Pec News Today

Oil Prices: Geopolitical risk premiums due to the Israel-Hamas war, which had kept prices high due to global supply risks, are also fading, with Israel and Hamas considering a temporary ceasefire and holding talks with international mediators.

The United States and Saudi Arabia are said to be nearing a pact that would offer the kingdom security guarantees and lay out a possible pathway to diplomatic ties with Israel if it brings the war in Gaza to an end.

US crude inventories rise 4.906m barrels in the week ended April 26

Natural Gas Prices: Results at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine.

It may become the continent’s fourth largest producer by next decade

The IMF expects OPEC+ to begin increasing output from July

OPEC+ continues to struggle with production cut compliance and has asked for detailed plans on compensation plans.

Oil futures settled higher on Friday, extending recent gains, on supply worries due to geopolitical tensions, and hopes about the outlook for energy demand thanks to upbeat economic data.

A ministerial committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, met online to review the market and members implementation of output cuts.

The oil markets are increasingly putting their trust into OPEC+ production cuts to remain in place throughout this year, a feat which combined with an improving macroeconomic outlook could bring $90 per barrel sooner than assumed