Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures fell 78 cents, or 0.95%, to $81.52 a barrel at 0330 GMT. U.S. West Texas Intermediate crude futures slipped to $79.33 a barrel, down 73 cents, or 0.91%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen more than [Read more]
Heavy oil discount narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Monday: * WCS for September delivery in Hardisty, Alberta, settled at $12.80 a barrel below WTI, according to brokerage CalRock, having settled at $13.20 a barrel under the U.S. benchmark on Friday. * Canadian heavy crude differentials have gained support this month from some U.S. Midwest refineries restarted operations after unplanned shut-downs in [Read more]
Canada’s benchmark index TSX edges up as oil gains, local acquisitions
Canada's benchmark index inched up on Monday as calm returned after a week of turmoil, but rising tensions in the Middle East and upcoming data from the U.S. this week kept investors on edge. The S&P/TSX composite index closed up 95.01 points at 22,406.31, rising 0.43%. The increase was further aided by two major local acquisitions. Oil prices surged on Monday to $80.06 a barrel on fears that rising tensions in the Middle East could lead to a broader conflict and choke crude oil [Read more]
US seeks 6 million barrels of oil for Strategic Petroleum Reserve
The U.S. is seeking to buy another 6 million barrels of oil from energy companies to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said on Monday. The solicitation of oil for the SPR is the first for delivery into the facility's Bryan Mound, Texas site since it underwent maintenance work and repairs, the department said. It is seeking to 2 million barrels of the oil a month to be delivered to Bryan Mound from January to March next year. The DOE "will [Read more]
US natgas hits near 3-week high on output drop, hotter weather forecasts
U.S. natural gas futures rose more than 1% to a near three-week high on Monday, supported by a drop in output in recent days and forecasts for hotter weather that should boost the amount of gas power generators burn to keep air conditioners humming. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 2.7 cents, or about 1.3%, to $2.17 per million British thermal units, at 11:09 a.m. EDT. The session high was its highest since July 23. "Drilling cutback [Read more]
Chevron delivers industry first in ultra-high pressure oil field
Chevron has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday. Its $5.7-billion project, called Anchor, ushers in an era of production from deepwater areas that had long been off-limits, because of the lack of equipment able to cope with pressures of up to 20,000 pounds per square inch. Chevron and partner TotalEnergies expect the Anchor development to produce for 30 years. At its [Read more]
Oil extends gains for fifth session supported by Mideast tensions
Oil prices rose for a fifth consecutive session on Monday, holding on to last week's more than 3% gains, as U.S. recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel by 0458 GMT, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.5%, to $77.20. "Support is coming from last week's better-than-expected U.S. data which eased fears of a U.S. recession," IG markets analyst Tony [Read more]
Heavy oil discount edges wider
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened slightly on Friday: * WCS for September delivery in Hardisty, Alberta, settled at $13.20 a barrel below WTI, according to brokerage CalRock, having settled at $13.10 a barrel under the U.S. benchmark on Thursday. * Canadian heavy crude differentials have gained support this month from some U.S. Midwest refineries restarted operations after unplanned shut-downs [Read more]
US drillers add oil and gas rigs for third time in four weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to Aug. 9. Despite this week's rig increase, Baker Hughes said the total count was still down 66 rigs, or 10% below this time last year. Baker Hughes said oil rigs rose by three to 485 this week, while gas rigs fell by one [Read more]
No evidence of imminent US recession, Energy Aspects says
Market concerns about global growth may have been excessive this week as there is no evidence of an imminent U.S. recession, a co-founder of consultancy Energy Aspects said on Friday. "Overall, we do not believe the global economy is on the verge of a sudden downshift," said Amrita Sen, director of research at Energy Aspects, noting that disappointing Chinese growth and signs of a U.S. slowdown had made policymakers hesitant in both countries. "I don't think what we saw on Monday is a [Read more]
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