White House, Rapidan, Bloomberg News, YTD, Israel, Iran, Rapidan Energy, Biden, P Global, JPMorgan, Defense, Senate Armed Services Committee Locations: Iran, Israel, U.S, Washington, Damascus, Syria, OPEC, Tehran, Islamic Republic, Strait, Hormuz, Persian, Kyiv, Ukraine

☆ Oil prices break two-day losing streak after Israel threatens to strike Iran if attacked
▼ + stars: | 2024-04-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures rose Wednesday after two days of losses as Israel threatened to attack Iran if the Islamic Republic strikes Israel directly. The West Texas Intermediate contract for May delivery gained 31 cents, or 0.36%, to $85.54 a barrel. Oil prices pulled back after the consumer price index rose 0.4% for March and 3.5% over the previous year, compared with expected gains of 0.3% and 3.4%, respectively. Israel warned OPEC member Iran Wednesday it would attack the Islamic Republic if Tehran strikes Israel. "If Iran attacks from its territory, Israel will react and attack Iran," Israeli Foreign Minister Israel Katz said on the social media platform X, tagging Supreme Leader Ayatollah Ali Khamenei.

Persons: Israel, Brent, Israel Katz, Ayatollah Ali Khamenei Organizations: Quds Force, West Texas Intermediate, Iran Locations: Jerusalem, Syria, Tehran, Iran, Islamic Republic, Israel, Republic

☆ Oil steady as U.S. crude stock build offsets Middle East uncertainty
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. Oil prices held steady in early trade on Wednesday after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in U.S. crude inventories. Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Meanwhile, U.S. crude stocks climbed last week by 3.03 million barrels, according to market sources citing American Petroleum Institute figures. Separately, the government raised its forecast for U.S. crude oil output, expecting an increase of 280,000 bpd to 13.21 million bpd in 2024, up 20,000 bpd from an earlier forecast from the U.S. Energy Information Administration (EIA).

Persons: Brent, WTI Organizations: Brent, U.S, West Texas, Iran, Organization of, Petroleum, American Petroleum Institute, U.S . Energy Information Administration, EIA, Revolutionary Guard's Locations: Monahans , Texas, Gaza, Israel, Cairo, Iran, Hormuz, Turkey

☆ JPMorgan says U.S. 'not out of the woods' on inflation, stay overweight commodities
▼ + stars: | 2024-04-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Investors should stay overweight on commodities with a focus on energy to hedge against inflation as interest rate cuts will likely to come later than originally forecast, according to JPMorgan. Economic growth is also coming in stronger than expected with JPMorgan revising global growth upward by 0.5% in the first half of this year. "However, ongoing growth resilience and sticky inflation raise the odds of fewer cuts," Kolanovic cautioned clients. Kolanovic advised investors to stay overweight on commodities with a focus on energy as oil prices rally. The U.S., however, could tap the strategic petroleum reserve as a countermeasure if the situation escalates and deteriorates further, according to JPMorgan.

Persons: Marko Kolanovic, Inflation, Kolanovic, Brent Organizations: JPMorgan, Reserve, Russia Locations: U.S, Western Europe, Ukraine, Russia

☆ Bill Gross says this income play is ‘Better than AI.’ How you can get in on it
▼ + stars: | 2024-04-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Energy prices are surging, and an income-oriented play is getting some love from legendary investor Bill Gross. Better than AI," noting that these master limited partnerships have climbed by double-digits in the past 12 months. MLPs offer investors a way to bet on the exploration, transport and processing of oil and gas. Though the partnership isn't subject to federal income tax, the limited partners face taxes on the income they collect. That means MLP investors could find themselves going on extension to file returns: In that case, they could file their returns as late as Oct. 15.

Persons: Bill Gross, Gross, Stephen Ellis, Ellis Organizations: West Texas, Brent, American Pipeline, NuStar Energy, Morningstar, midstream, Enterprise Products Partners, Targa Resources, Energy, Partners, . Gas, . Enterprise Products, MLP Locations: Asia

☆ Energy, the new momentum trade? Why the sector's strong gains can increase from here
▼ + stars: | 2024-04-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The energy sector has pulled up from behind to overtake nearly every other sector of the market this year and may still have room to advance, according to analysts. The energy sector has gotten a lift as crude oil prices are on a tear this year after plummeting in the last quarter of 2023. The refiners Marathon Petroleum , Phillips 66 and Valero also hit all-time highs on Friday. Diamondback Energy is trading at all-time highs Monday dating back to its IPO in October 2012, while ConocoPhillips is at levels that have not been seen since November 2022. "We think it's a theme that has more to go as well," Ginsberg said of the energy sector rally.

Persons: Jonathan Krinsky, Krinsky, it's, Rob Ginsberg, Brent, Iran teeter, Ginsberg, Valero Organizations: Energy, BTIG, Exxon Mobil, Wolfe Research, Fund, JPMorgan, OPEC, refiners, Petroleum, Phillips, Diamondback Energy, ConocoPhillips Locations: Ukraine, Israel, Iran, Occidental

☆ Oil price surge is the No. 1 threat to the US economy, Moody’s economist warns
▼ + stars: | 2024-04-08 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

But there is a growing threat to that sunny economic backdrop: surging oil prices. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. First, drone attacks on oil refineries deep inside Russia helped lift oil prices last month. Beyond the Middle East tensions, oil and gas prices have been boosted by OPEC and its allies, which continue to restrain supply.

Persons: “, ”, Mark Zandi, Moody’s, Donald Trump, Trump, ” Zandi, hasn’t, Andy Lipow, Brent, ” Helima Croft, Joe Brusuelas, ” Brusuelas, Brusuelas, Vincent Reinhart, Mellon, ” Reinhart, he’s, Patrick De Haan, ” De Haan Organizations: New, New York CNN, Federal Reserve, Wall, CNN, “, Iranian Revolutionary Guards, Lipow Oil Associates, CIA, RBC Capital Markets, RSM, AAA, OPEC, Lipow Locations: New York, Iran, Russia, Syria, Israel, Quds, “

☆ Big oil is racing to scale up carbon capture to slash emissions but the challenges are immense
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +14 min

Some climate activists accuse the industry of simply investing in carbon capture as way to extend the use of oil and gas. The technology typically uses chemical absorption to capture carbon dioxide emitted from the chimney of an industrial plant. "The economic viability of carbon capture and sequestration is a challenge today because the cost of building most plants in order to capture carbon dioxide are very significant," the executive said. About two-thirds of the industry's carbon dioxide emissions come from chemical reactions that occur when breaking down limestone. SLB this month announced a nearly $400 million investment in Aker Carbon Capture, a pure-play carbon capture company based in Norway, in an effort to accelerate deployment of the technology at commercial scale.

Persons: Chin Lee, Biden, SLB, Fred Majkut, Majkut, Adam Miklos, Miklos, Baker Hughes, Olivier Le Peuch, Alessandro Bresciani, Jeff Gustavson, Gustavson, steelmaker Nucor, Linde, Dan Ammann, Ammann, Fatih Birol, We're, SLB's Majkut Organizations: Chevron, Houston Chronicle, Hearst Newspapers, Department of Energy, RTI International, International Energy Agency, Exxon, Rystad Energy, Clean Investment Monitor, United Nations ., Gulf Coast, CF Industries, Talos Energy, Carbonvert, IEA Locations: Winnie, Mississippi, Vicksburg, Schlumberger, United States, Paris, Chevron, United Kingdom, U.S, Aker, Norway, Houston, Port Arthur , Texas, Gulf, Louisiana, Beaumont , Texas, Mississippi , Louisiana, Texas, Bayou, Port Arthur

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

☆ Oil prices bound for second weekly gain on geopolitical tension, supply concerns
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Heavy oil supply has also tightened globally after Mexico and the United Arab Emirates cut exports of these grades. This comes amid solid global oil demand growth of 1.4 million barrels per day (bpd) in the first quarter, JP Morgan analysts said in a note. "Our high-frequency demand indicators estimate that total oil consumption in March averaged 101.2 million bpd, 100,000 bpd above our published estimates," they said.

Persons: Brent, Daniel Hynes, Soni Kumari, WTI, Israel, JP Morgan Organizations: . West Texas, ANZ, NATO, of, Petroleum, United, Investors Locations: Europe, Brent, Israel, Syria, Russia, OPEC, Mexico, United Arab Emirates, U.S

☆ Oil prices rise on concerns of lower supply, signs of U.S. economic growth
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer. Brent futures for June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 15 cents, or 0.2%, to $85.59 a barrel. The comments were positive for oil because they indicated solid U.S. economic growth, said Rob Haworth, senior investment strategist for U.S. Bank's asset management group. In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel.

Persons: Brent, Jerome Powell, Rob Haworth, Israel Organizations: . West Texas, Oil, Organization of Petroleum, oversupply Locations: Los Angeles , California, U.S, Israel, Gaza, Iran, Russia, East

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ The rally in oil cannot be ignored — here's what it means for stock market investors
▼ + stars: | 2024-04-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.

Persons: Brent, —, Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California

☆ U.S. crude oil hovers around $85 as traders take stock of rally
▼ + stars: | 2024-04-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on March 5, 2019. Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. The West Texas Intermediate contract for May delivery gained 2 cents to $85.45 a barrel, while the Brent contract for June delivery was unchanged at $89.35. Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%. The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.

Persons: Tatneft PJSC, Brent Organizations: Oil Refining, Petrochemical, The West Texas Intermediate Locations: Nizhnekamsk, Tatarstan, Russia, Eastern Europe, Ukraine

☆ Oil gains as market buffeted by supply worries
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. U.S. crude oil inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop forecast by analysts in a Reuters poll. Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure. The U.S. dollar also edged down against a basket of currencies on Wednesday, helping support demand for dollar-denominated commodities like oil.

Persons: Brent, WTI, Israel, Pemex Organizations: U.S, West Texas, Reuters, The U.S Locations: Bakersfield, California, U.S, Brent, Ukrainian, Russia, Iran, Damascus, Dos Bocas

☆ OPEC+ likely to 'continue to roll over' with its voluntary oil production cuts, consultancy says
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ likely to 'continue to roll over' with its voluntary oil production cuts, consultancy saysAndy Lipow, president of Lipow Oil Associates, says "they really want to see the price of Brent crude oil hit $90 a barrel."

Persons: Andy Lipow Organizations: Lipow Oil Associates, Brent

☆ Oil holds to gains as market monitors OPEC+ policy, geopolitical tensions
▼ + stars: | 2024-04-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures on Wednesday clung to recent gains as mounting geopolitical tensions and OPEC+ policy lift prices. The West Texas Intermediate contract for May delivery gained 28 cents, or 0.33%, to settle at $85.43 a barrel. Crude futures are at their highest level since late October. Some members of OPEC and allies led by Russia, called OPEC+, are voluntarily cutting 2.2 million barrels per day of production through at least the second quarter. The group's Joint Ministerial Monitoring Committee concluded a meeting Wednesday without recommending changes to OPEC+ current production policy, according to two delegates.

Persons: Brent Organizations: West Texas Intermediate, Energy Information Administration Locations: Midland, Odessa, Texas, U.S, Russia

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Global oil price hits seven-month high as Middle East tensions rise
▼ + stars: | 2024-04-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply. Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe. Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel. “You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN. Geopolitical tensionsWriting about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.

Persons: Richard Bronze, “ You’ve, ”, Sophie Lund, Yates, Hargreaves Lansdown, Israel, —, specter, Brent, Bill Weatherburn Organizations: London CNN, Brent, West, CNN, Revolutionary Guards, Organization of, Petroleum, Lund, Capital Economics Locations: Europe, West Texas, Brent, United States, Red, ”, Syria Monday, Iran, Syria, Israel, Tehran, Quds, OPEC, Iran’s, Damascus, Gaza, China

☆ US oil suppliers are getting a boost from Russian sanctions as India looks to buy more from them
▼ + stars: | 2024-04-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russian imports took a hit as Western sanctions bite down on Moscow's ability to ship crude. That's as Western sanctions on Moscow have cracked New Delhi's appetite for Russian crude, causing India to pivot towards US exports. At the same time, Indian purchases of Russian oil have tumbled, as the US and its allies tightened enforcement of sanctions against Moscow. AdvertisementFor instance, Washington has started individually sanctioning entities that breach a Western price cap on Russian barrels, and has targeted over 50 ships since October. In March, India imported an estimated 33.8 million barrels of Russian crude, compared to 51.1 million in January, Kpler data showed.

Persons: —, It's Organizations: Bloomberg, Service, Moscow, Energy Information Administration Locations: India, Russia, Moscow, Washington, New Delhi, OPEC, Asia

☆ Oil holds onto gains as investors bet on tighter supply
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. Drone attacks knocked out several Russian refineries, which is expected to reduce Russia's fuel exports. In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024. Investors are also scouring U.S. economic data for signs of when the Federal Reserve will cut interest rates this year which will support the global economy and oil demand.

Persons: Brent, Alexander Novak, Goldman Sachs Organizations: . West Texas, of, Petroleum, bbl, Federal Reserve Locations: New Mexico, U.S, OPEC, Russian, Europe, 2024Q4

☆ Morgan Stanley says the catch-up trade in energy can continue and names its top picks to play
▼ + stars: | 2024-03-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil stocks are finally playing catch up as the energy sector has become one of the best performing sectors of the market this year, according to Morgan Stanley. "An improving macro backdrop has started a catch-up trade for Energy," analyst Devin McDermott told clients in a research note Thursday. The sector lagged the broader market last year as crude sagged, but is now following oil prices higher. The sector is outperforming the broader market with energy up 12.5% year to date while the S & P 500 is up 10.1%. Morgan Stanley upgraded the entire sector to overweight early this week.

Persons: Morgan Stanley, Devin McDermott, McDermott Organizations: Energy, Brent, Morgan, ConocoPhillips, Occidental Locations: Diamondback, Devon, Brent

☆ JPMorgan says oil could rise to nearly $100 a barrel on Russia's 'surprising' actions ahead of U.S. election
▼ + stars: | 2024-03-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The price of global benchmark Brent crude oil could surge to $100 a barrel ahead of the U.S. election as Russia slashes its output, according to JPMorgan. "The shift in Russia's oil strategy is surprising," Natasha Kaneva, head of global commodities strategy at JPMorgan, told clients in a note Wednesday. Russia's cuts could push Brent to $90 in April and nearly $100 by September, which would put pressure on the Biden administration in the runup to the November presidential elections, Kaneva wrote. The White House could, however, tap the strategic petroleum reserve with space to release up to 60 million barrels, Kaneva wrote. Demand destruction, in turn, would result in lower crude prices, according to the analyst.

Persons: Natasha Kaneva, Brent, Biden, Kaneva Organizations: Brent, JPMorgan, Reuters Locations: Russia, Saudi Arabia, Moscow, OPEC, U.S

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