The Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years. The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983. U.S. Energy Department said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30. The department had considered cancelling the fiscal [Read more]
Goldman says Russian oil sold for significantly more than quoted prices
Moscow's trade partners have increasingly paid more for Russian crude than quoted prices suggest, Goldman Sachs said in a note, cushioning Russia from the impact of Western sanctions. The bank in a note dated Feb. 10 estimated that the gap between the average effective price paid and the quoted price has widened since last March, and reached around $25 per barrel in December. "We argue that the resilience in production so far may partly reflect that the effective price paid for Russian oil [Read more]
U.S. natgas fall 3% on milder weather despite Freeport LNG return
U.S. natural gas futures fell about 3% on Monday on rising output and forecasts for milder weather and less heating demand over the next two weeks than previously expected. That price decline came even though liquefied natural gas (LNG) exports jumped to their highest since May 2022 after a vessel picked up a cargo from Freeport LNG's long-idled export plant in Texas and the facility started pulling in more pipeline gas to cooldown one of its three liquefaction trains. Front-month gas [Read more]
Oil falls on demand worry as Fed ‘make or break moment’ approaches
Oil prices eased on Monday after rising 2% in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming U.S. inflation data and refinery maintenance in Asia and the United States. U.S. West Texas Intermediate crude was at $78.97 a barrel, down 78 cents, or 0.97%, after rising 2.1% in the previous session. Brent crude futures fell 84 cents, or 0.97%, to $85.60 a barrel after a 2.2% gain on Friday. "Crude prices are softening as energy traders [Read more]
OPEC Sec Gen says expects demand to reach pre-pandemic levels this year
OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day. Demand is projected to further rise to 110 million barrels per day by 2025, he said. "OPEC remains committed to supporting oil market stability," Al Ghais said in a speech at the Egypt Petroleum Show. [Read more]
Western Canada Select discount steadies
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) held broadly steady on Friday. WCS for March delivery in Hardisty, Alberta traded between $19.25 and $18.40 a barrel under WTI, according to brokerage CalRock, after trading on Thursday between $19.00 and 18.50 a barrel under the U.S. benchmark. Canadian heavy crude has been narrowing this year and is expected to strengthen further ahead of a new heavy oil refinery in Mexico starting up in July and [Read more]
U.S. drillers cut the most gas rigs in a week since 2017
U.S. energy firms cut the number of natural gas rigs by the most in a week since October 2017, while adding the most oil rigs in a week since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose two to 761 in the week to Feb. 10. Baker Hughes said that puts the total rig count up 126, or 20%, over this time last year. U.S. oil rigs rose 10 to 609 this week, while gas rigs fell [Read more]
U.S. natgas up 1% on rising LNG exports, colder late Feb forecast
U.S. natural gas futures edged up about 1% on Friday on rising liquefied natural gas (LNG) exports and forecasts for colder weather and higher heating demand in late February. Meteorologists forecast the weather would remain mostly warmer than normal from now through Feb. 22 (except for a couple of cold days on Feb. 17-18) before turning colder than normal starting Feb. 24. Energy analysts, however, noted colder than normal weather in late February does not boost heating demand by as much [Read more]
Oil prices rise, headed for weekly gains
Oil prices rose in early trade on Friday but were still set for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose $1.10, or 1.42%, to $78.72 a barrel. Brent crude futures climbed $1.21, or 1.44%, to $85.44 a barrel. The downturn was partly due to a report on Thursday showing the number of Americans [Read more]
Goldman lowers 2023 Brent price forecast to $92/bbl
Goldman Sachs lowered its oil price forecasts for this year and next but still expects prices to rise gradually to $100 a barrel by December. Goldman lowered it Brent 2023 price forecast to $92 per barrel (bbl) from $98/bbl and its 2024 price forecast to $100/bbl from $105/bbl. "This adjustment reflects a modest softening to our 2023 balance," it added. "On the demand side, downgrades in Europe, the United States, and Asia excluding China — reflecting a warm winter and the loss of [Read more]
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