Rocked by its biggest energy shock since the 1970s, Europe is undoing parts of a two-decade effort to promote a competitive market for natural gas. In the coming weeks, the EU will ask member states for the possibility of limiting gas prices in extreme market conditions. It wants energy companies to band together to gain … Read more
Natural gas prices in Europe fell as traders braced for a European Commission proposal to put a price cap on wholesale markets if the energy crisis turns into an emergency. The proposed cap on the continent’s benchmark gas contract would be a last-ditch measure to soften the blow for consumers and businesses if gas prices … Read more
Consumers’ retail spending shifted in September as they adjusted to changing costs amid strong inflation and rising interest rates. They spent more on increasingly expensive essentials such as food and less on items with falling prices like gasoline and furniture, according to two government data reports this week. Overall U.S. retail sales—which comprise consumer spending … Read more
RIYADH – The White House traded rebukes with Saudi Arabia on Thursday after the Biden administration threatened to retaliate against last week’s major oil production cut by Saudi-led OPEC and its Russia-led allies, worsening Washington’s spat with a major Middle East partner. In a statement overnight, Saudi Arabia rejected US claims that it had sided … Read more
RIYADH—Saudi Arabia is backing down after the Biden administration threatened to retaliate against last week’s major oil production cut by Saudi-led OPEC and its Russia-led allies, as Washington’s spat with a major Middle East partner deepens. In a statement early Thursday, the kingdom rejected US claims that it has sided with Russia in the Ukraine … Read more
The US inflation report for September will show how consumer prices changed last month and give an indication of whether cost-of-living increases are slowing since they began to accelerate last year. The consumer price index rose 8.3% in August from a year earlier, the Labor Department said last month. That was down from an annual … Read more
TEL AVIV—Israel and Lebanon have agreed to a U.S.-brokered deal demarcating a disputed maritime border, officials from both sides said Tuesday, easing the latest tensions between the longtime foes and opening the way for Israel to export gas to Europe. The agreement, which has been in the works for a decade, marks a rare example … Read more
US gasoline prices are ticking up after about 100 days of decline, threatening to inflict fresh pain on consumers who have struggled with rampant inflation for more than a year. Maintenance at fuel plants, higher demand for gasoline and tight fuel supplies have contributed to a 14-day run of rising gasoline prices. A gallon of … Read more
The OPEC+ group of oil-producing countries has agreed on a drastic cut in global supply. The speculation has helped oil reverse its recent declines. And that means it’s time to take another look at shares of US-listed energy companies that are favorably positioned to benefit from higher prices. The cartel agreed Wednesday to cut its … Read more
OPEC+ is set to consider on Wednesday its most drastic cut in output since the pandemic began to help support falling oil prices, a move that could put pressure on global economic growth. The Organization of the Petroleum Exporting Countries and its Moscow-led allies, collectively known as OPEC+, is considering a cut of more than … Read more