The OPEC+ Joint Technical Committee (JTC) expects a 2023 oil market deficit of 300,000 barrels per day (bpd) under its base case, according to a document seen by Reuters on Thursday. The JTC, which met on Wednesday, expects demand to lag supply by 400,000 bpd this year, a downward revision of 500,000 bpd after new production assumptions were taken into account. It also forecast a widening of the deficit to 1.8 million bpd in the fourth quarter of 2023, the document showed. The JTC [Read more]
U.S. LNG exports rise only slightly as plant outage limits output
U.S. shipments of liquefied natural gas (LNG) rose only slightly last month, showing they continue to be constrained by a June outage at the second largest U.S. exporter, Refinitiv Eikon data showed on Thursday. Freeport LNG's shutdown following an explosion has cut monthly U.S. exports by about four cargoes, or 1.6 million tonnes. The company last week delayed a restart at the Quintana, Texas plant - originally planned for October - aiming to reach 85% of its full 15 million tonnes per annum [Read more]
U.S. natgas futures hold tight range ahead of storage report
U.S. natural gas futures ticked higher on Thursday, but held a tight range as the market awaited a federal government report expected to show last week's storage build was much bigger than normal. Front-month gas futures for October delivery were up 9.2 cents, or 1%, to $9.22 per million British thermal units (mmBtu) by 9:28 a.m. EDT (1328 GMT). Analysts forecast that U.S. utilities added 58 billion cubic feet (bcf) of gas to storage during the week ended Aug. 26. That compares with an [Read more]
U.S. natural gas stockpiles seen up 58 bcf in week to August 26
U.S. utilities likely added a larger-than-usual 58 billion cubic feet (bcf) of natural gas to storage last week, a Reuters poll showed on Wednesday. That injection for the week ending Aug. 26 compares with a build of 21 bcf during the same week a year ago and a five-year (2017-2021) average injection of 46 bcf. In the week ended Aug. 19, utilities added 60 bcf of gas to storage. The forecast for the week ended Aug. 26 would lift stockpiles to 2.637 trillion cubic feet (tcf), about 11.5% [Read more]
Stocks struggle, oil down, on rate and recession fears
World stock markets struggled to recover on Wednesday after a three-day losing streak, as stubborn inflation that has central banks on both sides of the Atlantic preparing to raise borrowing costs again next month kept investors on edge. Wall Street slipped after eking out early gains, while U.S. crude oil prices sank for a second day, with worries that tightening monetary policy around the world will hurt demand and drag on the global economy. Underscoring the growth risks on the horizon, [Read more]
U.S. natgas futures slip, but set for monthly gain
U.S. natural gas futures slipped on Wednesday but were on course for a second consecutive monthly rise, supported by above-normal temperatures, which boosted cooling demand and overall higher European gas prices. Front-month gas futures for October delivery were down 12.1 cents, or 1.3%, to $8.92 per million British thermal units (mmBtu) by 9:47 a.m. EDT (1347 GMT). "Early this morning, the (gas) market seems to be under a little bit of pressure, the oil market is down. We seem to be in [Read more]
Oil prices fall on recession fears
Oil prices continued to slide on Wednesday on investor worries about the ailing state of the global economy, bearish oil demand signals from OPEC+, and increased restrictions to curb COVID-19 in China. U.S. West Texas Intermediate (WTI) crude futures were down $2.43, or 2.63%, at $89.79 a barrel after sliding $5.37 in the previous session on recession fears. Brent crude futures for October, due to expire on Wednesday, were down $4.03, 0r 4.02% at $95.78 a barrel following Tuesday's $5.78 loss. [Read more]
This decade’s oil boom is moving offshore – way offshore into Canada’s Atlantic coast
Global oil companies are pumping billions of dollars into offshore drilling, reversing a long decline in spending on the decades-long projects including some in the remote iceberg waters far off Canada's Atlantic coast. Surging oil prices are encouraging the investments, along with Europe's mounting energy demand as the Ukraine-Russia war drags on. Offshore production sites are more expensive to build than onshore shale, the last decade's investment darling. But once they are up and [Read more]
As natural gas prices jump, shale oil firms get gassy
Natural gas a few years ago was so unwanted that U.S. shale oil producers sold it at cost just to pump more oil. Today, prices are near 14-year highs, and new export terminals are rising along with production forecasts. The result is an earnings bonanza for companies that once shunned the fuel as an annoying by-product. U.S. benchmark natural gas prices in late August topped $10 per million British thermal units (mmBtu), a level not seen since 2008, and the boom-bust cycles from North [Read more]
U.S. natgas futures fall over 4% as European prices slip
U.S. natural gas futures slipped more than 4% on Tuesday, tracking a retreat in European rates, with prices hitting an over one-week low as supplies in the United States were seen rising. On its first day as the front-month, gas futures for October delivery were down 40.5 cents, or 4.3%, to $8.93 per million British thermal units (mmBtu) by 10:01 a.m. EDT (1401 GMT), having dropped to their lowest level since Aug. 19. Data provider Refinitiv said gas output in the U.S. Lower 48 states rose [Read more]
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