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☆ Sub-$3 gas is making a comeback. Dozens of states could be below $3 by Thanksgiving
▼ + stars: | 2024-09-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Andy Lipow, president of consulting firm Lipow Oil Associates, expects that another nine states will join the sub-$3 list in the next two weeks. “Gas prices, after two-plus years of sizzling because of outside factors like Covid and Russia, are finally coming back into balance,” said De Haan. The accelerating drop in gas prices should help ease financial pressure on consumers and contribute to the cooling inflation rate. Some economists say gas prices will likely be a deciding factor, and lower prices will favor the current administration. ‘Panic and fear’ at OPECAnalysts told CNN that this trend of lower gas prices is likely to continue, despite the shift in strategy from OPEC+.

Persons: Andy Lipow, Patrick De Haan, ”, De Haan, Kamala Harris, “, ” Lipow, Bob McNally, McNally, George W, Bush, Trump, We’re, ” Trump, Tom Kloza, Kamala Harris ’, CNN’s Chris Isidore Organizations: New, New York CNN, AAA, Drivers, Lipow Oil Associates, CNN, “, Federal Reserve, OPEC Analysts, Rapidan Energy Group, OPEC, Trump, Oil Price Information Service Locations: New York, Texas , Kentucky, Kansas, OPIS, Russia, Arizona, Nevada, Georgia, OPEC, China, United States, Saudi Arabia, Ukraine, America

☆ OPEC+ extends oil output cuts again through November
▼ + stars: | 2024-09-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

This isn’t the first time OPEC+ has extended output cuts in a bid to boost crude prices. That same month, OPEC+ extended a cut of 1.65 million barrels per day announced in April 2023 until the end of 2025. Oil prices rose initially but settled slightly lower Thursday. Oil prices have declined this year despite continued output cuts and ongoing geopolitical tension in the Middle East. In June, the International Energy Agency said that a glut of oil supply could weaken the sway OPEC+ has over oil prices.

Persons: — Organizations: New, New York CNN, of, Petroleum, West Texas, Brent, International Energy Agency, IEA Locations: New York, OPEC, China, United States

☆ Dow falls by more than 600 points as September turns ugly
▼ + stars: | 2024-09-03 | by ( Lucy Bayly | ) edition.cnn.com time to read: +3 min

New York CNN —Wall Street kicked off the month of September with a bust, after a disappointing economic report dragged down the Dow by 626 points, or 1.5%, Tuesday afternoon. Traders were already jittery ahead of a big month of economic news, from Friday’s key jobs report to next week’s inflation readings and then the long-awaited rate cut from the Fed mid-month. Investors were reacting to a weaker-than-expected jobs report that underscored fears that the Fed had mishandled inflation and pushed the economy right into a recession. Friday’s jobs report is arguably the most important piece of economic data that central bank officials will have to parse before their monetary policy meeting on September 17-18. International benchmark Brent fell to $73.70 a barrel and US benchmark West Texas Intermediate closed at just above $70 a barrel.

Persons: ”, Mark Hamrick, Brent Organizations: New, New York CNN, Wall, Dow, Institute for Supply Management, Federal Reserve, Traders, Nasdaq, Investors, Fed, Oil, OPEC, West Texas Locations: New York, stoke, payrolls, Libya

☆ Surging China EV sales weigh on oil demand, Goldman says Brent could fall to $68 per barrel by next year
▼ + stars: | 2024-08-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

And demand in China this summer has contracted compared with the prior year, according Struyven. These vehicles reduced oil demand in China by 500,000 barrels per day in the first half of 2024, according to Goldman. Oil demand for vehicles in China is expected to peak in 2025 as a consequence, decades ahead of other emerging market economies, according to Goldman. If demand in China remains flat, Brent prices could fall to $68 per barrel by the end of next year, according to the investment bank. While China is the furthest ahead, global gasoline demand is slowing as electric vehicles are adopted around the world.

Persons: Brent, Daan Struyven, Goldman Sachs, Struyven, CNBC's, Bank of America's Francisco Blanch, Goldman, Jeff Currie, Currie Organizations: OPEC, Bank of America's, Bank of America, China Passenger Car Association, Goldman, Trucks Locations: China, East, Eastern Europe, Israel, Iran, U.S, EVs

☆ U.S., Western nations take measured stance on Venezuela’s disputed vote
▼ + stars: | 2024-08-13 | by ( ) www.nbcnews.com time to read: +6 min

Three officials from different countries said the measured response comes as they are mindful of what happened after Maduro’s 2018 reelection. Then, the vote was quickly condemned as a sham and led to the most severe sanctions yet on the OPEC nation. In Washington, which under Republican President Donald Trump blocked Venezuela’s critical oil exports, there seems little appetite for more severe sanctions. The European Union last week said there was not enough evidence to support Maduro’s victory as announced by the CNE. Countries including China, Russia, Nicaragua and Cuba have recognized Maduro’s victory and offered him support.

Persons: Nicolás Maduro, Edmundo González, Jose Manuel Albares, Maduro’s, Donald Trump, Biden, Maria Corina Machado, Gonzalez, ”, Vedant Patel, Maduro, Elvis Amoroso, Kamala Harris, “, ’, Machado Organizations: Electoral Council, Maduro, United Nations, EU, Republican, Democratic U.S, Venezuela’s, U.S ., . State Department, . Washington, U.S, U.S . Treasury Department, State Department, Reuters, American States, Electoral, International, European Union, CNE, NBC Locations: U.S, Brazil, Venezuela, Spanish, Spain, OPEC, Maduro, Washington, ., reneging, Elvis Amoroso ., Mexico, Colombia, Canada, Panama, China, Russia, Nicaragua, Cuba

☆ Oil prices ease as markets refocus on demand worries
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel at 0005 GMT. U.S. West Texas Intermediate crude futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen more than 4%.

Persons: Brent, John Kirby, CME's Organizations: Brent, . West Texas, of, Petroleum, White House, Wednesday's, U.S Locations: China, Iran, United States

☆ OPEC 'sticking to their plan' to relax their voluntary cuts, expert says
▼ + stars: | 2024-08-13 | 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 'sticking to their plan' to relax their voluntary cuts, expert saysCarole Nakhle, founder and CEO of Crystol Energy, says OPEC will proceed with its decision to relax some of the voluntary cuts starting from the fourth quarter this year.

Persons: Carole Nakhle Organizations: Crystol Locations: OPEC

☆ U.S. crude oil trades near a three-week high after rally fueled by Israel-Iran tension
▼ + stars: | 2024-08-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil prices traded close to a three-week high Tuesday, after rallying on Monday in anticipation of an attack by Iran against Israel that could play havoc with Mideast production and transportation. Here are Tuesday's energy prices:"These risks remain low-probability events, which helps explain the modest increase in prices," Gloystein wrote. But prices eased slightly Tuesday as a strike by Iran had not yet materialized. Rob Ginsberg, managing director at Wolfe Research, said U.S. crude could rise above a resistance level of $84 per barrel. "Once out, mid to high $90s isn't crazy," Ginsberg said.

Persons: Henning Gloystein, Gloystein, Rob Ginsberg, Ginsberg Organizations: Eurasia Group, International Energy Agency, OPEC, U.S, Wolfe Research Locations: Iran, Israel, Hormuz, Brazil, Canada, Guyana, China

☆ Falling commodity prices are indicating there is trouble brewing with the economy
▼ + stars: | 2024-08-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears. But commodity markets may be telling a different story about the global economy. The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5. @HG.1 YTD mountain Copper futures, YTD Weakness in China, the world's second-largest economy, is weighing on copper and oil in particular, Melek said. OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.

Persons: Rob Ginsberg, Ginsberg, Bart Melek, DBB @HG, We've, Melek, I'm Organizations: U.S, Investors, Invesco DB Base Metals, Wolfe Research, TD Securities, DBB, Metals, Copper, CNBC, Global, Beijing, European Union, World Trade Organization, Federal Reserve, Securities Locations: U.S, China, Beijing, Jackson Hole , Wyoming

☆ OPEC+ must maintain supply discipline and keep voluntary cuts in place: Economist
▼ + stars: | 2024-08-12 | 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+ must maintain supply discipline and keep voluntary cuts in place: EconomistVivek Dhar, director and mining and energy economist at CBA, says should happen "at least till the end of this year."

Persons: Vivek Dhar Organizations: CBA

☆ Oil prices surge as US rushes forces to the Middle East ahead of a possible attack by Iran
▼ + stars: | 2024-08-12 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

Oil prices spiked on Monday as tensions flared in the Middle East. WTI crude oil and Brent crude were up over 3.6% and 2.86%, respectively. AdvertisementUS and international oil prices are surging as tensions in the Middle East simmer ahead of a potential attack by Iran against Israel. The rise in oil prices comes as Israel prepares for potential attacks from Iran, sources told the Wall Street Journal. Even before the latest production record, the Energy Information Administration announced in March that the US produces more crude oil than any other country.

Persons: Brent, —, Israel, Ismail Haniyeh Organizations: Service, Israel . West Texas, Wall Street Journal, Pentagon, Energy Information Administration Locations: East, Israel, Tehran, Iran, Beirut, OPEC

☆ U.S. crude oil rises a fifth day, tops $77 per barrel, as Pentagon sends more forces to Middle East
▼ + stars: | 2024-08-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil topped $77 per barrel on Monday, rising for the fifth day as the Pentagon dispatched more forces to the Middle East in anticipation of an Iranian attack on Israel. Defense Secretary Lloyd Austin ordered a carrier strike group, including F-35 warplanes, to accelerate its deployment to the region. Austin also ordered a guided-missile submarine to the Middle East. Here are Monday's energy prices:Israel has been preparing for strikes by Iran and the Hezbollah militia for nearly two weeks, after the assassination of a Hamas leader in Tehran. U.S. crude oil is trading higher even as OPEC lowered its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China.

Persons: Lloyd Austin, Austin, Phil Flynn Organizations: Pentagon, Israel . Defense, UBS, Price Futures Group, Bank of Japan Locations: Israel, Iran, Tehran, China

☆ Crude oil futures fall for fourth day as recession fears outweigh rising Middle East tensions
▼ + stars: | 2024-08-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell for the fourth session in a row Tuesday, as recession fears continue to overshadow the risk of a major escalation in the Middle East. U.S. crude oil closed at a six-month low on Monday, after equity markets sold off on fears that the U.S. economy might tip into a recession. The fear of a U.S. recession has hit oil markets as traders were already worried already about lackluster demand in China, the world's second-largest economy. Here are Tuesday's energy prices:Oil markets have sold off despite the growing risk of major escalation in the Middle East. The oil market has largely looked past geopolitical tensions in the Middle East as crude supplies have not faced any major disruption.

Persons: Ismail Haniyeh, Daniel Yergin Organizations: Dow Jones Industrial, NBC, P Global Locations: East, U.S, China, Israel, Iran, Tehran, Iraq

☆ Oil prices climb more than $1 on fear of spreading Middle East conflict
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer. Oil's slide was limited by worry that Iranian retaliation for the assassination of a Hamas leader in Tehran may lead to a wider war in the Middle East. "Increased fear of escalating Middle East conflict prompted fresh buying," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities . "The market has largely factored in a retaliatory attack by Iran so the focus is on its scale and Israel's counterattack," Kikukawa said. If the conflict escalates, oil prices will rise, but if it is contained in the short term - as it was in April amid similar escalation fear - gain will be limited, he said.

Persons: paring, Hiroyuki Kikukawa, Kikukawa, Antony Blinken, Masoud Pezeshkian, Vladimir Putin Organizations: Brent, U.S, West Texas, NS, Nissan Securities, State Department, Reuters, OPEC Locations: Fort Stockton , Texas, Tehran, Iran, Israel, U.S, Iraq, Russia, Venezuela

☆ Global market sell-off raises the prospect of an emergency OPEC meeting, analyst says
▼ + stars: | 2024-08-06 | 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 EmailGlobal market sell-off raises the prospect of an emergency OPEC meeting, analyst saysAndy Critchlow, head of news in EMEA for S&P Global Platts, discusses the outlook for oil prices and says OPEC could be forced to hold an emergency meeting if stock market volatility persists.

Persons: Andy Critchlow, P Global Platts Organizations: Email Global, P Global

☆ Don't see OPEC increasing output into this market, says RBC's Helima Croft
▼ + stars: | 2024-08-05 | 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 EmailDon't see OPEC increasing output into this market, says RBC's Helima CroftHelima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk Box' to discuss the state of the energy markets, oil production outlook, impact of Middle East tensions, and more.

Persons: RBC's Helima Croft Helima Croft Organizations: RBC Capital Markets

☆ Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region. The market had been expecting OPEC+ to delay the phase out of voluntary production cuts beyond the third quarter, ANZ analysts said. A Reuters survey showed on Friday that OPEC oil output rose in July despite production cuts by the group. Weak economic data across the globe weighed on oil prices, on concerns that a sluggish global economic recovery would dampen fuel consumption. Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is weighing on global oil prices.

Persons: Ismail Haniyeh, Fuad Shukr, WTI, Baker Hughes Organizations: New Harmony Oil, Brent, U.S, West Texas, Hezbollah, ANZ, Organization of, Petroleum, Reuters Locations: Grayville , Illinois, United States, Gaza, Cairo, Israel, Iran, Lebanese, East, Brent, U.S, Russia, China, Europe

☆ U.S. recognizes Maduro's opponent as winner in Venezuela election
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +1 min

President of Venezuela Nicolas Maduro rises his hand during a mass gathering convene by supporters on July 18, 2024 in Caracas, Venezuela. The United States on Thursday recognized Venezuelan President Nicolas Maduro's opponent and opposition candidate Edmundo Gonzalez as the winner of Venezuela's disputed presidential election, rejecting Maduro's claim of victory. The announcement from Washington did not go beyond congratulating him for a "successful campaign," the closest the U.S. has come since Sunday's contested election to recognizing Gonzalez as the OPEC nation's new leader. The dispute over the presidential election results has sparked protests in Venezuela. Venezuela's electoral council proclaimed Maduro, who has been in power since 2013, the winner of the July 28 election with 51% of the vote.

Persons: Venezuela Nicolas Maduro, Nicolas Maduro's, Edmundo Gonzalez, Venezuela's, Edmundo Gonzalez Urrutia, Antony Blinken, Sunday's, Gonzalez, Maduro Organizations: OPEC Locations: Venezuela, Caracas, United States, Venezuela's, Washington, U.S

☆ OPEC+ unlikely to increase oil production: S&P Global
▼ + stars: | 2024-08-01 | 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+ unlikely to increase oil production: S&P GlobalHerman Wang, managing editor of OPEC and Middle East news at S&P Global, discusses the outlook for the upcoming OPEC+ meeting.

Persons: Herman Wang Organizations: P, Middle, P Global

☆ U.S. crude oil breaks $78 per barrel as fears of war between Iran and Israel grow
▼ + stars: | 2024-08-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures broke above $78 per barrel Thursday on fears that Israel and Iran are heading to a direct conflict after the assassination of a Hamas leader in Tehran. Iran Supreme Ayatollah Ali Khamenei has ordered a direct strike on Israel in response to the assassination of Hamas political leader Ismail Haniyeh, three Iranian officials told the New York Times. Khamenei ordered the direct strike at an emergency meeting of Iran's national security council Wednesday morning after Haniyeh was killed, the officials told The Times. Iran and Israel traded direct strikes in April, pushing oil prices to the highest point of the year, but they enemies ultimately pulled back from a full-scale war. The rising tensions come as an OPEC+ committee is meeting Thursday to review members' production quotas.

Persons: Ali Khamenei, Ismail Haniyeh, Haniyeh, Khamenei, Yemen's, Helima Croft, Croft Organizations: New York Times . West Texas, Times, Reuters, RBC Capital Markets Locations: Israel, Iran, Tehran, Iraq, Gaza

☆ Oil claws back some losses after Israel retaliates against Hezbollah
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. U.S. West Texas Intermediate crude futures rose 52 cents, or 0.7%, to $75.25 a barrel. "While (WTI) crude oil remains below the 200-day moving average at $78.66, downside risks remain towards trendline support in the $74.20/00 area," Sycamore said, adding that a sustained break below $74 would open up a move towards $70. Slowing fuel demand in China, the world's largest crude oil importer and the biggest contributor to global demand growth, is also weighing on oil markets.

Persons: Israel, Brent, WTI, Hezbollah's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, Saturday's, U.S, UN, Organization of, Petroleum, Reuters Locations: China, Beirut, Israel, Gaza, OPEC, Russia

☆ Oil prices fall as trader unfazed by Israel-Hezbollah escalation
▼ + stars: | 2024-07-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Smoke billows following an Israeli airstrike in the southern Lebanese border village of Chihine on July 28, 2024. Crude oil futures fell on Monday as traders appeared unfazed by the risk of widening war between Israel and the Iran-backed militia Hezbollah. Here are today's energy prices:Middle East tensions pushed oil prices higher in the spring, but the market's reaction to events in the region have been muted since then in the absence of an actual risk to oil supplies. Analysts have warned that a war between Israel and Hezbollah could lead to a direct confrontation with OPEC member Iran, which backs the militia group. Oil prices have pulled back recently on worries about the health of China's economy.

Persons: Israel, Benjamin Netanyahu's, John Evans Organizations: Hezbollah Locations: Lebanese, Chihine, Israel, Iran, Lebanon, Golan

☆ Abu Dhabi is an oil powerhouse, but it also wants to be a climate tech hub
▼ + stars: | 2024-07-25 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake. “Abu Dhabi is starting to forge ahead as a leading tech cluster for climate in the region,” she said. That Abu Dhabi has thrown its weight and oil wealth behind climate tech is a key attraction for Graphmatech. “To scale up climate tech you need financial support,” Dr Mamoun Taher, its founder and CEO, told CNN. His company has engaged in discussions with key stakeholders in Abu Dhabi, including oil and gas companies.

Persons: Abu, ” Ahmad Ali Alwan, Abu Dhabi, Abu Dhabi’s, Patricia Keating, Karim Sahib, Dr Mamoun Taher, “, “ Abu Dhabi, Taher, ” Organizations: CNN, Mubadala Investment Company, United, Organization of, Petroleum, OPEC, P, PwC, Companies, Sweden’s Uppsala University, Getty, UAE, Emirates Steel, Adnoc, Siemens Energy, Abu, Abu Dhabi National Energy Company Locations: Abu Dhabi, wean, UAE, United Arab Emirates, Dubai, Abu, AFP, “ Abu, United States, Australia, Masdar

☆ The US will be an oil production powerhouse through at least 2026, Goldman Sachs says
▼ + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US oil production will be "robust" for at least the next 18 months, Goldman Sachs said. AdvertisementAmerica's oil production boom will last for at least the next 18 months, according to Goldman Sachs. Analysts said they expect oil production in the Permian Basin to remain strong through the end of 2026, despite crude oil production slowing slightly from its rapid pace in 2023. Oil production will keep growing, just at a slower clip in the coming years, the bank said. Oil prices have risen this year as markets took in supply cuts from OPEC+ and escalating geopolitical tension in the Middle East.

Persons: Goldman Sachs, —, Yulia Grigsby Organizations: Service, Analysts, US, US Energy Information Administration, West Texas, Goldman Sachs Research, International Energy Agency Locations: —, East

☆ Russian oil exports drop to lowest in 7 months amid OPEC cuts and sanctions
▼ + stars: | 2024-07-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

Oil exports from Russia dropped to their lowest level in seven months. Crude oil exports peaked in April and have fallen 620,000 barrels a day since. AdvertisementRussian oil exports have dropped to the lowest levels since December. The drop in exports of Russian crude oil also comes amid recent sanctions from Ukraine against Russian oil supplier Lukoil, which has diverted some oil flows to European countries like Hungary and Slovakia. Those sanctions are driving refiners in some countries, like those in India, to refuse deliveries of Russian oil.

Persons: —, Vladimir Putin, Pipes Organizations: Service, Bloomberg, Lukoil Locations: Russia, Ukraine, Primorsk, Ust, OPEC, Hungary, Slovakia, India

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