Oil prices

2022 - 3 - 7

brent crude oil prices

Rising Gas Prices Have Drivers Asking, ‘Is This for Real?’ (unknown)

The average price of a gallon of gasoline is up more than 10 percent in the last week, leading some consumers to rethink their routines and spending.

Forecasters surveyed by FactSet expect the February inflation report, which the Labor Department will release on Thursday, to show that consumer prices rose 0.7 percent last month, and are up 7.9 percent over the past year. Even before Russia invaded Ukraine, rapidly rising energy prices were contributing to the fastest inflation in 40 years. The higher gas prices add further political complexity for Mr. Biden, who has vowed to curb the nation’s dependence on fossil fuels. The recent jump in energy prices will only make the problem worse. The conflict has already caused dizzying spikes in energy prices and is causing Europe to raise its military spending. Since moving to the United States from Torreón, Mexico, in 2007, Jesús López, 36, was used to gas prices rising steadily for a few days, but eventually coming back down. Russia’s invasion on Ukraine has had a ripple effect across the globe, adding to the stock market’s woes. She took the stickers off, she said, believing that he was not at fault. “I’ll just have to administer and budget my money more if I want to keep having a decent lifestyle.” Accelerating production in the shale oil fields of Texas and other regions is expected to begin replenishing supplies soon. Americans everywhere are feeling the sting of rising gasoline, which reached a national average of $4.07 a gallon on Monday, up more than 10 percent from a week ago. Michael Feroli, chief U.S. economist at J.P. Morgan, said he expected consumer spending to slow over the next few months as Americans pay more to fill up their tanks.

What is next for oil and gas prices? (unknown)

US President Joe Biden's ban on Russian energy imports is latest move to punish Russia over its invasion of Ukraine.

“So one is sort of a bit more manageable… that production is essentially unbuyable in many ways, and if you do that in an already very tight market the demand [and prices] are going to go up,” he said. The most immediate effect will be on inflation. “The fear is that if we can’t get oil, where’s it going to come from?.. Because people decide, well, I can’t. It’s too expensive to drive. For Russia, this represented 3 percent of its total exports.

Rising oil prices could affect thousands of products (unknown)

Oil / petroleum-based products are in thousands of household products including pots pans dishes dishwasther soap, cosmetics, medical devices, etc....

And until you’re in the market for another pair of vegan leather shoes, you might not notice. And car prices are likely to stay in the stratosphere for longer. If it’s made of particleboard, the medicine cabinet itself may be on the list. About 60 percent of global oil consumption is in the form of fuel. Climbing prices at the pump are the most visible reminder of the rising cost of oil. “What you see is that the oil industry is imposing a de facto ban on oil from Russia, so, in essence, that takes oil off the market,” he said.

Are you a robot? (unknown)

Oil extended its rally as the U.S. and U.K. said they plan to ban Russian oil imports while oil giant Shell Plc announced it will also halt purchases from ...

Europe is likely to face the brunt of the current commodity crisis, said Goldman Sachs analysts Jeff Currie in a report, with the Russian crisis threatening a 1970-s style energy shock. West Texas Intermediate gained 3.6% to settle over $123 a barrel while Brent added 3.9%. The U.S. announced a ban of Russian fossil fuels on Tuesday. The U.K. said it phase out all imports of Russian oil. Oil rallied higher after President Joe Biden announced the U.S. would ban imports of Russian energy, while the U.K. said it would phase out Russian products by the end of this year.

Post cover — Image courtesy of "Associated Press"

Asia stocks mixed after Wall St falls, US bans Russian oil (Associated Press)

Already high oil prices rose further, adding more than $2 per barrel following President Joe Biden's ban on imports of Russian crude. Stock benchmarks in Tokyo and Sydney rose while Shanghai and Hong Kong declined. South Korean markets were closed for ...

Russia and Ukraine also are among the biggest global sellers of wheat. “Inflation will pick up further in the near-term,” Julian Evans-Pritchard of Capital Economics said in a report. A woman who answered the phone at Tsingshan’s headquarters hung up when told a reporter was calling. It is now 13.1% below its latest record high. The euro gained to $1.0919 from $1.0908. In currency markets, the dollar advanced to 115.86 yen from Tuesday’s 115.74 yen. Brent crude, the basis for international oil prices, gained $3.14 to $131.12 per barrel in London. It advanced $4.77 the previous session to $127.98. The Nikkei 225 in Tokyo gained 0.7% to 24,973.73. Benchmark U.S. crude rose $2.41 to $126.11 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $4.30 on Tuesday to $123.70. The surge in global commodity prices due to the Ukraine war “will have a much more pronounced impact on the March figures.” The Hang Seng in Hong Kong slid 1.6% to 20,428.39. The Shanghai Composite Index lost 0.5% to 3,278.54 after China’s government reported consumer prices rose 0.6% in February from the previous month and producer prices gained 0.5%.

How high will gas prices get as U.S. bans Russia oil imports (Los Angeles Times)

Q&A: How President Biden's decision to halt U.S. purchases of Russian oil is likely to affect prices at the pump and beyond?

(At today’s prices, the cost in July 2008 would be about $5.30 a gallon.) Pump prices were already soaring just on reports of the possible U.S. ban. Based on wholesale gasoline futures just before Biden’s announcement, average gas prices will probably hit $4.50 a gallon nationally in the next couple of days.

Oil surges as US announces ban on Russian oil imports (RTE.ie)

Oil prices has surged as the United States announced a ban on the import of Russian oil, a decision that is expected to worsen disruptions in the global ...

Please review their details and accept them to load the content. Please review their details and accept them to load the content. Can it just be in green technology or do we have to have some kind of bridge?" "We know that there are discussions ongoing at the moment with OPEC countries. How can we be investing? We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity.

Here's How Surging Oil Prices Shift the Economic Outlook in Asia (Bloomberg)

“Most are huge energy importers, so soaring crude and gas costs will weigh on economic growth,” said Frederic Neumann, co-head of Asian economic research at ...

U.S. gas prices surge to all-time high as oil costs soar (CBS News)

American drivers are now paying the most they've ever doled out for gasoline, with the national average reaching an all-time record of $4.17 per gallon, ...

In the meantime, U.S. households are likely to feel the hit to their wallets. Brent crude oil, the benchmark for oil prices, jumped on Tuesday about 5% to more than $129 a barrel. "The military conflict between Russia and Ukraine has driven up crude oil prices over the last seven days by over 30%," analysts with investment bank UBS said in a report. Any disruption to those exports is likely to drive prices at the pump higher for consumers almost everywhere, experts said. By December of 2021, gas had jumped to $3.40, while the fiercest inflation in four decades pushed up the cost of everything from food to rent. The average U.S. household spent $3,100 on gas in 2021, according to Yardeni Research. But the recent spike in gas could end up costing Americans as much as $2,000 more this year, the investment research firm estimated in a report. Yet the U.S. is far less dependent on Russian oil than Europe. Last year, about 8% of U.S. oil imports came from Russia, while as of January almost no Russian oil came into the U.S, according to Troy Vincent, senior market analyst at DTN, a commodities research firm. President Biden on Tuesday announced a U.S. ban on Russian oil and gas imports over the country's invasion of Ukraine, taking aim at Russian President Vladimir Putin's main revenue source as Russian forces continue to batter Ukrainian cities. "This is the second-largest one-week increase in crude oil over the last 30 years, driven by fears of a potential embargo of Russian oil supplies, which would have wide-ranging implications for oil producers, consumers and markets." U.S. gas prices, which fell to an average of $1.94 per gallon in April of 2020 as the COVID-19 pandemic was taking hold, started rising sharply in the fall of that year as the U.S. economy rebounded and demand surged. The record comes after the average price for gasoline topped $4 a gallon last week, with prices continuing to surge amid Russia's war on Ukraine. The previous all-time high for U.S. gas prices was $4.10 in July 2008, according to Bloomberg (Adjusted for inflation, that remains the high for fuel prices.) Drivers in California are facing the highest costs, with the average price per gallon at $5.44. In Mono County in California, the typical cost of gas has jumped above $6, with the average price at the pump now at $6.02, AAA said.

Petrol, diesel prices latest: Why Government is worried? (India Today)

International crude oil prices shot up to a 14-year high of $140 per barrel on Monday and remained over $130 a barrel on Wednesday.

"But now, because of tension and the military action in Ukraine, it (the oil prices) has gone up. The oil companies will take a decision in this regard (to hike prices)." We will take decisions in the best interest of the citizens," he said. "It will certainly have an impact on the Indian economy," Sitharaman said. India relies on overseas purchases to meet about 85 per cent of its oil requirements, making it one of the most vulnerable in Asia to higher oil prices. So, we will have to see how we can work it out," she said at an interactive session organised by BJP's Karnataka unit in Bengaluru, as per a PTI report.

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