U.S. natural gas futures were up about 1% after turning positive following the release of a federal report showing a much smaller-than-expected storage build last week when power generators burned lots of gas to keep air conditioners humming during an extreme heat wave. The U.S. Energy Information Administration (EIA) said utilities added just 18 billion cubic feet (bcf) of gas into storage during the week ended Aug. 18. That was much smaller than the 33-bcf build analysts forecast in a [Read more]
Saudi Arabia eyes world stage after BRICS invitation
Oil power Saudi Arabia's entry to the BRICS group of nations highlights its ambitious drive to become a heavyweight on the global stage, creating a counter to its decades-old alliance with the United States, once seen as ironclad. The kingdom anticipates more cooperation with BRICS nations, its foreign minister said on Thursday, after the group invited Saudi Arabia, United Arab Emirates, Iran, Egypt and Argentina to join. "We look forward to develop this cooperation to create new [Read more]
Oil down on weak economic data, US Federal Reserve chief’s speech in spotlight
Oil prices eased in early trade on Thursday amid disappointing economic data from key economies and as investors await a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for cues on interest rates. Brent crude fell 26 cents, or 0.3%, to $82.95 a barrel by 0359 GMT, while U.S. West Texas Intermediate crude dropped 30 cents, or 0.4%, to $78.59 a barrel. Manufacturing data from a host of purchasing managers' index (PMI) surveys on Wednesday painted a grim picture of the health of [Read more]
Canada PM Trudeau says Trans Mountain investment remains solid
Canadian Prime Minister Justin Trudeau said on Wednesday he was confident the Trans Mountain pipeline expansion was a solid investment and that interest is high among Indigenous groups who want to buy a share of the pipeline. The Trans Mountain Expansion (TMX) is expected to nearly triple the flow of crude from Alberta's oil sands to Burnaby, British Columbia, and is intended to unlock Asian markets for Canadian oil, which is now mostly exported to the United States. The Canadian [Read more]
US natgas prices hit 3-week low on weak LNG exports, energy futures drop
U.S. natural gas futures eased about 1% to a three-week low on Wednesday as the amount of gas flowing to liquefied natural gas (LNG) export plants remained low due to maintenance outages and a bigger 2% drop in oil futures spurred by grim manufacturing data. Gas futures fell despite forecasts for hotter weather and higher gas demand over the next two weeks than previously expected as a heat wave moves slowly across the central U.S. That heat wave is expected to boost power demand to record [Read more]
Saudi Arabia will likely roll over 1 million bpd cut into October, analysts say
Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, agreed a broad deal in early June to curtail supplies until the end of 2024. Saudi Arabia at the time announced the additional voluntary cut which [Read more]
Canada steps up pace of oil production growth, seen rising 8% in two years
A busy oil sands maintenance season and early summer wildfires put a dent in Canadian crude production in the second quarter, but oil companies are ramping up growth over the next two years and will add nearly 8% to Canada's total output, analysts estimate. The roughly 375,000 barrel per day (bpd) increase in two years would be more than Canada, the world's fourth-largest oil producer, has managed to add over the last five years combined, even after promising European allies it would boost [Read more]
Namibia’s offshore oil discoveries estimated at 11 billion barrels – NAMCOR
Namibia holds about 11 billion barrels of oil in recently discovered offshore fields, with TotalEnergies' Venus-1X find making up almost half of the total, state-owned oil firm NAMCOR said in a presentation of preliminary data. The southern African country, which has not produced any oil or gas yet, has become a global exploration hotspot after deep water discoveries by Shell and TotalEnergies over the last two years. Oil companies including Chevron, ExxonMobil and Galp Energia are also [Read more]
Goldman says oil stock draws cut bearish risk to Brent price
Goldman Sachs sees less of a downside risk to oil prices from higher-than-expected inventories, noting that lower OECD commercial stocks could add $2 to its end-2023 Brent outlook of $86 per barrel. OECD commercial stocks, which the Wall Street investment bank estimated were equal to about a third of the more than 9 billion barrels of global stocks, were 30 million barrels lower in August than it had previously forecast. Brent oil prices held near $84 a barrel on Wednesday after touching [Read more]
Australia LNG strikes would need to last over a month to spike prices, analysts say
Threatened strikes by workers at Australian liquefied natural gas (LNG) providers would need to last more than a month to significantly push up global prices, analysts said this week. The Woodside Energy and Chevron operations supply about 10% of global LNG output and worries of a walkout have lifted prices of European gas benchmark TTF forward curve 5%-7% higher over the September-to-April period than just before the news of a potential strike. The three Australian plants facing possible [Read more]
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