Oil & Gas Industry News

Two of the world's biggest oil traders are expecting the market to be oversupplied next year - but both agree that Donald Trump might just change everything.

Crude posted weekly losses as slower Fed rate cuts and Trump's EU tariff threats weighed on markets, while muted inflation data tempered the selloff.

Total U.S. energy consumption will come in at 23.86 qBtu in the fourth quarter of this year, according to the EIA.

The U.S. is the world's largest producer of crude oil and the biggest exporter of liquefied natural gas.

J.P. Morgan analysts highlighted that Brent crude oil 'is on track to average $80 per barrel in 2024', which they pointed out is $3 below their projections from last June.

Proposals are spread across 42 pages of memos to 10 agencies the American Petroleum Institute is presenting to Trump's transition team.

Oil dropped below $70 as a surging dollar and weaker Chinese demand outlook weighed on prices, with looming oversupply keeping traders cautious.

U.S. natural gas is catching a bid today with two drivers, Art Hogan, Chief Market Strategist at B. Riley Wealth, told Rigzone in an exclusive interview.

'If prices don't break below $70 by 2Q25, the bear thesis will need to be revisited', Macquarie strategists said.

The UK, Denmark, Sweden, Poland, Finland and Estonia will require 'suspected shadow vessels' to show proof of insurance.