U.S. natural gas futures eased about 1% to a fresh three-week low on Friday on output and after the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants declined due to spring maintenance. That price decline came despite forecasts for more gas demand this week and next than previously expected. Front-month gas futures for June delivery on the New York Mercantile Exchange fell 1.3 cents, or 0.6%, to $2.088 per million British thermal units (mmBtu) at 9:00 a.m. EDT (1300 [Read more]
Western Canada Select discount narrows
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Thursday. WCS for June delivery in Hardisty, Alberta, traded as low as $14.00 a barrel under WTI before settling at $14.30 a barrel under the benchmark, according to brokerage CalRock. On Wednesday it traded between $14.80 and $14.55 a barrel under WTI. Pipeline company Enbridge Inc reached a toll agreement with oil shippers for its Mainline crude pipeline system, a critical [Read more]
Shell posts $10 bln profit as trading offset lower energy prices
Shell on Thursday posted first-quarter net profit of $9.65 billion as strong earnings from trading and higher liquefied natural gas (LNG) sales offset cooling energy prices, while extending its large share repurchase programme. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP and Exxon Mobil as the sector continues to benefit from strong demand and price volatility. Norwegian rival Equinor on Thursday also posted higher-than-expected [Read more]
Global gas markets rebalancing, to remain tight in 2023
Global gas markets are gradually rebalancing but are expected to remain tight in 2023 amid lower Russian pipeline gas deliveries to Europe, the International Energy Agency (IEA) said on Thursday. The European and global gas markets suffered a major supply shock in 2022 when Russia reduced its pipeline gas deliveries to the European Union by 80%, triggering a global energy crisis. Mild weather, an increase in liquefied natural gas (LNG) exports and a strong decline in gas demand helped to [Read more]
US natgas futures steady ahead of federal storage report
U.S. natural gas futures held near a one-week low on Thursday as the market waited for direction from a federal report expected to show a smaller-than-usual storage build last week when cold weather kept heating demand for the fuel high. Prices did not move despite near record output, which should be bearish for prices, and forecasts for higher demand over the next two weeks than previously expected as gas flows to liquefied natural gas (LNG) export plants increase, which should be bullish [Read more]
Moving Shell head office not a priority, CEO says
Relocating Shell's headquarters from London is not on Chief Executive Wael Sawan's priority list, he said on Thursday, as he focuses on narrowing the energy giant's share performance gap with U.S. rivals. Shares of Europe's top energy companies including Shell, BP and France's TotalEnergies have underperformed U.S. rivals Exxon Mobil and Chevron over the past year, even as the companies posting record profits in the wake of a surge in energy prices. The valuation gap has raised speculation [Read more]
Western Canada Select discount edges tighter
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Wednesday. WCS for June delivery in Hardisty, Alberta, traded between $14.80 and $14.55 a barrel under WTI, according to brokerage CalRock, tightening from the previous day when it traded between $14.90 and $14.80 a barrel under the benchmark. Global oil prices fell 4%, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates [Read more]
Column: US oil and gas output growth set to slow sharply
U.S. oil and gas production grew rapidly in the first two months of 2023 – a delayed response to the high prices and upturn in drilling that characterised much of last year following Russia’s invasion of Ukraine. But growth is set to decelerate sharply as the more recent slump in prices curtails new drilling and well completions, with the impact evident by the fourth quarter of 2023. U.S. crude and condensates production fell by 53,000 barrels per day (bpd) in February from the month [Read more]
US natgas futures slide 2% on record output, lower LNG exports
U.S. natural gas futures slid about 2% to a one-week low on Wednesday as drillers keep pulling record amounts of gas out of the ground, mild weather keeps demand low and the amount of gas flowing to liquefied natural gas (LNG) export plants declines as units shut for spring maintenance. Front-month gas futures for June delivery on the New York Mercantile Exchange were down 4 cents, or 1.8%, to $2.174 per million British thermal units (mmBtu) at 9:02 a.m. EDT (1302 GMT), putting the contract [Read more]
Western Canada Select discount steady as oil benchmarks slide
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) held steady on Tuesday, although the outright price of WCS slipped as global oil prices fell. WCS for June delivery in Hardisty, Alberta, traded between $14.90 and $14.80 a barrel under WTI, according to brokerage CalRock, barely changed from the previous day when it traded between $14.90 and $14.75 a barrel under the benchmark. Global oil prices sank about 5% to a five-week low on economic [Read more]
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