U.S. natural gas futures rose about 3% on Thursday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. Prices also rose as the amount of gas flowing to Freeport LNG's export plant in Texas increased in recent days after declining earlier in the week. The price hike came ahead of a federal report expected to show last week's storage withdrawal was lower than usual for this time of year as mild weather kept heating demand for the fuel [Read more]
Collapse in US natgas prices dents market for shale deals
This year's freefall in U.S. natural gas prices has upended the acquisitions market for gas producers and spooked investors that lined up to buy when prices were much, much higher. The price volatility has scuppered plans by a unit of Tokyo Gas Co Ltd to acquire Rockcliff Energy from private equity firm Quantum Energy Partners, according to three people familiar with the matter. Reuters reported in January that the parties were close to a $4.6 billion sale of Rockcliff, a producer in the [Read more]
U.S. senators reintroduce bill to pressure OPEC oil producer group
A group of bipartisan U.S. senators on Wednesday said they have reintroduced legislation to pressure the OPEC oil production group to stop making output cuts. The so-called No Oil Producing and Exporting Cartels, or NOPEC, bill was reintroduced by Senators Chuck Grassley, a Republican, and Amy Klobuchar, a Democrat, as well as others on the Judiciary Committee. If passed by the committee, both chambers of Congress and signed by President Joe Biden, NOPEC would change U.S. antitrust law to [Read more]
US natgas down 2% as flows drop to Freeport LNG plant in Texas
U.S. natural gas futures declined about 2% on Wednesday after data showed the amount of gas flowing to Freeport LNG's export plant in Texas had dropped and forecasts indicated the weather in the near term would be warmer than previously expected. Front-month gas futures for April delivery had fallen 6.2 cents, or 2.3%, to $2.625 per million British thermal units (mmBtu) by 8:55 a.m. EST (1355 GMT), even though the total amount of gas flowing to all seven big U.S. LNG export plants was still [Read more]
Barclays cuts 2023 oil price forecasts on resilient Russian output
Barclays cut its 2023 oil price forecasts on Wednesday, due in part to more resilient output from Russia than expected, and said the market could flip into a deficit in the second half of the year due to growing demand in China. The bank cut its average forecasts for the Brent and West Texas Intermediate (WTI) benchmarks by $6 per barrel (/b) and $7/b, respectively, to $92/b and $87/b. U.S West Texas Intermediate crude futures were down 61 cents, or 0.79% to $76.55 a barrel. Brent crude [Read more]
Western Canada Select discount widens
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) widened on Tuesday. WCS for April delivery in Hardisty, Alberta traded between $15.35 and $15.70 a barrel under the WTI, according to brokerage CalRock, having traded between $15.30 and $15.20 a barrel under WTI on Monday. In recent weeks, the price of WCS for delivery in Hardisty has been affected by crude quality discounting pressure at the U.S. Gulf Coast. "We've been tightening for a while [Read more]
Russia wild card to keep oil markets on edge, execs warn
Executives and officials from some of the world's top oil and gas companies said on Tuesday energy markets are balanced now, but could be easily be disrupted due to tight spare production capacity and supply uncertainties related to Russia's war in Ukraine. The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. A temperate winter helped by giving [Read more]
Oil edges lower on stronger dollar and weak Chinese data
Oil prices edged lower on Tuesday as a stronger U.S. dollar and weak oil data from top crude importer China shifted momentum after five days of gains. U.S. West Texas Intermediate crude was down 41 cents, or 0.51%, at $80.01. Brent crude futures fell 53 cents, or 0.61%, to $85.65 a barrel. Prices declined as the U.S. dollar rose ahead of Federal Reserve Chair Jeremy Powell's testimony to Congress at 1500 GMT on Tuesday. The focus will be on whether he remains confident that the Fed is on the [Read more]
Enbridge expected to supply more Gulf Coast LNG export facilities
Energy infrastructure company Enbridge Inc is expected to supply two to three more liquefied natural gas export facilities throughout the U.S. Gulf Coast "before too long," up from the four it currently supplies, Chief Executive Greg Ebel told Reuters on Monday. Ebel added that the Canadian pipeline operator is focused on export opportunities. Enbridge previously acquired the Moda Ingleside Energy Center, a major crude export terminal that connects the prolific Permian and Eagle Ford shale [Read more]
US oil output to grow by 500,000 bpd in 2023, says Occidental Petroleum exec
U.S. oil production will grow by about 500,000 barrels per day this year, with 80% or 90% of that coming from the Permian basin, Frederick Forthuber, president of Oxy Energy Services at Occidental Petroleum Corp said on Tuesday at the CERAWeek conference in Houston. Oil output growth in the U.S. has moderated, and is anticipated to remain slower as companies have shifted their focus to investor returns and faced headwinds such as inflation and supply chain constraints. [Read more]
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