Oil prices have slumped since early November as traders concluded the price cap on Russia’s exports introduced by the United States, the European Union and their allies will have little impact on crude availability. Earlier fears the cap would disrupt crude flows boosted Brent prices and calendar spreads throughout October - even as the outlook for the global economy and oil consumption deteriorated. Front-month Brent futures closed at almost $97 per barrel on Oct. 27, up from $84 a month [Read more]
U.S. natgas futures hold at five-week low on mixed weather forecasts
U.S. natural gas futures held near a five-week low on Tuesday as forecasts for cooler weather and more heating demand this week offset a milder outlook next week. Milder weather should allow utilities to leave more gas in storage. Gas stockpiles were about 2.4% below the five-year (2017-2021) average for this time of year. In addition to the mild weather, traders also noted demand for gas was limited by the delayed restart of Freeport LNG's liquefied natural gas (LNG) export plant in Texas [Read more]
Oil prices fall on economic fears, dollar strength
Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. West Texas Intermediate crude (WTI) fell $1.06, or $1.37%, to $76.33. Brent crude futures fell $1.06, or $1.28%, to $81.99 a barrel. Brent had risen by over $1 in Asian trading. Crude futures on Monday recorded their biggest daily drop in two weeks after U.S. services industry [Read more]
Russia’s Jan-Nov oil output up 2% ahead of EU ban, price caps
Russia's January-November oil and gas condensate rose 2.2% from a year earlier to 488 million tonnes, the Interfax news agency said on Tuesday, citing Deputy Prime Minister Alexander Novak, who expects a slight output decline following new sanctions. European Union countries that have been primary buyers of Russian crude for decades stopped buying it from sea ports from Dec. 5 under an embargo imposed by the bloc. The Group of Seven nations, Australia and the 27 EU states have also [Read more]
WCS discount edges narrower
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened on Monday: WCS heavy blend crude for January delivery in Hardisty, Alberta, traded between $28.30 and $27.90 a barrel under WTI, according to brokerage CalRock, narrowing from the previous session's settle of $28.50 a barrel under the benchmark. WCS differentials have been under pressure since late September when factors including a drop in U.S. refinery demand, competition from cheap [Read more]
Oil falls nearly 3% after data raises Fed interest rate worries
NEW YORK, Dec 5 (Reuters) - Oil prices fell nearly 3% on Monday, following U.S. stock markets lower, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). West Texas Intermediate crude (WTI) fell $2.28, or 2.9%, to $77.70 a barrel. Both benchmarks had earlier risen more than $2, reversing direction. WTI's front-month contract [Read more]
U.S. natgas sheds over 8% on milder weather view, Freeport restart delay
U.S. natural gas futures extended losses and fell more than 8% on Monday as forecasts for milder weather and the delayed restart of the Freeport liquefied natural gas (LNG) export plant dimmed the demand outlook. Front-month gas futures for January delivery on the New York Mercantile Exchange fell 50.7 cents, or 8.1%, to $5.77 per million British thermal units (mmBtu) by 9:49 a.m. EST (1449 GMT), the lowest level since Nov. 16. "The big factor putting downward pressure on prices today is [Read more]
Oil gains on OPEC+ output plans and price cap on Russian crude
Oil prices on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and the start of a G7 price cap on Russian crude. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID-19 curbs over the weekend. WTI crude futures gained $2.30, or 2.87%, to $82.43. Brent crude futures were up $2.08, or 2.42%, at $87.98 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies [Read more]
Column: OPEC+ sits sensibly on its hands as oil uncertainties abound
When faced with a myriad of uncertainties the most sensible path is often to sit back and see how events unfold. That is what OPEC+ has chosen to do with the crude oil market. The Organization of the Petroleum Exporting Countries and allies including Russia did what was expected at their meeting on Sunday, sticking to their previous crude output target. The group's next scheduled meeting is a monitoring committee gathering on Feb. 1, which means that barring some extraordinary developments [Read more]
Russia will not export oil subject to Western cap, says Putin energy point man
Russia, the world's second largest oil exporter, will not sell oil that is subject to a Western price cap even if it has to cut production, President Vladimir Putin's point man on energy said. The Group of Seven and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland. The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the [Read more]
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