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]
Oil edges down as inflation expected to impact fuel demand
Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand. U.S. West Texas Intermediate crude was at $93.49 a barrel, down $3.41, or 3.51%, following a 4.2% rise in the previous session. Brent crude futures for October settlement dropped $3.87, or 3.68%, to $101.18 a barrel after climbing 4.1% on Monday, the biggest increase in more [Read more]
Kremlin: only sanctions prevent Nord Stream gas pipeline from working
Nothing stands on the way of Russian gas exports to Europe via the Nord Stream 1 pipeline apart from technological problems caused by Western sanctions, Kremlin spokesman Dmitry Peskov said on Tuesday, a day before another planned maintenance shutdown. Russian energy giant Gazprom has announced it will shut the pipeline for three days from Wednesday to undertake maintenance of a single pumping unit at the Portovaya compressor station. Peskov was asked if there are guarantees that Gazprom [Read more]
Column: Saudi jawboning up crude oil prices contrasts with soft physical market
Saudi Arabia appears to have been largely successful in talking up the price of crude oil by publicly mulling output cuts, but the risk is that the disconnect between paper and physical markets could widen even further. Global benchmark Brent crude futures were trading around $104.28 a barrel early in Asia on Tuesday, up almost 9% from the close on Aug. 22, prior to the latest Saudi intervention. Saudi Energy Minister Prince Abdulaziz bin Salman said the world's largest crude exporter was [Read more]
Crude in U.S. emergency reserve falls to lowest since Dec. 1984
Crude inventory in the U.S. emergency reserves fell by 3.1 million barrels in the week to Aug. 26, according to data from the Department of Energy. Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 450 million barrels, according to the data, the lowest since December 1984. The 3.1 million-barrel draw was the smallest draw since the end of April. (Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio) [Read more]
U.S. natural gas futures gain as market braces for September expiry
U.S. natural gas futures edged higher ahead of the expiry of the front-month September contract on Monday, with prices recovering from a more than one-week low hit earlier in the session on forecasts for hotter weather and higher cooling demand. Gas futures for September delivery were up 22.4 cents, or 2.4%, to $9.52 per million British thermal units (mmBtu) by 10:23 a.m. EDT (1423 GMT), having earlier hit their lowest since Aug. 19, at $9.034. "The biggest factor in natgas this morning is [Read more]
Oil climbs on OPEC supply cut prospect, demand growth
Oil prices rose on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. U.S. West Texas Intermediate (WTI) crude futures jumped $2.44, or 2.63%, to $95.29 a barrel, adding to a 2.5% gain last week. Brent crude futures rose $2.19, or 2.17%, to $103.15 a barrel, extending a 4.4% gain last week. "Oil prices were stronger amidst the [Read more]
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