Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world's second-largest crude consumer, and as concerns grew about Middle Eastern supply. U.S. West Texas Intermediate (WTI) crude rose 51 cents, or 0.69%, to $74.82, having gained about 8% this week. Brent futures, which have risen nearly 6% this week, were up 30 cents, or 0.38%, at $78.78 a barrel. China's manufacturing activity rose in March at a slower pace [Read more]
U.S. natgas jumps 5%, but still on track for record quarterly loss
U.S. natural gas futures jumped about 5% to a one-week high on Friday on forecasts for more demand next week than previously expected with rising amounts of gas flowing to liquefied natural gas (LNG) export plants, but they remained on track to drop by a record 51% this quarter, Feedgas to those LNG export plants climbed after Freeport LNG's facility in Texas exited an eight-month outage in February and returned to near full power this week. Freeport LNG shut in June 2022 after a fire. The [Read more]
Canadian economy outperforms with 0.5% growth in January
The Canadian economy performed better than expected in January versus December, driven by broad gains in both goods and services industries, Statistics Canada data showed on Friday. The economy grew by 0.5% in January, ahead of analysts' forecasts of a 0.3% rise after a 0.1% contraction in December. February GDP was most likely up 0.3%, the agency said in a flash estimate. Industries including wholesale trade and mining, quarrying and oil and gas extraction rebounded in January from [Read more]
OPEC oil output falls on Angola, Iraq outages
OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq's exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. Output is down more than 700,000 bpd from September. OPEC and its allies, [Read more]
Alberta to contribute to CCUS after Ottawa commitments
Alberta - the heart of the country's oil and gas industry - is expected to offer more support for carbon capture utilization and storage (CCUS) projects now that the federal government has its incentives in place, the federal natural resources minister told Reuters on Thursday. CCUS is one of the key technologies Canada is relying on to help reach net-zero emissions by 2050, and industry says additional government incentives are the last piece of the puzzle needed to kickstart the [Read more]
Energy bill passes U.S. House, sends to Senate
The U.S. House of Representatives on Thursday passed a Republican energy reform bill intended to bolster U.S. oil and gas production while scaling back climate initiatives, the first major legislation of House Speaker Kevin McCarthy's majority. The House passed the Lower Energy Costs Act by a mostly partisan 225-204 vote. The bill would deliver on a top 2022 Republican campaign pledge to lower Americans' energy costs but faces little chance of making it through the Democratic-led Senate, [Read more]
Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar
Oil steadied in early Asian trade on Thursday as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. West Texas Intermediate U.S. crude rose 79 cents, or 1.09%, to $73.58 a barrel. Brent crude futures rose 47 cents or 0.61% at $77.92 a barrel. Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and [Read more]
Big Oil splits over production vs carbon storage in Gulf of Mexico auction
Exxon Mobil Corp on Wednesday bid for offshore blocks to store carbon dioxide underground during a government oil and gas lease sale in the U.S. Gulf of Mexico, while rivals Chevron Corp and BP Plc targeted areas for production. The largest U.S. oil company has been selling oil production blocks in the U.S. Gulf since 2018 as it shifts to more lucrative fields elsewhere. And yet, it bought dozens of blocks in the past couple of years in the same basin with a new purpose: burying carbon [Read more]
ATCO gives Mexico troubled pipeline after damage award
ATCO Ltd has agreed to transfer ownership to Mexico of an unfinished pipeline bogged down in a dispute with the Mexican state power company, two officials told Reuters, marking a rare breakthrough in ongoing tensions over energy. Reuters in October reported that Mexican power utility Comision Federal de Electricidad (CFE) in 2021 had to pay ATCO about $100 million in damages, interest and legal fees over the Ramal Tula natural gas pipeline in the central state of Hidalgo. The deal to hand [Read more]
OPEC+ unlikely to tweak oil policy in talks
OPEC+ is likely to stick to its existing deal to cut oil output at a meeting on Monday, five delegates from the producer group told Reuters, after oil prices recovered following a drop to 15-month lows. Oil has recovered towards $80 a barrel for Brent crude after falling to near $70 on March 20, as fears ease about a global banking crisis and as a halt in exports from Iraq's Kurdistan region curbs supplies. OPEC+, which comprises the Organization of the Petroleum Exporting Countries and [Read more]
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