U.S. natural gas futures eased about 1% on Tuesday as the amount of gas flowing to liquefied natural gas (LNG) export plants remains low due to maintenance outages and as a tropical storm reduces power demand in Texas. That price decline came despite forecasts for gas demand to rise more than previously expected next week with the weather across much of the country expected to remain hotter than normal through at least early September. In the central U.S., power demand surged to an [Read more]
US energy firm payouts to oil investors top exploration spending for first time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday. The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP, U.S. energy companies have been focused on regaining favor with investors after years of overspending on production growth hurt returns [Read more]
Asian buyers may seek U.S. LNG if Australia worker disputes worsen, analysts say
Major Asian buyers of liquefied natural gas (LNG) could seek U.S. cargoes in the coming weeks if worker-related disputes at key LNG facilities in Australia escalate, analysts said, as electricity demand continues surge due to warm weather. Uncertainty over labour disputes at western Australian facilities run by Woodside Energy Group and U.S. major Chevron have spurred Asian LNG prices to their highest in five months, and analysts say they could rise further. As many as 700 workers at the [Read more]
Oil dips on possible easing of tight supply, China woes hurt demand outlook
Oil edged lower on Tuesday as the market waited to see if Iraqi exports through the Ceyhan oil terminal would resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy weighed on the outlook for demand. Brent crude was down 11 cents at $84.35 a barrel by 0651 GMT, while the more active U.S. West Texas Intermediate October contract slipped 10 cents to $80.02 a barrel. The front-month WTI contract that expires in September was up 17 cents at [Read more]
Exxon proposes sixth oil project in Guyana for $12.9 billion
Exxon Mobil Corp and partners plan to spend $12.93 billion to develop their sixth offshore oil project in Guyana, according to a filing published on Monday by the South American country. The floating production platform for the so-called Whiptail project would start operations in 2027 and bring the Exxon-led consortium's oil output in Guyana over 1.2 million barrels per day (bpd). Guyana has emerged as the world's fastest-growing new oil province in a decade with discoveries of more than [Read more]
US natgas prices up 3% as sweltering heat persists
U.S. natural gas futures gained about 3% on Monday on forecasts for the weather to remain hotter than normal through early September, keeping air conditioning demand high, especially in Texas. That price increase occurred despite forecasts for less demand over the next two weeks than previously expected. Power demand in Texas was on track to hit an 11th all-time high this summer, with usage expected to reach 85,605 megawatts (MW) on Monday as homes and businesses keep their air [Read more]
Oil market falls into holiday torpor: Kemp
The short-covering rally that had previously propelled petroleum prices higher ran out of momentum last week as prices and positions climbed near to or above long-term averages, blurring the risk-reward calculation. Position-taking was also likely hit by the traditional seasonal torpor that descends in the middle of August with many senior trading and investment staff across North America and Europe on holiday. Hedge funds and other money managers made no net change in their combined [Read more]
China LNG buyers expand trading after adding more US, Qatari contracts
China's liquefied natural (LNG) gas importers are starting up or expanding trading desks in London and Singapore to better manage their growing and diversified supply portfolios in an increasingly volatile global market. The beefed-up trading presence of Chinese importers puts them in direct competition with such global heavyweights as Shell, BP, Equinor and TotalEnergies for a market that the International Energy Agency says doubled in value to $450 billion last year. About a dozen [Read more]
Oil prices climb on expectations of lower OPEC+ exports in August
Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. Brent crude climbed 75 cents to $85.55 a barrel by 0301 GMT, while U.S. West Texas Intermediate crude was at $82.05 a barrel, up 80 cents. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Both front-month benchmark prices snapped a [Read more]
Trans Mountain says British Columbia fires pose no risk to its operations
Canadian oil pipeline system operator Trans Mountain said on Sunday that the British Columbia wildfires posed no risk to its pipeline operations or its expansion project. "Trans Mountain is actively monitoring the wildfire situation and we are in constant communication with local and provincial agencies, including Indigenous communities," Trans Mountain said in a statement. The province imposed an emergency late on Friday, giving officials more power to deal with fire risks. By Saturday, [Read more]
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