Economics ///

WPC 2021: Halliburton sees a future of oil scarcity as spending falls

Halliburton Co., the oil industry's largest frac services provider, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.

Record December heat in the U.S. wilts natural gas prices

U.S. natural gas collapsed to the lowest level in more than four months as record-high temperatures kill heating demand ahead of winter.

Biden’s oil reserve sale attracts foreign bidders

The Biden administration’s efforts to lower energy costs takes a step forward Monday, with bids due for the first 32 million barrels of crude planned for release from federal stockpiles.

World’s biggest banks stand behind fossil fuels as climate pressure grows

With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world’s biggest banks are making clear they plan to stand by their fossil-fuel clients.

Natural gas traders worry prices could plunge after volatile winter

It’s been a roller-coaster ride for natural gas this year, with most of the time spent climbing to newer heights. The worst is far from over with frigid winter weather on the horizon for many parts of the world, while fears remain that the market may stay out of balance through much of next year.

Oil prices rally on OPEC’s flexible stance on supply

Oil jumped after the OPEC+ alliance left the door open to reversing its decision to boost output, with the impact of the omicron Covid-19 variant on demand remaining highly uncertain.

Exxon plans below-inflation U.S. pay raises despite rebound in earnings

Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022 despite a strong rebound in earnings over the past 12 months.

Pemex replaces CFO as Mexico’s president tightens his grip

Petroleos Mexicanos is replacing its finance chief as President Andres Manuel Lopez Obrador tightens his grip on the struggling state oil giant.

Chevron leverages higher oil prices for more share buybacks

Chevron Corp. boosted its planned share buyback to as much as $5 billion per year, as the oil giant uses higher commodities prices to step up returns to investors rather than investing in production growth.

Shale drillers’ production discipline pays off as oil prices tumble

Shale drillers’ newfound commitment to production discipline appears to be paying off as crude plunges toward a bear market.

Oil prices surge before critical OPEC meeting as volatility spikes

Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility.

Natural gas plunges 11% as U.S. weather forecast stifles demand

Natural gas futures plummeted 11% in the U.S. as forecasts shifted warmer through the middle of next month, allaying concern about tight domestic supplies amid a global shortage of the heating fuel.

Omicron scare sends oil prices into worst monthly loss this year

Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant.

IEA boss blames “deliberate policies” of energy producers for price spikes

Energy producers -- not the transition to a greener economy -- are a key reason for soaring natural gas and power prices in Europe, according to International Energy Agency Executive Director Fatih Birol.

OPEC to review potential of latest Covid variant this week

OPEC and its allies will discuss their response to the Omicron variant of the coronavirus at their meeting this week, although their knowledge of the potential impact on oil markets remains limited.

Oil prices rebound as traders consider Omicron’s threat to demand

Oil rebounded from one of its biggest ever daily drops as traders assessed the risks to global demand from the Omicron variant of Covid-19 and the potential response by OPEC and its allies.

Europe’s energy crisis about to worsen as winter arrives

Energy prices in Europe are repeatedly breaking records even before winter really kicks in, and one of the most damaging cost crunches in history is about to get worse as the temperature starts to drop.

U.S. seeks to boost oil royalties to account for climate change

The Biden administration on Friday issued a long-awaited blueprint for overhauling oil and gas development on federal lands that includes boosting royalty rates despite high gasoline prices that have spurred demands to accelerate domestic production.

OPEC expected to take cautious approach to oil demand at December meeting

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group.

Biden says U.S. gasoline prices will fall, but it’ll take time

Americans will see prices at the pump fall “before long,” President Joe Biden said after tapping U.S. oil reserves to ease price pressures and risk a feud with OPEC.