Lower spot prices for liquefied natural gas (LNG) in Asia have yet to drive a significant boost in demand for the super-chilled fuel, although there is an increase in appetite from price-sensitive buyers such as India and China. Asia's imports of LNG are estimated at 22.59 million metric tons for March by commodity analysts Kpler, slightly below the 22.69 million recorded for February. Given the seasonality of LNG demand, which peaks in the northern winter and summer, it's worth looking at [Read more]
Oil higher on strong US demand, Fed policy in focus
Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, and as even somewhat sticky U.S. inflation did not significantly alter expectations the Fed might start cutting rates soon. Brent futures for May delivery rose 46 cents, or 0.6%, to $82.38 a barrel by 0400 GMT. April U.S. West Texas Intermediate crude contract gained 47 cents, or 0.6%, to$78.03. The Organization of the Petroleum Exporting Countries stuck to its [Read more]
Heavy oil differential narrows slightly
The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday. * WCS for April delivery in Hardisty, Alberta began and ended the trading session at $15.10 per barrel under WTI, according to brokerage CalRock. On Monday, WCS had traded between $15.15 and $15.30 below the U.S. benchmark. * Tight crude supplies due to oil sands maintenance and anticipation about startup of the Trans Mountain pipeline [Read more]
US natgas output to decline in 2024 while demand rises to record high, EIA says
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.79 billion cubic feet per day (bcfd) in 2023 to 103.35 bcfd in 2024 as several producers reduce their drilling activities after prices fell to a 3-1/2-year low in February. In 2025, EIA projected output would rise to 104.43 bcfd. The [Read more]
US raises crude production growth forecast for 2024
The U.S. Energy Information Administration (EIA) on Tuesday raised its forecast for U.S. domestic oil growth in 2024 by 90,000 barrels, but lowered its forecast for global oil production growth due to production cuts from OPEC+. U.S. crude oil production will rise by 260,000 barrels per day (bpd) to 13.19 million bpd this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bpd. Production notched an [Read more]
US trying to help India get lower prices for Russian oil, Biden envoy says
The United States is trying to help India negotiate lower prices for Russian oil as it deepens sanctions on tankers carrying the petroleum above Western price caps, President Joe Biden's energy envoy said on Tuesday. Washington imposed sanctions late last month on Russia's leading tanker group Sovcomflot on the two-year anniversary of Moscow's full scale invasion of Ukraine. It also designated 14 crude oil tankers as property in which Sovcomflot had an interest. That led to concerns in [Read more]
A $35 billion gas reunion tracks a topsy-turvy market
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own. Updates with links.) By Robert Cyran NEW YORK, March 11 (Reuters Breakingviews) - Gas producer EQT’s old management weathered an activist investor outcry, squeaked through an expensive deal, and spun off its pipeline division - only to be ejected by the executives they bought out. Now, new management is putting the pieces back together, on Monday striking a merger with that spinoff, Equitrans Midstream. [Read more]
US natgas producers cut spending, output to cope with low prices
U.S. natural gas producers are curbing their output and spending on drilling activity as an oversupplied market has brought the prices of the commodity down to multi-decade lows. In recent months, gas prices have dropped on near-record output and low heating demand from a mild winter, leaving ample amounts of gas in storage. Below is a list of natural gas producers and steps they are taking to tackle price declines. CNX Resources Corp The company said it is delaying some well [Read more]
Oil up as Middle East tensions persist, demand concerns cap gains
Oil prices rose in Tuesday trade as geopolitical tensions in the Middle East continued to spur concern, but gains were limited on bearish demand sentiments and as the market waited for monthly reports from oil agencies. Brent futures for May delivery was up 26 cents, or 0.3%, to $82.47 a barrel by 0408 GMT. The U.S. crude April contract rose 17 cents, or 0.2%, to $78.10 a barrel. While the war between Israel and Palestinian group Hamas has not led to significant oil supply disruptions, [Read more]
Heavy oil trades narrow
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Monday. WCS for April delivery in Hardisty, Alberta, traded between $15.15 and $15.30 per barrel under WTI, according to brokerage CalRock. On Friday, WCS had begun trading at $15.75 and ended the day at $15.65 below the U.S. benchmark. WCS prices strengthened on tight crude supplies, a Calgary industry source said. Optimism about the Trans Mountain [Read more]
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