U.S. energy firms this week added the biggest number of oil and natural gas rigs in a week since September, with the oil rig count also rising to its highest in six months, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven to 629 in the week to March 15. Despite this week's rig increase, Baker Hughes said the total count was still down 125 rigs or 16.6% below this time last [Read more]
US natgas prices head for weekly fall on mild weather outlook
U.S. natural gas futures fell more than 3% on Friday and were poised for a second straight weekly fall, pressured by forecasts for mild weather leading to lower gas demand for heating. Front-month gas futures for April delivery on the New York Mercantile Exchange fell 5.4 cents, or 3.1%, to $1.69 per million British thermal units (mmBtu) at 9:58 a.m. EDT (1358 GMT). Prices were down over 6% for the week. "We think overall gas demand for the remainder of March will be relatively tepid. We [Read more]
Oil prices set to end week about 4% higher
Oil prices edged lower on Friday but were on track to gain nearly 4% for the week, boosted by the International Energy Agency revising its 2024 oil demand forecasts higher and an unexpected decline in U.S. stockpiles. Brent crude oil futures fell 25 cents or 0.3% to $85.17 a barrel at 0533 GMT, after crossing $85 a barrel for the first time since November on Thursday. U.S. West Texas Intermediate (WTI) crude fell 22 cents or 0.3% to $81.04. The IEA on Thursday raised its view on 2024 oil [Read more]
US seeks oil for emergency reserve as maintenance winds down
The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage site winds down maintenance that had tempered the pace of replenishing the stockpile, the U.S. Energy Department said on Thursday. The oil, if purchased, is expected to be delivered in August and September, the department said. The department issued a solicitation on Thursday of 1.5 million barrels for the Bayou Choctaw, Louisiana site that has undergone maintenance this year. [Read more]
US export credit agency approves support for Bahrain oil project
The U.S. export credit agency on Thursday voted to approve a $500 million loan guarantee for an oil and gas drilling project in Bahrain, testing a U.S. climate pledge to stop backing projects that expand the use of fossil fuels. The board of directors at the Export-Import Bank of the United States (EXIM) approved the project after voting last month to notify Congress about potentially supporting the expansion of an oil and gas field in the Middle Eastern country with over 400 new oil wells [Read more]
Non-OPEC+ to lead 2024 oil production growth, offsetting output cuts – EIA
Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday. The boost to supply comes as the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, this month agreed to extend voluntary output cuts of 2.2 million barrels per day in a bid to boost prices. WHY IT'S IMPORTANT Growth from non-OPEC+ [Read more]
US natgas prices climb on bigger-than-expected storage withdrawal
U.S. natural gas futures extended gains on Thursday, having hit their lowest level in over two weeks earlier in the session, after a weekly report showed a bigger-than-expected storage withdrawal last week. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 2.4 cents, or 1.5%, to $1.682 per million British thermal units at 11:31 a.m. EDT (1531 GMT). The U.S. Energy Information Administration (EIA) said utilities pulled a larger-than-expected 9 billion cubic [Read more]
US pump prices set to jump as refinery outages nip supply, analysts say
U.S. motorists are likely to see gasoline prices turn sharply higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal jump in demand, analysts said. The national average price for a gallon of gasoline has increased more than 9% from the start of the year to hover around $3.40 since March 8, the highest since early November, according to data from the motorist group AAA. Higher gasoline bills lifted consumer prices solidly last month, adding to stickiness [Read more]
IEA sees subdued oil demand growth as economic headwinds remain
The International Energy Agency sees oil demand growth this year at 1.3 million barrels per day (bpd), down a full million bpd from 2023, but up by 110,000 bpd from its previous month's forecast as Houthi attacks in the Red Sea delay supplies. Dovish signals from central banks indicated a path out of economic doldrums, the IEA said on Thursday, but subdued economic data in China remains a concern. The IEA's growth forecast lags that of OPEC, which is more bullish on the economy, by nearly [Read more]
Oil rises on strong US fuel demand as supply concerns continue
Oil prices climbed in early trade on Thursday, supported by strong demand in the U.S. after gasoline stocks hit a three month low and crude stockpiles dropped unexpectedly, with supply concerns remaining after Ukrainian attacks on Russian refineries. Brent futures for May climbed 11 cents, or 0.13%, to $84.14 a barrel at 0652 GMT, while April U.S. West Texas Intermediate (WTI) crude rose 10 cents, or 0.13%, to $79.82 per barrel. Both contracts had risen about 3% to a four-month high on [Read more]
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