U.S. natural gas futures on Friday slipped to a 10-month low on forecasts for warmer weather, yet the year's hot-commodity was poised for its third consecutive annual rise as supply disruptions due to Russia-Ukraine war sent tremors across global gas markets. The contract has added about 20% so far in what has been tipped as the most volatile year for the commodity, having surpassed the $10 per million British thermal units (mmBtu) level for the first time in 14 years. Prices halved since [Read more]
U.S. holds sale of drilling rights off Alaska coast
The Biden administration on Friday will hold a sale of oil and gas drilling rights off the coast of Alaska, the first federal auction in the region in more than five years. The sale of nearly 1 million acres in the Cook Inlet is among the concessions to the oil and gas sector included in President Joe Biden's signature climate change law, the Inflation Reduction Act (IRA). Under the law, the Interior Department is required to hold the sale by Dec. 31. The agency had scrapped the Cook Inlet [Read more]
Oil drops on China uncertainty; U.S. demand limits decline
NEW YORK, Dec 29 (Reuters) - Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with COVID-19 infections spreading in the top oil-importing nation. China's government is dismantling pandemic restrictions, yet a surge in infections there is prompting tougher travel rules on Chinese visitors in some countries. Brent crude futures for February delivery fell by a dollar to settle at $82.26, [Read more]
TC Energy says Keystone Pipeline operational to all delivery points
TC Energy Corp said on Thursday it had completed a controlled restart of its Keystone pipeline's extension to Cushing, Oklahoma, and the pipeline was now operational to all delivery points. The 622,000-barrel-per-day (bpd) pipeline was shut on Dec. 7 after it spilled 14,000 barrels of oil in rural Kansas, the biggest U.S. spill in nine years. "The Keystone Pipeline System is now operational to all delivery points," the company said in a statement, while operating "with additional [Read more]
U.S. natgas at 9-month low on less cold weather outlook; storage report awaited
U.S. natural gas futures fell more than 3% to a fresh nine-month low on Thursday on forecasts for warmer weather for the next two weeks than previously expected. The price drop came ahead of a federal report that is expected to show a much bigger-than-usual storage draw last week as a winter storm that swept across large parts of the country raised heating demand for the fuel. Analysts forecast U.S. utilities pulled 201 billion cubic feet (bcf) of natural gas from storage during the week [Read more]
Oil settles lower in light trading on China demand concerns
NEW YORK, Dec 28 (Reuters) - Oil prices settled lower on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world's top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand. Brent crude futures fell $1.07, or 1.3%, to settle at $83.26 a barrel, while U.S. West Texas Intermediate crude futures settled at $78.96 per barrel, down 57 cents, or 0.7%. China has said it will stop requiring inbound travellers to [Read more]
U.S. natgas futures slide over 9% to 2-month low on less cold weather
U.S. natural gas futures dropped more than 9% to a two-month low on Wednesday on forecasts for warmer weather over the next two weeks than previously expected that could result in lower heating demand. On its last day as the front-month, gas futures slipped 49.2 cents, or 9.3%, to $4.790 per million British thermal units (mmBtu) by 09:37 a.m. EST (1437 GMT) after hitting its lowest level since Oct. 24 at $4.780 earlier in the session. The contract lost 23% last week. "The forecasts are [Read more]
Two injured by fire at Suncor’s Colorado refinery
Two people were injured by a weekend fire at Suncor Energy's 103,000 barrel-per-day Commerce City, Colorado, refinery, the company said. "We immediately initiated our response plan and evacuated all non-essential personnel from the area. The fire was extinguished, and everyone has been accounted for," Suncor said in a statement dated Dec. 24, the day of the fire. Suncor said on Tuesday that the incident occurred during the shut-down of Plant 2, which began on Saturday, Dec. 24, and is in [Read more]
U.S. oil refiners restoring lost output, some outages to run into January
U.S. oil refiners on Tuesday were working feverishly to resume operations at a dozen facilities knocked offline by a holiday deep freeze, a recovery that in some cases will stretch into January. An Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the U.S. Gulf Coast. The affected plants process about 3.58 million barrels of oil per day, delivering about 20% of U.S. motor fuels. Refiners had been running near full [Read more]
Oil steady as U.S. output ramps up after freeze, China eases COVID curbs
HOUSTON, Dec 27 (Reuters) - Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. Brent crude was up 41 cents, or 0.5%, at $84.33 a barrel, while U.S. West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel. Both benchmarks hit their highest level since Dec. 5 earlier in the session. UK and U.S. markets [Read more]
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