U.S. natural gas futures fell about 3% to a fresh 30-month low on Wednesday ahead of expiration of the front month on rising output and mild weather forecasts that should allow utilities to start injecting gas into storage at the beginning of April. "April natural gas contract trades below $2 into expiration... as it struggled under the weight of a towering South Central regional storage surplus and (as) thinning trading volumes drove increased volatility risks," analysts at energy consulting [Read more]
Brookfield-led team shrugs off energy policy headwinds in $10 billion Origin deal
Canada's Brookfield and its partner EIG decided to go ahead with a $10.2 billion plan to buy Australia's Origin Energy Ltd despite escalating regulatory and government policy headwinds, senior management at the group said on Tuesday. Origin, Australia's top energy retailer, on Monday agreed to the long-running takeover offer from the consortium, nearing the conclusion of one of the country's biggest private equity-backed buyouts. The group trimmed its offer by 1% last month after a [Read more]
Canada to ramp up clean-tech push in budget to level playing field with US
Canadian Finance Minister Chrystia Freeland on Tuesday will present this year's budget, which will have a major focus on scaling up investment in clean technology. Countries across the globe are vying for a portion of the low-carbon economy of the future. In Canada, there's more pressure to step up investments to level the playing field with the United States, which passed a series of massive incentives in the Inflation Reduction Act (IRA) last year. Last week Freeland said Canada is at a [Read more]
US natgas futures slip to 30-month low on milder weather forecasts
U.S. natural gas futures eased about 1% on Tuesday, putting the front-month on track to close at a 30-month low, on rising output and mild weather forecasts that should allow utilities to start injecting gas into storage at the beginning of April. That small price decline came despite a forecast rise in gas demand with the amount of feedgas flowing to liquefied natural gas (LNG) export plants on track to hit a monthly record high in March after Freeport LNG's export plant in Texas exited an [Read more]
Canada budget to set up contracts for differences for large projects
Canada's budget will introduce a system to lock in future carbon credit prices, a senior government source with knowledge of the document said on Monday, a move meant to boost investments by giving businesses certainty to develop low-carbon technologies. So-called contracts for differences set a price on tradable carbon credits, which heavy emitters can get if they reduce pollution. If the market price for the credit falls below the minimum in the contract, the government would make up the [Read more]
Oil prices climb in relief rally as banking concerns ease
Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. U.S. West Texas Intermediate crude was at $70.38 a barrel, up $1.17, or 1.69%. Brent crude futures gained $1.14, or 1.53%, to $75.64 a barrel. Brent rose 2.8% last week, while WTI rebounded 3.8% as jitters in the banking sector eased. "There has been a bounce in risk assets on [Read more]
CIB to invest C$277 mln in Shell-Suncor biorefinery in Quebec
Canada Infrastructure Bank (CIB) said on Monday it would invest C$277 million in a carbon recycling facility in Quebec run by a joint-venture backed by Shell and Suncor Energy Inc. The facility will generate hydrogen and oxygen by using electrolysis to convert non-recyclable waste and residual biomass into biofuels with a capacity of up to 130 million litres annually. Proman and the government of Quebec are also partners in the joint venture running the facility in Varennes. The project is [Read more]
Column: US natgas prices slump after mild winter leaves big surplus
U.S. natural gas inventories are nearing the end of winter well above average, causing futures prices to slump close to their lowest level in real terms in three decades. Despite several days of shattering cold immediately before Christmas, the winter was fairly mild across the main population centres of the United States, depressing gas consumption. Working stocks in underground storage amounted to 1,900 billion cubic feet on March 17, according to the U.S. Energy Information [Read more]
US natgas futures drop 4% to 4-week low on milder forecasts
U.S. natural gas futures fell about 4% to a four-week low on Monday on rising output and forecasts for milder weather and lower heating demand next week than previously expected that should allow utilities to start injecting gas into storage at the beginning of April. That price drop came even though the amount of gas flowing to liquefied natural gas (LNG) export plants was on track to rise to a monthly record high in March after Freeport LNG's export plant in Texas exited an eight-month [Read more]
Column: US natgas prices slump after mild winter leaves big surplus
U.S. natural gas inventories are nearing the end of winter well above average, causing futures prices to slump close to their lowest level in real terms in three decades. Despite several days of shattering cold immediately before Christmas, the winter was fairly mild across the main population centres of the United States, depressing gas consumption. Working stocks in underground storage amounted to 1,900 billion cubic feet on March 17, according to the U.S. Energy Information [Read more]
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