Oil prices rose 1% on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected. U.S. West Texas Intermediate (WTI) crude futures were up $1.65, or 2.05%, at $82.06. Brent crude futures rose $1.70, or 1.97%, to $87.94 a barrel. "China's reopening is supporting demand prospects," said UBS analyst Giovanni Staunovo. "Also, market participants are closely tracking the upcoming OPEC+ JMMC [Read more]
Oil steady on China demand recovery hopes, likely unchanged OPEC+ output policy
Crude oil was steady on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries. U.S. West Texas Intermediate (WTI) crude climbed 1 cents, or 0.01%, to $80.22 per barrel, after a 1.8% drop on Tuesday. Brent crude dropped 23 cents, or 0.27%, to $86.20 per barrel after falling 2.3% in the prior session. "Expectations that China's fuel demand will recover in the second half of the year are growing [Read more]
U.S. natgas futures drop 5% to 19-month low on less cold forecasts
U.S. natural gas futures dropped about 5% to a 19-month low on Wednesday on forecasts for less cold weather and lower heating demand next week than previously expected and a growing belief in the market that Freeport LNG's liquefied natural gas (LNG) export plant in Texas will not actually restart for weeks or months. That price drop came despite bullish forecasts calling for more gas demand this week than previously expected and a drop in output over the past couple of days as cold weather [Read more]
Exxon halts routine gas flaring in the Permian, wants others to follow
Exxon Mobil Corp said it has stopped routine flaring of natural gas from production in the top U.S. shale basin and will press for stronger regulations for rivals to do the same, company officials said in an interview.The largest U.S. oil producer is battling lawsuits that accuse it and other oil companies of contributing to global warming and rising sea levels. At the same time, it has moved to cut its own emissions and supported government efforts to crack down on oil and gas operators to find [Read more]
Oil mixed as investors weigh China demand and U.S. outlook
Crude oil prices edged higher in Asian trade on Tuesday amid hopes of a fuel demand recovery from top importer China, although concerns about a slowdown in the U.S. economy capped gains. U.S. West Texas Intermediate (WTI) crude rose 15 cents, or 0.18% to $81.74 per barrel after climbing to $81.88 earlier in the session. Brent crude was up 19 cents, or 0.22% to $88.18 per barrel after rising to a session high of $88.36. Commodities like crude oil, refined petroleum products, LNG, and [Read more]
OPEC+ panel unlikely to tweak oil policy at Feb. 1 meeting, sources say
An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, meet virtually on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full [Read more]
U.S. oil & gas M&A hit 17-year low; big firms dominate deals-report
U.S. oil and gas deal-making declined by 13% last year to $58 billion compared to 2021, according to energy technology firm Enverus, with the volume of activity hitting its lowest level since 2005 as buyers became more choosy about asset purchases. The decline comes as large companies with strong balance sheets are targeting the best properties in deals valued upwards of a billion dollars, while smaller firms with discounted equity have been unable to find financially attractive assets, [Read more]
U.S. natgas steady as forecasts for lower demand offset output drop
U.S. natural gas futures were little changed on Tuesday as bearish forecasts for less heating demand over the next two weeks than previously expected offset a bullish drop in output as cold weather starts to cause wells to freeze in some producing basins. The market also is balancing bullish comments from Freeport LNG that its liquefied natural gas export plant was ready to begin the restart process versus bearish expectations that it will still take a lot of time for that plant to actually [Read more]
U.S. energy chief says Biden would veto House Republican bill on oil reserve
President Joe Biden will veto a bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve (SPR) if it passes Congress, Energy Secretary Jennifer Granholm said on Monday. In a letter last week, Granholm warned Republicans that limiting the Democratic president's authority to tap the nation's oil reserves would undermine national security, cause crude oil shortages, and raise gasoline prices. "He will not allow the American people to suffer because of the backwards [Read more]
Cenovus Energy CEO says Alberta, Ottawa must ‘turn down temp,’ talk more
The chief executive of Cenovus Energy, which is part of alliance of Canada's biggest oil sands producers, on Monday said friction between the federal and Alberta governments was making it more difficult to hold meaningful discussions on funding carbon capture and storage (CCS) technology needed to decarbonize the oil and gas sector. The Pathways Alliance, a collaboration between Canada's six largest oil sands producers targeting net-zero emissions by 2050, is planning to develop a CCS hub in [Read more]
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