U.S. natural gas futures edged up about 1% on Friday on rising liquefied natural gas (LNG) exports and forecasts for colder weather and higher heating demand in late February. Meteorologists forecast the weather would remain mostly warmer than normal from now through Feb. 22 (except for a couple of cold days on Feb. 17-18) before turning colder than normal starting Feb. 24. Energy analysts, however, noted colder than normal weather in late February does not boost heating demand by as much [Read more]
Oil prices rise, headed for weekly gains
Oil prices rose in early trade on Friday but were still set for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose $1.10, or 1.42%, to $78.72 a barrel. Brent crude futures climbed $1.21, or 1.44%, to $85.44 a barrel. The downturn was partly due to a report on Thursday showing the number of Americans [Read more]
Goldman lowers 2023 Brent price forecast to $92/bbl
Goldman Sachs lowered its oil price forecasts for this year and next but still expects prices to rise gradually to $100 a barrel by December. Goldman lowered it Brent 2023 price forecast to $92 per barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl. "This adjustment reflects a modest softening to our 2023 balance," it added. "On the demand side, downgrades in Europe, the United States, and Asia excluding China — reflecting a warm winter and the loss of [Read more]
Western Canada Select discount narrows further
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Thursday. WCS for March delivery in Hardisty, Alberta, traded between $19.00 and $18.50 a barrel under WTI, according to brokerage CalRock, having settled on Wednesday at $19.00 a barrel under the U.S. benchmark. Canadian heavy crude has been steadily narrowing this year and is expected to strengthen further ahead of a new refinery in Mexico starting up in July and the Trans Mountain [Read more]
As natural gas prices tumble, new worries for U.S. shale patch
A 46% drop in natural gas prices this year is rippling across the U.S. shale patch, threatening to slow drilling and chill deal-making in a move unthinkable six months ago as global demand soared. Analysts are chopping their outlook for gas prices this year, and for production and earnings. The drop has also put a cloud over merger and acquisition activity, analysts said. Such moves were unfathomable six months ago as Russia reduced its gas flows to Europe and U.S. gas became a hot commodity. [Read more]
U.S. natgas up 3% on rising LNG exports, big storage withdrawal
U.S. natural gas futures gained about 3% on Thursday after dropping to a 25-month low in the prior session on rising LNG exports, forecasts for slightly colder weather over the next two weeks than previously expected and a bigger than expected weekly storage draw. The U.S. Energy Information Administration (EIA) said utilities pulled 217 bcf (billion cubic feet) of gas from storage during the week ended Feb. 3. That was more than the 195 bcf analysts forecast in a Reuters poll and compares [Read more]
Scotiabank sees a tough year ahead for North American natural gas firms
Scotiabank remains bullish on long-term outlook for natural gas firms, but sees the sector facing several challenging months as the North American natural gas supply and demand balance recalibrates. Says that the sudden collapse of natural gas prices has shifted the near-term calculus for investing in the sector. Brokerage sees average 2023 NYMEX prices firmly below $4/mmBtu on warmer temperatures for rest of winter. Sees NYMEX price collapse to put pressure on 2023 capital budgets and [Read more]
Russia: U.S. has questions to answer over Nord Stream explosions
Russia's foreign ministry said on Wednesday the United States had questions to answer over its role in explosions on the undersea Nord Stream gas pipelines last year. Commenting on a report published earlier on Wednesday that said the United States was involved in the explosions, Russia's Foreign Ministry spokeswoman Maria Zakharova called on the White House to comment on the "facts" that had been presented. Reuters was unable to verify the report, published by U.S. investigative [Read more]
Oil climbs 3rd day on subdued dollar, U.S. crude stocks’ drop
Oil prices rose early on Wednesday, extending gains from the previous two days, as the dollar fell after Federal Reserve Chair Jerome Powell sounded less hawkish on interest rates than markets had expected and as U.S. crude stocks surprisingly fell. U.S. West Texas Intermediate (WTI) crude futures advanced by 49 cents, or 0.63%, to $78.02 a barrel, after jumping 4.1% in the previous session. Brent crude futures inched up by 31 cents, or 0.37%, to $84.40 a barrel, adding to a 3.3% gain in the [Read more]
Big Oil doubles profits in blockbuster 2022
Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions. The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP, [Read more]
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