VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar. The United States had pushed OPEC not to proceed [Read more]
Canada releases draft guidance on new oil and gas project emissions
Canada has released draft guidelines on how new oil and gas projects should demonstrate "best-in-class" greenhouse gas emissions performance, following up on a government announcement first made in April. The guidance, released late on Tuesday, is intended to clarify for industry what is expected of projects going through federal regulatory assessment, said Environment Canada spokesperson Oliver Anderson. Canada, the world's fourth-largest oil producer, has pledged to cut carbon emissions [Read more]
U.S. crude and fuel stockpiles down last week – EIA
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.4 million barrels in the week ended Sept. 30 to 429.2 million barrels. Analysts in a Reuters poll had expected a 2.1 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 273,000 barrels in the week, the EIA said. Fuel drawdowns were driven by a spike in fuel product supplied, with a notable increase in [Read more]
U.S. natural gas rises on firmer crude oil prices
U.S. natural gas futures rose for a second straight session on Wednesday, tracking gains in crude oil, and moving further away from a 12-week low touched earlier in the week. Front-month gas futures for November delivery rose 7.8 cents, or 1.1%, to $6.915 per million British thermal units (mmBtu), by 9:40 a.m. EDT. Outside influences like higher oil prices were supporting natgas, after driving a bounce in the previous session in a risk-on environment, said Phil Flynn, analyst at Price [Read more]
Oil maintains most of recent gains ahead of OPEC+ meeting
LONDON, Oct 5 (Reuters) - Oil was steady on Wednesday after gains in recent days as OPEC+ producers looked set to agree deep output target cuts later in the day despite a tight market and opposition to cuts from the United States and others. Brent crude was up 2 cents, or less than 0.1%, at $91.82 a barrel at 1037 GMT while U.S. West Texas Intermediate (WTI) crude fell 5 cents, or 0.1%, to $86.47 a barrel. Both contracts rose sharply in the last two days. Oil has risen so far this week in [Read more]
U.S. oil groups urge Biden to take fuel export ban off table
The largest U.S. oil trade groups said on Tuesday that it has "significant concerns" that the Biden administration is considering limiting fuel exports to lower consumer prices and urged top officials to take the option off the table, according to a letter seen by Reuters. The joint letter by the American Petroleum Institute and the American Fuel and Petrochemical Manufactures to Energy Secretary Jennifer Granholm represents the latest clash between the oil industry and the Biden [Read more]
US natural gas jump 5% on oil price spike, rising gas demand forecast
U.S. natural gas futures jumped about 5% on Tuesday from a near 12-week low in the prior session on a spike in oil prices and forecasts for higher gas demand this week than previously expected. Oil prices rose by about $3 a barrel on expectations of a large cut in crude output from the OPEC+ producer group, and support from a weaker U.S. dollar. That gas price increase came despite record gas output and a recent cut in gas demand from power outages and a reduction in liquefied natural gas [Read more]
U.S. gas at $4-$5 is a thing of the past, says Tellurian chairman
The chairman of liquefied natural gas (LNG) company Tellurian Inc, Charif Souki, on Tuesday said that cheap U.S. gas is a thing of the past and the only solution for Europe's energy crisis is to invest in U.S. gas infrastructure. "Getting (U.S.) gas in the water for $4-$5 is something of the past; if you really want to justify an investment... you have to think of $10-$12," Souki told the Energy Intelligence Forum in London. Souki said investment in U.S. LNG projects could be Europe's one [Read more]
U.S. natural gas futures hold near 12 week low on record output
U.S. natural gas futures held near a 12-week low on Tuesday on record output and forecasts for lower demand next week than previously expected. Ongoing power outages from Hurricane Ian at 391,000 homes and businesses in Florida after the storm hit the state on Sept. 28-29 helped reduce the amount of gas generators burned to produce electricity. Gas demand was also reduced by outages at some liquefied natural gas (LNG) export plants, including Berkshire Hathaway Energy's 0.8-billion cubic [Read more]
U.S. shale producers to stay on sidelines if OPEC+ slashes output
A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels per day, the largest since the 2020 pandemic-driven market crash. A hefty cut will show the extent to which OPEC+ has [Read more]
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