Imperial Oil Ltd is reducing the number of contractors working at its Kearl oil sands site in northern Alberta as part of measures to cut operating costs at the project, a company spokeswoman said on Monday. Imperial is deferring some non-critical work or moving it off site, spokeswoman Lisa Schmidt said, adding the company has not laid off any employees. There is no impact on oil production at Kearl, a 240,000 barrel-per-day bitumen mining project that has been operating since [Read more]
Goldman sees oil supplies tightening, more OPEC+ supply in June
Strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, agreed in October to cut oil production targets by 2 million barrels per day (bpd) until the end of 2023. The bank said in a note dated [Read more]
U.S. natgas jumps 6% to one-month high on rising demand, output decline
U.S. natural gas futures jumped about 6% to a one-month high on Monday on forecasts for more demand this week than previously expected and a drop in gas output so far this month. In addition to forecasts for colder weather next week that should keep heating demand higher than normal for this time of year, analysts noted gas prices have soared about 30% over the past four days due in part to a jump in U.S. liquefied natural gas (LNG) exports. Helping boost LNG exports over the past month [Read more]
Oil slips as dollar firms, Russia pipeline halt limits slide
Oil prices edged lower on Monday as a stronger dollar discouraged buying though losses were limited by supply concerns after Russia halted exports to Poland via a key pipeline. West Texas Intermediate U.S. crude futures (WTI) traded at $75.88, down by 51 cents or 0.67%. Benchmark Brent crude futures were down 41 cents, or 0.50%, at $82.40 a barrel. Both benchmarks closed more than 90 cents higher on Friday. The dollar hovered near a seven-week peak on Monday after a slew of strong U.S. [Read more]
Oil lower on firm dollar, market shrugs off Russian supply cuts
Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts. West Texas Intermediate U.S. crude futures (WTI) traded at $76.09 a barrel, 23 cents, or 0.3% lower, while Brent crude futures were down 30 cents, or 0.36%, at $82.86 a barrel at 0411 GMT. Both benchmarks closed more than 90 cents higher on Friday. The dollar hovered near a seven-week peak on Monday after a slew of [Read more]
U.S. natgas up over 3% on colder weather forecasts, contract expiry
U.S. natural gas futures gained more than 3% ahead of the expiry of the front-month March contract on Friday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. On its last day as front-month, gas futures for March delivery on the New York Mercantile Exchange (NYMEX) were up 8.3 cents, or 3.6%, at $2.40 per million British thermal units (mmBtu) by 9:42 a.m. EST (1442 GMT). The contract has risen 5.5% so far this week, after briefly [Read more]
Oil gains on Russian supply cut worries, but higher U.S. inventories weigh
Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. West Texas Intermediate crude futures (WTI) rose 63 cents, or 0.8%, to $76.02 a barrel. Brent crude futures rose 61 cents, or 0.7%, to $82.82 per barrel. Both benchmarks ended Thursday about 2% higher on Russia's plans to cut oil exports from its western ports by up to 25% in March which exceeded its announced production cuts of 500,000 [Read more]
U.S. natgas gains 5% on technical buying ahead of storage report
U.S. natural gas futures rose more than 5% on Thursday on a technical rebound and forecasts for slightly colder weather over the next two weeks. Front-month gas futures for March delivery on the New York Mercantile Exchange (NYMEX) were up 12.2 cents, or 5.6%, to $2.30 per million British thermal units (mmBtu) by 09:32 a.m. EST (1432 GMT), after falling to multi-month low in the previous session. "The natural gas seemed to achieve its technical destiny. The reason why prices turning back [Read more]
Oil edges up as market weighs economy outlook, awaits stocks data
Oil edged up on Thursday after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassess positions after the U.S. Federal Reserve stoked worries about the economy by suggesting further rate hikes ahead. West Texas Intermediate crude futures (WTI) advanced $1.15, or 1.56%, to $74.91 a barrel. Brent crude futures ros3 $1.06, or 1.32%, to $81.35 per barrel. Both benchmarks lost more than $2 in the previous trading day on expectations of more [Read more]
Oil falls as expected interest rate hikes to impact fuel demand
Oil prices extended losses on Wednesday on expectations the U.S. Federal Reserve is likely to indicate it will continue to raise interest rates in comments due out later, raising concerns of lower global economic growth and fuel demand. West Texas Intermediate (WTI) crude futures for April declined 49 cents, or 0.64% to $75.64 a barrel. The March WTI contract expired on Tuesday down 18 cents. Brent crude futures for April delivery fell by 47 cents, or 0.57% to $82.04 a barrel after recording [Read more]
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