U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 5 to 682 in the week to June 23, the lowest since April 2022. Baker Hughes said that puts the total rig count down 71 rigs, or 9%, over this time last year. U.S. oil rigs fell 6 to 546 this [Read more]
US Mountain Valley natgas pipe moving forward, capacity may be limited
The $6.6 billion Mountain Valley natural gas pipeline from West Virginia to Virginia is on track to get final permits by Saturday, moving the long-delayed project closer to re-starting construction. Some analysts, however, said that even when the pipe enters service, which could be as soon as the end of 2023, it would only operate at half capacity or less due to transmission constraints. Mountain Valley has said it expects to resume construction after the U.S. Army Corps of Engineers [Read more]
US natgas falls 3% on lower demand forecast, drop in European prices
U.S. natural gas futures fell about 3% on Friday on forecasts for less demand next week than previously expected due in part to a drop in the amount of gas flowing to liquefied natural gas (LNG) export plants and a drop in European gas prices. That price decline came despite lower U.S. output in recent weeks and forecasts for the weather to remain hot through early July, especially in Texas. The Electric Reliability Council of Texas (ERCOT), the state's power grid operator, again projected [Read more]
US LNG project approvals on track for record new volumes
U.S. liquefied natural gas (LNG) developers are on track to approve three export projects capable of processing 5.1 billion cubic feet per day (bcfd) of gas in the first half of the year, a record volume for new LNG projects in any year. The U.S. became the world's largest LNG producer by installed capacity in 2022 driven by the boom in LNG plant construction and a decade of surging shale gas discoveries. U.S. LNG exports are poised to reach 12.1 bcfd this year and 12.7 bcfd next year. The [Read more]
Oil resumes slide on demand worries after UK rate hike
Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. Brent futures slipped 51 cents, or 0.4%, to $73.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 42 cents, or 0.6%, at $69.09 at 0240 GMT. "Recession fears mount again following central banks' rate hikes and a hawkish [Read more]
US crude inventories post surprise draw, fuel stocks rise – EIA
U.S. crude stocks posted a surprise draw in the last week, helped by strong export demand and low imports, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell by 3.8 million barrels to 463.3 million barrels in the week to June 16, compared with analysts' expectations in a Reuters poll for a 300,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell 98,000 barrels, EIA said. U.S. West Texas [Read more]
US natgas eases 1% on lower demand forecasts, ahead of storage report
U.S. natural gas futures eased about 1% on Thursday on forecasts for lower demand next week due in part to ongoing work at several U.S. liquefied natural gas (LNG) export terminals that is keeping the amount of gas flowing to the plants low. The price decline also came ahead of a federal report expected to show a bigger-than-usual storage build last week when mild weather reduced the amount of gas that power generators burned to meet air conditioning demand. Analysts forecast that U.S. [Read more]
Oil eases on uncertain demand, market eyes US inventory data
Oil futures dipped on Thursday amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official U.S. inventory data following an industry report that showed an unexpected draw in crude stocks. Brent futures fell 20 cents, or 0.3%, to $76.92 a barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $72.34. The benchmarks had gained a dollar a barrel in the previous session as U.S. [Read more]
US shale’s muted reply to OPEC oil cuts to limit supply, executive says
Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday. U.S. energy firms have cut domestic oil and gas drilling activity to the lowest level since April 2022 with declines from Texas to Pennsylvania. Analysts expect further cuts this year with oil and gas prices off from last year's strong levels. "We're a short term away from [Read more]
US natgas futures steady as low LNG feedgas offsets hot forecasts
U.S. natural gas futures held steady on Wednesday as the drop in output in recent weeks and forecasts for the weather to remain hot through at least early July offset expectations the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants will remain low due to maintenance work. In Texas, meanwhile, the power grid operator again projected electric use would break a record - this time on Wednesday - after forecast usage fell short of the all-time high on Tuesday as consumers [Read more]
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