A surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday. The group had been largely expected to stick to its already agreed upon 2 million barrel per day (bpd) cuts when its joint ministerial panel, which includes Saudi Arabia and Russia, meets on Monday. The OPEC move and Russia's extension through [Read more]
Rough week for Alberta’s UCP casts shadow ahead of May election
As Canada's main oil-producing province Alberta prepares for an election next month, its combative Premier Danielle Smith is facing a series of controversies and resignations that could undermine support for her ruling United Conservative Party (UCP), political analysts say. In the space of a week, a leaked recording of a phone call between Smith and a Calgary pastor facing pandemic-related charges has raised questions about the premier's judgment, two senior members of Smith's cabinet said [Read more]
Why U.S. natural gas output keeps rising as prices sink
U.S. natural gas prices last week plunged to a 30-month low, crossing below $2 per million British thermal units (mmBtu) for the second time this year, even as some producers have cut drilling to stave off further convulsions. Since the start of the year, U.S. gas futures have collapsed by about 50%, a record drop for a quarter, on rising output and mostly mild weather so far this winter that kept heating demand low and allowed utilities to leave more gas in storage than usual. But there [Read more]
US oil and gas rigs fall in Q1, first quarterly drop since 2020
U.S. energy firms this week cut the number of oil and natural gas rigs, with the quarterly count dropping for the first time since 2020, 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 755 in the week to March 31. Despite this week's rig decline, Baker Hughes said the total count was still up 82 rigs, or 12%, over this time last year. U.S. oil rigs fell one to 592 this [Read more]
Oil rises as China factory activity expansion lifts demand hopes
Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world's second-largest crude consumer, and as concerns grew about Middle Eastern supply. U.S. West Texas Intermediate (WTI) crude rose 51 cents, or 0.69%, to $74.82, having gained about 8% this week. Brent futures, which have risen nearly 6% this week, were up 30 cents, or 0.38%, at $78.78 a barrel. China's manufacturing activity rose in March at a slower pace [Read more]
U.S. natgas jumps 5%, but still on track for record quarterly loss
U.S. natural gas futures jumped about 5% to a one-week high on Friday on forecasts for more demand next week than previously expected with rising amounts of gas flowing to liquefied natural gas (LNG) export plants, but they remained on track to drop by a record 51% this quarter, Feedgas to those LNG export plants climbed after Freeport LNG's facility in Texas exited an eight-month outage in February and returned to near full power this week. Freeport LNG shut in June 2022 after a fire. The [Read more]
Canadian economy outperforms with 0.5% growth in January
The Canadian economy performed better than expected in January versus December, driven by broad gains in both goods and services industries, Statistics Canada data showed on Friday. The economy grew by 0.5% in January, ahead of analysts' forecasts of a 0.3% rise after a 0.1% contraction in December. February GDP was most likely up 0.3%, the agency said in a flash estimate. Industries including wholesale trade and mining, quarrying and oil and gas extraction rebounded in January from [Read more]
OPEC oil output falls on Angola, Iraq outages
OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq's exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. Output is down more than 700,000 bpd from September. OPEC and its allies, [Read more]
Alberta to contribute to CCUS after Ottawa commitments
Alberta - the heart of the country's oil and gas industry - is expected to offer more support for carbon capture utilization and storage (CCUS) projects now that the federal government has its incentives in place, the federal natural resources minister told Reuters on Thursday. CCUS is one of the key technologies Canada is relying on to help reach net-zero emissions by 2050, and industry says additional government incentives are the last piece of the puzzle needed to kickstart the [Read more]
Energy bill passes U.S. House, sends to Senate
The U.S. House of Representatives on Thursday passed a Republican energy reform bill intended to bolster U.S. oil and gas production while scaling back climate initiatives, the first major legislation of House Speaker Kevin McCarthy's majority. The House passed the Lower Energy Costs Act by a mostly partisan 225-204 vote. The bill would deliver on a top 2022 Republican campaign pledge to lower Americans' energy costs but faces little chance of making it through the Democratic-led Senate, [Read more]
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