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Oil prices are through the roof. Here’s why job numbers in the Alaska oil patch are not.
yesterday

Oil prices are through the roof. Here’s why job numbers in the Alaska oil patch are not.

Oil prices in Alaska have surged to their highest levels in a decade. But job numbers in the oil and gas industry have barely budged upward after they crashed during the COVID-19 pandemic, even as other sectors of the economy enjoy a solid rebound. Industry observers in Alaska give several reasons for the tepid job growth in the oil patch. They say it mirrors a trend in the industry nationally, a slow recovery that breaks from past practice. Companies, increasingly flush with cash, aren’t investing in oil field activity like they once did when the good times rolled. They say companies are now more likely to question big, long-term projects, as investors raise concerns about the industry’s past performance and new regulations that could result from climate change policies.

Indian shares flat as metals counter gains in consumer stocks
June 20, 2022
Source: Reuters

Indian shares flat as metals counter gains in consumer stocks

Indian shares were little changed on Monday, with gains in consumer stocks offset by losses in metals, while global prices of copper and crude oil declined. The NSE Nifty 50 index (.NSEI) edged up 0.05% to 15,302.8 by 0516 GMT, while the S&P BSE Sensex (.BSESN) was up 0.1% at 51,423.83. Both indexes fell over 5% last week in their biggest weekly drop in two years. Oil prices dropped to $113.04 per barrel while copper prices also fell, on fears that a recession would dent demand for metals.

Texas Oil and Gas Production Rises
June 18, 2022
Source: Rigzone

Texas Oil and Gas Production Rises

Oil and gas production in Texas rose month on month, according to the latest preliminary figures from the Texas Railroad Commission (RRC). The preliminary reported total volume of crude oil in Texas in March was 110.9 million barrels, equating to 3.57 million barrels per day, the RRC highlighted. The preliminary reported total volume of natural gas in March was 829.45 billion cubic feet, equating to 26.75 billion cubic feet per day, the RRC revealed.

Biden tells oil refiners: Produce more gas, fewer profits
June 17, 2022

Biden tells oil refiners: Produce more gas, fewer profits

President Joe Biden on Wednesday called on US oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. Biden wrote in the draft of a letter to oil refiners obtained by The Associated Press. "Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis."

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min
May 23, 2022
Source: Economics Times

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min

"If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you're talking about bigger threats. You know, that's where the R (recession) word comes in," Puri told CNBC TV18 in an interview at Davos.

Government in talks with Russian over cut-price oil deal: HPCL
May 20, 2022
Source: TOI

Government in talks with Russian over cut-price oil deal: HPCL

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of state-run Hindustan Petroleum Corp said on Thursday, at a time when much of the West is shunning Russian crude over the conflict in Ukraine.

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal
May 19, 2022
Source: Times Of India

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal

Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand.

Oil prices climb on hopes of China demand recovery
May 19, 2022
Source: EnergyWorld

Oil prices climb on hopes of China demand recovery

Brent crude futures were up $1.15, or 1.0 per cent, at $113.08 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 per cent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 per cent in the previous session.

Oil dives 6% as China lockdowns continue to fuel demand worries
May 10, 2022
Source: The Sundaily

Oil dives 6% as China lockdowns continue to fuel demand worries

NEW YORK: Oil prices sank about 6% yesterday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.

Oil falls as demand concerns weigh against tight supply
May 6, 2022
Source: Energy World

Oil falls as demand concerns weigh against tight supply

Brent futures fell 37 cents, or 0.3 per cent, to $110.53 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3 per cent, to $107.93 a barrel.

Oil companies continue to suffer loss of marketing margins on high crude prices
May 2, 2022
Source: Energy World

Oil companies continue to suffer loss of marketing margins on high crude prices

Auto fuel net marketing margin plummeted into the red at minus Rs 9.9 per liter in March 2022.

Edible oil prices in India to surge as Indonesia to ban palm oil exports
April 23, 2022
Source: Mint

Edible oil prices in India to surge as Indonesia to ban palm oil exports

NEW DELHI: Domestic edible oil prices, already high, are set for a surge as Indonesia, the world's largest producer of palm oil, will ban exports from 28 April.

Oil minister Hardeep Puri says Opposition-ruled states should cut VAT to give relief to consumers
April 23, 2022
Source: Energy World

Oil minister Hardeep Puri says Opposition-ruled states should cut VAT to give relief to consumers

Puri accused states of “making a killing” by charging ad-valorem rates, which result in high revenues with rising prices, and asked states, ruled by the Congress and other opposition parties, to reduce rates by half.

Oil stabilises after big drop on IMF growth cut
April 20, 2022
Source: Energy World

Oil stabilises after big drop on IMF growth cut

The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January -- prompting a five-percent dive in oil price on Tuesday.

Asia more concerned about oil price fallout from Libyan woes than cargo flows
April 19, 2022
Source: S&P Global

Asia more concerned about oil price fallout from Libyan woes than cargo flows

Libya's oil production woes may not dramatically alter Asia's crude buying plans due to the region's relatively low dependence on those supplies, but refiners are bracing for some price impact and supply squeeze as traditional customers of the North African OPEC producer scramble for cargoes from elsewhere.

High Prices Make Oil And Gas Much More Appealing To Big Banks
April 12, 2022
Source: Oil Price

High Prices Make Oil And Gas Much More Appealing To Big Banks

Banks have been actively seeking ways to distance themselves from the oil and gas industry in recent years under growing pressure from pro-energy transition activists.

Concerns that further oil increases will negatively affect petrol price
April 5, 2022
Source: SABS News

Concerns that further oil increases will negatively affect petrol price

The Automobile Association says fuel price increases announced by the Department of Mineral Resources and Energy on Monday, will keep fuel prices at record high levels.

USD/INR Price News: Bulls recapture 76.00 on softer oil prices, US NFP eyed
April 1, 2022
Source: FX Street

USD/INR Price News: Bulls recapture 76.00 on softer oil prices, US NFP eyed

The USD/INR pair has reclaimed 76.00 amid falling oil prices after US President Joe Biden announced a release of one million barrels per day for six months out of their Strategic Petroleum Reserve (SPR) from May.

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