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]
U.S. official rules out secondary sanctions for Russian oil price cap
A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators. Democratic and Republican senators last week proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen the price cap aimed at capping Russia's oil revenues while minimising the impact on global markets and prices. "We don't think secondary sanctions are needed," Catherine [Read more]
‘Heavy lifting’ needed to overcome opposition to permitting bill
U.S. Senator Joe Manchin on Friday warned that bipartisan opposition to his bill to overhaul energy permitting could derail his plan to attach it to temporary spending legislation and pass it by the end of the month. The West Virginia Democrat will likely need 10 Republicans for the permitting bill he introduced this week, which would speed approvals of fossil fuel projects like natural gas pipelines but also for huge electricity transmission lines needed to bring power from wind and solar [Read more]
Oil prices edge down, recession fears back in focus
Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns after Moscow's new mobilization campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. U.S. West Texas Intermediate (WTI) crude futures dropped $4.25, or 5.09%, to $79.29. Brent crude futures fell $3.63, or 4.02%, to $86.49 per barrel. Front-month Brent and TWI contracts were down 1.5% and 2.3%, respectively, for the week so [Read more]
U.S. natgas eases to 10-week low as demand drops on mild weather forecasts
U.S. natural gas futures eased to a fresh 10-week low on Friday on expectations the weather will remain mild into early October, keeping both heating and cooling demand low and allowing utilities to inject lots of gas into storage over the next few weeks. That change in the weather after a brutally hot summer was also boosting the amount of wind power available, allowing generators to cut back on the amount of gas they burn to produce electricity. Another factor weighing on gas prices was [Read more]
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