European and American investors showed converse interest in sustainable funds during the first quarter, research firm Morningstar said on Thursday, with a record $8.8 billion in net withdrawals from the products in the U.S. A combination of factors likely contributed to the U.S. sustainable fund outflows during the first three months of 2024, said Morningstar. These included "high interest rates, middling returns in 2023, greenwashing concerns, and the continued politicization of [Read more]
Hess profit jumps on Guyana output in positive sign for Exxon
Hess Corp on Thursday reported first-quarter earnings well above analysts' forecasts, driven by a 28% increase in Guyana oil output, a sign Exxon Mobil's results out Friday could also top forecasts. Last October, Hess agreed to sell itself to Chevron for $53 billion in stock, but the deal has been stalled by a regulatory review and challenged by Exxon, which claims a right to Hess's Guyana assets. Hess and Chevron dispute Exxon's claim, now before an arbitration panel. Hess's production [Read more]
US natgas prices ease on larger-than-expected storage injection
U.S. natural gas futures eased on Thursday, having hit their lowest in a month earlier in the session, as the federal data showing a bigger-than-expected storage build last week added pressure to the market. Front-month gas futures for May delivery on the New York Mercantile Exchange traded 1.9 cents lower, or 1.1%, to $1.63 per million British thermal units (mmBtu) at 10.58 a.m. EDT. The U.S. Energy Information Administration (EIA) said utilities added a larger-than-expected 92 billion [Read more]
Oil steady as market weighs US demand concerns, Middle East conflict risks
Oil prices steadied on Thursday after settling lower in the previous day, as signs of retreating fuel demand in the U.S., the world's biggest oil user, contended with widening conflict risks in the key Middle East producing region. Brent crude futures inched up 18 cents, or 0.2%, to $88.20 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude futures gained 13 cents, or 0.2%, to $82.94 a barrel. Data from the U.S. Energy Information Administration (EIA) on Wednesday showed [Read more]
Is China stockpiling oil and other resources in case of future war?: Peter Apps
In the eastern Chinese port of Dongying, the start of 2024 has often seen several tankers docked simultaneously discharging Russian crude oil into a new 31.5 million barrel storage facility completed late last year. It is, traders say, all part of a concerted and deliberate Chinese effort to build up strategic stockpiles for a perhaps uncertain future. Estimates of China's total strategic energy reserve vary from 280 to 400 million barrels, the upper amount exceeding the U.S. Strategic [Read more]
Hess sets April 12 record date for shareholder vote on Chevron merger
Hess Corp on Wednesday said its board has set April 12 as the record date for the determination of the stockholders entitled to vote on the proposed merger with Chevron Corp. Shareholders will vote on the proposed deal in a meeting whose date is yet to be set, the company said in a U.S. securities filing. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed, it said in the filing. Exxon Mobil and CNOOC Ltd filed cases before the International [Read more]
Namibia excites oil firms by opening up new frontier basin
Oil companies are flocking to Namibia, excited by the country's plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century. Namibia, which has yet to produce any oil or gas, has become an exploration hotspot after offshore discoveries by TotalEnergies and Shell, and wants to accelerate the milestone of the country's first output. The southern African country is planning for its first oil production from TotalEnergies' giant Venus field in [Read more]
Crude and gasoline stocks fell, distillate stocks rose last week, EIA says
Crude inventories fell by 6.4 million barrels to 453.6 million barrels in the week ended April 19, the EIA said, compared with analysts' expectations in a Reuters poll for a 825,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 659,000 barrels in the week ended April 19, the EIA said. Refinery crude runs fell by 42,000 barrels per day in the week ended April 19, the EIA said. Refinery utilization rates rose by 0.4 percentage points in the week. U.S. [Read more]
Pressure on gas and LNG prices to help switch from coal, says J.P. Morgan
Global natural gas prices will come under pressure through the end of the decade as supply and shipping infrastructure grow rapidly, particularly in Qatar and the U.S., J.P. Morgan said in a report. The growth in gas output and liquefied natural gas (LNG) facilities, which allow tankers to transport the fuel around the world, will boost efforts to switch industries from highly polluting coal to gas, which can cut greenhouse gas emissions by as much as half, the report said. The U.S. [Read more]
Rising spot LNG prices starting to bite some Asian buyers: Russell
There are early signs that the rise in the spot price for liquefied natural gas (LNG) for delivery to Asia to a three-month high is starting to crimp demand from price-sensitive buyers such as India. The spot LNG price rose to $10.50 per million British thermal units (mmBtu) in the week ended April 19, the most since Jan. 19, and up 26.5% from the low so far in 2024 of $8.30, reached in early March. The recent increase in the price has been driven more by supply concerns, with the ongoing [Read more]