Oil production in South Texas, home of the second largest U.S. shale field, is expected to rise as much as 4% this year, as higher prices spur more drilling and as U.S. crude exports set new records. Output in the Eagle Ford shale field tanked in 2020, but has returned to growth with an average increase per month of about 17,000 barrels per bay (bpd) in the back half of 2022, according to U.S. government data. Its gains will help keep U.S. output rising as the Permian basin, the largest U.S. [Read more]
China’s COVID-19 reopening set to push 2023 oil demand to new high
The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency (IEA) said on Wednesday, while price cap sanctions on Russia could dent supply. "Two wild cards dominate the 2023 oil market outlook: Russia and China," the Paris-based energy watchdog said in its monthly oil report. "Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the [Read more]
U.S. natgas price slump pushes ‘widow maker’ toward unusual contango
U.S. natural gas futures dropped to an 18-month low on Wednesday, cutting the March-April spread to a record trough as forecasts for less cold weather in late January force some in the market to give up on hopes for extreme cold in coming weeks. The gas industry calls the March-April spread the "widow maker" because rapid price moves resulting from changing weather forecasts have knocked some speculators out of business, including the Amaranth hedge fund, which lost over $6 billion on gas [Read more]
U.S. natgas futures jump 7% on colder weather forecasts, heating demand
U.S. natural gas futures soared about 7% on Tuesday from an 18-month low in the prior session as gas started to flow to the long-shut Freeport LNG export plant in Texas and on forecasts for colder weather and more heating demand over the next two weeks than previously expected. Freeport started receiving gas from pipelines over the long U.S. Martin Luther King Jr. holiday weekend, according to data from Refinitiv, a possible sign the plant is finally moving closer to exiting an [Read more]
Oil’s good times set to roll on after record 2022 profits
Top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia's invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP, Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns through dividends and share buybacks last year. These firms are expected to post a combined profit of $199 billion for 2022 when they [Read more]
OPEC says Chinese oil demand to rebound in 2023 after drop
OPEC said on Tuesday Chinese oil demand would rebound this year due to relaxation of the country's COVID-19 curbs and drive global growth, and sounded an optimistic note on the prospects for the world economy in 2023. World demand in 2023 will rise by 2.22 million barrels per day (bpd), or 2.2%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report, unchanged from last month's forecast, which had ended a series of downgrades. OPEC sounded upbeat on the world [Read more]
Russia sees sanctions impact on oil products, eyes crude export boost -senior source
Russia expects Western sanctions to have a significant impact on its oil products exports and therefore its production, but that will likely leave more crude oil to sell, a senior Russian source with detailed knowledge of the outlook told Reuters. In what the West casts as unprecedented sanctions and President Vladimir Putin deems a declaration of economic war, the United States and its allies are trying to constrict the economy of Russia, the world's second largest oil exporter after Saudi [Read more]
Electricity constraints force Canada’s first LNG terminal to delay
Shell PLC's LNG Canada export project in British Columbia plans to start building its proposed second phase with natural gas-powered turbines and switch to electricity as more renewable power becomes available, a top executive said, a decision that means the expansion project will initially generate high greenhouse gas emissions. LNG Canada, in which Japan's Mitsubishi Corp owns a 15% stake, is set to be Canada's first liquefied natural gas (LNG) export terminal. The first phase is expected [Read more]
Oil dips, but hovers near 2023 highs on China demand optimism
Oil prices dipped on Monday, but optimism that China's reopening from COVID restrictions will lift fuel demand in the world's top crude importer kept prices near 2023 highs, reached after a surge in prices last week. U.S. West Texas Intermediate crude was at $78.96 a barrel, down 99 cents, or 1.24%, amid thin trade during a U.S. public holiday. Brent crude fell 99 cents, or 1.16%, to $84.36 a barrel. Both contracts rose more than 8% last week, the biggest weekly gains since October and [Read more]
Western Canada Select discount extends narrowing streak
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened further on Friday. WCS for February delivery in Hardisty, Alberta, traded between $24.00 and $22.95 a barrel below WTI, according to brokerage CalRock. On Thursday it traded between $24.90 and $24.80 a barrel under U.S. crude. Trading volumes were thin as the Canadian market neared the end of its monthly trade cycle, which lasts from the first of each month until the day before pipeline [Read more]
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