DIRS.INFO The most relevant business & tech news

Russian President Vladimir Putin speaks during a plenary session of the Valdai Club on Nov. 7, 2024 in Moscow, Russia. Contributor | Getty Images News | Getty ImagesGlobal stocks fell and investors fled to safe-haven assets on Tuesday, as global markets reacted to escalating tensions between the world's two largest nuclear powers: Russia and the U.S. The pan-European Stoxx 600 stock index was down almost 1% at 12:23 p.m. London time, hitting 498.56 points — its lowest level since August. The declines come after Russian President Vladimir Putin amended Russia's nuclear doctrine that outlines the conditions that would prompt Moscow to deploy its nuclear arsenal, Russian state news agency Tass reported Tuesday. In currency markets, the Japanese yen rose 0.7% and 0.36% against the euro and U.S. dollar respectively at 12:26 a.m. London time.

Persons: Vladimir Putin, Dmitry Peskov, USDJPY, Wells, Erik Nelson, Putin, Tiffany McGhee, CNBC's, Ice Brent Organizations: Valdai, Getty, U.S, Dow Jones, Nasdaq, Russian Federation, NBC News, Swiss, CNBC, U.S ., NATO, White, Kremlin, Russian Defense Ministry, Kyiv, NBC, Ukrainian, Staff of, Armed Forces, Ice Locations: Moscow, Russia, London, U.S, Republic of Belarus, Russian, Ukraine, Kyiv, Soviet, Bryansk, America

☆ Brent tops $80 per barrel as oil analyst flags ‘phase of deterioration’ in the Middle East
▼ + stars: | 2024-07-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Brent futures topped the $80-per-barrel-threshold on Wednesday, as Iran's claim that Hamas political leader Ismail Haniyeh was assassinated reignited tensions in the Middle East. The Ice Brent contract with September expiry were trading at $80.32 per barrel at 09:45 a.m. London time, up by 2.15% from the Tuesday close price. Oil gained ground amid exacerbated hostilities in the oil-rich Middle East region, where Israel has been fighting Iran-backed Palestinian militant group Hamas since the latter's terror attack in October. The Jewish state's decision to carry out a retaliatory campaign in the Gaza Strip has since broadened the conflict, with Israel trading fire with other Iran-supported factions, such as Lebanon's Hezbollah and Yemen's Houthi. "But now we're moving into a phase of deterioration into the Middle East that we believe is going to capture oil traders' attention and get them to return some material risk premium into the price of Brent.

Persons: Brent, Ismail Haniyeh, Ice Brent, Yemen's, Israel, Ayatollah Ali Khamenei, Clay Seigle, Emily Tan Organizations: Ice, Hamas, Revolutionary Guard, Republic News Agency, CNBC, Israeli Ministry of Foreign Affairs, Minister's Office, Rapidan Energy Group Locations: London, Israel, Iran, Gaza, Tehran, Iran's, Ukraine, Brent

☆ Oil market 'oversold'? Analysts and traders pin crude's price plunge on demand, trading strategies
▼ + stars: | 2024-06-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Oil prices defied the announcement of extended supply cuts from the OPEC+ alliance with brisk declines, with analysts and traders faulting certain trading strategies and the demand picture for the downturn. "I would say that what the market is going through currently is going into an oversold, technically oversold market that is pushing the prices down," he noted. The front-month Nymex WTI contract was at $73.28 per barrel, higher by 3 cents per barrel from the Tuesday settlement. While some blame the OPEC+ meeting for the drop, we believe other factors — such as the option market—have played a role," UBS strategist Giovanni Staunovo said in a Tuesday note to clients. Renewed inventory draws are needed to push oil prices higher, in our view."

Persons: Abdulaziz Almoqbel, CNBC's Dan Murphy, —, …, Almoqbel, Ice Brent, Giovanni Staunovo Organizations: Organization of, Petroleum, Ice, bbl, UBS Locations: Huntington Beach , California, OPEC, London

☆ European stocks follow global markets lower as interest rate outlook weighs on sentiment
▼ + stars: | 2024-05-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. OPEC countries will hold a separate videoconference meeting that same day. OPEC+ was previously set to meet on June 1 in Vienna. The influential oil producers' alliance is currently slated to continue cutting 2 million barrels per day of crude output until the end of this year, under its formal policy. Market participants are closely watching whether these second-quarter voluntary cuts will be extended, while supply security concerns linger amid ongoing conflict in the oil-rich Middle East.

Persons: Nymex Organizations: Organization of, Petroleum, of, Coalition, CNBC, Saudi, Brent Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia, London

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

But that came after they had sold petroleum in eight of the previous nine weeks, reducing their position by a total of 342 million barrels. In the premier NYMEX WTI contract, funds had amassed bearish short positions amounting to 116 million barrels by Nov. 28, up from 20 million barrels eight weeks earlier. Funds purchased the equivalent of 10 million barrels split between U.S. gasoline (+2 million), U.S. diesel (+4 million) and European gas oil (+4 million). Funds held a net long position in gasoline of 66 million barrels (72nd percentile) up from 26 million barrels (19th percentile) six weeks earlier. Related columns:- Record U.S. oil output challenges Saudi mastery (December 4, 2023)- Investors bet against OPEC+ raising oil prices (November 28, 2023)John Kemp is a Reuters market analyst.

Persons: de Wouw, John Kemp, Kirsten Donovan Organizations: Port, REUTERS, ICE, Fund, U.S, . Funds, U.S ., Funds, Saudi, OPEC, Thomson, Reuters Locations: Rotterdam, Netherlands, Brent, Saudi Arabia, United States, U.S

☆ Oil group OPEC and its allies delay policy-setting meeting by four days
▼ + stars: | 2023-11-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Opec logo displayed on a smart phone with Opec seen in the background, in this photo illustration. It was not immediately clear whether the OPEC+ group would be holding a virtual or in-person meeting on Thursday, or whether ministers would still adjourn at the OPEC secretarial headquarters in Vienna. Earlier in the day, Bloomberg News issued a report saying the meeting of Sunday could be delayed amid Saudi dissatisfaction over the oil production levels of some countries. The upcoming meeting faced a challenging market environment, defined by depressed oil prices, a slower-than-expected Chinese demand recovery and petropolitics amid conflict in the Middle East. High interest rates and banking turmoil largely slumped oil prices in the first half of the year, before a sharp boost from several voluntary supply declines announced independently of OPEC+ strategy.

Persons: Jonathan Raa, Ice Brent, —, Abdulaziz bin Salman Organizations: Getty, of, Petroleum, Ice, OPEC Secretariat, Conference of, United, United Arab Emirates —, Bloomberg News Locations: Brussels, Belgium, OPEC, Vienna, Dubai, United Arab, Saudi, Saudi Arabia, Russia, China, Israel, Iran, Venezuela

Hedge funds and other money managers sold the equivalent of 57 million barrels in the six most important futures and options contracts over the seven days ending on Nov. 7. Fund managers have been sellers in five of the most recent six weeks reducing their combined position by a total of 331 million barrels since Sept. 19. The combined position was reduced to just 349 million barrels (13th percentile for all weeks since 2013) from a high of 680 million barrels (64th percentile) six weeks earlier. Bearish short positions in the premier NYMEX WTI contract were boosted to 96 million barrels on Nov. 7 from just 20 million at the start of October. Related columns:- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Investors dump crude oil and distillates as Mideast risk recedes (November 6, 2023)- Crude oil sees fresh short sales as interest rates rise (October 30, 2023)- Investors dumped oil among fastest rates in last decade (October 16, 2023)- Oil investors turn cautious away from Cushing squeeze (October 2, 2023)John Kemp is a Reuters market analyst.

Persons: Henry Romero, Brent, Cushing, John Kemp, David Evans Organizations: REUTERS, OPEC, ICE, U.S, Thomson, Reuters Locations: Gulf of Mexico, Veracruz, Mexico, Saudi Arabia, Chartbook, WTI, NYMEX, Cushing, Oklahoma, Russia

Chartbook: Oil inventories and pricesCushing accounted for 55% of the nationwide depletion even though it held less than 10% of all crude inventories at the end of June. There were only small depletions in the rest of the Midwest (5 million barrels) and along the Gulf of Mexico (8 million barrels) and insignificant changes elsewhere. Since then, prices and spreads have collapsed, even though U.S. crude inventories at Cushing and elsewhere have barely changed so far. U.S. commercial crude inventories are about 9 million barrels (-2% or -0.22 standard deviations) below the prior ten-year seasonal average. Related columns:- U.S. oil futures surge as Cushing stocks evaporate(September 28, 2023)- Oil prices surge as stocks drain away from Cushing(September 15, 2023)- Depleting U.S. crude inventories lift oil prices(August 31.

Persons: Todd Korol, Brent, Brent's, CUSHING, NYMEX WTI, bullish, WTI, Cushing, John Kemp, David Evans Organizations: Gas, REUTERS, OPEC, Treasury, Manufacturers, Fund, Thomson, Reuters Locations: Granum , Alberta, Canada, Saudi Arabia, U.S, United States, Europe, China, Cushing, Oklahoma, of Mexico, NYMEX, OPEC

The wave of sales has reversed much of the 398 million barrels purchased between the end of June and the middle of September. WTI SQUEEZE ENDSIn the seven days ending on October 31, selling was led by crude (-78 million barrels), especially NYMEX and ICE WTI (-62 million barrels), with a smaller contribution from Brent (-16 million). The remaining position (153 million barrels) was the lowest for 16 weeks since July 11 (128 million barrels). Crude inventories around the NYMEX delivery point at Cushing in Oklahoma depleted to just 22 million barrels at the end of September from 43 million barrels at the end of June. But most of the sales have come in European gas oil (-49 million barrels) rather than U.S. diesel (-6 million) reflecting the poor outlook for the European economy.

Persons: Angus Mordant, Cushing, John Kemp Organizations: REUTERS, U.S, ICE, diesel, Funds, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Loving County , Texas, U.S, North America, Europe, China, Iran, Israel, Cushing, Oklahoma, WTI, NYMEX

The most recent week saw sales of Brent (11 million barrels), NYMEX and ICE WTI (4 million) and U.S. diesel (4 million) only partially offset by purchases of U.S. gasoline (3 million) and European gas oil (1 million). Short positions in NYMEX WTI climbed to 41 million barrels on Oct. 24 up from a 16-month low of 19 million barrels on Oct. 3. U.S. NATURAL GASFund managers were still struggling to become outright bullish about the outlook for U.S. gas despite futures prices being very low in real terms. Hedge funds and other money managers sold the equivalent of 125 billion cubic feet (bcf) of gas futures and options over the seven days ending Oct. 24. From a statistical perspective, the very low inflation-adjusted base means there must be more potential for prices to rise rather than fall.

Persons: Brent, WTI, Cushing, NYMEX WTI, John Kemp, Kirsten Donovan Organizations: ICE Futures, U.S . Commodity Futures Trading Commission, ICE, U.S ., OPEC, Fund, Thomson, Reuters Locations: NYMEX, Brent

Fund managers sold a total of 57 million barrels over latest two weeks after having purchased 398 million barrels over the previous 12 weeks since the end of June. Hedge funds and other money managers sold the equivalent of 3 million barrels over the week ended Oct. 3. Fund managers have sold gasoline in each of the latest three weeks by a total of 22 million barrels since Sept. 12. As a result, the net position has been cut to 48 million barrels (42nd percentile) from 71 million (77th percentile). Funds held a net long position of just 9 billion cubic feet (32nd percentile since 2010) down from a recent high of 743 billion cubic feet (48th percentile) on July 11.

Persons: Cushing, Brent, John Kemp, Bernadette Baum Organizations: REUTERS, ICE, U.S, Henry Hub, U.S . Commodity Futures Trading Commission, Funds, Thomson, Reuters Locations: Cushing , Oklahoma, U.S, Israel, Chartbook, Brent, NYMEX, Louisiana, Pacific, United States

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. The net position in all products had fallen to 155 million barrels (71st percentile) on Sept. 12 down from 177 million (80th percentile) on Aug. 15. Short positions in NYMEX WTI slumped to just 21 million barrels on Sept. 12, the lowest for more than a year since June 2022. U.S. NATURAL GASInvestors remain ambivalent about the outlook for U.S. gas prices – torn between depleting inventories and the prospect of a warmer-than-average winter driven by a strong El Niño. The prospect of reduced consumption and slower export growth is weighing on gas prices and has kept them range bound for the last three months.

Persons: Richard Carson, bullishness, NYMEX WTI, Investors, John Kemp, David Evans Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, U.S . diesel, Fund, distillates, Thomson, Reuters Locations: Freeport , Texas, U.S, Saudi Arabia, Europe, China, distillates, Saudi, Cushing, Oklahoma, NYMEX, distillates ., East Asia, North America, Pacific

Hedge funds and other money managers purchased the equivalent of 98 million barrels of futures and options based on crude over the seven days ending on Sept. 5. Short positions in NYMEX WTI had been reduced to just 30 million barrels on Sept. 5 from 136 million barrels on June 27. In the last 10 shorting cycles, shorts have fallen to an average of 24 million barrels. Following their repeated extension, the cuts are set to remove a total of 245 million barrels by the end of December if implemented in full. Related columns:- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)John Kemp is a Reuters market analyst.

Persons: Bing Guan, Brent, NYMEX WTI, Cushing, bullishness, John Kemp, Susan Fenton Organizations: Angeles Refinery, California Air Resources Board, OPEC ⁺, ICE, bearishness, Henry, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Saudi Arabia, Brent, WTI, NYMEX, Chartbook, Russia, Saudi, Cushing, Oklahoma

Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29. Bearish short positions in the premier NYMEX WTI contract had been reduced to just 49 million barrels, down from 136 million. Total commercial crude inventories had fallen into line with the prior ten-year average on August 25 while stocks at Cushing had depleted to almost 30% below the average. Hedge fund managers have been trying to get bullish towards U.S. gas prices, and the inventory surplus inherited from 2022 has been shrinking. Related columns:- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)- Crude oil prices stalled as hedge funds sold (August 29, 2023)John Kemp is a Reuters market analyst.

Persons: Richard Carson, John Kemp, Mike Harrison Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, Cushing, U.S . diesel, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Freeport , Texas, U.S, Cushing, Oklahoma, Brent, Washington, Illinois, Maine

LONDON, Aug 29 (Reuters) - Crude oil prices have stalled as the wave of hedge fund buying that helped lift them throughout July and the first part of August has been replaced by gentle selling. Hedge funds and other money managers sold the equivalent of 30 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 22. Nearly all the sales were in crude (-29 million barrels) with sales of NYMEX and ICE WTI (-16 million barrels) and Brent (-13 million barrels), according to position records filed with regulators and exchanges. There was a mix of profit-taking after the previous rally by liquidating existing bullish long positions (-18 million barrels) and speculative short sales (+11 million barrels) in anticipation of future price falls. There are also increasing indications the United States is relaxing sanctions on crude exports from Iran and Venezuela in exchange for diplomatic objectives and to keep a lid on oil prices.

Persons: Brent, John Kemp, Barbara Lewis Organizations: ICE, Henry, U.S . National Oceanic, Prediction Center, CPC, U.S, Thomson, Reuters Locations: Saudi Arabia, Russia, COVID, States, Iran, Venezuela, NYMEX, United States, Pacific, North America

Hedge funds and other money managers purchased the equivalent of 10 million barrels of futures and options on U.S. diesel and European gas oil over the seven days ending Aug. 8. In the premier NYMEX WTI contract, short positions had been reduced by 91 million barrels or two-thirds since June 27. The total position has risen to a net long of 707 billion cubic feet (47th percentile for all weeks since 2010) up from a net short of 1,061 billion cubic feet (7th percentile) at the end of January. But the surplus had narrowed slowly but progressively from 299 billion cubic feet (+12% or +0.81 standard deviations) on June 30. Related columns:- U.S. diesel prices surge anticipating a soft landing (Aug. 11, 2023)- Crude oil and fuels draw funds as sentiment shifts (Aug. 7, 2023)- Short-covering by hedge funds lifted oil prices (Aug. 1, 2023)- Depleted U.S. diesel stocks attract hedge funds (July 20, 2023)John Kemp is a Reuters market analyst.

Persons: Guan, Brent, John Kemp, Jan Harvey Organizations: Phillips, Los, Los Angeles Refinery, Funds, ICE, U.S, Thomson, Reuters Locations: Los Angeles, Carson , California, U.S

Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27. Essentially all the sales were concentrated in crude contracts split evenly between Brent (-31 million barrels) and NYMEX and ICE WTI (-33 million barrels). Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. The slump in WTI positions is likely being intensified by contract changes which have seen WTI crude grades added to the Brent futures contract. From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.

Persons: Alexander Manzyuk, Brent, John Kemp, David Evans Organizations: REUTERS, OPEC ⁺, ICE, ICE WTI, Fund, Global, Thomson, Reuters Locations: Republic of Tatarstan, Russia, Saudi Arabia, Brent, NYMEX WTI, North America, Europe, China, U.S, Iran, Venezuela, distillates

Hedge funds and other money managers purchased the equivalent of 28 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 6. Funds bought Brent (+22 million barrels), U.S. diesel (+7 million) and European gas oil (+4 million) but sold NYMEX and ICE WTI (-2 million) and U.S. gasoline (-3 million). Portfolio investors are especially bearish about crude, with a net position of 269 million barrels (7th percentile) and a long-short ratio of 2.39:1 (14th percentile). The hedge fund community has become especially bearish about the outlook for European gas oil given indications the region is already in recession. Funds were net short by 12 million barrels (3rd percentile) with a long-short ratio of 0.73:1 (2nd percentile).

Persons: Saudi Arabia’s, WTI, ”, John Kemp, Alexander Smith Organizations: Investors, Funds, U.S ., ICE, Bloomberg, Thomson, Reuters Locations: Saudi, China, U.S, Riyadh, OPEC, Freeport

As a result, the combined position had been reduced to just 302 million barrels (7th percentile for all weeks since 2013) on May 2 from 534 million barrels (38th percentile) on April 18. The position has essentially returned to where it was on March 21 (289 million barrels, 2.16:1) before OPEC⁺ surprised investors by announcing production cuts on April 2 totalling more than 1 million barrels per day. Chartbook: Oil and gas positionsThe most recent week saw sales across the board in Brent (-69 million barrels), NYMEX and ICE WTI (-37 million), European gas oil (-24 million), U.S. diesel (-11 million) and U.S. gasoline (-4 million). Fund managers had become especially bearish on middle distillates such as diesel and gas oil, the most exposed to the business cycle. Funds sold the equivalent of 71 billion cubic feet over the seven days ending on May 2, after selling 99 billion cubic feet the week before.

Purchases over the three most recent weeks totalled 225 million barrels, among the largest increases over any three-week period in the last decade. As a result, fund managers held a combined position of 515 million barrels (34th percentile for all weeks since 2013) on April 11, up from just 289 million barrels (6th percentile) on March 21. But the pace of buying slackened noticeably last week as most of the short positions that existed in late March had been closed out. By April 11, total shorts had been reduced to just 125 million barrels (7th percentile) as bearish investors were squeezed out of the market. Fund short positions in NYMEX WTI were reduced to 24 million barrels, the lowest for almost six months, and down from 127 million barrels three weeks earlier.

☆ No current plan for the UAE to leave OPEC oil alliance, sources say
▼ + stars: | 2023-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. The United Arab Emirates does not intend to leave the influential OPEC oil alliance at this time, two senior officials with knowledge of the matter told CNBC, after a recent report signaled internal talks over such a departure. The UAE oil ministry and Adnoc, the state-owned oil company of the United Arab Emirates, did not immediately respond to CNBC requests for comment. On March 3, the Wall Street Journal reported that rising political disagreements between OPEC+ chair Saudi Arabia and the UAE have once more sparked questions over the latter's future in the producers' coalition. The front-month Nymex WTI contract was at $78.72 per barrel, lower by 96 cents per barrel from the previous settlement price.

☆ Oil prices rise 2% after Russia says it will cut output by 500,000 barrels a day
▼ + stars: | 2023-02-10 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

A work-over rig performs maintenance on an oil well in the Permian Basin oil production area near Wink, Texas August 22, 2018. Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December. He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week.

☆ Azeri BTC crude loadings suspended at a major oil export hub in Turkey after earthquakes
▼ + stars: | 2023-02-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Crude oil loadings from Turkey's Baku-Tbilisi-Ceyhan terminal in the Mediterranean have been suspended following a twin set of earthquakes that devastated Turkey and Syria on Monday, leaving over 9,000 dead. The BTC terminal loads Azeri BTC Blend crude, which is transported to the Ceyhan port through the BTC pipeline. A force majeure notice seen by CNBC — which removes contractual liability from exporters or producers for circumstances outside of their control — was issued on Tuesday evening. The BTC pipeline was not impacted by the earthquakes, the Botas International Company that operates its Turkish section said on Monday. The BTC crude oil loadings schedule that is typically published on the 8th of every month will be delayed, two trade sources said.

Search resuls for: "NYMEX WTI"

25 mentions found