Portfolio investors surged back into petroleum as Saudi Arabia’s unilateral production cut removed much of the previous downside risk to oil prices from slowing economies in China and Europe. Hedge funds and other money managers purchased the equivalent of 115 million barrels in the six most important petroleum futures and options contracts over the seven days ending on July 11. The increase was among the largest recorded over the last ten years (the 14th largest out of 539 weeks since [Read more]
Saudi crude exports in May drop to 19-month low
Saudi Arabia's crude oil exports in May fell to a 19-month low, data from the Joint Organizations Data Initiative (JODI) showed on Monday, as cheap Russian oil lured some big Asian buyers. Crude exports from the world's largest oil exporter fell to 6.93 million barrels per day (bpd) in May, their lowest since October 2021, and down about 5.3% from 7.32 million bpd in April. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting [Read more]
Oil slips on weak China GDP data, resumption of Libya output
Oil prices extended their decline into a second session on Monday after China's economic data showed growth slowed in the second quarter, fuelling concern about demand in the world's No. 2 oil consumer as Libya resumed production over the weekend. Brent crude futures fell 72 cents, or 0.9%, to $79.15 a barrel by 0333 GMT, and U.S. West Texas Intermediate crude was at $74.75 a barrel, down 67 cents, or 0.9%. China's gross domestic product grew just 0.8% over April-June from the previous [Read more]
Mountain Valley asks Supreme Court to vacate stays halting pipeline construction
Mountain Valley Pipeline LLC asked the U.S. Supreme Court on Friday to vacate stays imposed by a federal court halting construction of a portion of its West Virginia-to-Virginia natural gas pipeline, according to a court filing. An appellate court in Virginia on July 10 halted construction of the pipeline, which would run through the Jefferson National Forest. The pipeline, which had received authorization from the Federal Energy Regulatory Commission last month to restart construction, is [Read more]
US drillers cut oil and gas rigs for 10th time in 11 weeks – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11 weeks, 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 5 to 675 in the week to July 14. Baker Hughes said that puts the total count down 81 rigs, or 11%, below this time last year. U.S. oil rigs fell 3 to 537 this week, their lowest since April 2022, while gas rigs fell 2 to [Read more]
Oil set for third straight week of gains on tight supply
Oil prices were set to register their third consecutive weekly gain for the first time since April, rising on Friday due to supply disruptions in Libya and Nigeria, and hopes of higher demand for crude due to easing U.S. inflation. Brent crude futures had added 5 cents, or 0.1%, to $81.41 per barrel by 0242 GMT. U.S. West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $76.98. Both benchmarks, which have risen about 9% this month, are on track to settle higher for a fourth session [Read more]
US natgas prices little changed ahead of federal storage report
U.S. natural gas futures were little changed as the market waited for direction from a federal report expected to show last week's storage build was smaller than usual for this time of year as hotter-than-normal weather caused power generators to burn more gas to meet air conditioning demand. That lack of price movement came despite another bullish drop in daily output and forecasts for hotter-than-normal weather and higher cooling demand to continue through the end of July, especially in [Read more]
Saudi output cut removes downside risk from oil market: Kemp
Extra crude production cuts announced by Saudi Arabia and Russia have removed some downside risk and stemmed the erosion of the spot prices and calendar spreads evident since early in the second quarter. On July 3, Saudi Arabia announced that it would extend its cut of 1 million barrels per day (bpd) in the month of July to August as well, while Russia announced a new cut of 0.5 million bpd for August. If the cuts are implemented in full, they will reduce global production and expected [Read more]
US natgas prices down 3% as low LNG feedgas offsets impact of extreme heat
U.S. natural gas futures slid about 3% on Wednesday as maintenance work limits the amount of gas flowing to the country's liquefied natural gas (LNG) export plants. That price decline occurred despite another daily drop in output and forecasts for hotter-than-normal weather to continue through late July, especially in Texas. The Electric Reliability Council of Texas (ERCOT), the state's power grid operator, projected electricity use would reach record highs on Wednesday and Thursday as [Read more]
Shell, BP pursue arbitration claims against Venture Global LNG
Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said. A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Last month, the company said it was in full compliance with terms of its long-term contracts and cited a need for extensive commissioning of its modular [Read more]
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