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Commodities

Crude Oil Prices Soar Amid Middle East Tensions

Oil prices surged on Thursday, reaching their highest levels in a year, driven by escalating tensions in the Middle East and fears of potential supply disruptions. West Texas Intermediate (WTI) crude rose more than 5% to close at $73.71 per barrel, while Brent crude climbed over 5% to settle

Crude Oil Prices Plunge as Supply Concerns Rise Amidst Cheating Concerns

Crude oil prices have taken another hit this week, failing to join the recent rally in other commodity sectors spurred by China's stimulus measures. According to a note published by Saxo Bank, the focus has shifted from an improved demand outlook to the prospect of increased oil supply

US Oil Companies Under Scrutiny for Possible Price Fixing with OPEC

The US Senate Budget Committee has launched an investigation into domestic oil producers, seeking to determine whether they have illegally coordinated oil prices with the Organization of the Petroleum Exporting Countries (OPEC), as reported by Reuters on Thursday. This probe represents the latest effort by Democratic lawmakers to pressure energy

U.S. Refinery Activity Dips, But Crude Oil Inventories Rise

U.S. crude oil refinery inputs decreased slightly last week, according to the latest weekly report from the Energy Information Administration (EIA). Refinery operations, while still robust, showed a dip in activity, with a 234,000 barrel per day decline in inputs compared to the previous week. Despite this decrease,

China's Lithium Rush: $3.4 Billion Invested in Seven Argentine Projects

Chinese companies are pouring billions of dollars into Argentina's lithium industry, with a total of seven projects under development across the provinces of Jujuy, Salta, and Catamarca, according to a recent report by the Bolsa de Comercio de Rosario (BCR). The report estimates a combined investment of $3.

Oil Prices Set to Moderate as OPEC+ Output Cuts Phase Out, Fitch Ratings Says

Oil prices are expected to moderate in the coming months as OPEC+ phases out additional output cuts, according to a new update from Fitch Ratings. While Brent crude oil prices reached USD90 a barrel in April due to heightened tensions in the Middle East, prices have since declined as those

OPEC Abandons $100 Oil Dream as Production Cuts Wind Down, Moody's Analytics Reports

OPEC+ has agreed to wind down voluntary production cuts, signaling a shift in strategy and potentially sending oil prices lower, Moody's Analytics observes in a note published on Thursday. This decision marks a tacit admission by OPEC that its efforts to prop up oil prices have failed to

Global Energy Investment Hits Record High as Clean Energy Takes Center Stage

Global energy investment is set to exceed USD 3 trillion for the first time in 2024, with a significant portion directed towards clean energy technologies and infrastructure, according to the International Energy Agency's (IEA) latest World Energy Investment report. This surge in clean energy investment, fueled by a

Goldman Sachs Projects 50% Growth for Global Gas Market

The global oil and gas industry is undergoing a major transformation, driven by declining oil demand and rising global demand for natural gas, according to a new note published by Goldman Sachs Research on Thursday. This shift is evident in investment trends, with oil investment showing signs of peaking in
Goldman Sachs Projects 50% Growth for Global Gas Market

US Refinery Production Soars, Yet Crude Oil Inventories Continue to Shrink, EIA Reports

US refineries are running at near full tilt, yet crude oil inventories continue to shrink, according to the latest weekly report from the Energy Information Administration (EIA). For the week ending May 10, 2024, US crude oil refinery inputs averaged 16.3 million barrels per day, a gain of 307,