Energy & Petroleum News Today

Brent crude futures for July rose 16 cents to $83.83 a barrel by 0008 GMT. U.S. West Texas Intermediate crude for June was up 19 cents to $79.14 per barrel. MCX Crude Oil prices opened at 6613 with a rise of 0.18%.

Q1 2021 saw a 9.4% y/y rise in Russian natural gas production, up to 196.9 billion cubic metres, a potential influence on global energy dynamics and India's energy market.

Gazprom, Russia's leading natural gas producer, faced a significant net loss of $6.9 billion in 2023 due to plummeting sales to Europe, a stark contrast to the 1.2 trillion rouble net profit in 2022.

April saw a decline in Asia's oil imports, averaging at 26.89 million barrels per day, reflecting reduced crude import demand, according to LSEG Oil Research data.

Snapping three days of losses, Brent crude futures for July gained 21 cents, or 0.3%, to $83.65 a barrel by 0026 GMT. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel. MCX Crude oil prices opened at 6658 with a rise of 0.54%.

Tensions in the political climate are adversely affecting North Sea upstream investments, warns Deltic energy. Investors are suggested to approach with caution due to uncertain conditions.

Brent crude futures dipped 5 cents, or 0.06%, to $88.35 a barrel at 0006 GMT, and U.S. West Texas Intermediate crude futures slipped 12 cents, or 0.15%, to $82.51 a barrel. MCX Crude oil prices opened at 6890 with a fall of 0.13%.

Northwest European gasoline refining margins saw a dip to $21 per barrel following a significant rise in regional stocks.

Europe is seeking increased gas supply from Algeria, according to the Algerian Foreign Minister. The demand comes amid Europe's emerging energy issues.

Oil prices are set to end higher this week, breaking a two-week losing streak. This boost is propelled by US growth optimism and ongoing supply issues stemming from Middle East conflicts.