BRUSSELS—The European Union has enough gas for the winter but could face a shortage next year if Russia cuts supplies further, the International Energy Agency (IEA) said on Monday, urging governments to act faster to save energy and expand renewable energy sources. Despite Russia slashing gas deliveries this year, Europe started the winter with brimming…
Oil Resumes Slide as Weak Economy Outweighs Supply Risks
December 12, 2022
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SINGAPORE/LONDON—Oil prices fell on Monday, deepening a multi-week decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut. Brent crude futures were down 38 cents, or 0.4 percent, at $75.72 a barrel by 0900 GMT. U.S. West…
Global Shares Ease as Central Bank Rate Hikes Loom
December 12, 2022
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LONDON—Global stocks fell on Monday as investors braced for the last round of transatlantic interest rate hikes this year from a trio of central banks, hoping that a hitherto hefty pace of increases in borrowing costs will finally show signs of easing. Oil prices rose as a key pipeline supplying the United States remained shut,…
Exxon, Chevron to Spend Billions More on Oil Projects Next Year
HOUSTON—The two largest U.S. oil companies—Exxon Mobil Corp. and Chevron Corp.—disclosed plans to increase outlays on energy projects next year amid high oil demand and prices. While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has…
Turkey Oil Tanker Logjam Snarls Russia Oil Sanctions
ISTANBUL—Turkey emerged as a critical stumbling block to a complex international plan to deprive Russia of wartime oil revenues as the number of tankers waiting to exit the Black Sea through Turkish straits continued to rise on Friday. Ankara has declined to scrap a new insurance inspection rule it implemented at the beginning of the…
North Carolina Treasurer Wants BlackRock CEO Larry Fink to ‘Resign or Be Removed’
December 9, 2022
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You might call it the “battle of BlackRock.” The conflict, which pits Republican officials in states across the country against the world’s largest asset manager, has only intensified in recent months. Just days ago, Florida became the latest state to pull money from BlackRock—in its case, $2 billion in state-controlled assets. The state’s chief financial…
Closing Prices for Crude Oil, Gold and Other Commodities (Dec. 11)
December 9, 2022
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Benchmark U.S. crude oil for January delivery fell 44 cents to $71.02 a barrel Friday. Brent crude for February delivery fell 5 cents to $76.10 a barrel. Wholesale gasoline for January delivery rose 1 cent to $2.06 a gallon. January heating oil fell 9 cents to $2.79 a gallon. January natural gas rose 28 cents…
EU’s Gas Price Cap Scheme Could Backfire, Raise Volatility: ECB
December 9, 2022
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FRANKFURT—Proposed European Union rules aimed at tempering natural gas price spikes may actually jeopardize financial stability and need to be redesigned, the European Central Bank said on Thursday in a formal opinion. The EU proposed a “market correction mechanism” last month aimed at tempering natural gas prices and market volatility after a spike in energy…
Oil Set for 10 Percent Weekly Drop as Demand Worries Dominate
December 9, 2022
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Oil prices were stable on Friday, although both benchmarks headed for a weekly loss on worries over weak economic outlook in China, Europe, and the United States weighing on oil demand. Brent crude futures were at $76.20 a barrel, up 5 cent, at 1216 GMT. Brent hit a 2022 low this week. U.S. West Texas…
World Shares Higher Ahead of US Inflation Update
December 9, 2022
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BANGKOK—Shares were higher in Europe and Asia ahead of an update Friday on U.S. wholesale prices that will provide insights into how businesses are coping with inflation. Germany’s DAX added 0.2 percent to 14,295.30 while the CAC 40 in Paris was nearly unchanged at 6,649.30. Britain’s FTSE 100 also was little changed, gaining less than…
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