Oil price news

Corrosion in oil and gas tubing systems costs over $1 billion annually (source: NACE). Common types like pitting and crevice corrosion can be mitigated with proactive identification and appropriate solutions, preventing costly damage to fluid systems.

The US Energy Information Administration has released its short-term energy outlook for October.

US crude oil inventories fell by more than expected in late September, dropping by 4.34 million bbl, reported the American Petroleum Institute (API).

Saudi Arabia is preparing to increase its oil output to regain its market share, with abandoning its required oil price part of the plan.

Reuters has reported that the US Federal Trade Commission is expected to greenlight US oil producer Chevron's purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's challenge to the US$53 billion deal as its final hurdle.

The oil body said there "has been further recognition that the world can only phase in new energy sources at scale when they are genuinely ready”.

Read today's market analysis on behalf of Rania Gule, Senior Market Analyst, XS.com

Reuters reported that oil prices rose on news of monetary stimulus from China while another hurricane threatened supply in the US.

The US Energy Information Administration reports that cash from operations in 1Q24 has decreased due to lower natural gas prices.

Empire Petroleum Corporation has fixed the close of business on 30 September 2024 as the record date for a proposed subscription rights offering.