HOUSTON—Top U.S. Gulf of Mexico oil producer Shell said on Thursday it halted production at three U.S. Gulf of Mexico deepwater platforms after a leak shut two pipelines connecting the platforms, adding it expected pipeline service to resume on Friday. A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil,…
Oil Leak Contained at Three US Gulf Platforms on Pipeline Outage, Shell Says
Closing Prices for Crude Oil, Gold and Other Commodities (Aug. 11)
August 11, 2022
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Benchmark U.S. crude oil for September delivery rose $2.41 to $94.34 a barrel Thursday. Brent crude for October delivery rose $2.20 to $99.60 a barrel. Wholesale gasoline for September delivery was unchanged at $3.07 a gallon. September heating oil rose 7 cents to $3.48 a gallon. September natural gas rose 67 cents to $8.87 per…
OPEC, in Contrast to IEA, Sees Lower 2022 Oil Demand Growth
August 11, 2022
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Business & Marketseconomic policieseconomyenergyEuropeGold and CommoditiesIEAInternationalMarketsOilOPECRussia-Ukraine WarWorld
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LONDON—OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia’s invasion of Ukraine, high inflation, and efforts to contain the coronavirus pandemic. The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency,…
Gas Prices Dip Just Below $4 for the First Time in 5 Months
Gasoline prices dipped to just under the $4 mark for the first time in more than five months—good news for consumers who are struggling with high prices for many other essentials. AAA said the national average for a gallon of regular was $3.99 on Thursday. Prices have dropped 15 cents in the past week and…
Oil Rises as IEA Hikes 2022 Demand Growth Forecast
LONDON—Oil prices rose by over 1 percent on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil. Brent crude futures gained $1.04, or 1.1 percent, to $98.44 a barrel by 0949 GMT, while U.S. West Texas Intermediate crude…
World Shares Mostly Gain After Wall Street Hits 3-month Highs
August 11, 2022
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BANGKOK—World shares were mixed Thursday after Wall Street benchmarks closed at three-month highs as investors cheered a report showing inflation cooled more than expected in July. U.S. futures edged higher and oil prices also advanced. The U.S. government said Wednesday that consumer inflation jumped 8.5 percent in July from a year earlier. But that was…
European Retailers Turn Off Lights, Cut Opening Hours to Save Energy
LONDON—As energy bills mount and the threat of rationing increases, some European retailers are turning off lights and considering shorter opening hours this winter. Energy bosses and government officials have urged people and businesses to reduce power use and put in place contingency plans so they are less reliant on gas imports if there are…
Closing Prices for Crude Oil, Gold and Other Commodities (Aug. 10)
August 10, 2022
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Benchmark U.S. crude oil for September delivery rose $1.43 to $91.93 a barrel Wednesday. Brent crude for October delivery rose $1.09 to $97.40 a barrel. Wholesale gasoline for September delivery rose 11 cents to $3.07 a gallon. September heating oil rose 8 cents to $3.41 a gallon. September natural gas rose 37 cents to $8.20…
Oil Drops on Druzhba Pipeline News and US Inflation Expectations
August 10, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators. Brent crude futures were down $1.69, or 1.75 percent, to $94.62 a barrel at 1124 GMT. U.S. West Texas Intermediate crude futures were down $1.61 cents, or 1.78 percent, at $88.89….
Stocks Steady, Dollar Dips as Investors Brace for US Inflation Data
August 10, 2022
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Business & Marketscryptocurrencyeconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Stocks and bonds steadied on Wednesday, while the dollar edged lower ahead of U.S. inflation data that could give clues to the Federal Reserve’s appetite for more aggressive rate rises. The Consumer Price Index (CPI) report will be released at 1230 GMT, with markets watching for signs that inflation eased in July despite unexpectedly strong…
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