Goldman Sachs expects a commodities supercycle driven by China and the capital flight from energy markets and investment this month after concerns triggered by the banking sector, the U.S. bank's head of commodities said. "As losses mounted, it spilled into commodities," Jeff Currie, global head of commodities for Goldman Sachs, told the Financial Times Commodities Global Summit on Tuesday. "Historically, when you have this kind of scarring event, it takes months to get capital back... We [Read more]
US natgas holds near 3-week low on forecasts for milder weather
U.S. natural gas futures held near a three-week low on Wednesday on forecasts for less cold weather and lower demand this week than previously expected and with an increase in gas output so far this month. That lack of price movement came despite forecasts for more demand next week than previously expected and record gas flows to liquefied natural gas (LNG) export plants since the return in February of Freeport LNG's plant in Texas from an eight-month outage. Front-month gas futures for [Read more]
Oil edges up on historic Swiss banks deal, central banks support
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets. U.S. West Texas Intermediate crude was at $66.60 a barrel, up 38 cents, or 0.57%, after a 13% decline last week, its biggest since last April. Brent crude futures rose 14 cents, or 0.22%, to $72.68 a barrel after a near 12% loss last week, its biggest weekly fall since [Read more]
IPC CEO urges Canada to offer more funding to build carbon capture
International Petroleum Corp, the first foreign oil company to sanction a project in Canada's oil sands in more than a decade, could add carbon capture and storage (CCS) to the plant if more government financial incentives become available, its CEO told Reuters. Geneva-based IPC, part of Sweden's Lundin Group, sanctioned phase one of the 30,000 barrel-per-day (bpd) Blackrod thermal project in northern Alberta last month. The company joins Canada's biggest oil producers in urging [Read more]
US natgas dips over 5% on forecasts for lower heating demand
U.S. natural gas futures dipped more than 5% on Friday to their lowest since late-February on expectations for lower heating demand due to moderating weather, which set the contract on track for a second consecutive weekly decline. Front-month gas futures for April delivery fell 14.09 cents, or 5.6%, to $2.37 per million British thermal units (mmBtu) by 11:09 a.m. EDT. The weather outlook for later in March has shifted from colder-than-normal along the eastern seaboard to slightly [Read more]
B.C. sets high emissions bar for new LNG projects
British Columbia's decision this week to toughen emissions standards for new liquefied natural gas (LNG) projects creates one of the most robust climate plans in North America, but sets a high hurdle for the industry even as many countries look to Canada to become a global supplier of gas. As part of a new energy action framework, the western Canadian province will require proposed LNG projects that are going through or entering the environmental assessment process to have a credible plan to [Read more]
Suncor gives Elliott more time to add another director to board
Suncor Energy Inc said on Friday it has amended an agreement with Elliott Investment Management to give the activist investor more time until March 31 to appoint an additional director to the energy company's board. Elliott has been pushing for organizational changes and strategic review at Suncor since disclosing a 3.4% stake in the company in April last year. As part of its agreement with Elliott in July 2022, Suncor appointed three independent directors to its board. In January, the two [Read more]
Repsol scraps plans for east coast Canada LNG terminal
Repsol has informed the Canadian government that an east coast liquefied natural gas project (LNG) is not economically viable because the cost of transporting gas to the terminal would be too high, a Canadian government spokesperson said on Thursday. Spanish company Repsol had been looking into developing an LNG export terminal in St. John, New Brunswick, to supply European markets, part of a global push to secure alternative supplies to Russian gas following the invasion of Ukraine. "In [Read more]
OPEC+ views oil price drop as financially driven, delegates say
OPEC+ considers this week's slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters. Oil sank to a 15-month low on Wednesday, with Brent crude below $72 a barrel, on concerns about contagion from a banking crisis. Crude stabilised on Thursday after Credit Suisse was thrown a financial lifeline by Swiss regulators. "It's purely [Read more]
Western Canada Select discount narrows
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Wednesday. WCS for April delivery in Hardisty, Alberta traded between $16.75 and $16.45 a barrel under WTI, according to brokerage CalRock, having traded between $17.10 and $16.90 a barrel under the U.S. benchmark on Tuesday. Canadian heavy crude remains in sight of a nine-month high of around $15 a barrel under WTI hit last week. WTI plunged to its lowest in more than a year before [Read more]
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