U.S. natural gas futures inched up in choppy trade on Thursday, hovering near their lowest since March, after a mixed reaction to a federal report showing a larger-than-expected storage increase last week, with investors also assessing upcoming seasonal demand. Front-month gas futures edged up 2.9 cents, or 0.5%, to $5.49 per million British thermal units (mmBtu) by 11:38 a.m. EDT (1538 GMT), after sliding to $5.253 per mmBtu. The U.S. Energy Information Administration (EIA) said utilities [Read more]
Danielle Smith off to rocky start as Alberta premier
Alberta Premier Danielle Smith's tenure is off to a turbulent start in Canada's main oil-producing province after she was forced to apologize for controversial comments in her first two weeks, and polls show her United Conservative Party (UCP) sliding against the opposition ahead of 2023 elections. Smith was sworn in as premier on Oct. 11 after party infighting forced her predecessor to resign. Within days, she was engulfed in controversy over April social media comments calling for [Read more]
Demand concerns send U.S. natural gas to 7-month low before storage report
U.S. natural gas futures dropped more than 3% to their lowest since March on Thursday, as investors awaited a federal report that is expected to show a larger-than-usual storage build in the face of moderating weather that will likely reduce fuel usage. Front-month gas futures were down 12.2 cents, or 2.2%, to $5.34 per million British thermal units (mmBtu) at 9:24 a.m. EDT (1324 GMT), after sliding to $5.253 per mmBtu earlier in the session. Analysts forecast that U.S. utilities likely [Read more]
Oil rises on tight supplies, China possibly easing COVID curbs
LONDON, Oct 20 (Reuters) - Oil prices rose by more than $1 on Thursday in response to tighter supplies and on news that China is considering a cut in the duration of quarantine for inbound visitors. Brent crude futures rose $1.15, or 1.2%, to $93.56 a barrel by 1318 GMT. U.S. West Texas Intermediate crude for November delivery , which expires on Thursday, rose $1.54, or 1.8%, to $87.09 per barrel. The WTI contract for December delivery was up 1.7%, or $1.43, at $85.95 a barrel. "Oil [Read more]
U.S. natural gas drops about 5% to 3-month low on record output, low LNG exports
U.S. natural gas futures fell about 5% to a three-month low on Wednesday as record output and reduced liquefied natural gas (LNG) exports allowed utilities to keep injecting more gas into storage than usual for weeks. That price decline, which is part of an eight-week trend and put the contract down about 16% so far this week, occurred despite forecasts for colder weather and higher heating demand next week than previously expected. "The gas futures market still has room to fall... as the [Read more]
U.S. natgas slides 2% to 3-month low on record output, lower LNG exports
U.S. natural gas futures slid about 2% to a fresh three-month low as record output and reduced liquefied natural gas (LNG) exports allow utilities to keep injecting much more gas into storage than usual. That price decline, which is part of an eight-week trend, occurred despite forecasts for colder weather and higher heating demand next week than previously expected. Major LNG outages include Berkshire Hathaway Energy's shutdown on Oct. 1 of its 0.8 billion-cubic-feet-per-day (bcfd) Cove [Read more]
Oil ticks up in tight market but bearish signals remain
LONDON, Oct 19 (Reuters) - Oil prices rose on Wednesday amid caution as bullish signals like falling U.S. crude stocks in a generally tight market were countered by bearish factors such as uncertain Chinese demand growth, lower gas prices and U.S. stocks releases. Brent crude futures for December settlement rose 31 cents, or 0.3%, to $90.34 a barrel by 1209 GMT. Earlier in the session, Brent hit a low of $89.32. U.S. West Texas Intermediate crude for November delivery, expiring on [Read more]
Global natural gas crisis dampens momentum for ‘cleaner’ LNG
Europe’s energy crisis has cooled efforts to lower the carbon intensity of liquefied natural gas (LNG) shipments, as buyers worried about a winter supply crunch prioritize securing shipments of any kind over burnishing their green credentials. Natural gas can be certified as low- or no-carbon if its producers can prove they have reduced greenhouse gas emissions associated with getting it to market, or if they purchase carbon offsets to cut its net climate impact. But the number of deals to [Read more]
Biden to lay out plan to complete emergency oil sales, support U.S. production
U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation's emergency oil reserve by year's end, and detail a strategy to refill the stockpile when prices drop, a senior administration official said. The plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, while also assuring the nation's drillers the government will swoop into the market as a buyer if prices plunge too [Read more]
Oil prices stable as economic fears offset supply woes
LONDON, Oct 18 (Reuters) - Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand. Brent crude futures eased by 7 cents, or 0.08%, to $91.55 a barrel by 1127 GMT while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.14%, at $85.34. WTI had risen earlier by more than $1 a barrel on a weaker dollar, which makes oil cheaper for buyers holding other currencies. But [Read more]
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