U.S. natural gas futures climbed about 2% on Tuesday on a decline in output and forecasts for cooler weather and more heating demand next week than previously expected. Front-month gas futures for November delivery on the New York Mercantile Exchange were up 6 cents, or 2.1%, to $2.900 per million British thermal units (mmBtu) at 9:38 a.m. EDT (1338 GMT). Financial firm LSEG said average gas output in the lower 48 U.S. states has slid to 101.9 billion cubic feet per day (bcfd) so far in [Read more]
Oil falls 1% on strong US dollar, mixed supply cues
Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. Brent futures for December delivery declined 92 cents, or 1.01%, to $89.79 a barrel by 0225 GMT. U.S. West Texas Intermediate crude (WTI), fell 92 cents, or 1.04%, to $87.90 per barrel. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated [Read more]
US LNG exports slump in September as plant outages pare output
U.S. exports of liquefied natural gas (LNG) fell modestly in September from August as scattered outages at four gas-processing plants led to lower shipments, LSEG vessel tracking data showed. A total of 7.12 million metric tons of the superchilled gas left U.S. ports last month, down from the 7.32 million metric tons exported in August, LSEG data showed. In September, more than half of U.S. LNG exports went to Europe, which received 52% of cargoes, the same share as in August. Asia [Read more]
US natgas prices ease 1% on mild weather, low demand
U.S. natural gas futures eased about 1% on Monday on forecasts for milder weather and less demand next week than previously expected. The price decline comes despite a reduction in output, record exports to Mexico and a rise in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants even though some plants were reduced for maintenance. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 3.3 cents, or 1.1%, to $2.896 per million British [Read more]
Oil investors turn cautious away from Cushing squeeze: Kemp
Portfolio investors appear to have finished their petroleum buying as benchmark crude prices climbed towards $100 per barrel, prompting concerns about the trade becoming crowded and some profit-taking. Hedge funds and other money managers sold the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending Sept. 26. Fund managers were net sellers for the first time in four weeks after buying 155 million barrels since Aug. [Read more]
Oil prices climb as risk appetite grows, focus returns to supply outlook
Oil prices edged up on Monday, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite. Brent December crude futures rose 25 cents, or 0.3%, to $92.45 a barrel by 0415 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude [Read more]
Big Oil, heavy industry discuss emission curbs ahead of COP28
Major oil and gas company chiefs held discussions with heavy industry bosses on Sunday in the United Arab Emirates in an effort to agree to a firm commitment to reduce carbon emissions ahead of a United Nations climate summit next month. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. It is seen as a crucial opportunity for governments to accelerate action to limit global warming with reports so far showing countries are off track to meet promises to limit [Read more]
BP’s US boss to leave company weeks after CEO Looney
BP's top executive in the United States, Dave Lawler, is leaving the company, the energy company said on Friday in a memo to employees just weeks after BP's chief executive Bernard Looney resigned from the company. Lawler's departure piles pressure on BP's Chairman Helge Lund and board as they seek to project stability in the wake of Looney's abrupt resignation earlier this month after less than four years in the top job for failing to fully disclose details of past personal relationships [Read more]
US drillers cut oil and gas rigs for third quarter in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, reducing the rig count for a third consecutive quarter, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29, the lowest since February 2022. Baker Hughes said that puts the total rig count down 142, or 19%, below this time last year. U.S. oil [Read more]
US natgas prices ease 1% as mild weather keeps demand low
U.S. natural gas futures eased about 1% on Friday on forecasts for milder weather and less demand next week than previously expected. That price decline occurred despite a reduction in output, record exports to Mexico and a rise in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants even though some plants were reduced for maintenance. Front-month gas futures for November delivery on the New York Mercantile Exchange were down 3.7 cents, or 1.3%, to $2.908 per [Read more]
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