U.S. natural gas futures rose about 3% on Wednesday on a decline in daily output and an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants since Freeport LNG's export facility in Texas exited an eight-month outage in February and returned to full power over the past week. That price increase occurred despite forecasts for milder weather and lower heating demand over the next two weeks than previously expected, which should allow utilities to start injecting gas [Read more]
Western Canada Select discount widens slightly
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) widened slightly on Tuesday but remained in sight of recent 11-month highs. WCS for May delivery in Hardisty, Alberta traded between $15.00 and $14.50 a barrel under WTI, according to brokerage CalRock, having traded between $14.55 and $14.00 a barrel under the U.S. benchmark on Monday. Canadian heavy crude reached its tightest differential since last May in recent days, and is expected to remain [Read more]
OPEC+ in driver’s seat as oil supply growth lags demand
The surprise oil output cuts announced on Sunday by OPEC+ members illustrate their greater power over the market, given limited supply growth by other producers such as U.S. shale firms and still-growing demand despite the energy transition. Brent oil has jumped to $85 a barrel since members of the Organization of the Petroleum Exporting Countries and allies including Russia announced production cuts of about 1.16 million barrels per day (bpd), adding to curbs already in place. While OPEC [Read more]
Oil prices rise as investors move focus from OPEC+ cuts to demand outlook
Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. U.S. West Texas Intermediate (WTI) crude futures were trading at $81.61 a barrel, up $1.22, or 1.52%. Brent crude futures were up $1.07, or 1.26%, to $85.84 a barrel. Both benchmarks jumped more than 6% on Monday after the Organization of the Petroleum Exporting [Read more]
Bid to pause ConocoPhillips’ Alaska Willow project fails
A federal judge on Monday rejected a bid by environmentalists to temporarily suspend the U.S. government’s approval of ConocoPhillips' multibillion-dollar oil drilling project in Alaska’s Arctic. U.S. District Judge Sharon Gleason in Anchorage had been asked by environmental groups and a Native American community in two lawsuits filed last month for an order blocking construction on the $7 billion Willow project over concerns it would exacerbate climate change and damage pristine wildlife [Read more]
Goldman sees elevated OPEC pricing power, $100 per barrel by April 2024 after supply cut
Goldman Sachs says crude oil production cuts by OPEC could result in a significantly larger deficit in the market, driving a rally in prices to $100 per barrel by April 2024, and raising the group's pricing power. OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, agreed on Sunday to widen oil supply cuts to 3.66 million barrels per day (bpd), which helped push up prices above $86 per barrel. Goldman said it sees "elevated OPEC pricing [Read more]
US, EU vow to combat any attempts to disrupt energy markets
The U.S. and EU pledged on Tuesday to confront any attempts to destabilise global energy markets, after meeting in Brussels to discuss the impact of Russia's invasion of Ukraine. Cooperation on energy between the United States and the European Union has intensified since Russia slashed gas deliveries to Europe after its invasion of Ukraine last year. This plunged the continent into a crisis over energy supplies and record-high prices. European politicians have accused Russia of [Read more]
U.S. natgas futures edge up 1% on record feedgas to LNG export plants
U.S. natural gas futures edged up about 1% on Tuesday as the amount of gas flowing to liquefied natural gas (LNG) export plants remains at record highs after Freeport LNG's facility in Texas exited an eight-month outage in February and returned to full power over the past week. Freeport LNG shut in June 2022 after a fire. That price increase came despite forecasts for milder weather and less heating demand over the next two weeks than previously expected, which should allow utilities to [Read more]
Western Canada Select discount steady as new trade window begins
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) was steady on Monday, the first day of a new trading window. WCS for May delivery in Hardisty, Alberta traded between $14.55 and $14.00 a barrel under WTI, according to brokerage CalRock, having traded between $14.55 and $14.35 a barrel under the U.S. benchmark on Friday. Producer group OPEC+'s surprise supply cut is likely to spur more exports from Canadian crude from the U.S. Gulf Coast, analysts [Read more]
Oil prices surge on OPEC+ move
Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains. West Texas Intermediate Crude climbed $4.71, or 6.22% to $80.38. Brent crude futures looked set for its biggest daily percentage gain in around a year, jumping $5.10, or 6.40% to $84.85 a barrel on news OPEC+ would aim to cut output by around 1.16 million barrels per [Read more]
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