U.S. natural gas futures jumped about 9% to a three-week high on Monday on forecasts for cooler weather and more heating demand over the next two weeks than previously expected. Prices were also rising as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants remained on track to hit a record high for a second month in a row in April after Freeport LNG's export plant in Texas exited an eight-month outage in February. Front-month gas futures for May delivery on the New [Read more]
Oil holds above $80/bbl on OPEC+ cuts, traders eye China recovery
Oil prices edged up slightly on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer. U.S. West Texas Intermediate crude was at $82.64 a barrel, up 25 cents, or 0.30%. Brent crude futures nudged 15 cents higher, or 0.17% to $86.39 a barrel. Both contracts notched their fourth weekly gains last week - the longest-such streak since mid-2022 - after the International Energy Agency [Read more]
G7 coalition to keep Russian oil price cap at $60 per barrel
The Group of Seven (G7) coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow's revenues. The G7 and Australia made the decision to maintain the cap over the past few weeks after a review of the $60 price - set in December with an aim to reduce Moscow's ability to finance its war in Ukraine, the official said on condition of anonymity. It [Read more]
U.S. oil & gas rig count falls for third week in a row
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, 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 three to 748 in the week to April 14. Despite this week's rig decline, Baker Hughes said the total count was still up 55 rigs, or about 8%, over this time last year. U.S. oil rigs fell by two to 588 this week, their lowest [Read more]
U.S. natgas futures tick lower on mild weather outlook
U.S. natural gas futures slipped on Friday and were headed for a weekly loss, weighed down by a milder weather view and increased supply. Front-month gas futures for May delivery on the New York Mercantile Exchange (NYMEX) fell 1.2 cents, or 0.6%, to $2.00 per million British thermal units(mmBtu) by 1055 EDT. Data provider Refinitiv estimated 103 cooling degree days (CDDs) over the next two weeks in the Lower 48 U.S. states. The normal for this time of year is 37 CDDs. "Weather-related [Read more]
Biden admin greenlights LNG exports from Alaska project
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]
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