Sun, February 25, 2024

Oil prices set for a weekly gain

Oil prices rose

Oil prices rose Friday after Russia announced a 500,001-barrel cut in March oil production.

Crude oil prices ended the week with an overall gain. However, prices started to increase even more in the week as the Fed signaled that rate hikes would continue and Chinese demand didn’t impress.

The announcement by Russia means that oil prices are on a significant rise this week. West Texas Intermediate has gained nearly 10.5% since the start of the week, despite trading below $79 a barrel in early Asian trading.

Both benchmarks closed lower on Thursday as fears that devastating earthquakes could damage oil infrastructure in Turkey were eased by a lack of evidence of damage.

Reports on crude oil inventories from the United States also lowered crude oil prices this week. According to the Energy Information Administration, oil inventories in the country have increased for the fourth week and are now above the 5-year seasonal average.

Deutsche Bank said it had hugely reduced its involvement in carbon-intensive sectors since 2016 and agreed on targets to reduce financed emissions between 2030 and 2050.

While banks are tightening lending criteria for fossil fuels as part of a plan to cut carbon emissions to zero by 2050, environmental experts say they are trying too little, too late.

On Friday, Japanese oil and metals giant Eneos Holdings Inc revised its net profit forecast by 58% to 140B yen ($1B) as it expected lower oil prices and a stronger yen to appreciate stockpiles.

Eneos, also Japan’s largest oil refiner, earlier forecast a net profit of 330B yen for the fiscal year ending March 31, beating the average estimate of 265B yen.

Natural gas

Oman and Germany to deal for liquefied natural gas

Germany is negotiating a long-term liquefied natural gas deal with Oman to replace Russian fuel supplies.

Europe has been trying to replace Russian gas since last year, with state-owned Gazprom gradually reducing and stopping the lion’s share of pipelines to Europe.

Germany has been talking for months about getting more LNG from Qatar, but it’s a slow process. Doha prefers 20-year contracts that are in line with Berlin’s climate goals.

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