The Biden administration on Thursday approved exports of liquefied natural gas from the Alaska LNG project, a document showed, as the United States competes with Russia to ship natural gas from the Arctic to Asia. The Department of Energy approved Alaska Gasline Development Corp's (AGDC) project to export gas to countries with which the United States does not have a free trade agreement. Backers of the roughly $39 billion project expect it to be operational by 2030 if it gets all the [Read more]
OPEC+ cuts risk oil supply deficit, threaten economic recovery
Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. Consumer countries represented by the IEA have argued that tightening supplies drive up prices and could threaten a recession, while OPEC+ blames Western monetary [Read more]
U.S. natural gas retreats 2% in run-up to storage report
U.S. natural gas futures retreated more than 2% on Thursday on forecasts for less demand for the fuel next week in the run-up to a federal report expected to show nearly a normal injection into stockpiles. Front-month gas futures for May delivery on the New York Mercantile Exchange (NYMEX) were down 6.1 cents, or 2.9%, by 10:29 a.m. EDT. "Between yesterday and this morning it is continuation of profit-taking ahead of the storage report as we approached the $2.00 mark," said Robert DiDona [Read more]
Oil falls as investors worry over recession fears
Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. U.S. West Texas Intermediate slid 14 cents, or 0.17%, to $83.09. Brent crude fell 11 cents, or 0.13%, to $87.07 a barrel. Both benchmarks rose 2% on Wednesday to their highest in more than a month as cooling U.S. inflation data spurred hopes the Federal Reserve is likely to stop hiking interest rates. Previous tightening, [Read more]
OPEC cites risks to summer oil outlook, holds demand forecast
OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop to shock output cuts announced by OPEC+ producers on April 2, although the producer group maintained its forecast for global oil demand growth in 2023. Some members of OPEC+, which includes OPEC, Russia and others, announced new voluntary production cuts on April 2. The unexpected move has prompted oil to rally towards $87 a barrel from below $80. OPEC+ gave little information on the reasons for the surprise [Read more]
BP starts 5th oil platform in the Gulf of Mexico, first in 15 years
BP PLC on Thursday said it started oil production at Argos, its first platform launch in the U.S. Gulf of Mexico since 2008 and its fifth operating in the basin. London-based BP is increasing expenditures in the United States, home of its largest operations globally and where it has investments stretching from oil to renewables. The new platform integrates the $9 billion Mad Dog 2 oil project and is part of BP's plan to reach 400,000 barrels of oil and gas per day (boed) in the United [Read more]
Gerdes raises Conocophillips’ PT on Alaskan Willow project integration
Gerdes Energy Research raises PT on U.S. oil and gas producer Conocophillips to $140 from $132, maintains "buy" rating. Integration of Alaskan Willow project increases COP's market value approximately 6%, the brokerage says. Willow project contemplates ~200 wells (three drill sites) and a central processing facility with ~180,000 barrels of oil per day of production capacity. The brokerage estimates project capital cost is $7 billion-$7.5 billion, with first oil anticipated in 2029. From [Read more]
U.S. natgas futures dip on expectations for lower heating demand
U.S. natural gas futures inched lower on Wednesday on expectations that milder weather would reduce heating demand and with near-record production for the month keeping pressure on prices. Front-month gas futures for May delivery on the New York Mercantile Exchange (NYMEX) were 1.9 cents, or 0.9%, lower at $2.17 per million British thermal units (mmBtu) by 10:12 EDT. Prices continue to hold above $2, but aren't gaining as there is low demand, said Thomas Saal, senior vice president for [Read more]
Oil up slightly as market awaits key US inflation data
Oil prices slightly rose on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. U.S. West Texas Intermediate rose 77 cents, or 0.95% to $82.29 a barrel. Brent crude climbed 87 cents, or 1.02% to $86.28 a barrel. Prices had risen about 2% on Tuesday amid optimism that the U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil [Read more]
Western Canada Select heavy oil discount narrows slightly
Western Canada Select (WCS) heavy crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Tuesday. WCS for May delivery in Hardisty, Alberta, traded between $16.00 and $15.50 a barrel under WTI, according to brokerage CalRock, after having traded between $16.30 and $15.80 a barrel under the U.S. benchmark on Monday. The Canadian heavy crude benchmark remains in sight of recent 11-month highs hit last week of around $14.00 a barrel under WTI. Parkland Corp's 55,000 [Read more]
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