Oil giants have fled California, but James Flores and his company Sable Offshore are desperate to get in, even if it means crossing swords with the state.
OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and to agree on a mechanism to assess members' maximum production capacity, two delegates from the group and a source familiar with OPEC+ talks told Reuters.
Crude oil slides as peace deal speculation, rising inventories, and OPEC production plans pressure prices, leaving the short-term oil outlook firmly bearish.
Geopolitical tensions, OPEC+ uncertainty, and rising surplus risks drive a bearish Natural Gas and Oil forecast as WTI and Brent struggle inside descending channels.
Oil faces pressure from bearish technicals, while natural gas exhibits a bullish outlook, supported by strong fundamentals and improving forecasts for 2025.
Oil prices fell on Thursday on expectations of a Ukraine‑Russia ceasefire which could pave the way for the unwinding of Western sanctions against Russian supply, though trading was set to remain thin due to the U.S. Thanksgiving holiday.
U.S. crude oil inventories increased last week as imports rose and exports fell, according to data from the U.S. Energy Information Administration.
Natural gas and oil markets weaken as oversupply fears rise despite a 1.9M-barrel inventory draw. Technical signals keep the Natural Gas and Oil Forecast tilted bearish.
Oil prices edged higher in early Asian trade after falling overnight.
OPEC+ is likely to leave output levels unchanged at its meeting on Sunday while focusing talks on a theoretical topic of how much oil its members can produce so the group can decide future policies, three OPEC+ sources said.
Oil prices dropped amid concerns about a potential surplus, despite ongoing geopolitical tensions, while natural gas prices remain bullish above key support levels.
Traders were likely weighing the prospect of a Ukraine-Russia peace deal that could deflate political risk from an already well-supplied market, UOB said.