The Biden administration on Friday took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources, but pleasing environmentalists. The measures are aligned with President Joe Biden's efforts to rein in oil and gas activities on public lands and conserve 30% of U.S. lands and waters to combat climate change. The Interior Department finalized a regulation to block oil and gas [Read more]
Oil prices jump $3/bbl on unconfirmed reports of explosions in Iran
Oil prices jumped $3 a barrel on Friday in reaction to unconfirmed reports on X that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted. Brent futures jumped $3.03, or 3.5%, to $90.14 a barrel by 0147 GMT, and U.S. West Texas Intermediate crude rose $3.03, or 3.7%, to $85.76 per barrel. "There are some unconfirmed reports of explosions in the Middle East," ING's head of commodity research, Warren Patterson, said. The reports have sparked [Read more]
Goldman Sachs hikes Brent crude forecasts for 2024 and 2025
Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80. It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical risk premium. Brent crude futures are up 13% to about $87 a barrel so far in 2024, while U.S. oil futures are up about 15% to more than $82 a barrel in the same [Read more]
US natgas flows rise to Texas Freeport and other LNG export plants, LSEG data shows
The amount of natural gas flowing to the seven U.S. liquefied natural gas (LNG) export plants, including Freeport LNG, was on track to jump by around 17% on Thursday from a 15-month low on Tuesday, data from financial firm LSEG showed. LNG feedgas rose to a preliminary 10.8 billion cubic feet per day (bcfd) on Thursday, up from 10.1 bcfd on Wednesday and a 15-month low of 9.2 bcfd on Tuesday when feedgas to several facilities dropped, including Freeport in Texas, Cameron LNG in Louisiana, and [Read more]
Oil traders sanguine about risks from Israel-Iran conflict: Kemp
Petroleum prices have fallen following Iran's missile and drone assault on Israel, confounding expectations that the escalation of the shadow war would cause them to rise. Like major industrial accidents, extreme moves in oil prices, spikes or slumps, are always the product of multiple factors rather than a single cause. Spikes usually occur when the business cycle is mature; inventories are well below normal; spare production capacity is low; and there is an actual or threatened [Read more]
US natgas prices up 3% ahead of storage report as LNG feedgas rises
U.S. natural gas futures climbed about 3% on Thursday on forecasts for cooler weather and more demand next week than previously expected and with an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants, including Freeport LNG. That price rise also came ahead of a federal storage report expected to show that last week's storage increase was smaller than usual as low prices so far this year have prompted producers to cut gas output. Analysts forecast U.S. [Read more]
Brazil’s plans to drill for oil in the Amazon hit stiff Indigenous resistance
State-run energy firm Petrobras has hit growing resistance from Indigenous groups and government agencies to its premier exploration project, which would open the most promising part of Brazil's northern coast to oil drilling. Environmental agency Ibama denied Petrobras a license for exploratory drilling offshore in the Foz do Amazonas area last year, citing possible impacts on Indigenous groups and the sensitive coastal biome. But a Petrobras appeal for Ibama to reverse its decision has [Read more]
Oil stabilizes after sharp drop on demand concerns, easing of Middle East tension
Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided. Brent futures were up 29 cents, or 0.3%, at $87.58 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 20 cents higher, or 0.2%, at $82.89 a barrel at 0413 GMT. The two benchmarks slid 3% in the previous session on signs that fuel demand this year is [Read more]
TC Energy does not expect service interruptions following pipeline rupture
TC Energy said on Wednesday it does not anticipate any service interruptions from the rupture of its NGTL gas pipeline in Alberta, Canada, which caused a wildfire on Tuesday. The company said it was working with regulatory agencies to investigate the incident and that once the site was confirmed to be safe, survey crews and an environmental inspector would make assessments to inform repair and restoration planning. "Alberta Wildfire confirmed that the secondary fire is under control and [Read more]
US crude stockpiles rise, products draw down more than forecast – EIA
U.S. crude oil stockpiles rose and gasoline and distillate inventories fell more than forecast last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the EIA said, nearly double analysts' expectations in a Reuters poll for a 1.4 million-barrel build. U.S. crude and gasoline futures held steady after EIA data, while heating oil futures gained. Crude stocks at the Cushing, [Read more]
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