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☆ Why oil and gas markets are dreading the risk of supply disruption in the Strait of Hormuz
▼ + stars: | 2024-10-08 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.

Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat

☆ S&P's Dan Yergin warns of 'dangerous time' for global economy as Middle East tensions fester
▼ + stars: | 2024-10-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Iran fired hundreds of ballistic missiles and drones at Israel in retaliation for an attack on an Iranian diplomatic facility in Syria. The global economy is entering a "dangerous time" like never before as Middle East tensions remain elevated, said S&P Global's vice chairman Daniel Yergin. When asked if the global economy is on the precipice of another supply shock resulting from Middle East tensions, Yergin said it's a precarious time for markets. "The betting is that the Israelis would not attack, try to attack, the nuclear facilities at this time. It is a strategically important waterway linking crude producers in the Middle East with key markets across the world.

Persons: Yergin, CNBC's, Joe Biden, Daniel Yergin, it's, —, Pavel Molchanov, Raymond James, Iran's Organizations: White House, Cuban Missile, Iran Watch, Wisconsin, U.S . Energy Information Administration Locations: Iran, Israel, Iranian, Syria, China, Hormuz, Oman

☆ U.S. energy secretary tells skeptical executives natural gas export pause will be short-lived
▼ + stars: | 2024-03-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

US Energy Secretary Jennifer Granholm speaks during the CERAWeek oil summit in Houston, Texas, on March 18, 2024. HOUSTON — The Biden administration this week sought to reassure skeptical oil and gas executives that a pause on liquified natural gas exports from new projects would be short-lived and would not alter the industry's meteoric growth. Secretary of Energy Jennifer Granholm indicated in Houston on Monday that the pause would be relatively short-lived. The energy secretary reiterated the pause has no impact on the 48 billion cubic feet per day that is currently authorized for export. The 48 Bcf/d of currently authorized LNG is three times the current export capacity of the U.S., according to the Department of Energy.

Persons: Jennifer Granholm, HOUSTON —, Biden, Joe Biden, Energy Jennifer Granholm, Granholm Organizations: US, HOUSTON, Industry, Department of Energy, Energy, Global Locations: Houston , Texas, U.S, Ukraine, Houston

☆ Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says
▼ + stars: | 2024-03-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Mark Felix | Afp | Getty ImagesHOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC. Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said. "We maintain a strategic tanker tanker fleet for these types of reasons," al-Sabah said. Wirth told CNBC that Chevron is "not moving ships to the Red Sea."

Persons: Shaikh Nawaf Al, Mark Felix, Shaikh Nawaf, KPC, Saddam Hussein's, Michael Wirth, Wirth, CNBC's Brian Sullivan Organizations: Kuwait Petroleum Corporation, Afp, Getty, HOUSTON, CNBC, Houthi, Global, Chevron Locations: Sabah, Houston , Texas, Red, Israel, Gaza, Africa, al, Al, Persian, Kuwait, Iraq, China

☆ Exxon is not trying to acquire Hess in dispute with Chevron over Guyana oil assets, CEO says
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.

Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek

☆ ECB must keep rates at or near 4% through 2024 to get inflation down -IMF
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

"Monetary policy is appropriately tight and needs to remain so in 2024," Kammer told a news conference. "For all intents and purposes, (the deposit rate) should be held at that level or close to that level throughout 2024." Kammer warned the ECB against cutting rates too soon because that would require even more costly policy tightening later on. While the IMF sees price growth back at target in 2025, an exceptionally tight labour market could push this date back to 2026, it warned. Real wages also have some way to go catch up with inflation and this could also keep up the price pressure, the IMF said.

Persons: Ralph Orlowski, Alfred Kammer, Kammer, Balazs Koranyi, Mark Potter Organizations: European Union, European Central Bank, REUTERS, Rights, International Monetary Fund, ECB, IMF's European Department, IMF, Thomson Locations: Frankfurt, Germany, Gaza

☆ Outperforming analysts reveal 2 new oil and gas stock picks — with one expected to rise by 35%
▼ + stars: | 2023-08-09 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Analysts at RBC Capital Markets have revealed two new top stock picks in the oil and gas sector. The bank's energy and utilities equity team is behind a basket of stock picks called the Global Energy Best Ideas List. RBC said the basket rose 7.8% in July, compared to a 6.2% rise in the iShares S & P Global Energy ETF . ALA-CA YTD mountain Callon RBC analysts also favor Callon Petroleum . As well as adding the above two stocks to their Best Ideas List, RBC analysts removed several others this month.

Persons: Vern Yu, Yu, Vern Yu's Organizations: RBC Capital Markets, Global, RBC, P Global Energy, ALA, Callon Petroleum, Shell PLC, California Resources Corp Locations: Canada, United States, Enbridge, North America

☆ Wheat prices head for biggest single-day gain since Russia invaded Ukraine after fresh attacks on key grain facilities
▼ + stars: | 2023-07-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Wheat prices on Wednesday were on track for their biggest one-day gain since February 2022. Russia this week also backed out of a deal that had ensured safe passage for Ukraine exports in the Black Sea. The missile bombardment targeted critical Ukrainian grain facilities, and wheat prices, while still below last year's record highs, are on pace for their steepest one-day gain since February 2022, when Vladimir Putin first ordered his "special military operation." The initial agreement, which Russia, Ukraine, and Turkey hammered out last July, permitted Ukrainian exporters to ship corn, wheat, and other goods from three ports around Odesa. "Russia might collapse into multiple pieces, like the Soviet Union, and that might not be a bad thing for the world."

Persons: Vladimir Putin, Volodymyr Zelenskyy, Putin, It's, Volodymyr Lugovskyy Organizations: Service, Street Journal, Kremlin, Indiana University Locations: Russia, Odesa, Ukraine, Wall, Silicon, Chicago, Moscow, Turkey, Soviet Union

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ The Russia-Ukraine war remapped the world's energy supplies, putting the U.S. at the top for years to come
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.

☆ OPEC Sees Booming Oil Demand Until Middle of Century
▼ + stars: | 2022-10-31 | by ( Will Horner | ) www.wsj.com time to read: 1 min

Demand for oil is set to be stronger than expected in the coming years, OPEC said. OPEC called for trillions of dollars worth of investments in the oil industry over the next two decades to meet what it expects to be booming demand for fossil fuels stretching far into the middle of the century. In an annual report on long-term energy trends, the Organization of the Petroleum Exporting Countries said the oil industry would need investments totaling $12.1 trillion by 2045—$300 billion more than expected last year—to satisfy demand and keep global energy-security concerns at bay.

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