ExxonMobil's Senior Vice President Neil Chapman warned that crude oil prices could surge to $150-$160 per barrel soon due to critically low inventory levels, despite recent price drops linked to U.S.-Iran peace talks. The company highlighted that strategic petroleum reserve releases have temporarily kept prices lower, but these reserves are depleting. This warning coincides with ExxonMobil's move of its legal headquarters from New Jersey to Texas, citing Texas' favorable regulatory environment and alignment with the company's operational base. The potential price spike reflects ongoing geopolitical tensions and shrinking commercial crude inventories, which could impact energy markets and inflation data soon.
Executives from Exxon and Chevron warn that oil prices may reach $160 due to historically low US crude and gasoline inventories, which have dropped 6% below the five-year average. This decline is driven by ongoing exports and increased summer demand,...
Gold and silver prices declined sharply after a drop in crude oil and record US stock market closes reduced safe-haven demand linked to the Strait of Hormuz tensions. Spot gold fell 1.17% to about $4,454.80 an ounce, while silver dropped 3% to around...
Oil prices have fallen recently due to growing hopes for a ceasefire between Iran and the U.S. despite months of volatility caused by Middle East conflicts. However, the energy sector remains attractive for investors as top companies like Chevron and...
The global Carbon Capture, Utilization, and Storage (CCUS) absorption market is projected to expand significantly, growing from $1.58 billion in 2025 to $12.56 billion by 2035 at a CAGR of 23.06%. This growth is fueled by increased government initiat...
The global resin market is projected to grow from $667.16 billion in 2025 to $1.14 trillion by 2035, at a CAGR of 5.06%. Growth is fueled by advancements in resin technology improving thermal stability and strength, expanding use in aerospace, electr...
