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]
US drillers cut oil and gas rigs for eighth week in a row – Baker Hughes
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]
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