Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment. Brent crude futures declined 40 cents, or 0.5%, to $73.63 a barrel by 0444 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.5%, to $69.24 a barrel. Both benchmarks climbed about 3% on Wednesday after the U.S. Energy [Read more]
Mountain Valley pipeline gets FERC authorization to resume construction
U.S. energy company Equitrans Midstream Corp's long-delayed $6.6 billion Mountain Valley natural gas pipeline received authorization on Wednesday from the country's energy regulator to restart construction of the project. "Mountain Valley has all necessary authorizations for the Mountain Valley Pipeline Project,... therefore authorized to proceed with all remaining construction associated with the project," the U.S. Federal Energy Regulatory Commission (FERC) said. FERC had suspended work [Read more]
US natgas futures slide 2% on low LNG feedgas, technical selling
U.S. natural gas futures slid about 2% on Wednesday on technical selling and as the amount of gas flowing to liquefied natural gas export (LNG) remains low due to maintenance outages at several facilities. That price decline came despite a drop in output in recent weeks and forecasts for the weather to remain hotter-than-normal through mid-July, especially in Texas. Power demand in Texas set a new record peak on Tuesday and was expected to break that all-time high on Wednesday as a heat [Read more]
Oil higher on large US stock draws, but rate hike fears linger
Oil prices edged higher on Wednesday after industry data showed a larger-than-expected drawdown of U.S. inventories signalling robust demand from the world's biggest oil consumer, but the gains were limited by worries over interest rate hikes. Brent crude futures rose 51 cents, or 0.71%, to $72.77 a barrel at 0346 GMT, while U.S. West Texas Intermediate (WTI) futures gained 50 cents, or 0.74%, to $68.20 a barrel. Both contracts had fallen by about 2.5% in the previous session on signals [Read more]
Asia LNG buyers rush to lock in long-term deals as market remains tense
Asian buyers have rushed to lock in long-term liquefied natural gas (LNG) deals in the past months after prices eased, for fear of sudden price spikes as the global market remains tense after last year's crisis, industry executives said at a conference. Spot LNG prices in Asia last traded at $12 per million British thermal units (mmBtu) on Friday after touching two-year lows due to high inventories and a mild winter at the start of the year. Just a year ago, prices hit record of $70 per mmBtu [Read more]
US natgas holds near 3-month high on drop in output, extreme heat
U.S. natural gas futures held near a three-month high on Tuesday, on a drop in output and forecasts for the weather to remain hot through mid-July, especially in Texas. That lack of price movement came despite forecasts for less demand this week than previously expected, due in part to a decline in the amount of gas flowing to liquefied natural gas (LNG) export plants. The Electric Reliability Council of Texas (ERCOT), the state's power grid operator, again projected electric use would [Read more]
Oil shippers on Canada’s Trans Mountain expansion dispute pipeline tolls
Oil shippers on the Trans Mountain expansion (TMX) project are challenging proposed pipeline tolls filed by Canadian government-owned Trans Mountain Corp with regulators last month, citing concerns about significant costs increases. TMX will nearly triple the flow of crude from Alberta to Canada's Pacific Coast to 890,000 barrels per day, and is due to start up early next year. But it has been beset by years of regulatory delay and is expected to cost C$30.9 billion ($23.50 billion), [Read more]
Guyana not interested in joining OPEC, VP says
Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. Guyana - which has become one of fastest growing crude-oil producers in the world since it began producing oil commercially in 2019 - has been invited to attend OPEC's international seminar in July, Jagdeo said, but there was no [Read more]
US natgas hits over 3-month high on higher export forecasts, heat wave
U.S. natural gas futures climbed to their highest level in more than three months on Monday, with demand for LNG exports seen rising and soaring temperatures expected to boost cooling demand, especially in Texas. Front-month gas futures for July delivery on the New York Mercantile Exchange traded 6.4 cents higher, or 2.4%, to $2.79 per million British thermal units at 9:34 a.m. EDT. "We've seen a pullback on drilling and increasing demand for LNG exports," said Phil Flynn, an analyst at [Read more]
Oil markets shrug off Russian political turmoil
Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world's largest producers. Brent crude futures were down 8 cents, or 0.1%, at $73.77 a barrel by 0900 GMT. U.S. West Texas Intermediate crude (WTI) was down 17 cents, or 0.3%, at $68.99. Both benchmarks gained as much as 1.3% in early Asian trade. A clash between Moscow and Russian mercenary group Wagner [Read more]
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