Uscommodity Brent Oil Fund Lp Etf ETF News

WASHINGTON: The United States and Britain announced Tuesday they are cutting off imports of Russian oil, in the most far-reaching action yet by Western allies to punish Moscow for invading Ukraine, pushing the main US contract, WTI, rose by 6.7 percent to $127.44 per barrel and Brent by 6.8…

Mumbai: Shares of ONGC, Oil India and GAIL are poised for more upsides as rising crude and gas prices are expected to boost their profitability. Brent crude prices have rallied 35% in the past one month to $122 per barrel on Tuesday as economic sanctions on Russia have aggravated supply concerns.“ONGC, Oil India, and GAIL are the key beneficiaries of rising crude prices,” said Dayanand Mittal, analyst, JM Financial. “ONGC and Oil India are discounting $60-65 per barrel brent at the current market price. Every $1 per barrel rise in crude realization implies a 2-4% increase in earnings per share of these two companies.”Higher crude price could also improve the earnings visibility of GAIL’s gas trading and downstream businesses, said Mittal.ONGC and Oil India shares have rallied nearly 12% in the last five trading sessions compared to a 5% decline in the Nifty. Gail shares gained almost 9% in a week.Russia is one of the biggest exporters of crude. Oil prices have been rising because of the supply shortfalls.Higher domestic gas prices are also positive for ONGC and Oil India.“A surge in oil and gas prices will benefit upstream, and gas utility companies as realisation will be higher,” said Mayur Matani, analyst, ICICI Securities. “However, if LNG prices sustain at high levels, it will impact margins of city gas distributor such as Indraprastha Gas and Mahanagar Gas as the company’s sourcing costs will be higher for incremental volumes.”ICICI Securities has increased its FY24 EPS estimates for ONGC by 9%.

Last week, oil and commodity markets recorded their biggest weekly gains in years as shuttering of Ukrainian ports, sanctions against Russia, and disruption in Libyan oil production sent energy, crop, and metal buyers scrambling for replacement supplies. Russia is one of the world''s biggest exporters of key raw materials, from crude oil and gas to wheat and aluminum, and the possible exclusion of supplies from the country due to sanctions has sent traders and importers into a frenzy. Crude prices spiked on Monday, and Brent Crude hit $130 on Tuesday…

Commodity prices surged on Tuesday with Brent crude soaring on news that the United States and Britain will ban or phase out Russian oil imports, and nickel hitting record highs above $100,000 a tonne.

ISLAMABAD: Oil prices remained elevated on Tuesday after hitting a 14-year high a day earlier, as Russia has warned that it retains the option to cut natural gas supplies to Europe if the US and its EU allies ban its crude imports. As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the […] The post Oil prices remain elevated as Russia warns to cut Europe gas supplies appeared first on Pakistan Today .

The Energy Information Administration on Tuesday said it expects annual U.S. oil production to reach a record next year. The government agency pegged average production at 12.99 million barrels per day in 2023, up 3.1% from its February forecast, according to the monthly Short-Term Energy Outlook report. It also expects this year''s domestic output to average 12.03 million barrels per day, up 0.6% from the previous forecast. "Our forecasts have been subject to greater-than-usual uncertainty," the EIA said in statement following the report''s release. "This uncertainty has increased significantly following Russia''s further invasion of Ukraine," it said. The EIA also lifted its 2022 forecast for West Texas Intermediate crude prices to $101.17 a barrel, up 27.5% from the February forecast, and its 2022 Brent crude view to $105.22, up 27%. In Tuesday dealings, April WTI crude oil continued to rally after President Joe Biden announced a U.S. ban on Russian oil imports, with prices up $3.28, or 2.8%, to $122.68 a barrel.

Brent surges to $132 a barrel after US and UK announce major escalation of efforts to hobble Russia’s economy

As geopolitical tensions rise, supply disruptions continue to push oil prices higher. In the face of surging energy costs, U.S. President Joe Biden on Tuesday announced a ban on Russian oil imports. What To Know: Following Russia''s invasion of Ukraine, the U.S. and its European allies discussed banning Russian oil imports in an attempt to stifle Russia''s main revenue source. On Monday, the U.S. signaled a willingness to stand alone in banning imports, which added fuel to the move in oil prices. Oil has climbed to 13-year highs amid increasing supply uncertainty. WTI crude was nearing $130 Tuesday morning, while Brent crude, the international benchmark, was hovering around $132. Ukrainian leaders have been calling on the West to cut off Russian oil imports since the start of the invasion. What Did The President Say? In an address Tuesday, Biden opened by saying: "Today, I am announcing the United States is targeting the main artery of Russia''s economy. We''re banning all imports of Russian oil and gas and …

WASHINGTON, USA – US President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday, March 8, in retaliation for the invasion of Ukraine , underscoring strong bipartisan support for a move that he acknowledged would drive up US energy prices. “We’re banning all imports of Russian oil and gas energy,” Biden told reporters at the White House. “That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to [Russian President Vladimir] Putin’s war machine.” Oil prices jumped on the news, with benchmark Brent crude for May climbing by 5.4% to $129.91 a barrel by 1345 GMT. Biden has been working with allies in Europe, who are far more dependent on Russian oil , to isolate Russia’s energy-heavy economy and Putin. Britain announced shortly before Biden’s remarks that it would phase out the import of Russian oil and gas by the end of 2022. Biden said sanctions imposed by the United States and its allies had already caused the Russian economy to “crater.” He said the latest moves had been made in close consultation with allies and partners around the world.

International oil benchmark Brent crude, which briefly topped $139 a barrel in the previous session, was up 6.94% at $131.76 at 10:30 a.m. EST (1530 GMT).

LONDON : Oil prices rose on Tuesday, with Brent surging past $132 a barrel on expectations that the United States and Britain will announce a formal ban on Russian oil imports, stoking supply concerns.Benchmark Brent crude for May had climbed by almost 7per cent to $131.8 a barrel by 1517 GMT. U.S. crude

The crude oil price rally has hit plastic producers’ margins, and some are starting to curb production, Bloomberg has reported. Brent crude briefly topped $130 this month amid the war in Ukraine, with Western sanctions severely reducing international flows of Russian oil. Despite retreating some, the benchmark, along with the rest of the oil benchmarks, are at historic highs, sparking fears of recession and attempts to mitigate the effect of the sanctions on the global economy. As normally happens when oil prices are high, petrochemicals…

Bank of America''s global oil team lifted oil price forecasts across the board, raising 2022 / 23 Brent forecasts to $110 / $95 from $85 / $75, respectively; the long-term price forecast…

"One Of The World''s Largest Energy Supply Shocks Ever" : Goldman Raises Oil Price Target To $135 At a time when banks are rushing to outdo each other who can come up with the highest oil price forecast for 2022 (a welcome change from January when they did the same with the number of forecasted Fed rate hikes, and November when the "winner" was who can come up with the highest S&P price target), a few hours ago Goldman''s commodities team took the lead, writing that as oil prices have surged to their highest level since 2008, "driven by the escalating military conflict in Ukraine and growing realization that imposed sanctions could meaningfully and sustainably reduce Russian exports, even with carve-outs for energy trade" the bank warns that given Russia’s key role in global energy supply, " the global economy could soon be faced with one of the largest energy supply shocks ever." (The full must-read report is available to pro subscribers ). According to Goldman, while the West will want to avoid such an outcome, global isolation could instead drive Russia to reduce its current account surplus and energy exports.

The domestic currency weakened after Brent oil trading near $130/barrel amid FII selling