How the U.S. Presidential Election Could Influence Precious Metals Prices – OilPrice.com
via Metal Miner Global Precious Metals MMI (Monthly Metals Index) continued its four-month flat trend from the previous month. Overall, the index was slightly less than flat, dropping by 0.18%. However, a number of factors continue to drive precious metals prices in general. For example, gold is finally calm down After hitting record highs earlier […]
Energy Trading Hit by Worldwide IT Outage – OilPrice.com
A major global power outage affected energy trading in London and Singapore on Friday morning, with banks, airlines, airports and media organisations also affected. News serving platforms for the London Stock Exchange, airlines, banks and media organisations were down early on Friday morning, reportedly due to an outage in Microsoft 365 and Azure services. Microsoft […]
China's Surging Commodity Exports Suggest Weak Domestic Demand – OilPrice.com
China’s exports of copper, diesel and alumina surged in June compared with the same month in 2023, with copper exports surging to a record high as sluggish domestic demand due to weaker-than-expected economic growth weighs on Chinese consumption of goods. China’s copper exports surged 187% last month to a record high, official Chinese data showed. […]
WTI Crude Soars on Tailwinds of Saudi July Export Cuts – OilPrice.com
West Texas Intermediate (WTI), the U.S. benchmark, rose more than 2.9 percent, while Brent rose only half that amount on the day after the EIA reported a larger-than-expected fall in U.S. crude oil inventories and the U.S. dollar weakened. U.S. crude oil inventories have fallen by more than 20 million barrels in the past three […]
Oil and Gas Are Here To Stay – OilPrice.com
The energy transition has shown signs of losing momentum in recent months: EV sales are slowing, wind and solar capacity additions are not expanding fast enough, and electricity prices are rising instead of falling. Along with these signs, other signs are raising red flags: Despite the pressures on oil and gas, these will be here […]
Oil Prices Perk Up on Crude Draw – OilPrice.com
Crude oil prices rose today following the release of the U.S. Energy Information Administration. report Inventories fell by 3.4 million barrels in the week ending July 5. This compares with a much larger drop of 12.2 million barrels the previous week. The American Petroleum Institute reported on Tuesday that inventories were estimated to have fallen […]
Energy Independence What It Means and How We Measure It – OilPrice.com
The idea of American energy independence remains a hot topic, even popping up in recent presidential debates, and everyone seems to have an opinion about it, even though many can’t define what it means. Establishing consistent terminology It is important to understand that under a consistent definition of energy independence, each of the following two […]
Big Oil to Buy Stakes in UAE's New LNG Project | OilPrice.com – OilPrice.com
International oil and gas giants Shell, BP and Total Energies as well as Japan’s Mitsui & Co. have agreed to buy 10 percent each in a new LNG project in the United Arab Emirates, according to anonymous sources familiar with the plans. Bloomberg on friday. Big oil companies continue to bet on rising demand for […]
Strong Fundamentals Suggest Oil Prices Will Continue to Climb – OilPrice.com
Analysts predict that oil prices are likely to rise further this week, and the rally could continue into the coming weeks. The question on everyone’s mind is: how far will OPEC allow prices to rise before tapering its production cuts? “Strong market fundamentals are propelling oil prices higher this week, on track to rise for […]
The Future of Oil Demand Is Increasingly Clear as Trends Solidify – OilPrice.com
In June, the International Energy Agency (IEA) forecast Oil demand growth is expected to peak within six years. Later that month, the Energy Institute said demand was still growing and only slightly declining. While the two reports paint quite different pictures, they offer a glimpse into the real future of oil demand and supply, especially […]