U.S. natural gas futures rose in choppy trading on Monday, buoyed by technicals and slightly lower production estimates for the week, although elevated overall output and lower consumption forecasts clouded the outlook. Front-month gas futures NGc1 for October delivery rose 28.6 cents, or 3.6%, to $8.28 per million British thermal units (mmBtu) by 11:17 a.m. EDT (1517 GMT), reversing some declines from earlier in the session. The contract fell about 9% last week, its biggest weekly loss [Read more]
The G7’s price cap on Russian oil begins to take shape
The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow's ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months. Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say the unprecedented measure, set to begin Dec. 5, will cut the price Russia receives for oil without reducing its petroleum exports to world consumers. Russian President Vladimir [Read more]
Heavy oil differential widens
The discount on benchmark heavy Canadian crude versus West Texas Intermediate widened on Friday. Western Canada Select heavy blend crude for October delivery traded at $20.65 a barrel under WTI, according to NE2 Canada, widening 30 cents from the previous day. WCS has traded at around $20 a barrel below U.S. futures for much of the summer, pressured by the release of oil from the U.S. Strategic Petroleum Reserve (SPR). Canadian heavy crude prices are likely to tighten in coming months [Read more]
U.S. says Russia price cap should take risk premium out of oil market
The price cap G7 countries are planning to put on Russian oil to punish Moscow should be placed at a fair market value minus any risk premium resulting from its invasion of Ukraine, a U.S. Treasury Department official told reporters on Friday. The price should be set above the marginal production cost of Russia's oil and take into consideration historical prices, the official said. "There are several key data points we are considering and how the prices should ultimately be set and that [Read more]
U.S. natgas futures up 3% on warmer forecasts for mid/late September
U.S. natural gas futures rose 3% on Friday on forecasts for warmer weather and higher gas demand in mid to late September. In the West, California's power grid urged customers to conserve energy for a 10th consecutive day as homes and businesses crank up air conditioners to escape a brutal heat wave lingering over the drought-stricken region since the start of September. The heat wave is expected to break on Saturday. That gas price increase came despite the ongoing outage at the Freeport [Read more]
Heavy oil differential edges wider
The discount on benchmark heavy Canadian crude versus West Texas Intermediate widened on Thursday. Western Canada Select heavy blend crude for October delivery traded at $20.50 a barrel under WTI, according to NE2 Canada, widening 20 cents from the previous day. WCS has traded around $20 a barrel below U.S. futures for much of the summer, pressured by the release of oil from the U.S. Strategic Petroleum Reserve and strong demand for lighter, rather than heavier, crudes globally due to high [Read more]
U.S. evaluating need for further SPR oil releases after October
U.S. President Joe Biden's administration is weighing the need for further releases of crude oil from the nation's emergency stockpiles after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters on Thursday. The Biden administration this year has dispatched about 1 million barrels of oil per day from Strategic Petroleum Reserve (SPR) stockpiles to lower fuel prices and pare energy inflation ahead of midterm elections in November. The releases have helped [Read more]
Wisconsin judge rules Enbridge oil pipeline trespassing on tribal land
A Wisconsin judge has ruled Enbridge Inc's Line 5 oil pipeline is trespassing on land belonging to the Bad River Band, but will be allowed to continue operating because a shutdown would have significant public and foreign policy implications. The ruling from District Judge William Conley, issued late on Wednesday, also said the band was entitled to financial compensation from Enbridge, without specifying how much. Line 5 ships 540,000 barrels-per-day of crude and refined products from [Read more]
Other nations weighing G7 Russia oil price cap, U.S.’s Adeyemo says
A number of oil-importing countries are considering joining the G7's plan to cap the price of Russian oil, Deputy U.S. Treasury Secretary Wally Adeyemo said on Thursday, adding that the group would issue related rules in the next few days. Adeyemo, in an interview with Yahoo! News, said that India, a major importer of Russian oil, had agreed to continue talks about whether to join the Group of Seven's price cap initiative and that Washington hoped China would also consider it. The rules [Read more]
Oil prices climb on tight supply worries
Oil prices rose nearly $1 per barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become. U.S. West Texas Intermediate was up $1.33, or 1.63%, at $83.26 per barrel. Brent crude futures rose by $1.32, or 1.51%, to $89.13 per barrel after closing at their lowest since early February in the previous session. Prices drew support from Russian [Read more]
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