Oil prices rose on Friday after a milder-than-expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world's biggest economy. Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand. U.S. West Texas Intermediate (WTI) crude futures gained $3.32, or 3.85%, to $89.55 a barrel, after climbing 0.8% in the previous [Read more]
Column: Global recession a bigger risk to Russia’s oil revenue than price cap
Russia's oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union. Recession is a sure-fire way to reduce Russia’s earnings from the export of crude, diesel and other refined products. If there is a global economic slowdown in 2023, Russia’s export revenues could fall by between a third and a half, based on experience over the last two decades. U.S. and EU policymakers will not deliberately [Read more]
U.S. natgas futures steady as market balances cold forecasts
U.S. natural gas futures were little changed at the end of an extremely volatile week on Friday as the market balanced forecasts for the weather to remain colder than normal through late November but less cold next week than previously expected. Traders also noted the market remained hyper focused on unproven rumors that the Freeport liquefied natural gas (LNG) export plant in Texas may not return until December. Sources familiar with Freeport LNG's filings with federal safety regulators [Read more]
Heavy crude discount edges tighter
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Thursday: WCS heavy blend crude for December delivery in Hardisty, Alberta, settled at $29.30 a barrel under WTI, according to NE2 Inc, having settled at $29.40 a barrel under WTI on Wednesday. The WCS discount has been fluctuating around $29 a barrel below WTI this month, after widening sharply in October. The weakness is being driven by a number of factors including weak [Read more]
Oil prices settle 1% higher on tepid U.S. inflation data
BENGALURU, Nov 10 (Reuters) - Oil prices settled 1% higher on Thursday, ending lower for the first time this week, as tamer-than-expected U.S. inflation data offset worries that renewed COVID-19 curbs in China would hurt fuel demand. After three days of declines, crude futures rallied after the inflation data supported investor hopes that the Federal Reserve would temper its interest rate hikes, which could support oil demand. "(Consumer Price Index data) could be the turning point [Read more]
Under pressure: What’s weighing on Canadian heavy crude?
Canada's benchmark heavy crude, Western Canada Select (WCS), is trading at a steep discount to West Texas Intermediate (WTI) after weakening sharply last month, and is expected to remain subdued well into next year. WHY IS WCS UNDER PRESSURE? WCS for delivery at the Hardisty, Alberta, hub is trading close to $30 a barrel under WTI, having averaged $16.67 a barrel below WTI for the first three quarters of 2022. A number of factors are to blame. For much of 2022, the United States has been [Read more]
U.S. natgas rises 2% on cold weather forecasts; storage report awaited
U.S. natural gas futures gained about 2% on Thursday on forecasts for heating demand to rise next week when the weather turns much colder and a possible increase in liquefied natural gas (LNG) exports if the Freeport LNG plant in Texas starts to return to service. A federal report on Thursday also is expected to show a much bigger-than-usual storage build last week when mild weather kept heating demand low. Analysts forecast U.S. utilities added 84 billion cubic feet (bcf) of gas to [Read more]
Heavy crude discount widens further
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) widened on Wednesday: WCS heavy blend crude for December delivery in Hardisty, Alberta, settled at $29.40 a barrel under WTI, according to NE2 Inc, having traded at $29.00 a barrel under WTI on Tuesday. The WCS discount widened sharply in October and remains significantly deeper than earlier in the year. The weakness is being driven by a number of factors including weak refinery demand, competition [Read more]
Oil prices plunge 3% on U.S. inventory build, China COVID worries
NEW YORK, Nov 9 (Reuters) - Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand. Brent crude futures settled at $92.65 a barrel, shedding $2.71, or 2.8%, while U.S. West Texas Intermediate (WTI) crude futures settled at $85.83 a barrel, dropping $3.08, 3.5%. The benchmarks fell around 3% on Tuesday. U.S. crude in storage [Read more]
U.S. natgas slides 4% to one-week low on less cold forecast
U.S. natural gas futures fell about 4% to a one-week low on Wednesday in what has already been an extremely volatile couple of weeks on forecasts for less cold weather in late November. Analysts said the market also remained hyper focused on rumors that the Freeport liquefied natural gas (LNG) export plant in Texas may not return in November since it has not yet filed its return to service plan with federal regulators. Demand for gas will rise once Freeport returns. Freeport LNG, however, [Read more]
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