Gas demand from the U.S. largest liquefied natural gas producers soared on Friday to near-record levels on cooler weather and fewer outages, according to preliminary data from financial firm LSEG. LNG export plants were expected to draw 14.6 billion cubic feet on Friday, the highest for the year and just shy of the U.S. record of 14.7 bcf, recorded in December 2023, and up from the 14.5 bcf recorded on Thursday, LSEG data showed. Natural gas demand from U.S. LNG export plants is important [Read more]
US natgas climbs more than 3% on cold weather forecast, set for monthly gain
U.S. natural gas futures climbed more than 3% on Friday and were on track for a monthly gain, driven by forecasts for colder weather that should boost heating demand and force utilities to start pulling more gas from storage. Front-month gas futures for January delivery on the New York Mercantile Exchange were up 10.8 cents, or 3.4%, to $3.31 per million British thermal units (mmBtu) at 9:18 a.m. EST (1419 GMT). The contract has gained about 22% so far this month. "Natural gas is snapping [Read more]
Oil prices rise over accusations of breaches to Israel-Hezbollah ceasefire
Oil prices rose slightly on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy. Brent crude futures rose 10 cents, or 0.1%, to $73.38 a barrel by 0516 GMT. U.S. West Texas Intermediate crude futures were at $69.17, up 45 cents, or 0.7%, compared to Wednesday's closing price. On a weekly basis, Brent futures were down 2.4% and the [Read more]
Ottawa must ensure Trump understands importance of Canadian oil to US, minister says
Ottawa must ensure the Trump administration understands how inter-related energy markets are in the U.S. and Canada, a Canadian government minister said on Thursday, following President-elect Donald Trump's threat to impose a 25% tariff on imports from the country. "We have some work to do to make sure we are effectively articulating the way in which tariffs would be counterproductive and that's not just true of oil," Natural Resources Minister Jonathan Wilkinson told Reuters in a phone [Read more]
Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. The top crude-buying region is forecast to import 26.42 million barrels per day (bpd) in November, up marginally from October's 26.11 million bpd and 26.24 million bpd in September, according to data compiled by LSEG Oil Research. The ongoing run of soft monthly imports in Asia is likely to weigh on OPEC+'s deliberations [Read more]
Trump’s proposed tariffs on Canada would drive up pump prices, analysts warn
U.S. President-elect Donald Trump's pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday. Trump, who takes office on Jan. 20, said this week he would impose a 25% tariff on all imports from Canada and Mexico until they clamp down on drugs and migrants crossing the border. Canadian oil imports would not be exempt under a free-trade deal from the levies, Reuters [Read more]
Trump prepares wide-ranging energy plan to boost gas exports, oil drilling, sources say
Donald Trump's transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas (LNG) projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans. The energy checklist largely reflects promises Trump made on the campaign trail, but the plan to roll out the list as early as day one ensures that oil and gas production will [Read more]
US drillers cut oil and gas rigs for third week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since early October, energy services firm Baker Hughes said in its closely followed report on Wednesday. The oil and gas rig count, an early indicator of future output, fell by one to 582 in the week to Nov. 27, the lowest since September. Baker Hughes released the report two days early due to the U.S. Thanksgiving Day holiday on Thursday. That puts the total rig [Read more]
Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs
Oil producers in Canada and Mexico will likely be forced to reduce prices and divert supply to Asia if U.S. President-elect Donald Trump imposes 25% import tariffs on crude imports from the two countries, traders and analysts said. Two sources familiar with Trump's plan told Reuters that oil would not be exempted from potential tariff hikes on imports from Canada and Mexico even as the U.S. oil industry has warned the policy could hurt consumers, industry and national security. The United [Read more]
Goldman warns of likely Asia LNG price rise on European supply crunch
Asia prices of liquefied natural gas could jump to above $20 per million British thermal units (mmBtu) if European gas supply tightens this winter, an analyst at Goldman Sachs told reporters on Wednesday. "That's the near-term dynamic, given this vulnerability of Europe, the lack of spare capacity, the loss of the residual Russian volumes currently going through Ukraine, and I should say, a colder than average start of the winter," said Samantha Dart, co-head of global commodities research at [Read more]
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