U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as oil prices fell to their lowest this year. The U.S. oil and gas rig count, an early indicator of future output, fell by four to 780 in the week to Dec. 9, energy services firm Baker Hughes Co said in its closely followed report on Friday. U.S. oil rigs fell two to 625 this week, while gas rigs declined by two to 153, their lowest since July. U.S. oil futures were trading [Read more]
U.S. West power and natgas prices soar on freezing weather
U.S. West Coast power and natural gas prices have more than doubled over the past couple of weeks - with gas hitting multi-year highs - as freezing weather and snow blankets parts of California and gas pipeline outages and constraints limit flows of the fuel from Texas. In Northern California, next-day gas for Friday at the PG&E Citygate jumped to around $32 per million British thermal units (mmBtu), its highest since hitting $44 in December 2000. That compares with a PG&E daily [Read more]
Canadian oil companies, lighter in debt, have cash to spare despite falling prices
After a bumper year of share buybacks and dividends, investors in debt-light Canadian oil and gas producers are set to reward shareholders even more in 2023 as they generate ample cash and show little appetite for acquisitions. Oil companies are facing faltering prices and Canadian firms are also absorbing an unusually punishing discount for their heavy-grade crude. BMO Capital Markets analysts estimate the top 35 companies will generate C$54 billion ($39.7 billion) in free cash flow in [Read more]
Putin says Russia could cut oil production over West’s ‘stupid’ price cap
Russia, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West's "stupid" price cap on Russian oil, President Vladimir Putin said on Friday. The Group of Seven major powers, the European Union and Australia last week agreed a $60 per barrel price cap on Russian seaborne crude oil after EU members overcame resistance from Poland. "As for our reaction, I have already said that we simply will not sell to those [Read more]
Heavy crude discount widens after Keystone pipeline shuts
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) widened sharply on Thursday after the Keystone pipeline shut down because of a leak: TC Energy said it had shut its 622,000 barrel-per-day Keystone pipeline, crimping the flow of Canadian oil to U.S. refineries after a spill into a Kansas creek on Wednesday night, and it was unclear how long the closure would last. WCS heavy blend crude for December delivery in Hardisty, Alberta, traded at $33.50 a [Read more]
Oil falls on prospect of Keystone resumption, weakening demand
NEW YORK, Dec 8 (Reuters) - Oil settled lower for a fifth straight session on Thursday on the prospect of a major crude pipeline resuming service, which would return a hefty amount of crude to the market at a time when global economic slowdowns are raising fuel demand fears. Brent crude settled at $76.15 a barrel, losing $1.02, or 1.3%. U.S. West Texas Intermediate (WTI) crude settled at $71.46 a barrel, shedding 55 cents, or 0.8%. "I would tend to think that, any minute here, you're going [Read more]
Danielle Smith shores up Alberta base promising autonomy from Ottawa
Alberta Premier Danielle Smith is cementing her support among the Canadian province's rural right-wing voters ahead of May's election, polling showed on Thursday, even as a law promising more provincial autonomy within Canada comes under fire from industry leaders and legal experts. Smith became premier of Canada's main oil-producing province in October after winning the ruling United Conservative Party (UCP) leadership contest with pledges to stand up to overreach by the federal government [Read more]
Oil rebounds after hitting 2022 lows, demand concerns cap gains
Oil prices rebounded in Asian trade on Thursday after slumping to their lowest level this year in the previous session, though concerns of economic slowdowns weakening fuel demand continued to cap gains. U.S. West Texas Intermediate (WTI) crude futures gained $1.16 or 1.61% to $73.61 per barrel. Brent crude futures were up 65 cents or 0.85% at $77.93 per barrel. Brent had settled on Wednesday below the year's previous closing low touched on the first day of 2022, while U.S. West Texas [Read more]
What happened to the 2022 global oil rally?
Crude oil futures spent much of 2022 surging, as demand for transportation fuels to travel returned while Russia's invasion of Ukraine and production cuts from the world's largest oil-producing nations and their allies (OPEC+) squeezed supply. Brent crude futures rose above $139 per barrel in March as Russia invaded Ukraine, and then later rose again as buyers reckoned with the bottleneck of two years of refinery closures during the pandemic. As the year winds to a close, both U.S. and [Read more]
U.S. natgas rises 3% on colder forecasts ahead of storage report
U.S. natural gas futures gained about 3% on Thursday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. That price decline came ahead of a federal report expected to show a smaller than usual storage decline last week when mild weather kept heating demand low. Analysts forecast U.S. utilities pulled 31 billion cubic feet (bcf) of gas from storage during the week ended Dec. 2. That compares with a decrease of 59 bcf in the same week [Read more]
- « Previous Page
- 1
- …
- 182
- 183
- 184
- 185
- 186
- …
- 617
- Next Page »