Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.30%, at $79.56 a barrel. Brent crude futures were up 14cents, or 0.16%, at $86.85 a barrel. Both contracts slumped [Read more]
U.S. official rules out secondary sanctions for Russian oil price cap
A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators. Democratic and Republican senators last week proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen the price cap aimed at capping Russia's oil revenues while minimising the impact on global markets and prices. "We don't think secondary sanctions are needed," Catherine [Read more]
‘Heavy lifting’ needed to overcome opposition to permitting bill
U.S. Senator Joe Manchin on Friday warned that bipartisan opposition to his bill to overhaul energy permitting could derail his plan to attach it to temporary spending legislation and pass it by the end of the month. The West Virginia Democrat will likely need 10 Republicans for the permitting bill he introduced this week, which would speed approvals of fossil fuel projects like natural gas pipelines but also for huge electricity transmission lines needed to bring power from wind and solar [Read more]
Oil prices edge down, recession fears back in focus
Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns after Moscow's new mobilization campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. U.S. West Texas Intermediate (WTI) crude futures dropped $4.25, or 5.09%, to $79.29. Brent crude futures fell $3.63, or 4.02%, to $86.49 per barrel. Front-month Brent and TWI contracts were down 1.5% and 2.3%, respectively, for the week so [Read more]
U.S. natgas eases to 10-week low as demand drops on mild weather forecasts
U.S. natural gas futures eased to a fresh 10-week low on Friday on expectations the weather will remain mild into early October, keeping both heating and cooling demand low and allowing utilities to inject lots of gas into storage over the next few weeks. That change in the weather after a brutally hot summer was also boosting the amount of wind power available, allowing generators to cut back on the amount of gas they burn to produce electricity. Another factor weighing on gas prices was [Read more]
Yellen says Russia offering ‘enormous discounts’ on oil to China, India
A planned Western price cap on Russian oil is already making a difference, U.S. Treasury Secretary Janet Yellen said on Thursday, noting that Russia was now offering China and India "enormous discounts" while looking for other outlets for its oil. In December, Europe would halt the bulk of its purchases of 3 million barrels per day, putting additional pressure on Russia to find new buyers for its oil, Yellen told a conference hosted by The Atlantic magazine. Europe was facing a tough winter [Read more]
Recession will be necessary to rebalance the oil market: Kemp
Unused capacity in global oil production has fallen to exceptionally low levels, contributing to the intense upward pressure on prices until very recently. Restoring spare capacity to more comfortable levels will require a business-cycle downturn, which is why a recession or at least a serious slowdown is inevitable. In common with inventories of crude and products, and new oilfields with rapid development times, under-utilised oil wells and refineries act as shock absorbers in the global [Read more]
Pieridae in talks with government and TC Energy about east coast LNG project
Pieridae Energy, one of the companies proposing a liquefied natural (LNG) gas terminal on Canada's east coast, has asked the federal government to help ensure pipeline operator TC Energy would be able secure permits to expand gas supply pipelines in a timely fashion. Pieridae Chief Executive Alfred Sorensen told Reuters its Goldboro LNG project can only go ahead if TC expands capacity on its existing pipeline network. "There's no other way. Without TC Energy there is no Goldboro LNG [Read more]
U.S. natgas down 2% on record output ahead of storage report
U.S. natural gas futures fell about 2% to a six-week low on Thursday on record output and forecasts for milder weather through early October that should allow utilities to inject more gas than usual into storage over the next few weeks. That price decline came ahead of a federal report expected to show last week's storage build was bigger than usual as mild weather and an increase in wind power kept the amount of gas power generators burned low. Analysts forecast U.S. utilities added 93 [Read more]
Oil prices tick up on supply woes but Fed rate hike bets cap gains
Oil prices ticked up on Wednesday on supply concerns, but expectations of another aggressive U.S. interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand. U.S. West Texas Intermediate crude was at $85.20 a barrel, up 97 cents, or 1.15%. The October delivery contract expired down $1.28 on Tuesday while the more active November contract lost $1.42. Brent crude futures rose $1.17, or 1.29%, to $91.88 a barrel after falling $1.38 the previous [Read more]
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