U.S. crude oil output is set to grow slightly more than earlier estimates for this year and next, the U.S. Energy Information Administration (EIA) said on Tuesday, as the agency also hiked its global and domestic oil price forecasts. U.S. crude oil production will rise by around 280,000 barrels per day (bpd) this year to 13.21 million bpd, and by 510,000 bpd to 13.72 million bpd in 2025, the EIA said. It had previously estimated output to rise by 260,000 bpd this year and by 460,000 bpd [Read more]
US natgas output to decline in 2024, while demand rises to record high, EIA says
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its April Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.80 billion cubic feet per day (bcfd) in 2023 to 103.58 bcfd in 2024 as several producers reduce drilling activities after gas prices fell to a 3-1/2-year low in February and March. In 2025, EIA projected output would rise to 104.88 [Read more]
Europe’s limited storage space will push gas into Asia: Kemp
Europe has ended a mild and windy winter with a record volume of gas in storage – eliminating the threat of shortages that has hung over the market since Russia's invasion of Ukraine in 2022. Now the problem is where to put all the seasonal surplus of gas this summer – with very little storage space unused across the European Union and the United Kingdom. Storage is at near-record levels in the U.S. as well, so more will have to be stored in Ukraine or sold to price-sensitive customers in [Read more]
US natgas flows to Texas Freeport LNG export plant seen up on Tuesday
The amount of natural gas flowing to Freeport LNG's liquefied natural gas (LNG) export plant in Texas was on track to rise for a second day in a row on Tuesday, according to data from financial firm LSEG. Energy traders said gas futures were trading about 2% higher so far on Tuesday on the possibility that feedgas to Freeport could increase about a month sooner than expected. The "natural gas contract defied anticipated weakness amid signs of rising LNG feedgas demand at Freeport LNG more [Read more]
US Gulf Coast heavy crude oil prices firm as supplies tighten
Prices for heavier crude oil along the U.S. Gulf Coast have climbed in recent weeks, trading at a rare near-par with lighter oil, a sign of supply tightness that could add to rising gasoline prices. Refineries along the Gulf Coast, which account for more than 55% of total U.S. refining capacity, are geared to run medium and heavy crudes which produce more diesel and jet fuel than lighter oil. Heavier crudes are typically cheaper as they are dirtier and cost more to process. Pushing up [Read more]
US power system set to cut coal use to record lows: Maguire
Utilities in the United States are on track to cut the share of coal in national power generation to record lows over the coming months, as the heating demand season ends and output from clean power sources such as solar and wind farms hits record highs. During the first three months of 2024, coal's share of the overall U.S. power mix has been around 16%, according to data compiled by LSEG, down from 17% during the same period a year ago and 24.3% during the first quarter of 2021. Since [Read more]
Morgan Stanley lifts Q3 Brent crude oil forecast on geopolitical risk
Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. "That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial," the bank said in a note dated Monday. Brent futures rose to just above $90 a barrel on Tuesday after hopes faded that talks between Israel and Hamas would lead to a ceasefire in Gaza amid concerns the lingering conflict [Read more]
Oil prices turn higher as Middle East ceasefire hopes wane
Oil prices rose on Tuesday after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 28 cents to $90.66 a barrel by 0330 GMT. U.S. West Texas Intermediate (WTI) crude was 21 cents higher at $86.64. A fresh round of Israel-Hamas ceasefire discussions in Cairo had ended a multi-session rally on Monday, leading Brent to its first decline in five sessions and WTI to its first in seven on [Read more]
Heavy oil differential widens after recent trend narrower
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Monday. WCS for May delivery in Hardisty, Alberta, settled at $13.75 per barrel below WTI, according to brokerage CalRock, having settled at $13.00 a barrel below the benchmark on Friday. Overall Canadian heavy crude differentials have trended tighter in recent weeks in anticipation of the long-awaited Trans Mountain pipeline expansion project starting to [Read more]
US natgas prices climb 3% on forecasts for more demand, less output
U.S. natural gas futures climbed about 3% on Monday on forecasts for more demand this week than previously expected and a continued drop in output as producers reduce drilling activities after gas prices fell to 3-1/2-year lows in February and March. Gas prices increased despite forecasts for milder weather and lower demand next week than previously expected, negative spot power and gas prices in parts of Texas, California and Arizona over the past few weeks and ample amounts of gas in [Read more]
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