Commodity Prices News

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Oil Declines for Third Consecutive Week
Friday, November 25, 2022Oil felt continued pressure this week from slight oversupply dynamics.

EU Set to Resume Talks on Price for Russian Oil Cap Tonight
Friday, November 25, 2022European Union diplomats are set to meet Friday evening to see if they can hammer out a final deal.

Oil Freight Boom Makes $1MM Waiting Bills More Common
Friday, November 25, 2022With soaring shipping costs comes soaring bills for ships doing nothing.

Global Oil Market Flashes Warnings
Friday, November 25, 2022The global oil market keeps sending up flares on the outlook for weaker demand.

UK's Ofgem Updates Energy Price Cap
Thursday, November 24, 2022The cap is set to rise to an annual level of GBP 4,279 ($5,185) in January 2023.

California Governor Accused of Playing Politics on Gasoline Prices
Thursday, November 24, 2022Refiner PBF Energy Inc. has rejected a request from California energy regulators to testify at a hearing next week on gasoline price spikes.

Fitch Solutions Lowers Gasoline Price Forecast
Thursday, November 24, 2022Fitch Solutions Country Risk & Industry Research has lowered its NYMEX RBOB gasoline price forecasts for 2022 and 2023.

Oil Drops as EU Weighs Higher Russian Fuel Price Cap
Wednesday, November 23, 2022Oil tumbled to near a two-month low as traders assessed a higher-than-expected price cap on Russian crude between $65 and $70 a barrel and a surprise build in US products.

EU Considers Imposing Price Cap of $65-$70 on Russian Oil
Wednesday, November 23, 2022The European Union is discussing a price cap on Russian oil between $65 and $70 a barrel, according to people familiar with the matter.

Brent Under Renewed Pressure This Month
Wednesday, November 23, 2022Brent crude has come under renewed pressure in November.

Oil Recovers After Choppy Session
Tuesday, November 22, 2022Oil edged higher as investors juggled an uncertain supply outlook alongside a European Union proposal to soften Russian crude sanctions.

China Pauses Some Purchases of Russian Oil
Tuesday, November 22, 2022China's crude buyers have paused purchases of some Russian oil.

Oil Freight at $100,000 Piles Pressure on Crude Markets
Tuesday, November 22, 2022Soaring shipping costs are piling pressure onto physical oil markets.

Saudis Deny Report of Talks on OPEC+ Oil Output Increase
Monday, November 21, 2022Saudi Arabia denied a report that it is discussing an oil-production increase for the OPEC+ meeting next month.

December WTI Futures Contract Expires Today
Monday, November 21, 2022With the December WTI futures contract expiring on Monday, the market has shifted its attention to January.

Congo Calls for Compensation to Stop Oil Drilling in Peatlands
Sunday, November 20, 2022The country has attracted widespread criticism and a plea from John Kerry, the US's special presidential envoy for climate.

Top Headlines: Gulf of Mexico an Area of Increasing Instability and More
Saturday, November 19, 2022Check out some of Rigzone's top stories during the last week.

Oil Posts Largest Weekly Loss Since April
Friday, November 18, 2022Oil dropped the most in a week since April as the full weight of languishing Chinese demand and more economic tightening radically shifted the market's sentiment.

USA Oil Futures Point to Oversupply for First Time This Year
Friday, November 18, 2022The US crude market's structure is signaling oversupply for the first time in almost a year.

What Happened in the Oil Market This Week?
Friday, November 18, 2022'Concerns over the global economy overtook potentially bullish geopolitical events this week'.

Oil Tumbles as Demand Fears Reignite
Thursday, November 17, 2022Oil tumbled as everything from Wall Street sentiment to sagging demand for physical barrels of crude pointed toward an economy headed toward a slowdown.

Saudi Arabia Cuts Oil Exports
Thursday, November 17, 2022Saudi Arabia has cut oil exports sharply this month.

Diesel Price Sees Third Biggest Monthly Increase on Record
Thursday, November 17, 2022The average price of diesel saw its third biggest monthly increase on record in October.

Oil Falls on Demand Concerns as Geopolitical Tensions Ease
Wednesday, November 16, 2022Oil dropped as a pipeline carrying Russian crude to Europe was reported to have restarted and tensions over Poland eased, pushing demand concerns to the market's forefront.

Potential Biden Plan to Stock Up On Diesel May Bring Price Surge
Wednesday, November 16, 2022U.S. President Joe Biden is considering forcing the nation's fuel suppliers to keep a minimum level of inventory in tanks this winter.

Fitch Solutions Reveals Latest Oil Price Forecasts
Wednesday, November 16, 2022The company now sees the Brent crude price averaging $102 per barrel this year.

Oil Rises After Reports of Russian Missiles Hitting Poland
Tuesday, November 15, 2022Commodities from oil to corn jumped following media reports of Russian missiles crossing into Poland, as the potential for a widening conflict jolted the market out of slowdown-related concerns.

Race Is On to Be Next Big USA Supplier of LNG to Europe
Tuesday, November 15, 2022Global markets are going to have to wait at least two more years before any new LNG supplies from the U.S. come online.

IEA Says Diesel Demand Destruction Starting to Look Inevitable
Tuesday, November 15, 2022High prices could well prove self-defeating.

Oil Prices Down on Demand Outlook Concerns
Monday, November 14, 2022Oil settled at the lowest price in nearly three weeks as a dollar rally and waning optimism over demand wiped out last week's gains stemming from China's less restrictive approach to Covid-19.

USA EIA Raises Oil Price Forecast
Monday, November 14, 2022The U.S. Energy Information Administration raised its Brent oil price forecast for both 2022 and 2023.

Oil Rises in Choppy Session Amid Inflation Slowdown
Thursday, November 10, 2022Oil rose in a volatile session as broader market rally overtook earlier concerns over China's Covid Zero policy weighing on their demand outlook.

Oil Falls as US Stockpiles Rise and China Cases Grow
Wednesday, November 09, 2022Oil declined as US crude inventories rose while China struggles to contain rising Covid cases.

Oil Falls on Demand Fears as Covid Cases Rise in China
Tuesday, November 08, 2022Oil fell as China's renewed commitment to strict Covid-19 policies overshadowed a global market backdrop of shrinking fuel inventories.

European Gas Jumps Due To Temporary Price Cap Uncertainty
Tuesday, November 08, 2022Natural gas prices rose amid uncertainty over the European Union's plans to impose a temporary price cap on imports.

Oil Falls as China Sticks with Covid Restrictions
Monday, November 07, 2022Oil slumped as China's continued adherence to its Covid-Zero policy dampened hopes of a demand rebound.

Oil Prices Hit Two Month High as China Eases Restrictions
Friday, November 04, 2022Oil closed at the highest level since August as markets rallied over China easing its Covid restrictions.

Saudi Arabia Cuts Asian Oil Prices As Growth Slows
Friday, November 04, 2022Saudi Arabia lowered most oil prices for Asia, in a sign of the regional market weakening with the global economic slowdown.

Oil Falls as Possible Rate Hikes Stir Recession Fears
Thursday, November 03, 2022Oil fell alongside broader markets as Federal Reserve Chair Jerome Powell said interest rates will rise more than earlier expected, overshadowing concerns of tightening fuel supplies.

Oil Rallies on Tight Fuel Supplies
Wednesday, November 02, 2022Oil rose as fuel stockpiles continue to tighten, clinging to gains even as hawkish comments from Federal Reserve Chairman Jerome Powell knocked the wind out of Wall Street.

Oil Rises on Premise of China Lifting Covid Restrictions
Tuesday, November 01, 2022Oil gained on speculation that China is preparing to gradually exit the country's Covid-Zero policy.

Oil Posts Monthly Gain
Monday, October 31, 2022Oil posted its first monthly gain in four months, propelled forward by the biggest output cut by OPEC+ since the pandemic, tightening global supplies in an already strained market.

Top Headlines: The USA Diesel Crisis Is Here and Spreading
Saturday, October 29, 2022Check out some of Rigzone's top stories during the last week.

Oil Settled Up for the Week
Friday, October 28, 2022Record USA exports and shrinking stockpiles drove crude futures higher this week.

Market Watchers Look at The Week's Oil and Gas Moves
Friday, October 28, 2022Rigzone's regular market watchers focus on oil and gas price moves, inventory figures, political developments and more.

Exxon, Chevron Reap $31B Profit
Friday, October 28, 2022Exxon Mobil Corp and Chevron Corp amassed more than $30 billion in combined net income.

Near Term Oil Price Dynamics Distorted on Multiple Levels
Friday, October 28, 2022Near term Brent oil price dynamics continue to be distorted on multiple levels.

Eni Profit Beats Estimates
Friday, October 28, 2022Eni SpA's profit remained strong in the third quarter.

Oil Rallies on Renewed Demand Outlook
Thursday, October 27, 2022Oil clung to gains on expectation that a US economic rebound would bolster demand even as the possibility of interest rate hikes weighed on other markets.

Record USA Crude Exports Bolster Rise of Oil Futures
Wednesday, October 26, 2022Shrinking diesel and gasoline stockpiles in the USA added additional wings to the crude gains on Wednesday.