U.S. natural gas futures dropped about 6% on Thursday on a possible deal that would avoid a rail strike, after soaring 10% in the prior session on worries such a strike would boost demand for gas by threatening coal supplies to power plants. Coal fuels about 20% of U.S. power generation. About two-thirds of the nation's coal-fired power plants receive their coal by rail. When coal or any other fuel is not available for power generation, energy firms usually burn more gas to produce power. Gas [Read more]
Heavy oil differential steady
The discount on benchmark heavy Canadian crude versus West Texas Intermediate held steady on Wednesday. Western Canada Select heavy blend crude for October delivery settled at $21.00 a barrel under WTI, according to NE2 Canada Inc, unchanged from the previous day. WCS has been under pressure for much of the summer as a result of the release of predominantly sour crude from the U.S. Strategic Petroleum Reserve (SPR). Traders are keeping an eye on whether apportionment on Canadian export [Read more]
Why western Canada has some of the cheapest natural gas in the world
Despite soaring global demand for natural gas, Canadian producers are struggling with volatile prices and deep discounts at Alberta's AECO hub, one of the largest storage facilities in North America and where the benchmark price for Canadian gas is set. In August the spot AECO price briefly turned negative, and this week producers Tourmaline Oil and Kelt Exploration Ltd said they temporarily cut production due to weak prices. WHY ARE AECO PRICES LOW? Canadian producers have been [Read more]
Biden administration reinstates bids from Gulf of Mexico oil auction
The Biden administration on Wednesday said it had reinstated bids from a November 2021 Gulf of Mexico sale of offshore oil and gas drilling rights, a requirement buried in U.S. President Joe Biden's new climate change and drug pricing law. The move comes after a federal judge in January vacated the sale's results, saying the administration had failed to properly account for the auction's impact on global warming. The Inflation Reduction act, which President Joe Biden signed into law last [Read more]
Oil prices creep higher on robust global demand outlook
Oil prices inched higher in early trade as OPEC stuck to forecasts for robust global fuel demand growth, offsetting concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August. U.S. West Texas Intermediate crude was at $88.72 a barrel, up $1.14, or 1.30%. Brent crude futures rose $1.27, or 1.36% to $94.51 a barrel after settling 0.9% lower on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday [Read more]
How Equinor exited Russia: Move fast, sell cheap
Norway's Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals - but it also paid a price. According to three industry sources, Russia's Rosneft paid just one euro ($1) for Equinor's main assets, while also allowing the state-controlled Norwegian group to forgo future liabilities and investment commitments. Details of the deal, which came as scores of Western businesses pulled out of Russia [Read more]
U.S. natgas up 5% on possible rail strike, higher demand forecast
U.S. natural gas futures edged up about 5% to a near two-week high on Wednesday on forecasts for higher demand over the next two weeks and worries a possible railroad strike could threaten coal supplies to power plants. A rail strike could force generators to burn more gas to produce electricity. Coal fuels about 20% of U.S. power generation. About two-thirds of the nation's coal-fired power plants receive their coal by rail. When coal or any other fuel is not available for power [Read more]
U.S. natural gas futures edges up on threat of railroad strike
U.S. natural gas futures edged up to a fresh a one-week high on Tuesday on worries a possible railroad strike could threaten coal supplies to power plants, which could force generators to burn more gas to produce electricity. The White House made contingency plans seeking to ensure deliveries of critical goods in the event of a shutdown of the U.S. rail system while again pressing railroads and unions to reach a deal to avoid a work stoppage affecting freight and passenger service. "Market [Read more]
Oil prices fall as China demand concerns mount amid COVID curbs
Oil prices fell in volatile trade on Tuesday as investor concerns about lower demand in China, the world's biggest crude importer, and further increases in U.S. and European interest rates offset worries about tight fuel supplies ahead of winter. WTI crude declined by 14 cents, or 0.16%, to $87.92 a barrel. Brent crude slid 37 cents, or 0.39%, to $93.80 a barrel. Both contracts fell by more than $1 earlier in the session, snapping a three-day rally. COVID-19 curbs in China, the world's [Read more]
OPEC sticks to upbeat view on oil demand growth in 2022, 2023
OPEC on Tuesday stuck to its forecasts for robust global oil demand growth in 2022 and 2023 citing signs that major economies were faring better than expected despite headwinds such as surging inflation. Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023, unchanged from last month, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. Oil use has rebounded from the lows of the pandemic, although high prices [Read more]
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