Oil edges lower as traders weigh recession fears, prospects of Iran deal

Oil futures trade mixed, as investors assess concerns over the global growth outlook and await official data on U.S. crude and product inventories. 


 
U.S. Oil and Gasoline Inventories Drop Sharply

Oil supplies surprisingly fell by 7.1 million barrels, to 425 million barrels, to drop about 6% below the five-year average, compared with analysts' estimates that crude stockpiles would rise by 100,000 barrels from the prior week. 


 
Germany's Uniper Reports Heavy Loss Over Russian Gas-Supply Cuts

The country's largest Russian-gas importer posted a net loss of more than $12.6 billion for the first half of the year, hit hard after Moscow slashed deliveries to Germany from June. 


 
Santos Approves $2.6 Billion Oil-Field Development in Alaska

The Australian producer said the first phase of the Pikka oil project can bolster energy security as countries look to diversify supply away from Russia after the invasion of Ukraine. 


 
Tenaga Nasional to Invest $4.5B a Year in Push to Reach Net Zero by 2050

Tenaga Nasional plans to invest around $4.48 billion a year over the next 28 years under a plan to reach net zero emissions by 2050, said Tenaga President and CEO Baharin Din. 


 
Energy & Utilities Roundup: Market Talk

Find insight on Uniper and more in the latest Market Talks covering Energy and Utilities 


 
Heat Wave Intensifies Energy Crisis in Europe

Natural-gas prices surged to a record and electricity prices rallied as high temperatures spur a bidding war for the fuel. 


 
Germany to Keep Last Three Nuclear-Power Plants Running

The move, which was prompted by the mounting economic war with Russia, marks the first departure from a two-decade policy to abandon nuclear energy. 


 
Aramco's Actions Undercut Its Rosy Predictions

Flush with cash, the world's largest oil company is predicting demand growth this decade, but its investment plans suggest less confidence. 


 
For Sinopec, West's Russian Oil Boycott is a Gift

China's largest refiner, whose shares are cheap by historical standards, is shaping up as one of the biggest beneficiaries of the conflict in Ukraine.


(END) Dow Jones Newswires

08-17-22 1115ET