Deals News Hubb
Advertisement Banner
  • Home
  • Business Deals
  • Shopping Deals
  • Contact
No Result
View All Result
  • Home
  • Business Deals
  • Shopping Deals
  • Contact
No Result
View All Result
Gourmet News Hubb
No Result
View All Result
Home Business Deals

U.S. might set price cap for Russian oil above $60/bbl – Bloomberg (NYSEARCA:XLE)

admin by admin
October 22, 2022
in Business Deals


SlavkoSereda/iStock via Getty Images

U.S. officials may seek a price cap for Russian oil exports above $60/bbl, a higher level than previously planned, Bloomberg reported Friday.

A higher cap would seem to contradict the primary goal of the plan – to deprive Russia of oil revenues that help finance its war in Ukraine – but it would align with another goal of keeping Russian oil on the market with a price high enough to cover production costs and encourage continued output.

Vladimir Putin has said Russia would not sell to countries that are backing the cap, which has been criticized by industry insiders and even some U.S. allies as unworkable.

Many details remain unresolved as officials from countries participating in the plan meet this month to determine cap levels for crude and some refined products.

Oil futures rose Friday and eked out a modest gain for the week, as traders juggled fears of a global economic slowdown against signs of oil market tightness.

Front-month Nymex crude (CL1:COM) for December delivery settled +0.5% this week to $85.05/bbl, and December Brent crude (CO1:COM) closed +2% at $93.50/bbl.

Meanwhile, U.S. natural gas pulled back sharply this week as domestic supplies are rising rapidly, warm weather patterns are forecast in normally wintry parts of the country, and concerns about broader market tightness due to Russia’s curtailment of gas flows to Europe have faded for now.

Front-month Nymex natural gas (NG1:COM) for November delivery fell for the ninth consecutive week, -23.1% to $4.959/MMBtu.

Energy (NYSEARCA:XLE) topped this week’s S&P sector standings, +8.2%, marked by a record high for Exxon Mobil.

Top 10 gainers in energy and natural resources during the past 5 days: (LFG) +52.9%, (KLXE) +37.5%, (CLNE) +36.1%, (OPAL) +35.5%, (PARR) +25.5%, (MNTK) +25%, (TUSK) +23.6%, (RIG) +23.3%, (PLL) +22.5%, (PUMP) +22.5%.

Top 5 decliners in energy and natural resources during the past 5 days: (NRGV) -19.2%, (AMPS) -14.5%, (IREN) -11.2%, (MTR) -10.4%, (PEGY) -10%.

Source: Barchart.com



Source link

Previous Post

11 Money-Saving Gifts for Everyone on Your List

Next Post

Take it from an Instacart driver watching the employee-or-contractor debate: App-based workers want the flexibility

Next Post

Take it from an Instacart driver watching the employee-or-contractor debate: App-based workers want the flexibility

Recommended

Lab-grown chicken meat gets first FDA sign-off, ruled safe to eat

2 months ago

Sam Bankman-Fried realizes that his Twitter war with rival CZ could have been what killed FTX: ‘Not a good strategic move on my part’

2 months ago

Asia-Pacific markets lower after Wall Street snaps 2-day of gains

3 months ago

*HOT* Duraflame Infrared Stove Heater 3D Fire Effect with Remote for just $159.99 shipped! Reg. $300!!

3 months ago

CHI Volumizing 4-In-1 Blowout Brush only $79.99 Today (Reg. $107!)

2 weeks ago

*HOT* Possible $5 Off $10 Starbucks Purchase with PayPal!

1 month ago

Deals-(-White-)

© 2022 Deals News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Business Deals
  • Shopping Deals
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Business Deals
  • Shopping Deals
  • Contact

© 2022 Deals News Hubb All rights reserved.