U.S. natural gas futures rose more than 2% on Monday driven by higher demand for cooling due to an ongoing heat wave in the United States. Front-month gas futures on the New York Mercantile Exchange (NYMEX) were up 12.5 cents, or 1.5%, to $8.424 per million British thermal units (mmBtu) at 9:44 a.m. EDT (1344 GMT), the contract hits its highest in over a month earlier in the session. "It is looking much warmer than normal, which is driving demand," Robert DiDona of Energy Ventures Analysis [Read more]
Oil sees gains but fears Fed hike will dampen fuel demand
Oil prices rose on Monday, bouncing back a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand. U.S. West Texas Intermediate (WTI) crude futures for September delivery rose $1.19, or 1.25%, to $96.22 a barrel, seeing a bounce back from last week. Brent crude futures for September settlement rose 88 cents, or 0.85%, to $104.45 a barrel. Both gave up early gains. "Oil prices have been under pressure due to growing worries that aggressive [Read more]
Column: Oil and interest rate futures point to cyclical downturn before end of 2022
Recent moves in crude oil and interest rate futures anticipate a downturn in the business cycle that will cause oil consumption to dip before the end of the year and into the first three months of 2023. Federal funds futures prices imply U.S. interest rates are expected to peak at 3.50-3.75% in the first quarter of 2023, up from 1.50-1.75% at present, before declining around 50 basis points by the end of 2023. The interest rate path implies that a significant cyclical slowdown will be [Read more]
Kremlin: Nord Stream 1 turbine to be installed, volumes will adjust
A repaired gas turbine will be installed in the Nord Stream 1 pipeline from Russia to Germany once it is returned after maintenance, and natural gas will then be supplied in "corresponding volumes," a Kremlin spokesman said on Monday. Spokesman Dmitry Peskov stopped short of saying supply would increase, noting that further equipment needed to be repaired. But he sounded a relatively upbeat note after weeks of uncertainty over the turbine repair in Canada, and a 10-day shutdown of Nord [Read more]
U.S. drillers add oil and gas rigs for third week in a row
The U.S. oil and natural gas rig count this week rose for a third week in a row as high prices encourage increased spending at the wellpad, boosting demand for some oilfield services companies. The oil and gas rig count, an early indicator of future output, rose two to 758 in the week to July 22, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. U.S. oil rigs were steady at 599 this week, while gas rigs rose two to 155. The [Read more]
Oil prices down as geopolitical tensions linger
Oil prices were down in trading on Friday, as geopolitical tensions and weakened demand in the United States has cast a shadow on the market this week. U.S. West Texas Intermediate (WTI) crude futures dropped 76 cents, or 0.79%, to $95.85 a barrel. Brent crude futures fell 18 cents, or 0.17%, to $103.67 a barrel. "Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing [Read more]
Mexico eyes ‘mutually satisfactory’ solution to U.S. energy trade spat -deputy minister
Mexico's Deputy Economy Minister Luz Maria de la Mora told Reuters she hopes for a "mutually satisfactory solution" to talks requested by the United States and Canada over what they claim are Mexican energy-related breaches of a regional trade pact. The U.S. and Canadian demands come after years of concern among those nations' private firms that Mexican President Andres Manuel Lopez Obrador's drive to tighten the state's grip on the oil and power sectors treated them unfairly and was [Read more]
Russia will not supply oil to countries that impose price cap
Russia will not supply oil to countries that decide to impose a price cap on its oil, Russian Central Bank Governor Elvira Nabiullina told a briefing on Friday. Nabiullina added that the proposal by G7 nations, aimed at stripping Russia of energy revenues in a bid to limit Moscow's options for financing its military campaign in Ukraine, would also spur on global oil prices. "As far as I understand, we won't be supplying oil to those countries which would impose such a cap and our [Read more]
Kremlin rejects report Nord Stream turbine is stuck in transit
The Kremlin on Friday rejected a report that a turbine for the Nord Stream 1 pipeline taking gas from Russia to Germany was stuck in transit. Reuters reported on Thursday that Russia had not yet given the go-ahead to transport the turbine back to Russia, citing two people familiar with the matter. In a conference call with reporters, Kremlin spokesperson Dmitry Peskov dismissed the report as "nonsense." "The accusations are groundless. The sources are wrong," he said. Russia cut the [Read more]
U.S. natgas futures up 2% to 5-week high on hotter weather forecasts
U.S. natural gas futures gained about 2% to a five-week high on Friday on forecasts for hotter weather and higher demand next week than previously expected and ongoing problems with shipping a turbine needed to boost output on the Russia-Germany Nord Stream gas pipe. Extreme heat has already caused U.S. power demand to hit all-time highs many times this summer in several regions, including Texas, as homes and businesses crank up their air conditioners to escape the heat. Power companies [Read more]
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