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]
Regulator charges Suncor Energy over 2019 worker injury on Canadian offshore oil site
A Canadian energy regulator said on Friday that it has laid charges against Suncor Energy Inc after a worker was injured in 2019 on the Terra Nova floating oil production storage and offloading vessel. Suncor is charged with failing to ensure that every worker wore a safety harness in certain situations and used appropriate protective equipment, the Canada-Newfoundland and Labrador Offshore Petroleum Board said in a statement. On Dec. 29, 2019, a Terra Nova worker fell from a ladder while [Read more]
U.S. natgas futures drop 6% in volatile week on less cold forecasts
U.S. natural gas futures dropped about 6% on Friday in what has already been a volatile week of trade on forecasts for less cold weather and heating demand later in December than previously expected. That keeps U.S. gas futures 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 for U.S. liquefied natural gas (LNG) exports due to supply disruptions and sanctions linked to [Read more]
U.S. natgas volatility on track to hit record highs in 2022
U.S. natural gas futures volatility - both implied and historic - was on track to hit record highs in 2022 as elevated global prices feed demand for U.S. exports amid supply disruptions and sanctions linked to Russia's war in Ukraine. Volatility has risen this year on the shutdown of Freeport LNG's liquefied natural gas (LNG) export plant in Texas after an explosion in June and several delays to its planned restart - from October to November to December to the end of the year. Uncertainty [Read more]
TC Energy recovered 4,125 barrels of oil by Thursday after Keystone spill
TC Energy Corp said on Friday that it had recovered 4,125 barrels of oil by Thursday evening from the creek in which its Keystone pipeline spilled 14,000 barrels of diluted bitumen last week. The 622,000 barrels per day (bpd) pipeline was shut last week after it spilled oil in rural Kansas, and parts of the pipeline carrying oil from Alberta, Canada, to refineries in Illinois opened on Wednesday at reduced capacity. [Read more]
Oil prices slid 2% as dollar firms and central banks hike interest rates
NEW YORK, Dec 15 (Reuters) - Oil prices slid about 2% on Thursday as traders worried about the fuel demand outlook due to a stronger dollar and further interest rate hikes by global central banks. After rising for three straight days, Brent futures fell $1.49, or 1.8%, to settle at $81.21 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.17, or 1.5%, to settle at $76.11. "Crude prices edged lower as ... global recession risks increased after a wave of central banks delivered [Read more]
U.S. natgas futures little changed ahead of storage report
U.S. natural gas futures were little changed on Thursday as the market waited for direction from a federal report expected to show last week's storage withdrawal was smaller than usual because the weather then was still warmer than normal and heating demand was low. That lack of price movement came despite bearish forecasts for less cold weather and lower heating demand in late December than previously expected. That lack of price movement also came despite a bullish increase in gas flows [Read more]
Oil prices climb by $2 amid forecasts for 2023 demand uptick
Dec 14 (Reuters) - Oil settled up more than $2 on Wednesday after OPEC and the International Energy Agency (IEA) forecast a rebound in demand over the course of next year and as U.S. interest rate hikes are expected to ease further alongside slowing inflation. Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28. Both contracts rose on a surge in diesel futures ahead of cold weather expected [Read more]
U.S. natgas drops 5% failing to break technical resistance
U.S. natural gas futures dropped about 5% on Wednesday on forecasts for little change in the late December cold and a failure to break through a key level of technical price resistance for a third day in a row. In the spot market, meanwhile, U.S. West Coast power and gas prices have almost tripled over the past couple of weeks and were on track to hit multi-year annual highs as freezing weather and snow blankets parts of California and gas pipeline outages and constraints limit flows into the [Read more]
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