The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel. The DOE had announced the purchase plan in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year. "These 3 million barrels are being purchased for an average price of about $73 per barrel, lower than the average [Read more]
US drillers cut oil and gas rigs for sixth week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth 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 one to 695 in the week to June 9, the lowest since April 2022. U.S. oil rigs rose one to 556 this week, while gas rigs fell two to 135, their lowest since March 2022. Data provider Enverus, [Read more]
US burns more natgas as wind power drops, Canadian wildfires cloud solar
U.S. power generators were forced to burn more natural gas to produce electricity this week than usual as the amount of wind power dropped and smoke from Canadian wildfires blocked output from solar panels, according to U.S. and regional power data. The amount of U.S. power generated by solar so far this week slid to just 4% of the total versus an average of 5% over the past month, according to federal energy data. Wind power also dropped to 5% of total generation so far this week versus a [Read more]
US natgas futures slip after bigger-than-expected storage build
U.S. natural gas futures eased into a narrow range on Thursday after a government report showed a bigger-than-usual storage build last week, overshadowing support from forecasts for warmer weather. Front-month gas futures for July delivery on the New York Mercantile Exchange traded 2.6 cents lower, or 1.1%, to $2.30 per million British thermal units by 11:15 a.m. EDT. The contract traded at a high point for the day of $2.38 and a low of $2.28 per million British thermal units. The U.S. [Read more]
US natgas climbs as hot weather outlook boosts power demand prospects
U.S. natural gas futures climbed more than 2% to a one-week high on Wednesday, as forecasts for warmer weather bolstered the demand outlook for the fuel to cool homes and businesses. Front-month gas futures for July delivery on the New York Mercantile Exchange traded 5.6 cents higher, or 2.5%, to $2.32 per million British thermal units at 09:43 a.m. EDT. Prices were rising "on a continued evolution of the weather outlooks for increasing gas demand from the power sector over the next three [Read more]
Oil extends losses as economic slowdown concerns return
Oil extended losses on Wednesday as concerns over global economic headwinds deepened, erasing the price gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts. Brent crude futures were down 40 cents, or 0.5%, at $75.89 a barrel at 0456 GMT. The U.S. West Texas Intermediate crude futures fell 35 cents, also 0.5%, to $71.39 a barrel. Both benchmarks had jumped more than $1 on Monday, boosted by Saudi Arabia's decision over the weekend to reduce [Read more]
Canada’s TC Energy laying off staff
Canada's TC Energy is cutting some jobs to "optimize value" a company spokesperson said on Tuesday, without giving details of how many positions have been impacted. News of the job cuts at TC Energy comes a week after Suncor Energy told employees it would eliminate 1,500 jobs. Earlier this year, Imperial Oil cut the number of contractors working at its Kearl oil sands project. A Calgary-based industry source said the number of layoffs at TC Energy was believed to be much smaller than the [Read more]
US 2023 oil output to rise more than previously expected, EIA says
U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations, the U.S. Energy Information Administration (EIA) said on Tuesday. EIA issued the new outlook after the Organization of the Petroleum Exporting Countries (OPEC) and allies extended output cuts through 2024. Saudi Arabia will pare 1 million barrels per day (bpd) from its July output to stabilize oil markets, it said. The production cuts by the group known as OPEC+ will slightly [Read more]
US natgas down 2% on lower flows to LNG export plants, mild weather
U.S. natural gas futures fell about 2% on Tuesday on lower gas flows to liquefied natural gas (LNG) plants due to maintenance, forecasts for milder weather and less demand over the next two weeks than previously expected and a drop in global gas prices. That U.S. price decline came even as low amounts of wind power keeps forcing power generators to burn more gas to produce electricity, a drop in U.S. daily output, rising exports to Mexico and forecasts for hot weather in mid- to late [Read more]
Russia’s Sakhalin invites India and China to tap energy resources
The local governor of Russia's Pacific island of Sakhalin has invited companies from India and China to tap the region's energy resources following the departure of European and American oil and gas majors. Russia has been forging closer political and economic ties with Asia since the start of what the Kremlin calls a special military operation in Ukraine last year and the resulting Western sanctions on Moscow. "We invite companies from China and India to projects of the energy complex. [Read more]
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