LONDON, Oct 31 (Reuters) - Oil prices fell by more than $1 on Monday after weaker than expected factory activity data out of China and on concerns that the country's widening COVID-19 curbs will curtail demand. Brent crude futures dropped $1.32, or 1.3%, to $94.45 a barrel by 1105 GMT, extending Friday's 1.2% decline. U.S. West Texas Intermediate (WTI) crude was down $1.49, or 1.7%, at $86.41 after losing 1.3% on Friday. Both benchmarks, however, are on track for their first monthly [Read more]
U.S. oil and gas rig count edges up in Oct as drilling steadies – Baker Hughes
U.S. oil and natural gas rigs fell this week, but edged up in October in the first monthly increase since July as drillers largely hold activity steady despite high energy prices and soaring profits. The oil and gas rig count, an early indicator of future output, fell three to 768 in the week to Oct. 28, 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 224, or 41%, over this [Read more]
Oil falls as China widens COVID curbs
LONDON (Reuters) -Oil prices fell on Friday after top crude importer China widened its COVID-19 curbs, though benchmarks were poised for a weekly gain on supply concerns and surprisingly positive economic data. Brent crude futures dropped 87 cents, or 0.9%, to $96.09 a barrel by 1309 GMT, having climbed by 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down $1.02, or 1.2%, at $88.06. Both benchmarks, however, were on course for a weekly rise of about [Read more]
Oil rises on strong crude demand, despite China fears
LONDON, Oct 27 (Reuters) - Oil rose on Thursday, extending a rally of nearly 3% in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China. Figures on Wednesday showed record U.S. crude exports, a hopeful sign for demand, even as crude stocks rose. The U.S. dollar weakened in early trade on hopes that interest-rate hikes may become less aggressive. "It appears that recession concerns have [Read more]
U.S. natural gas futures steady 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 a smaller than usual storage build last week when colder than normal weather boosted heating demand. That lack of price movement also came on the last day the November contract will be the front-month on the New York Mercantile Exchange, which has traditionally been a day of low volume and extreme volatility. Analysts forecast U.S. utilities added 59 billion [Read more]
Energy crisis sparked by Ukraine war to speed up green transition -IEA
The drop in Russian fossil fuel exports after its Ukraine invasion this year will transform the global energy landscape for decades and can help to hasten a green energy transition, the International Energy Agency (IEA) said on Thursday. The IEA's annual World Energy Outlook acknowledges the economic hit from reduced supplies of Russian oil, natural gas and coal but is keeping an environmental best case scenario in which no investment in new fossil fuel projects is needed. The IEA's report [Read more]
U.S. crude exports surge to record, stocks up again – EIA
U.S. crude oil stockpiles rose in the most recent week, even as the volume of exports hit an all-time record, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.6 million barrels in the week to Oct. 21 to 439.9 million barrels, nearly triple h analysts' forecasts in a Reuters poll for a 1 million-barrel rise. Crude exports surged to a weekly record of 5.1 million barrels per day, cutting net crude imports to just over 1 million bpd, also a record. The [Read more]
World Bank projects 11% energy price decline in 2023
The World Bank on Wednesday said it expects energy prices to decline by 11% in 2023 after this year's 60% surge following Russia's invasion of Ukraine, although slower global growth and COVID restrictions in China could lead to a deeper fall. The bank in its latest Commodity Markets Outlook projected a Brent crude average price of $92 a barrel in 2023, easing to $80 in 2024 but well above the five-year average of $60. It said Russia's oil exports could drop by as much as 2 million barrels [Read more]
Oil prices rise on supply concerns, but stockpiles weigh
LONDON, Oct 26 (Reuters) - Oil prices rose on Wednesday on supply concerns and a weaker dollar, but U.S. stockpile data capped gains. Brent crude futures for December were up 54 cents, or 0.58%, at $94.06 a barrel by 1312 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 80 cents, or 0.94%, at $86.12. A weaker U.S. dollar sent a bullish signal, making oil cheaper for holders of other currencies. Ongoing supply constraints added further support, with the [Read more]
U.S. natural gas drops 4% on mild forecasts, negative prices in Texas
U.S. natural gas futures dropped about 4% on Wednesday with output near record levels and demand low due to mild weather and reduced liquefied natural gas (LNG) exports, allowing utilities to keep injecting huge amounts of gas into storage for the winter. In the spot market, meanwhile, gas prices at the Waha hub in the Permian Shale in West Texas fell into negative territory in intraday trade this week as pipeline maintenance prevented gas from leaving the basin. Prices closed at a positive 2 [Read more]
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