The U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) on Wednesday announced $64.4 million in funding to states to improve the safety of pipeline and underground natural gas (UNGS) operations. "These grants provide states with resources to inspect pipelines and UNGS facilities, ensuring they are complying with federal and state regulations," the PHMSA said in a release. The grant comes days after the PHMSA issued a corrective order to [Read more]
US natgas slips to near 1-week low on lower demand outlook, higher output
U.S. natural gas futures extended losses to a near one-week low on Wednesday, weighed down by forecasts for lower demand over the next two weeks than previously expected and rising output. The price drop came despite forecasts for hotter than normal weather continuing through mid-August, especially in Texas. Front-month gas futures for September delivery on the New York Mercantile Exchange fell 5.2 cents, or 2%, to $2.51 per million British thermal units (mmBtu) at 9:33 a.m. EDT (1333 [Read more]
TC Energy eyes Coastal GasLink pipeline to finish year on higher note
TC Energy's surprise plan last week to split the company accelerated a stock selloff, but shareholders bet the North American pipeline operator will finish the year on a higher note by completing the troubled Coastal GasLink project. Shares of Calgary, Alberta-based TC, which has a market value of C$48.4 billion ($37 billion), plunged 13% to a seven-year low last week. Investors registered disappointment after TC said on July 24 it would sell a stake in two U.S. natural gas pipelines for less [Read more]
OPEC+ panel unlikely to tweak oil policy at Friday meeting – sources
OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Aug. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Oil has rallied to a three-month high this week above $85 a [Read more]
Oil prices rise as US inventory data show robust demand
Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel products inventory data showing robust demand from the world's biggest fuel consumer, the U.S., offset demand concerns elsewhere. Brent crude futures for October rose 76 cents, or 0.90%, to $85.67 a barrel at 0407 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 76 cents, or 0.93%, to $82.13 a barrel. U.S. oil inventories fell by 15.4 million barrels in the week [Read more]
US pulls back offer to buy 6 million barrels of oil for emergency reserve
The Biden administration has pulled back an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve because of conditions in the market, an Energy Department spokesperson said on Tuesday. The administration made the latest solicitation to buy the oil on July 7. After the administration released a record 180 million barrels from the reserve last year, the Energy Department has bought back only 6.3 million barrels in recent months. The Energy Department "remains committed [Read more]
US natgas prices fall 4% on forecasts for lower demand
U.S. natural gas futures fell around 4% on Tuesday on forecasts for less demand over the next two weeks than previously expected. The price decline came despite a preliminary drop in daily output and forecasts for hotter than normal weather to continue through mid-August, especially in Texas. Power demand in Texas hit an all-time high on Monday, topping the prior record set on July 18, and will likely break that high again on Tuesday and next week as homes and businesses keep their air [Read more]
Oil holds near three-month high on signs of tightening supply
Oil prices were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer. Brent crude futures for October were at $85.25 a barrel at 0402 GMT, down 18 cents or 0.2% lower from its close. Front-month Brent settled at its highest since April 13 on Monday. U.S. West Texas Intermediate crude was at $81.64 a barrel, down 0.2% or [Read more]
US LNG feed gas at record high in first half as Freeport restarts
U.S. liquefied natural gas (LNG) export facilities brought in a record amount of natural gas in the first six months of this year after the Freeport LNG terminal returned to service, the U.S. Energy Information Administration (EIA) said on Monday. Natural gas delivered by pipeline to LNG export facilities, called LNG feed gas, averaged 12.8 billion cubic feet per day (bcfd) in the first half of 2023, 4% more than the same six-month period in 2022 and 8% higher than the full 2022 [Read more]
US natgas prices ease on record output, less hot forecasts
U.S. natural gas futures eased about 1% on Monday as output rose to a record high, forecasts predicted less hot weather than previously expected for the next two weeks, and several LNG export plants continued to operate at less than full power. Even though the forecasts were for less heat than previously expected, the outlook is still for hotter than normal weather through mid-August. Friday was the hottest day so far this summer in the U.S. Lower 48 states and the third hottest on record, [Read more]
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