U.S. manufacturers reported another widespread decline in business activity during June, which continued to weigh down industrial energy consumption and prices. The Institute for Supply Management's (ISM) composite manufacturing index slipped to 46.0 (11th percentile for all months since 1980) in June from 46.9 (14th percentile) in May and 53.0 (35th percentile) a year earlier. The composite index has fallen to the lowest level since the recession associated with the first wave of the [Read more]
Trans Mountain pipeline expansion likely to send more Canadian oil to US, not Asia
The Trans Mountain pipeline expansion (TMX) was meant to unlock Asian markets for Canadian oil, but analysts and traders said those barrels now will probably land on the U.S. West Coast as Asia gobbles up Russian oil that is cheaper due to sanctions from Western countries after Moscow's invasion of Ukraine. Asia's heavy crude refining market is roughly nine times the size of California's, but the geopolitical upheaval means Canada will struggle to reduce its reliance on its No. 1 oil [Read more]
Saudi Arabia says it will extend voluntary cut of 1 million bpd to August
Saudi Arabia will extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, the state news agency SPA said on Monday. "The kingdom's production for the month of August 2023 will be approximately 9 million barrels per day," the SPA quoted an official source from the Ministry of Energy as saying. The source added that the voluntary cut could be extended beyond August. The cut is in addition to the voluntary cut previously announced by [Read more]
US buys 3.2 million barrels of oil for SPR, solicitation for more next week
The U.S. Energy Department bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, it said on Friday, as the Biden administration slowly refills the stash after sales last year pushed its level to the lowest since 1983. The Biden administration will also announce on July 7 another solicitation for additional purchase of an unspecified amount of oil for the reserve to be delivered in October and November, the department said. The administration has now bought 6 million [Read more]
US crude oil output fell in April as demand slowed – EIA
U.S. field production of crude oil fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday. U.S. product supplied of crude and petroleum products - a proxy for demand - fell slightly to 20.446 million bpd, EIA data showed. Product supplied of finished motor gasoline fell to 8.996 million bpd in April from 9.007 million bpd in March. Demand for distillates also slowed in April, with products supplied down to [Read more]
Venezuela pursues debt settlement with Crystallex, Conoco, bondholders
Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country's foreign oil assets told Reuters. The talks have gained urgency as a federal court judge is to decide next month whether to kick off an auction of shares that could lead to the break-up of Citgo Petroleum, Venezuela's most prominent overseas asset. The U.S. has for years shielded Citgo from [Read more]
US natgas prices up 2% on rising LNG feedgas, lingering hot weather
U.S. natural gas futures climbed about 2% on Friday as the daily amount of gas flowing to liquefied natural gas (LNG) export plants increases, rising prices in Europe, and on forecasts for hotter-than-normal U.S. weather to continue through mid-July, especially in Texas. In Texas, power use remained high after setting a record on Tuesday as a heat wave continues to bake the state, according to the state's grid operator, the Electric Reliability Council of Texas (ERCOT). Extreme heat boosts [Read more]
Oil heads for first monthly gain this year as supply tightens
Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in U.S. oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes. Brent crude futures for September delivery rose 16 cents or 0.2% to stand at $74.67 as of 0405 GMT. The less-traded front month contract, which expires on Friday, was up 30 cents at $74.64. U.S. West Texas Intermediate crude (WTI) gained 8 cents or 0.1% to $69.95. After [Read more]
Chevron offers to sell oil and gas properties in New Mexico, Texas
Chevron is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions. The second-largest U.S. oil and gas producer last month agreed to buy shale firm PDC Energy Inc in a stock-and-debt deal worth $7.6 billion. In 2020, it acquired Noble Energy in a move that boosted its U.S. shale and international gas holdings. Chevron has been divesting properties [Read more]
US natgas up 2% on small storage build, higher demand forecast
U.S. natural gas futures climbed about 2% on Thursday on a smaller-than-expected weekly storage build last week and forecasts for higher demand over the next two weeks than previously expected. In addition, traders noted prices were up on forecasts for hotter-than-normal weather to continue through mid-July and as the amount of gas flowing to liquefied natural gas (LNG) export plants increases after maintenance work. In Texas, power use set a new record on Tuesday and was expected to break [Read more]
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