U.S. natural gas futures dropped about 4% on Tuesday on record U.S. output and forecasts for milder U.S. weather and lower demand over the next two weeks than previously expected. U.S. energy company Equitrans Midstream Corp's long-delayed $6.6 billion Mountain Valley gas pipe from West Virginia to Virginia could win federal approval as part of Washington's debt limit deal. Shares in Equitrans jumped about 43% to $8.70 on the news, putting the stock on track for its highest close since [Read more]
Climate battle looms as Alberta premier Smith takes aim at Trudeau after election win
Alberta's re-elect leader Danielle Smith has put herself on a collision course with Prime Minister Justin Trudeau over climate policies that would weigh on the province's fossil fuel industry. Smith, leader of the United Conservative Party (UCP), defeated New Democratic Party leader Rachel Notley on Monday, and immediately targeted Trudeau, threatening the country's ambitious climate goals. Smith warned Trudeau's Liberal climate policies will destroy tens of thousands of jobs in the oil [Read more]
Oil falls on US debt deal struggles, OPEC+ talks uncertainty
Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market's risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend. Brent crude futures fell 59 cents, or 0.8%, to $76.48 a barrel by 0615 GMT after rising by 0.5% earlier on Tuesday. U.S. West Texas Intermediate (WTI) crude dipped 42 cents to $72.25 a barrel, down 0.6% from Friday's close. There was no [Read more]
Oil rises after US leaders strike provisional debt deal
Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Brent crude futures climbed 66 cents, or 0.9%, to $77.61 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude was at $73.42 a barrel, up 75 cents, or 1%. Trade is expected to be subdued on Monday because of UK and U.S. holidays. U.S. President Joe Biden and [Read more]
US oil & gas rigs fall in May by most in a month since 2020
The U.S. oil and gas rig count fell by 44 this month, the biggest drop in three years, after energy firms this week cut rigs for a fourth week in a row, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by nine to 711 in the week to May 26, the lowest since May 2022. Baker Hughes said that puts the total rig count down by 16, or 2%, below this time last year. U.S. oil rigs fell by five [Read more]
US natgas futures fall 4% to two-week low on lower demand forecast
U.S. natural gas futures fell about 4% to a two-week low on Friday on a collapse in global gas prices, record U.S. output, rising Canadian exports and forecasts for milder U.S. weather and lower than previously expected demand next week, which includes the U.S. Memorial Day holiday on Monday. Prices declined despite a lack of wind power in recent weeks that forced power generators to burn more gas to produce electricity, reducing the amount of gas left over to go into storage. The amount [Read more]
Oil falls on conflicting OPEC+, Russia messages amid stronger dollar
Oil prices softened in early trade on Friday, weighed on by conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting and a stronger dollar. Brent crude fell 30 cents to $75.96 a barrel at 0315 GMT, while U.S. West Texas Intermediate was down by 14 cents at $71.69 a barrel. Benchmarks settled more than $2 per barrel lower on Thursday, after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting [Read more]
US oil and gas auction yields nearly $80 mln for federal coffers
The U.S. on Thursday held its first sale of oil and gas drilling rights on federal lands since passage of President Joe Biden's landmark climate change law, attracting more than $78 million in high bids for leases in New Mexico and Kansas. The federal auction was just the second to be held in New Mexico, the nation's second-largest oil-producing state, since Biden became president in 2021. Biden's Interior Department had attempted to suspend federal oil and gas leasing to study its [Read more]
US offers oil and gas drilling rights in first auction since Biden’s IRA
The U.S. on Thursday will hold its first sale of oil and gas drilling rights on federal lands since passage of President Joe Biden's landmark climate change law, with more than 10,000 acres (40.5 square kilometers) on offer in New Mexico and Kansas. The federal lease auction is just the second to be held in New Mexico, the nation's second-largest oil-producing state, since Biden became president in 2021. Biden's Interior Department had attempted to suspend federal oil and gas leasing to [Read more]
US natgas futures steady ahead of storage report
U.S. natural gas futures were steady on Thursday as the market awaited direction from a federal report expected to show a bigger-than-usual U.S. storage build last week when mild weather limited demand for the fuel for both heating and cooling. That lack of price movement came despite several bearish factors, including record U.S. output, rising Canadian exports and forecasts for milder U.S. weather and lower demand over the next two weeks than previously expected. It also defied bullish [Read more]
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