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Daily freight rates to ship liquefied natural gas are at a record high, and prices are expected to climb further as winter approaches.Spot rates for ships commonly used to transport LNG are at $450,000 this week, a sixfold increase since the start of this year, according to the Baltic Exchange a London-based, freight-information provider. Brokers expect daily rates along main trade routes, including one from Texas to Northern Europe, to climb to $500,000 this month as the demand to charter ships remains high. In 2021,…

WASHINGTON—OPEC’s decision to slash oil production has the U.S. considering responses that could include measures aimed at breaking the cartel’s hold on markets or limiting U.S. oil exports should shortages emerge.The cutback by the Organization of the Petroleum Exporting Countries and its Russia-led allies is the latest dilemma for President Biden, who has sought to transition the U.S. away from fossil fuels while at the same time keeping consumer prices in check. A long fall in gasoline prices has started to reverse,…

The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. CVX 0.57% to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela, according to people familiar with the proposal. In exchange for the significant sanctions relief, the government of Venezuelan President Nicolás Maduro would resume long-suspended…

The second-largest U.S. oil company closed the sale Wednesday of its Chevron Park campus in San Ramon, Calif., its global headquarters for two decades, to Sunset Development Co. The family-run company had originally sold the 92-acre parcel to Chevron in the early 1980s. Sunset Chief Executive Alex Mehran Jr. said Chevron also signed a lease for nearly 400,000 square feet of space in a nearby office building located in Sunset’s Bishop Ranch mixed-use project in San Ramon. Chevron’s office space there could house about…

Money managers bracing for a global slowdown have pulled back from bets on oil and other commodities, helping push prices lower. But their focus on potentially waning demand isn’t shared with some of the most powerful figures in the industry, or with investment banks, who point to a host of other reasons why prices should be higher. This week, Saudi Prince Abdulaziz bin Salman said the oil futures market has become increasingly disconnected from supply and demand for energy. Saudi Arabia is considering cuts to OPEC+…

A federal appeals court ruled that lawsuits by Delaware and Hoboken, N.J., seeking compensation from oil companies for the impacts of climate change should be decided in state, not federal courts. The decision Wednesday is the latest procedural victory by state and municipal governments, which have sought to bring climate-liability cases against companies such as Exxon Mobil Corp. , Chevron Corp. and Shell…

The U.S. trade deficit narrowed sharply in June to its lowest level in six months as a rise in shipments of energy products pushed up exports, while cooling consumer appetite weighed on imports. The trade gap in goods and services shrank 6.2% in June to $79.6 billion after seasonal adjustment, the Commerce Department said Thursday, down from May’s revised deficit of $84.9 billion. That marked the first time the deficit has been below $80 billion since December 2021. Exports grew 1.7% to $261 billion, helped largely by…

Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. Chevron Chief Financial Officer Pierre Breber said that despite concerns about an economic slowdown, the company continues to…

A floorhand operates a Chevron oil drilling rig near Taft, California.Chip Chipman | Bloomberg | Getty ImagesExxon and Chevron posted record profits during the second quarter of 2022 as high commodity prices boost operations, and as the oil giants keep their spending in check.Chevron reported earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021.Exxon, meantime, posted earnings of $17.9 billion during the second quarter of 2022, compared to $4.7 billion during…

A little more than one-third of S&P 500, or 175 companies, are scheduled to report earnings in the coming week, according to FactSet. The list includes 12 members of the Dow Jones Industrial Average. Google parent company Alphabet Inc. GOOG -5.81% and Facebook owner Meta Platforms Inc. META -7.59% also are expected to release earnings. Additional companies with quarterly updates on tap…