Oil prices climb to $78.65 as U.S. crude stockpiles fall, driven by increased demand and Middle East tensions affecting supply.
Surge Energy has reached its second phase of the capital allocation scheme, resulting in a higher dividend yield of 7.6%. With US$75-WTI, Surge should be making ~C$100M in yearly FCF. (14.5% yield to MC). Despite lower production volume in Q2, financials have improved with operating costs lower, enhancing profitability and reducing breakeven prices.
The Fed kept its benchmark rate steady at 5.25% to 5.50%, but Chair Jerome Powell signaled the U.S. central bank could cut rates in its September meeting.
Oil prices rose in early Asian trading on Thursday, extending strong gains in the previous session after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and on signs of strong oil demand in the U.S.
A rally in oil futures Wednesday comes as no surprise as violence in the Middle East, including the assassination of a Hamas leader in Iran, raises the potential for a wider war in the oil-rich region.
Companies drilling for oil and gas in the US are emitting much more greenhouse gases than regulators believe, new aerial survey research has shown. There is roughly four times more methane being emitted than estimates published by the Environmental Protection Agency, according to the results of an aerial survey by the Environmental Defense Fund.
Prices of oil and gold were lifted as financial markets reacted to the killing of the Hamas political leader in Iran, which the Palestinian group said was from an attack by Israel. Hamas leader Ismail Haniyeh, who has acted as a negotiator in the ceasefire talks during the Israel-Gaza war, was killed in raid on his residence in Tehran.
Crude-oil futures rose Wednesday for the first time in four sessions Wednesday, as the assassination of a top Hamas leader in Iran stoked concerns over further Middle Eastern tensions.
The fear is that the move could escalate the conflict between Israel and Hamas into a wider war in the region.
Brent futures topped the $80-per-barrel-threshold, as Iran's claim that Hamas political leader Ismail Haniyeh was assassinated reignited tensions in the Middle East. "Now we're moving into a phase of deterioration into the Middle East that we believe is going to capture oil traders' attention and get them to return some material risk premium into the price of Brent.
Oil prices rebounded to $76 as Middle East tensions escalated following the assassination of Hamas leader, sparking market volatility.
Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China.