U.S. natural gas storage is expected to end the November-March withdrawal season at 1.744 trillion cubic feet (tcf) on March 31, 2023, the most since 2021, according to analysts consensus forecasts. That compares with 1.401 tcf at the end of the winter withdrawal season in 2022 and a five-year (2018-2022) average of 1.561 tcf. There was 1.801 tcf of gas in storage at the end of March 2021. Looking ahead to the end of the April-October injection season, analysts project storage will rise to [Read more]
U.S. drillers leave oil and gas rigs unchanged – Baker Hughes
U.S. energy firms this week kept oil and natural gas rigs steady, energy services firm Baker Hughes Co said in its closely followed report on Friday.The oil and gas rig count, an early indicator of future output, remains at 771 in the week to Jan. 27. Baker Hughes said that puts the total rig count up 161 rigs, or 26%, over this time last year. U.S. oil rigs fell by 4 to 609 this week, their lowest since October, while gas rigs rose 4 to 160, their highest since September. For the month, total [Read more]
U.S. House backs bill limiting drawdowns from oil reserve
The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. Representatives backed the bill 221 to 205, with only one Democrat supporting it. President Joe Biden would veto the legislation should it pass Congress, the White House said this week. The bill is expected to face an uphill battle in the Senate, which unlike [Read more]
U.S. natgas futures down 2% to 20-month low on ample stored supply
U.S. natural gas futures fell about 2% to a fresh 20-month low on Friday ahead of the expiration of the front-month and a growing belief that there is more than enough gas in storage for the rest of the winter. The February contract expires as the front-month on the New York Mercantile Exchange on Friday. Volatility often peaks near expiry because trading volumes are low. In 2022, gas prices soared by a record 46% on the day the February contract expired before plunging 26% the next day [Read more]
Oil prices advance on U.S. growth, Chinese recovery hope
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month's peak levels. U.S. West Texas Intermediate Crude rose $1.22, or 1.50% to $82.24 per barrel. Brent futures gained $1.16, or 1.33%, to $88.45 a barrel. Both benchmarks had gained more than 1% on Thursday "Oil might have trouble making any substantial moves to finish the week as many [Read more]
Yellen: U.S. in middle of talks with EU on Russian crude price cap
U.S. Treasury Secretary Janet Yellen said on Friday that the United States and European Union were in the middle of discussions on a Russian crude oil price cap. She said she was encouraged that the U.S. and EU would reach an agreement by Feb. 5. Yellen added in comments to reporters during a visit to the South African coal-mining province of Mpumalanga that she had discussed sanctions on Russia over the war in Ukraine in every country she had visited during an ongoing Africa tour. She [Read more]
U.S. natgas plunges 7% to 21-month low ahead of expiration, Freeport delays
U.S. natural gas futures plunged 7% to a 21-month low on Thursday on forecasts for less cold weather and lower heating demand next week than previously expected, and a growing belief that Freeport LNG's Texas liquefied natural gas (LNG) export plant will not restart until March or later. The price drop occurred the day before the expiration of the February contract as the front-month on the New York Mercantile Exchange, when volatility often peaks because trading volumes are low. In 2022, gas [Read more]
Oil prices firm on China demand optimism
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]
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