U.S. natural gas futures rose about 2% on Friday on forecasts for more demand over the next two weeks than previously expected and record exports to Mexico. The price jump occurred despite near record U.S. output and continued low amounts of gas flowing to U.S. liquefied natural gas (LNG) export plants due to maintenance. Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) were up 4.5 cents, or 2.1%, to $2.203 per million British thermal units (mmBtu) at [Read more]
Oil prices rise as Congress approves US debt ceiling bill
Oil prices rose on Friday amid bullish sentiment following the passage of a U.S. debt ceiling bill in Washington, while markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend. Brent crude futures rose 34 cents, or 0.46% to $74.62 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude (WTI) rose 30 cents, or 0.43%, to $70.40, following two consecutive days of losses. Markets were reassured by Congress' passage of a bill suspending the U.S. [Read more]
Suncor to cut 1,500 jobs by end of year – report
Canada's second-biggest oil producer Suncor Energy Inc will cut 1,500 jobs by the end of this year, aiming to reduce costs and improve its financial performance, the Globe and Mail reported on Thursday, citing details from the Canadian Press. A Suncor spokeswoman confirmed to the Canadian Press that the job cuts would be spread across the organization and would affect both employees and contractors, the Globe and Mail reported. "Suncor is always looking for opportunities to drive value and [Read more]
Canada commits to backing C$3 billion in new Trans Mountain oil pipeline loans
The Canadian government is backing up to C$3 billion ($2.24 billion) in loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to Canada's Pacific Coast. The information was disclosed on Export Development Canada's (EDC) website this week, and shows two new loan guarantees signed in late March and early May this year. Last year Liberal Prime Minister Justin Trudeau's government, which bought the Trans Mountain pipeline in [Read more]
Exxon CEO says 5-year program could double its shale output
Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five-year period using new technologies. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference. Exxon currently recovers about 10% of shale resources from its operations. A first wave of new [Read more]
U.S. oil and gas output still rising in response to high prices last year: Kemp
U.S. oil and gas production continued to rise strongly in March - the delayed impact of very high prices that prevailed until the third quarter of 2022. Oil output increased by 171,000 barrels per day (b/d) in March compared with February, according to the U.S. Energy Information Administration ("Petroleum supply monthly", EIA, May 31). The gains were led by the Lower 48 states (+137,000 b/d) and Gulf of Mexico (+45,000 b/d), which more than offset lower production from Alaska (-11,000 [Read more]
US natgas futures drop 4% on record output ahead of storage report
U.S. natural gas futures dropped about 4% on Thursday on record U.S. output and rising exports from Canada. Prices declined ahead of a federal report that is expected to show a bigger-than-usual storage build last week when mild weather limited demand for the fuel for both heating and cooling. The price decline occurred despite record daily exports to Mexico and forecasts for warmer weather over the next two weeks than previously expected that should boost the amount of gas power [Read more]
Oil rises on potential U.S. rate hike pause, debt bill passing
Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. Brent crude futures for August rose 32 cents, or 0.44% to $72.92 a barrel by 0518 GMT, while U.S. West Texas Intermediate crude (WTI) rose 25 cents, or 0.37%, to $68.34 a barrel. U.S. Federal Reserve officials on Wednesday pointed towards a potential [Read more]
Exxon shareholders soundly reject all climate-related petitions
Exxon Mobil Corp. shareholders on Wednesday overwhelmingly supported the company's views on climate reports and strategies, rejecting proposals for report on methane, greenhouse gas reporting and oil-spill preparations by a wide margin. None of the initiative proposals received more than 36% of votes cast, according to early results at the online shareholder meeting. Several of the proposals won only low-double digit support. Results showed a lessening of support for proposals designed to [Read more]
Will OPEC+ announce more output cuts? Analysts have their say.
The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fuelling a rise in prices. But going into the meeting this weekend, OPEC+ has given mixed signals on whether further cuts are likely, keeping oil prices volatile recently. Here is what analysts expect in terms [Read more]
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