Drill, baby, drill: Arctic set for £230bn oil and gas bonanza with JPMorgan, Barclays and Citi piling in September 23, 2021 Oil and gas companies are set to ramp up production in the Arctic by 20 per cent in the next five years, according to a new report shared with City PM this morning. The main Arctic expansionists – Gazprom, Total and ConocoPhillips – are backed by hundreds of billions of pounds from dozens of City [...]
UK energy provider Bulb seeks emergency fund injection September 19, 2021 The UK’s sixth largest energy company, Bulb, is racing to secure an emergency cash injection to avoid collapse as a record spike in energy prices uproots the sector. The energy startup, which supplies electricity and gas to 1.7m customers in the UK, is seeking advice from investment bank Lazard in an attempt to shore up [...]
Oil prices push back as effects of Hurricane Ida hit supply September 10, 2021 Global oil prices pushed past the $73 mark this morning as crude supplies tightened on the back of Hurricane Ida. Worldwide standard Brent crude rose 2.2 per cent to $73.02, while US benchmark West Texas Intermediate rose 2.4 per cent to $69.80. Since Ida made landfall in the US at the end of August, causing [...]
Oil prices plummet on surging Covid cases August 3, 2021 Oil prices plummeted on Tuesday as the resurgence in Covid cases globally driven by the Delta variant fuelled concerns that restrictions on economic activity may be reimposed. Global benchmarks WTI and Brent Crude slid 1.39 per cent and 1.12 per cent to hit $70.41 and $72.22 respectively – WTI briefly dipped below $70. Prices have [...]
BP’s dividend edges up as profit beats estimates on climbing oil prices August 3, 2021 BP this morning said it will increase its dividend by 4 per cent and will kick off $1.4bn worth of share buybacks after its profit sprinted past estimates and rose to $28bn in the second quarter, buoyed by higher oil and gas prices. The oil giant raised its dividend to 5.46 cents, beating analysts’ expectations [...]
Oil prices plummet after Opec+ end deadlock July 19, 2021 Oil prices plummeted on Monday after Opec+ broke through a deadlock to reach an agreement on oil production. Brent Crude and WTI Crude both fell sharply on the news, down 2.41 per cent at and 2.55 per cent respectively. Opec+ agreed to increase oil production by 400,000 barrels a day on Sunday. As part of [...]
Oil prices slide further as traders brace for supply increase July 15, 2021 Oil prices slid further on Thursday as traders prepare for a wave of supply to flood the market. Benchmarks WTI Crude and Brent Crude were down 1.01 per cent and 0.92 per cent respectively today. Read more: Opec+ end deadlock over oil supply policy, says source Prices slid two per cent yesterday after news broke [...]
Opec+ end deadlock over oil supply policy, says source July 14, 2021 The United Arab Emirates and Saudi Arabia have ended an impasse over Opec+ oil supply policy, sources said today. A deal was reached after the UAE’s baseline was increased to 3.65 million barrels per day from April 2022, the date when the current pact had been scheduled to end. The news was first reported by [...]
Oil prices reverse steep losses amid supply uncertainty July 7, 2021 Oil prices rose sharply on Wednesday morning, paring back steep losses driven by uncertainty over Opec’s production policy. Talks between the alliance broke down again on Monday after discussions failed to yield an agreement last week. Read more: Oil prices reach seven-year high after Opec+ abandon supply talks The lack of a deal is fuelling [...]
Oil prices reach seven-year high after Opec+ abandon supply talks July 6, 2021 Oil prices climbed to their highest level in nearly seven years today after Opec+ failed to end an impasse over proposed output increases. The price of a barrel of WTI neared $77 in morning trading, its highest since 2014, while Brent crude, the international benchmark, shot up for the sixth day in a row to [...]
