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BP misses expectations as profits slip on weaker oil and gas prices
BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a “significantly weaker” margin in fuels and lower gas and oil prices. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion. The results reflect lower oil and gas realizations and a “significantly weaker” fuels margin, the company said in its Tuesday statement. CEO Murray Auchincloss noted the firm’s ... (full story)
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podcast Over the first two decades of the currency union, labour productivity (output per worker) in the euro area has been weak, at least when compared to other advanced ...
CME Group, the world's leading derivatives marketplace, today announced that it will expand its suite of short-term WTI Crude Oil options to include Tuesday and Thursday expiries, ...
Over the past few years, I have published a series of essays assessing where we are in our inflation fight and highlighting some important questions policymakers are facing. My most recent essay was in February of this year, where I questioned how much monetary policy was actually restraining demand. This essay is an update to that commentary, and I now examine the current stance of monetary policy in more detail.1 I will argue that the Federal Open Market Committee (FOMC) has tightened policy significantly, compared with prior cycles, both in absolute terms and relative to the market’s understanding of neutral. But I will also observe that the housing market is proving more resilient to that tight policy than it generally has in the past. Given that housing is a key channel through which monetary policy affects the economy, its resilience raises questions about whether policymakers and the market are misperceiving neutral, at least in the near term. It is possible that once the reopening dynamics of the post-COVID economy have concluded, the macro forces that drove the low-rate environment that existed before the pandemic will reemerge, pulling neutral back down. But the FOMC must set policy based on where neutral is in the short run to achieve our dual mandate goals in a reasonable period of time. The uncertainty about where neutral is today creates a challenge for policymakers. post: FED'S KASHKARI: HOUSING MARKET IS PROVING MORE RESILIENT TO TIGHT MONETARY POLICY THAN IT HAS BEEN IN THE PAST post: FED'S KASHKARI: IT IS POSSIBLE THAT HOUSING MARKET RESILIENCE MEANS THE NEUTRAL RATE HAS BEEN PUSHED HIGHER, AT LEAST IN THE SHORT TERM. post: FED'S KASHKARI: I QUESTION POLICY RESTRICTIVENESS, GIVEN THE INFLATION DATA. post: KASHKARI: FED MUST SET POLICY BASED ON SHORT-RUN NEUTRAL RATE
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The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday. The ...
Global oil prices. We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel (b) for the remainder of 2024 before falling to an average of $85/b in 2025 as global oil production growth picks up. • Global oil production tables. This month we are publishing streamlined global oil data tables. These tables provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil and other liquid fuels production. • U.S. retail gasoline prices. Across the United States, we forecast that retail gasoline prices will average near $3.70 per gallon from April through September, which is similar to prices during the same period last year. Refinery operations are a source of uncertainty for gasoline markets this summer. An upcoming Perspectives supplement looks in more depth at the effect refinery operations could have on retail gasoline prices. • Natural gas production. We expect U.S. dry natural gas production to fall by 2% from the first quarter of 2024 (1Q24) to 2Q24 as a result of low natural gas prices. We expect 1% less natural gas will be produced in the United States in 2024 than last year before production increases by 2% in 2025 to a record of almost 105 billi post: #OOTT | EIA STEO Current Yr Crude F'cast (Bpd) May: 13.20 (prev 13.21) - Forward Yr Crude F'cast (BPD): 13.73 (prev 13.72) - Current Yr Dry NatGas F'cast (Bcf/d): 102.99 (prev 103.58) - Forward Yr Dry NatGas F'cast (Bcf/d): 104.79 (prev 104.88)EIA expects electricity growth to be mostly met by renewables The U.S. Energy Information Administration (EIA) expects electricity generation will grow by about 3% in 2024 and 1% in 2025. Renewable energy sources—chiefly solar—will supply most of that growth. EIA expects electricity from solar, wind, and hydropower combined to account for 22% of total U.S. generation in 2024, increasing to 24% in 2025. Electricity from those three sources had made up 21% of U.S. generation in 2023. EIA forecasts solar will provide 41% more electricity in 2024 than in 2023. Generation from wind grows 5% in 2024 in EIA’s May forecast, but if wind speeds differ significantly from expectations, wind generation could change. EIA expects 6% more hydropower generation in 2023 than in 2024, with the most significant growth in the Southeast. “In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history,” said EIA Administrator Joe DeCarolis. Other highlights from the May Short-Term Energy Outlook (STEO) include: U.S. retail gasoline prices. EIA forecasts that retail gasoline prices will average near $3.70 per gallon in the United States from April through September, similar to prices during the same period last year. EIA plans to publish a STEO supplement analyzing how refinery operations could affect retail gasoline prices in the summer driving season next week. Coal. EIA increased its forecasts for U.S. coal production and exports, as the immediate impact of the closure of the Port of Baltimore has become clearer. EIA now forecasts that U.S. coal exports will total 99 million short tons in 2024—a 4% increase from its April forecast but still less than expected before the collapse of the Francis Scott Key Bridge. Although EIA also increased its forecast for coal production in 2024 from last month, it still forecasts 14% less coal will be produced in the United States than in 2023. Trans Mountain Pipeline. EIA expects that the startup of the Trans Mountain Pipeline last week will alleviate distribution bottlenecks and support the increase of Canada’s production of liquid fuels to about 6.3 million barrels per day in 2025, an increase of 500,000 barrels per day from current production. New to STEO: Global oil data tables. Beginning with this month’s STEO, EIA will be including new streamlined global oil data tables, which provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil production that is separate from other liquid fuels production. The full May 2024 STEO is available on the EIA websit
US natural gas prices broke their longest monthly losing streak since 2020. This comes after an El Niño winter swept across the Lower 48, causing demand to dwindle and storage ...
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- Posted: May 7, 2024 11:00am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 95