Oil prices were mostly flat on Tuesday as data showing China's economy was still struggling with a post-pandemic recovery offset expectations of an extension in supply cuts by leading OPEC+ members Saudi Arabia and Russia. Brent crude futures for November fell 9 cents, or 0.10%, to $88.91 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 34 cents, or 0.4%, to $85.89 at 0315 GMT. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will [Read more]
US drillers cut oil and gas rigs for eighth week in a row – Baker Hughes
U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future production, fell by one to 631 in the week to Sept. 1, its lowest since February 2022. U.S. oil rigs were unchanged at 512 this week, holding at its lowest since February 2022, while gas rigs fell one to 114, their lowest since January 2022. U.S. [Read more]
U.S. oil and gas output nears peak: Kemp
U.S. crude oil production increased again in June and is nearing the record high set before the pandemic, but the pace of growth is slowing as the industry responds to the fall in prices since the middle of 2022. Total crude and condensates production rose to 12.8 million barrels per day (bpd) in June, up from 12.6 million bpd in May, and is rapidly approaching the record 13.0 million bpd set in November 2019. Output from the Lower 48 states excluding federal waters in the Gulf of Mexico [Read more]
US crude stocks to fall further, end below year-ago levels, say analysts
U.S. crude oil stocks have fallen to their lowest level this year and likely will shrink further, analysts said, as record demand, producer supply cuts, weaker futures and rising storage costs all point to increasing drawdowns. A tight crude market is poised to extend into 2024 and add upward pressure on global oil prices, they said. In a bullish sign, U.S. inventories last week dropped 10.6 million barrels, hitting the lowest level since December 2022's 420.65 million barrels. "We are [Read more]
US natgas prices up 2% to 3-week high on output decline, hot forecasts
U.S. natural gas futures climbed about 2% to a three-week high on Friday on a drop in daily output and forecasts for continued hot weather. Capping those gains was a predicted reduction in gas use next week due in part to the three-day U.S. Labor Day holiday weekend, and forecasts that the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants will remain below highs seen earlier this year due to ongoing maintenance at some facilities. Front-month gas futures for October [Read more]
Trans Mountain warns of delay, extra cost without route change to expanded oil pipeline
Expansion of the Trans Mountain oil pipeline would be delayed by months and incur hundreds of millions of dollars of additional cost, unless a regulator approves a change in its route, the Canadian government corporation that owns the pipeline told a regulator in a filing on Thursday. Trans Mountain is asking the Canada Energy Regulator to approve a change from its approved route on a 1.3-kilometre (0.8 mile) section just south of Kamloops, British Columbia, saying the micro-tunneling [Read more]
Oil set to snap two-week losing streak on tightening supplies
Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year. Major benchmarks rose slightly, with the U.S. West Texas Intermediate crude (WTI) up 13 cents, or 0.2%, at $83.76 a barrel, while Brent crude was up 17 cents, also 0.2%, at $87/bbl as of 0325 GMT. WTI has risen over 5% during the week, while Brent was up about [Read more]
Alberta’s projected surplus intact despite oil price volatility
Canada's main oil-producing province of Alberta on Thursday forecast a virtually unchanged budget surplus in the 2023/24 fiscal year and said the outlook was strong, despite unpredictable crude prices. The projected C$2.44 billion ($1.81 billion) surplus is slightly larger than the C$2.35 billion predicted in the February budget. "The economic outlook for Alberta remains strong, bolstered by population growth and the labor market," the province's finance ministry said in a fiscal [Read more]
Depleting U.S. crude inventories lift oil prices: Kemp
U.S. commercial crude oil inventories have depleted by 34 million barrels since the middle of July, contributing to a sense the market is tightening and driving a recovery in spot prices and calendar spreads. Commercial crude inventories have declined in five of the most recent six weeks, according to surveys conducted by the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, Aug. 30). Commercial crude has accounted for all the drawdown in total inventories over [Read more]
US natgas prices slip 2% ahead of storage report
U.S. natural gas futures slid about 2% on Thursday on forecasts for less demand in coming weeks due to a seasonal cooling of the weather. That price decline came ahead of a federal report expected to show a much smaller-than-usual storage build last week when power generators burned lots of gas to keep air conditioners humming during an extreme heat wave blanketing the central part of the U.S. Analysts forecast U.S. utilities added 25 billion cubic feet (bcf) of gas into storage during the [Read more]
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