The Biden administration hopes to buy back at least 12 million barrels of oil for the Strategic Petroleum Reserve this year, including six million already announced, a source familiar with the matter said on Tuesday. The administration is slowly buying back oil from the SPR after selling more than 200 million barrels last year including a record 180 million barrel sale to fight high oil prices after Russia's invasion of Ukraine. The sales have pushed levels in the reserve to the lowest since [Read more]
US Mountain Valley natgas pipe closer to construction after West Virginia permit
The $6.6 billion Mountain Valley natural gas pipeline moved another step closer to restarting construction after West Virginia environmental regulators issued a new water permit, the partnership building the pipe said in court papers. Mountain Valley told the U.S. Court of Appeals for the Fourth Circuit on Monday that West Virginia issued a renewed Section 401 water quality certification for the West Virginia-to-Virginia pipe on June 8. The Fourth Circuit, which has vacated several of the [Read more]
US natgas futures rise 3% on output drop, hot late June forecasts
U.S. natural gas futures rose about 3% on Tuesday on a drop in daily output to a preliminary four-month low and forecasts confirming hotter weather in late June, which should increase demand for gas to produce power for air conditioning. The price increase came even though the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants dropped to a five-month low due to maintenance, which helped cut forecasts for overall U.S. gas demand this week and next. Front-month gas [Read more]
Western Canada heavy oil differential edges wider
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) widened slightly on Monday: WCS for July delivery in Hardisty, Alberta, settled at $11.90 a barrel under WTI, according to brokerage CalRock, having closed at $11.50 a barrel under WTI on Friday. Canadian heavy crude prices remain relatively strong compared to the last year. The differential to U.S. crude has narrowed in recent weeks due to seasonal maintenance in the oil sands and concerns [Read more]
Western Canada covered in smoke as wildfires loosen grip on Quebec
Smoke shrouded Western Canada on Monday as wildfires flared again in the main oil-producing province of Alberta, while firefighters in Quebec doused some of the worst early season blazes, allowing thousands of evacuees to return home. Canada is enduring its most destructive start to wildfire season, with about 4.8 million hectares (48,000 square kilometers) - an area larger than the Netherlands in western Europe - already burnt. Forest fires regularly occur in the summer but the scope of [Read more]
US oil output to rise to record high in July but growth narrowing – EIA
U.S. oil output from top shale-producing regions is due to rise to the highest on record in July, but the size of the increase is expected to be the smallest since December, U.S. Energy Information Administration data showed on Monday. U.S. oil output is expected to rise to 9.38 million barrels per day (bpd) in July, EIA data showed. Output is due to rise by about 0.1% versus the previous month, which would be the smallest monthly gain since production was seen falling in December, the data [Read more]
US natgas eases 1% on lower demand forecasts, futures volatility drops
U.S. natural gas prices eased about 1% to a one-week low on Monday on forecasts for less demand than previously expected over the next two weeks, cutting futures volatility to a 13-month low. That price decline came despite a drop in gas exports from Canada due to wildfires and as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants remained low due to maintenance work. Front-month gas futures for July delivery on the New York Mercantile Exchange fell 2.1 cents, or [Read more]
TC Energy shuts two compressor stations on NGTL due to Alberta wildfires
TC Energy said it completed the shutdown of two compressor stations on the NOVA Gas Transmission Ltd. (NGTL) System and a gas storage facility on Saturday that were near wildfires in Edson, Alberta. "Other sections of the NGTL system and other pipeline systems continue to operate safely and we continue to monitor the situation closely," the company said in a release. The 25,000-kilometre NGTL system ships gas across Canada and to U.S. markets. (Reporting by Seher Dareen in Bengaluru) [Read more]
Oil falls more than 1% ahead of US Federal Reserve rate decision
Oil prices declined on Monday ahead of a U.S. Federal Reserve meeting as investors tried to gauge the central bank's appetite for further rate hikes, while concerns about China's fuel demand growth and rising Russian crude supply weighed on the market. Brent crude futures fell 97 cents, or 1.3%, to $73.82 a barrel by 0437 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.24 a barrel, also down 1.3%. Both benchmarks notched their second straight weekly decline last week as [Read more]
Argentina says Chevron to invest $500 mln in Vaca Muerta shale area
U.S.-based oil major Chevron will invest more than $500 million to develop the Trapial block in western Neuquen province, home to the massive Vaca Muerta shale basin, Argentina's economy ministry announced on Friday. The announcement followed a meeting between Economy Minister Sergio Massa and company officials, according to a ministry statement. The new spending plan is scheduled to start before July, it added. Last year, Neuquen officials granted Chevron a concession for shale [Read more]
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