Oil prices ended higher on Tuesday in a volatile session as a worsening outlook for a major U.S. winter storm sparked fears that millions of Americans might curb travel plans during the holiday season. Brent crude futures settled up 19 cents, or 0.2%, to $79.99 per barrel while U.S. West Texas Intermediate (WTI) crude futures settled up 90 cents at $76.09 per barrel. Oil prices were buoyed by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by [Read more]
U.S. natgas drops 9% with less cold weather coming in January
U.S. natural gas futures dropped about 9% to a seven-week low on Tuesday on forecasts for the weather to turn warmer than normal in late December and early January. That price drop came despite forecasts for colder weather and higher heating demand this week and next than previously expected. U.S. gas futures remained on track for their most volatile year ever. Both implied and historic volatility were expected to hit record highs in 2022 as soaring global gas prices this year feed demand [Read more]
TC Energy has submitted restart plan for Keystone pipeline to U.S. regulator- source
TC Energy Corp has submitted a restart plan for its Keystone pipeline to U.S. safety regulator Pipeline and Hazardous Materials Safety Administration (PHMSA) which is being reviewed, according to a source on Tuesday. The 622,000 barrels per day (bpd) pipeline was shut after it spilled 14,000 barrels of oil in rural Kansas, including into a creek. Bitumen tends to sink in water, making it harder to collect than oils that float. The rupture on Dec. 7 is the third in the last five years for [Read more]
Oil prices steady but China’s COVID surge limits gains
Oil prices were steady on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. U.S. West Texas Intermediate (WTI) crude futures for February delivery slighty rose 3 cents, or 0.04%, to $75.79 after climbing 90 cents on Monday. Brent crude futures were down 10 cents, or 0.12%, at $80.05 a barrel, adding to a 76 cent gain in the previous session. Oil prices [Read more]
Oil rises on hopes for China’s economy; recession fears limit gains
NEW YORK, Dec 19 (Reuters) - Oil prices rose on Monday, as optimism around China relaxing its COVID-19 restrictions outweighed fears of a global recession that would weigh on energy demand. China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. "There is no doubt that demand is being adversely influenced," said Naeem Aslam, [Read more]
U.S. poised to become net exporter of crude oil in 2023
The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. But the [Read more]
U.S. natgas futures down 8% on milder weather forecasts
U.S. natural gas futures dropped by 8% on Monday on forecasts for less cold weather than previously expected over the next two weeks that will likely reduce heating demand. Front-month gas futures fell 52.8 cents, or 8%, to $6.072 per million British thermal units (mmBtu) as of 9:20 a.m. ET (1420 GMT), the lowest level since Dec. 9. "The market is looking beyond the current cold snap and there's a belief that as cold as it's going to get, it's going to be a short-lived polar blast," said [Read more]
Oil drops by over $2 per barrel, dogged by recession fears
NEW YORK, Dec 16 (Reuters) - Oil fell by more than $2 per barrel on Friday, swept up in a wider rout in global equities on fears of a looming recession, after central banks across Europe and North America signalled they will continue to battle inflation aggressively. Brent crude futures settled at $79.04 per barrel, down $2.17 or 2.4%, while West Texas Intermediate futures fell by $1.82, or 2.4%, to settle at $74.29 per barrel. The U.S. Federal Reserve indicated it will raise interest [Read more]
U.S. drillers cut most oil rigs since September
U.S. energy firms cut oil rigs by the most this week since September, reducing the total oil and gas count for a second week in a row as crude prices remained negative for the year. The U.S. oil and gas rig count, an early indicator of future output, fell by four to 776 in the week to Dec. 16, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite this week's rig decline, Baker Hughes said the total count was still up 197, or 34%, over this time last [Read more]
U.S. begins buying back oil for strategic reserve
The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 million barrel release from the stockpile. The department will buy 3 million barrels for delivery in February, a senior official told reporters. The 180 million sale pushed levels in the SPR to the lowest since 1984, raising concerns about energy security. "We'll be releasing a solicitation to purchase 3 million barrels of oil [Read more]
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