U.S. natural gas futures fell about 4% on Tuesday to a 10-week low as Hurricane Ian advanced toward Florida and on forecasts for milder weather over the next two weeks that will likely cut gas demand and allow utilities to inject more fuel into storage. The U.S. National Hurricane Center (NHC) projected Ian, after battering Cuba, would cross the Gulf of Mexico and slam southwest Florida on Wednesday as a major storm with winds of up to 125 miles (201 kilometers) per hour. Only about 2% of [Read more]
Goldman cuts 2023 oil price forecast due to weakening demand outlook
Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman's commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023. It revised its oil price forecast lower by $19 per barrel on [Read more]
U.S. offshore oil producers keep eye on Hurricane Ian’s track; output already hit
U.S. offshore oil producers on Tuesday were keeping a wary eye on Hurricane Ian's track as the powerful storm shut-in at least 480,000 barrels of oil production as it heads toward Florida. The hurricane entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous, category 4 storm over the warm waters of the Gulf, according to National Hurricane Center (NHC) forecaster Eric Blake. Ian weakened after crossing Cuba and was packing winds of 115 mile per hour (185 kph) at [Read more]
Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd
Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint said on Tuesday. The meeting will take place on October 5 against the backdrop of falling oil prices and months of severe market volatility which prompted another top OPEC+ producer, Saudi Arabia, to say the group could cut production. OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise [Read more]
Global oil prices may stay under $100/bbl for rest of 2022
Global oil prices may stay under $100 a barrel for the rest of the year as rate hikes from central banks have tightened credit and reduced investments in risk assets such as commodities, commodities trading major Trafigura said on Tuesday. "Given the macro headwinds, I think generally prices will struggle... despite imminent sanctions," the trader's chief economist Saad Rahim told Reuters on the sidelines of the 38th Asia Pacific Petroleum Conference (APPEC). Brent crude jumped to [Read more]
Kremlin: sabotage cannot be ruled out as reason for Nord Stream damage
The Kremlin said on Tuesday that it did not rule out sabotage as a reason behind the damage to the Russia-built network of Nord Stream pipelines in the Baltic Sea. Nord Stream AG, the operator of the network, said earlier on Tuesday that three offshore lines of the Nord Stream gas pipeline system sustained "unprecedented" damage in one day. "No option can be ruled out right now," Kremlin spokesman Dmitry Peskov told a conference call with reporters when asked if sabotage was the reason for [Read more]
U.S. natgas slides 2% to 10-week low as Hurricane Ian approaches Florida
U.S. natural gas futures slid about 2% on Tuesday to a 10-week low as Hurricane Ian advanced toward Florida and on forecasts for milder weather over the next two weeks that will likely cut gas demand and allow utilities to inject more fuel into storage. The U.S. National Hurricane Center (NHC) projected Ian, after battering Cuba, would cross the Gulf of Mexico and slam into southwest Florida on Wednesday as a major storm with winds of up to 120 miles (193 kilometers) per hour. With most of [Read more]
U.S. natural gas futures gain 1% ahead of contract expiry
U.S. natural gas futures on Monday closed up about 1%, rebounding on the coming expiration of the front-month contract despite forecasts for milder weather that sent them down early in the session to their lowest since July 15. Front-month gas futures rose 7.5 cents, or 1.1%, to settle at $6.903 per million British thermal units (mmBtu), after sliding to a session low of $6.526 on moderating temperatures, marginal increase in production and recession concerns. "It's kind of a rally after [Read more]
U.S. natgas slips to over 2-month low on moderating demand
U.S. natural gas futures on Monday extended their decline to a third session, hitting the lowest since mid-July on a weakening demand outlook and higher inventories. Front-month gas futures fell 25.7 cents, or 3.8%, to $6.57 per million British thermal units (mmBtu), by 9:52 a.m. EDT (1352 GMT), after touching $6.526 - their lowest since July 15 - earlier in the session. Moderating temperatures and a little bit of a resurgence in inventory injections are driving prices lower, said Thomas [Read more]
Oil claws back some losses but strong dollar caps gains
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.30%, at $79.56 a barrel. Brent crude futures were up 14cents, or 0.16%, at $86.85 a barrel. Both contracts slumped [Read more]
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