Oil Extends Losses With Demand Fears Overshadowing Tight Supply

West Texas Intermediate futures dropped toward $85 a barrel after closing 3.5% lower in the previous session. OPEC cut its forecasts for global demand in the fourth quarter again, while US companies fracked fewer wells than they drilled for the first time in two years, indicating a possible slowdown in production.

Russia’s Crude Shipments Hit Five-Month High Before Sanctions

Cargoes shipped from Russia rose to 3.6 million barrels a day, the highest since early June, while the less volatile four-week average was also up, reaching the most since August.The UK has followed the EU’s lead in banning its companies from providing insurance and other service to ships carrying Russian crude, unless the cargo is purchased at a price … Read more

Employees Have Finally Had Enough of Its Toxic Culture

(Bloomberg Businessweek) — Shortly after Exxon Mobil Corp. lost its battle with an activist investor last year, an executive named Bill Keillor decided to give his department a morale boost. It had been a difficult year and a half for Exxon employees. Covid-19 and plunging crude prices had led to halted salary increases, reduced benefits, … Read more

Oil Recovers After US Supply Report Hints at Bullish Drivers

“It’s a super bearish headline, but if you look at the underlying data, it tells a different story,” said Matt Sallee, portfolio manager at Tortoise when referring to this week’s Energy Information Administration report. “The combination of a big distillate draw, another big SPR draw and then a reversal in the exports — I think … Read more

OPEC+ Considers Output-Limit Cut Of As Much As Two Million Barrels A Day

The group may discuss a cut of that size, plus smaller reductions ranging from 1 million to 1.5 million barrels a day, when it meets on Wednesday, delegates said. Based on current discussions, so far curbs would use existing baselines to measure each country’s contribution, one delegate said.