Sudan's energy and petroleum minister on Friday expressed support for comments made by his Saudi Arabian counterpart this week about OPEC’s readiness to intervene to restore balance in the oil market. OPEC’s de facto leader Saudi Arabia on Monday flagged the possibility of introducing cuts to balance a market it described as schizophrenic. Sudan energy and petroleum minister Mohamed Abdallah said in a statement his country supports OPEC+ efforts to maintain market stability in the face of [Read more]
Winter is coming but Germany’s Scholz leaves Canada with no promises for LNG
German Chancellor Olaf Scholz visited Canada this week, hoping a democratic G7 ally would one day ship his country liquefied natural gas to replace Russian gas imports, but the response he got from the world's fifth-largest producer was not to count on it. Environmental and regulatory hurdles to gas pipeline construction are a stumbling block to new LNG terminals on Canada's Atlantic coast, and support for the idea in Ottawa has been cooling. As recently as May, Canada said it was in talks [Read more]
Oil prices steady on potential OPEC+ supply cuts; BP shuts U.S. refinery units
Oil prices were steady on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. U.S. West Texas Intermediate crude was slightly down 25 cents, or 0.27%, at $95.08 a barrel. Brent crude rose 19 cents, or 0.19%, to $101.87 a barrel. Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility that the [Read more]
U.S. natgas futures hold tight range ahead of storage report
U.S. natural gas futures steadied into a tight range on Thursday ahead of a federal report expected to show a bigger-than-normal storage build last week. Front-month gas futures were up 4.5 cents, or 0.5%, to $9.38 per million British thermal units (mmBtu) by 9:15 a.m. EDT (1315 GMT). Analysts forecast that U.S. utilities added 58 billion cubic feet (bcf) of gas to storage during the week ended Aug. 19. That compares with an increase of 32 bcf in the same week last year and a five-year [Read more]
Oil and gas producers set to report record free cash flow in 2022
High energy prices could almost double oil producers' free cash from operations this year to $1.4 trillion, money that can be used to finance a shift to renewable fuels, pay down debt or mightily reward investors, according to a new study. The price trend should continue and the global energy business should generate another $1.5 trillion in surplus cash by 2030, consultants Deloitte said. That cash creates an array of opportunities for an industry that has been constrained by debt and losses [Read more]
Fears of oil demand destruction are overblown
Brokerage Canaccord Genuity begins or resumes coverage of Canadian energy exploration and production (E&P) companies. Brokerage says domestic E&P equities have declined an average of ~18% since early June, tracking crude benchmarks which fell ~27% as investors fear cen. bank tightening and demand destruction However, believes mid- and long-term outlook for E&Ps remains upbeat as inventories are depleted, demand concerns are overblown and the U.S.' historic SPR release is coming to [Read more]
Russia’s Gazprom says no Nord Stream 1 turbines in Canada
Russia's Gazprom on Thursday said no turbines used on the Nord Stream 1 gas pipeline were undergoing maintenance in Canada, a day after a Canadian minister was quoted as saying five turbines were there. Canada's foreign affairs minister Melanie Joly in a report was quoted by broadcaster CBC News as saying Canada plans to return five Nord Stream 1 turbines to Germany. "None of the turbines for the Portovaya compressor station are under repair in Canada," Gazprom said in a statement posted [Read more]
U.S. natgas futures edge up on warmer forecasts
U.S. natural gas futures rose on Wednesday as focus returned to forecasts for more demand for the fuel to cool homes and business amid warmer-than-normal weather. Front-month gas futures were up 6.6 cents, or 0.7%, to $9.259 per million British thermal units (mmBtu) by 10:11 a.m. EDT (1411 GMT). The weather factor is "tilting further to the bullish side with above normal trends becoming broader based across most of the U.S.," Ritterbusch and Associates said in a note. Prices stabilized [Read more]
Column: Skewed energy shock recharges pricey dollar
Re-energised after a summer lull, the U.S. dollar has been supercharged by the stark contrast in energy price shocks faced either side of the Atlantic - one that's pummelled the pound and euro again this week. Despite 'long dollars' being cited as the most crowded trade on the planet and amid expensive long-term valuations and ebbing relative real yields, the dollar is on the march yet again to its highest in almost 20 years against the euro and post-pandemic peaks versus sterling. With [Read more]
Energy bonanza drives shareholder payouts to new record
Energy companies reaping record profits from soaring oil and gas prices have helped global dividend payments to shareholders soar above pre-pandemic levels and to a record quarterly high, data showed on Wednesday. Oil and gas firms, including state-controlled giants in Latin America, accounted for more than two-fifths of the growth in dividend payments in the three months to end-June, according to fund manager Janus Henderson's latest global dividend report. Banks freed from pandemic-era [Read more]
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