Prices for sour crude oil have climbed globally this month after top exporter Saudi Arabia hiked prices and expanded production cuts of higher-sulfur oil in the first sign its efforts to prop up global prices is having an impact. The de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) this month deepened its production cuts to 1 million barrels per day in response to benchmark prices that fell to below $72 a barrel this summer. "The kingdom's curbs have had an [Read more]
Enbridge says Canada’s Woodfibre LNG close to finalizing all off-take agreements
Canada's Woodfibre LNG project is close to signing off-take agreements for the remaining 30% of its capacity and virtually all the liquefied natural gas produced will be going to Asia, Enbridge CEO Greg Ebel said on Tuesday. Calgary-based Enbridge, one of North America's largest energy infrastructure companies, bought a 30% stake in the planned 2.1 million ton per annum Woodfibre project near Squamish, British Columbia, last year. Privately owned Pacific Energy Corp Ltd owns the remainder [Read more]
EIA cuts forecast for US crude oil production this year, demand to rise
The U.S. Energy Information Administration (EIA) cut its forecast for 2023 U.S. crude oil production by 50,000 barrels per day after the Organization of the Petroleum Exporting Countries (OPEC) and allies extended output cuts through 2024. Crude oil production is expected to rise 670,000 barrels per day (bpd) to 12.56 million bpd this year, less than a prior forecast calling for a gain of 720,000 bpd, the EIA said on Tuesday in its Short Term Energy Outlook. The production cuts by OPEC+ [Read more]
US natgas prices up 1% as hot weather boosts cooling demand
U.S. natural gas futures edged up about 1% to a one-week high on Tuesday on a drop in daily 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 new record highs on Tuesday, Thursday and next week as homes and businesses crank up their air conditioners to escape the latest heat wave. The current record was hit on June [Read more]
Canada regulator issues order to Trans Mountain over community impact monitoring
The Canada Energy Regulator issued an "Inspection Office Order" to Trans Mountain for not adhering to an approved plan to monitor the impact of the Trans Mountain Expansion Project on local communities during construction. A review found that Trans Mountain was not able to incorporate "qualitative data related to workers and local business accommodations in the North Thompson Region", as approved in its Socio-Economic Effects Monitoring Plan, the CER said on its website on Monday. Trans [Read more]
Oil rises on OPEC+ cuts, weaker dollar
Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Brent crude futures rose 23 cents, or 0.3%, to $77.92 a barrel by 0153 GMT, and U.S. West Texas Intermediate crude was up 32 cents, or 0.4%, at $73.31. Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors booked profits [Read more]
US natgas prices rise 3% as hot weather boosts cooling demand
U.S. natural gas futures climbed about 3% to a one-week high on Monday on forecasts for hotter weather that should boost cooling demand more than previously expected through late July, especially in Texas. That price increase materialized even though drillers were pulling near record amounts of gas out of the ground. The Electric Reliability Council of Texas (ERCOT), the state's power grid operator, projected electricity use would reach record highs on Tuesday and Thursday as homes and [Read more]
Oil falls 1% on China, US data, but OPEC+ cuts limit fall
Oil prices dipped on Monday after weak economic data from top consumers the United States and China, although expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 73 cents, or 0.9%, to $77.74 a barrel by 1005 GMT, and U.S. West Texas Intermediate crude was also off 72 cents, or 1%, at $73.14 a barrel, "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said, of [Read more]
U.S. looks to buy another 6 million barrels for emergency oil stockpile this year
The U.S. Department of Energy on Friday said it was looking to purchase another 6 million barrels of crude oil for the Strategic Petroleum Reserve as it continues to refill the stockpile following last year's record drawdown. The DOE has announced deals to buy 6.3 million barrels of crude for the reserve in recent months, and the new solicitation would bring the total to over 12 million barrels this year. "This purchase is in continuation of the Biden-Harris Administration’s replenishment [Read more]
US natgas prices edge up 1% on hot weather forecasts ahead of storage report
U.S. natural gas futures edged up about 1% on Friday on forecasts that hotter-than-normal weather will remain through late July, especially in Texas, and rising feedgas to the nation's liquefied natural gas (LNG) export plants. That small price increase came even though U.S. drillers were pulling record amounts of gas out of the ground and ahead of a federal report expected to show last week's storage build was near normal for this time of year. The Electric Reliability Council of Texas [Read more]
- « Previous Page
- 1
- …
- 118
- 119
- 120
- 121
- 122
- …
- 614
- Next Page »