Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 million barrels per day (bpd) this quarter, analysts said on Monday, as Europe chases U.S. crude to offset sanctioned Russian oil. U.S. exports have risen in the last three months, helped by Washington's decision to release 180 million barrels of oil from the nation's Strategic Petroleum Reserve, which have flooded the domestic market. Exports to Europe are expected to average about 1.4 million (bpd) this quarter, about [Read more]
G7 seeks to curb Russian oil income through price cap
The Group of Seven rich nations are debating a global price cap for Russian oil that would curb Moscow's energy revenues and potentially limit its ability to fund its invasion of Ukraine. LOWER EXPORTS, MORE MONEY Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions, the International Energy Agency said in its June monthly report. Russian oil export revenues are estimated to have increased by $1.7 billion in May to [Read more]
U.S. natgas futures slip 2% to fresh 11-week low on rising output
U.S. natural gas futures slid about 2% on Monday to an 11-week low on rising output and reduced demand expectations over the next two weeks, due partly to a drop in liquefied natural gas exports from the shutdown of Freeport LNG's Texas plant. Analysts said the Freeport shutdown on June 8 should allow U.S. utilities to quickly rebuild low gas stockpiles for next winter, but will reduce the amount of U.S. gas available to the rest of the world. That is a problem for Europe where most U.S. [Read more]
Oil slightly slides as G7 debate Iran nuclear deal, Russia
Oil prices slipped on Monday as global economic concerns depressed the oil demand outlook while investors eyed the G7 meeting this week for possible moves on Russian oil exports and a revival of the Iran nuclear deal. U.S. West Texas Intermediate crude was at $106.88 a barrel, down 63 cents or 0.59%, following a 3.2% gain in the previous session. Brent crude futures slightly slipped 1 cent, or 0%, to $112.44 a barrel after rebounding 2.8% on Friday. Both contracts posted their second [Read more]
Biden urges G7 to stay together as leaders target Russian oil price
U.S. President Joe Biden told allies "we have to stay together" against Russia on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy. At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine. But it was not clear whether there was G7 [Read more]
Column: Funds sell oil at fastest rate for 15 weeks as economic outlook worsens
Investors sold petroleum last week at the fastest rate since just after Russia’s invasion of Ukraine, as the deteriorating economic outlook trumped fears about the impact of sanctions on oil supplies. Hedge funds and other money managers sold the equivalent of 71 million barrels in the six most important petroleum futures and options contracts in the week to June 21 (). The rate of selling was the fastest since the week ending March 8, shortly after the invasion, based on position records [Read more]
A shale booster shot: ‘Re-fracs’ rise as cheap way to lift U.S. oil output
U.S. shale oil producers are returning to existing wells and giving them a second, high-pressure blast to lift output for a fraction of the cost of a finishing a new well. These "re-fracs" are taking hold as shale oil producers look to take advantage of $100 a barrel crude without making big investments in new wells and fields. A global oil shortage has triggered calls from U.S. President Joe Biden for shale producers to spend more of their profits on increasing output. But shale firms [Read more]
U.S. drillers add oil and gas rigs for a record 23 months
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up [Read more]
U.S. natgas futures hold near 11-week low as LNG exports decline
U.S. natural gas futures held near an 11-week low on Friday as forecasts for hotter weather, higher demand and less output than last month offset a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas. In Texas, power demand hit record levels again this week during a lingering heat wave. Analysts said the Freeport shutdown should allow U.S. utilities to quickly rebuild low gas stockpiles for next winter. The shutdown on June [Read more]
No plans for extraordinary EU summit on gas prices in July
There are no plans at the moment to hold an extraordinary summit of European Union leaders in July to discuss ways to deal with rising gas prices, an EU official said on Friday. "There are no plans," the official said when asked about reports on a possible extra summit next month. The official said Italian Prime Minister Mario Draghi had suggested a July summit on Thursday, in internal meetings with EU leaders, to discuss a proposal to cap prices on Russian gas. Another EU official, [Read more]
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