The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) edged wider on Monday: * WCS for October delivery in Hardisty, Alberta, settled at $13.90 a barrel below WTI, according to brokerage CalRock, having settled at $13.70 a barrel under the benchmark on Friday. * Moves in the WCS market have been muted so far this month, while volatile trading and recent heavy losses in the global Brent and WTI markets have weighed on the [Read more]
US oil firms evacuate staff, cut drilling ahead of Storm Francine
U.S. Gulf of Mexico oil and gas producers were evacuating staff and curbing drilling to prepare for Tropical Storm Francine on Monday as it churned through the energy region on a path to bring high winds and drenching rains to the U.S. mid-South. Francine is likely to bring life-threatening storm surge to the upper Texas and Louisiana coasts and hurricane-force winds to Southern Louisiana this week. Residents of Calcasieu Parish in Louisiana on Monday were supplied with sandbags and other [Read more]
US natgas prices fall 3% as hurricane threatens LNG and power demand
U.S. natural gas futures slid about 3% on Monday on expectations a storm forecast to hit Louisiana later this week will cut demand by causing power outages and reducing the amount of gas flowing to liquefied natural gas (LNG) export plants. That price decline came despite forecast for more demand next week than previously expected and higher LNG feedgas so far this month. Another factor that has weighed on gas prices for much of this year was the tremendous oversupply of gas left in [Read more]
Morgan Stanley cuts Brent crude price view as market signals demand softness
Morgan Stanley on Monday cut its Brent crude oil forecasts for coming quarters and said the global oil market is facing a period of demand weakness similar to those seen during recessions. Brent crude futures settled at their lowest levels since December 2021 on Friday at $71.06. Brent was trading around $71.74 a barrel as of 1026 GMT. Rising fuel inventories, lower refining margins and the spreads between the price now and the price in the future all echo previous recessionary periods or [Read more]
Libyan oil loss pushes up rival Mediterranean, US grades
A halt in Libyan oil exports has supported the values of Azeri, African and U.S. oil grades, while some refiners could consider reducing crude intake altogether due to poor profit margins, traders and analysts told Reuters. Crude oil exports from Libya's major ports have been shut for a week in the latest case of major unrest in the country, an OPEC member that pumps about 1% of world oil output. Some loadings have been permitted from storage after the country's two rival factions agreed [Read more]
Transition to cleaner fuels seen dragging on China’s oil demand growth
China's shift towards lower-carbon fuels and a sluggish economy are dampening oil demand growth in the world's largest crude importer, speakers at the APPEC conference said on Monday. China's annual demand growth has slowed from around 500,000-600,000 barrels per day (bpd) in the five years before the COVID-19 pandemic to 200,000 bpd now, said Daan Struyven, head of oil research at Goldman Sachs. That is primarily due to the adoption of electric vehicles and the use of trucks powered by [Read more]
Goldman Sachs says oil subject to downside into 2025-2026 due to surplus
Oil prices are still subject to downside into 2025-2026 amid a surplus market, Daan Struyven, head of oil research at Goldman Sachs told the APPEC 2024 conference. He said OPEC is likely to go ahead with gradual and moderate production increases in the next few quarters. Goldman Sachs adjusted its expectations for OPEC+ oil production, according to a note from the bank last week, saying it expects three months of production increases starting from December instead of October. (Reporting [Read more]
S&P Global expects OPEC+ to increase oil output next year
The Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, is expected to increase production for the first time in a couple of years in 2025, an S&P Global executive told a conference on Monday. Last week, OPEC+ agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed. "We think in 2025 for the first time in a couple [Read more]
Goldman Sachs expects OPEC+ production increases to start in December
Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday. OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices hit their lowest in nine months, adding it could further pause or reverse the hikes if needed. However Goldman Sachs maintained its Brent crude range of [Read more]
Heavy oil discount holds steady
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) was steady on Friday: * WCS for October delivery in Hardisty, Alberta, settled at $13.70 a barrel below WTI, according to brokerage CalRock, unchanged from the previous day's settlement. * Global oil prices settled 2% lower, with a big weekly loss after U.S. jobs data was weaker-than-expected in August, which outweighed price support from a delay to supply increases by [Read more]
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