U.S. natural gas futures held near a three-month low as forecasts for milder weather through the end of October offset forecasts for higher demand than previously expected. Gas futures have been declining for eight weeks on record output and reduced liquefied natural gas (LNG) exports that have allowed utilities to inject much bigger than normal amounts of gas into storage over the past month. Major LNG outages include Berkshire Hathaway Energy's shutdown of its [Read more]
U.S. natural gas futures drop 7% to 3-month low on milder forecasts
U.S. natural gas futures dropped about 7% to a three-month low on Monday with a collapse in European forwards and on forecasts for milder U.S. weather and lower demand next week than previously expected. "Gas market bears have multiple price-setting mechanisms to drive prices lower. The two biggest influencers continue to revolve around record-high dry gas production and recently lacking temperature demand, resulting in several back-to-back triple-digit weekly gas storage builds," analysts at [Read more]
Oil rises as positive Chinese signals counter recession fears
LONDON, Oct 17 (Reuters) - Oil prices edged up on Monday in choppy trading as China's continuation of loose monetary policy was partly offset by fears that high inflation and energy costs could drag the global economy into recession. Brent crude futures rose 53 cents, or 0.6%, to $92.16 a barrel by 1245 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was up 34 cents, or 0.4%, at $85.95 after a 7.6% decline last week. Vandana Hari, energy analyst at Vanda [Read more]
U.S. natural gas futures drop 6% to 3-month low on milder forecasts
U.S. natural gas futures dropped about 6% to a three-month low on Monday with a collapse in European forwards to a four-month low and forecasts for milder U.S. weather and lower demand next week than previously expected. U.S. gas futures have already been declining for the past eight weeks on record output and reduced liquefied natural gas (LNG) exports that have allowed utilities to inject much bigger than normal amounts of gas into storage over the past month. Major LNG outages include [Read more]
OPEC+ cuts attract funds back to oil market: Kemp
Portfolio investors continued heavy buying of crude oil futures and options for a second week after OPEC+ cut its production target more than expected. Hedge funds and other money managers purchased the equivalent of 47 million barrels of petroleum-related futures and options in the week to Oct. 11. Purchases came after OPEC+ announced on Oct. 5 the group would reduce its combined output target by 2 million barrels per day from November. They followed purchases of 62 million barrels the [Read more]
U.S. natural gas futures decline for 8th week on record output
U.S. natural gas futures fell about 4% to a near three-month low on Friday as record output and reduced liquefied natural gas (LNG) exports allowed utilities to inject much bigger than normal amounts of gas into storage for the winter over the past month. That put the contract down for an eighth week in a row for the first time since February 2001. Major LNG outages include Berkshire Hathaway Energy's shutdown of its 0.8-billion-cubic-feet-per-day (bcfd) Cove Point LNG export plant in [Read more]
Canada would back ‘economically viable’ new LNG terminals for energy transition – Freeland
Canada will look at supporting more liquefied natural gas (LNG) terminals as long as they are economically feasible because they are needed to keep the world from burning coal again, Finance Minister Chrystia Freeland said on Friday. LNG "is an important transition fuel," Freeland told reporters in Washington at the end of annual IMF and World Bank meetings. "We will always be looking at economically viable LNG projects." (Reporting by Steve Scherer and Julie Gordon Editing by Chris Reese) [Read more]
Oil prices dip on recession worries, but supply cuts support
LONDON, Oct 14 (Reuters) - Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures were down 76 cents, or 0.8%, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI) crude futures fell 85 cents, or 1%, to $88.26. The Brent and WTI contracts both oscillated between positive and negative territory on Friday but were down [Read more]
U.S. natural gas on track for 8th week of losses on record output
U.S. natural gas futures slid about 2% on Friday as record output and reduced liquefied natural gas (LNG) exports allowed utilities to inject much bigger than normal amounts of gas into storage for the winter over the past month. That puts the contract on track to decline for an eighth week in a row for the first time since February 2001. Major LNG outages include Berkshire Hathaway Energy's shutdown of its 0.8-billion-cubic-feet-per-day (bcfd) Cove Point LNG export plant in Maryland for [Read more]
Canada energy IPOs tough sell even as institutions return to sector
Institutional investors are returning to the Canadian oil and gas sector with gusto after shunning the industry over ESG concerns in recent years, but the appetite for new energy listings remains limited due to wider market volatility. French oil major TotalEnergies will be the first major test of energy investor interest for new listings. Last month, it unveiled plans to spin off its Canadian oil sands assets into a new publicly traded company, which surprised many industry watchers. The [Read more]
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