A picture taken during an organised tour by Yemen’s Houthi rebels on November 22, 2023 showing the Galaxy Leader cargo ship approaching the port in the Red Sea off Yemen’s province of Hodeida. – | Afp | Getty Images Oil prices rose on Tuesday after Iran dispatched a warship to the Red Sea, as the … Read more
Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of trading for the year on December 29, 2023 in New York City. Spencer Platt | Getty Images News | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings … Read more
A driver pumps gas at a Sunoco gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images Oil prices are on pace to close out the year about 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production … Read more
DUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis “is like blaming farmers for obesity.” His comments come at the mid-point of the U.N.’s biggest and most important annual climate conference, with many at the COP28 talks … Read more
The 10 things to watch Wednesday, Dec. 6 1. U.S. stocks are higher in premarket trading Wednesday, with S & P 500 futures up 0.45% after back-to-back days of losses. The move comes amid increasing signs the labor market is loosening, suggesting the Federal Reserve’s interest-rate hikes are succeeding in cooling the economy. U.S. private … Read more
Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., Brendan McDermid | Reuters Exxon Mobil said Wednesday its expects earnings to more than double through 2027 relative to 2019 as the energy giant moves forward with a slew of cost-cutting measures. Exxon said it’s on track to grow its earnings and cash flow … Read more
Gas prices at a Shell gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel … Read more
U.S. crude prices continued to fall Wednesday, settling below $70 per barrel for the first time since early July and at their lowest levels since June. That’s good news for the Federal Reserve in its battle against inflation. While the impact on oil and natural gas stocks has not been as cheery, companies across many … Read more
Darren Woods, CEO of ExxonMobil, speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2023. Brendan Mcdermid | Reuters Exxon Mobil CEO Darren Woods on Thursday dismissed worries that the Federal Trade Commission could hold up the oil giant’s pending acquisition … Read more
Angola’s announcement on Thursday that it will quit the oil producers’ Organization of the Petroleum Exporting Countries (OPEC) brings to a head longstanding tensions within the powerful group, but market impact is likely to be limited, according to analysts. The move “did not come as a surprise, [as] the writing was on the wall already … Read more
