Oil prices were down slightly in trade on Friday, though they were headed for their first weekly gain in five weeks, underpinned by a weaker U.S. dollar and the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5. U.S. West Texas Intermediate (WTI) crude futures for November delivery dropped 1.65% or by $1.35 to $80.37 a barrel. Brent crude futures for November, which expire on Friday, lost $2.25 or 2.54% to $86.03. The more active December contract was unchanged at [Read more]
OPEC+ oil output cut talks narrow to 0.5-1.0 mln bpd
LONDON/DUBAI, Sept 30 Reuters) - OPEC+ oil producers considering lowering their output target at a meeting on Oct. 5 are focused on a cut of between 500,000 and 1 million barrels per day (bpd) to support the market, OPEC+ sources told Reuters. Earlier this week, a source familiar with Russian thinking said Moscow could suggest a cut of up to 1 million bpd, while an OPEC source put the likely figure closer to 500,000 bpd. Talks are expected to continue ahead of the meeting. "Maybe during [Read more]
U.S. natgas on track to fall for 6th week as storm cuts power use
U.S. natural gas futures eased about 1% on Friday on record output and as Hurricane Ian heads for the Carolinas after knocking out power to over 2.6 million customers in Florida, reducing the amount of gas generators need to burn to produce electricity. That puts the contract down about 1% and on track to decline for a sixth week in a row for the first time since January 2015. Analysts said storms like Ian tend to cut demand for gas rather than supplies of the fuel since they usually knock [Read more]
Putin says U.S. and allies blew up Nord Stream pipelines
Russian President Vladimir Putin on Friday directly accused the United States and its allies of blowing up the Nord Stream pipelines. "The sanctions were not enough for the Anglo-Saxons: they moved onto sabotage," Putin said. "It is hard to believe but it is a fact that they organised the blasts on the Nord Stream international gas pipelines." "They began to destroy the pan-European energy infrastructure," Putin said. "It is clear to everyone who benefits from this. Of course, he who [Read more]
Canada’s Teck says it could pursue spin-off or divestment of Fort Hills oil sands stake
Canada's Teck Resources said on Thursday it could pursue a spin-off or divestment of its stake in the Fort Hills oil sands project if the value of the asset is not reflected in Teck's share price. Teck's comments come a day after French company TotalEnergies said it is planning to spin off its oil sands assets to create a new company, which include a stake in Fort Hills. [Read more]
U.S. natgas falls 3% as storm cuts power use ahead of storage report
U.S. natural gas futures slid about 3% on Thursday after Hurricane Ian knocked out power to over 2.5 million customers in Florida, reducing the amount of gas generators need to produce electricity, and on forecasts for mild weather over the next two weeks. That price decline came ahead of a federal report expected to show that last week's storage build was bigger than usual as an increase in wind power allowed generators to cut back on the amount of gas they burned to produce [Read more]
Oil prices steady as dollar strengthens, demand weakens
Oil prices were steady on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment. U.S. West Texas Intermediate Crude futures slightly gained 17 cents, or 0.21%, to $82.04. Brent crude futures rose 11 cents, or 0.12%, to $89.23 per barrel. Both benchmarks had rebounded in the prior two sessions after reaching nine-month lows this week [Read more]
Moscow says United States stands to benefit from Nord Stream damage
Russia said on Thursday that the United States stands to benefit from ruptures to the Nord Stream gas pipelines under the Baltic Sea, in comments that escalate a war of words with the West over responsibility for the still-unexplained damage. In a press briefing, Foreign Ministry spokeswoman Maria Zakharova said the United States would be able to boost its sales of liquefied natural gas (LNG) if the pipelines were put permanently out of use. The European Union is investigating the cause of [Read more]
U.S. natural gas up 3% as contract expires, global prices surge
U.S. natural gas futures gained about 3% on Wednesday as global oil and gas prices surged and forecasts rose for U.S. gas demand over the next two weeks. Oil prices jumped about 4% following unexpected drawdowns in U.S. crude and fuel stocks, and as the U.S. dollar edged off recent gains. The gas price increase came the day the October contract expired, even as Hurricane Ian caused over 500,000 customers to lose power in Florida, which should cut demand for gas from electrical power [Read more]
France’s TotalEnergies plans to spin off Canadian oil sands assets
TotalEnergies said on Wednesday it is looking to spin off its Canadian oil sands operations and list them on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy. At an investor presentation in New York, TotalEnergies said the proposal would be subject to a shareholder vote at its next annual general meeting in May 2023. The spin-off would include TotalEnergies' 24.58% stake in the Fort Hills oil sands mining project in northern Alberta [Read more]
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