Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel. Commenting on the proposal, which was reportedly put forward by Prime Minister Fumio Kishida, Medvedev said Japan "would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project" as a result. President [Read more]
Oil from U.S. reserves head overseas as gasoline prices stay high
More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices touched record highs. The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden designed to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing [Read more]
Heavy crude discount widens as new trade cycle starts
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened on Monday, the first day of the new monthly trading window. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta last traded at $19.75 a barrel below WTI, according to NE2 Group, widening $1.35 from the previous settlement. Canadian heavy crude has been under pressure in recent weeks due to the U.S. government's Strategic Petroleum Reserve release, which has [Read more]
Bank of Canada survey shows energy sector investment to be muted vs previous price booms
Canada's energy sector is expected to raise capital investment after a surge in oil and gas prices, but it will be a more modest increase than during previous boom cycles, the Bank of Canada said in a quarterly survey on Monday. There are several factors holding back investments, with companies holding onto only around 40% of their cash flow for capital expenditure, compared to an average of above 100% in the years preceding the pandemic, the bank said. Another factor holding back [Read more]
Oil steadies as recession fears balance tight supply
Oil edged up on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia. Figures on Friday showed Euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. U.S. consumer sentiment hit a record low in June. U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.24%, to $109.74 a barrel. Brent crude [Read more]
Biden administration proposes offshore drilling plan focused mainly on U.S. Gulf
President Joe Biden's administration unveiled a five-year proposal for offshore oil and gas development on Friday focused almost entirely on the Gulf of Mexico, as it seeks to balance efforts to fight climate change with its legal requirement to hold drilling auctions. The proposed plan includes no more than 10 possible sales in the Gulf of Mexico and one in the Cook Inlet off the coast of Alaska, the Interior Department said, adding that areas of development could be winnowed further after [Read more]
Column: Oil bulls retreat as economic outlook darkens
Investors continued to liquidate bullish long positions in petroleum last week as the economic outlook deteriorated though the rate of selling was much slower after heavy selling the week before. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important futures and options contracts in the week to June 28, following on from sales of 71 million in the week to June 21. Most the recent adjustment has come from the liquidation of former bullish [Read more]
Oil could hit $380 if Russia slashes output over price cap, J.P.Morgan says
Brent prices could soar to a "stratospheric" $380 a barrel in "the most extreme scenario" of Russia slashing oil production by 5 million barrels per day (bpd) in retaliation to a price cap being considered by the Group of Seven, analysts at J.P.Morgan said in a note dated July 1. G7 economic powers agreed last week to explore imposing a ban on transporting Russian oil that has been sold above a certain price, aiming to limit Moscow's ability to fund its invasion of Ukraine, which Moscow [Read more]
TC Energy to build $5 bln gas pipeline in Mexico, official says
Canada's TC Energy has agreed with Mexico to build a $5 billion gas pipeline in the Mexican Gulf Coast state of Veracruz, senior foreign ministry official Roberto Velasco said on Friday.Velasco was speaking at an event hosted by the Canadian embassy in Mexico City. The pipeline will connect the ports of Tuxpan and Coatzacoalcos, a separate source familiar with the matter said, adding the agreement for the pipeline was between TC Energy and Mexico’s state-owned power company CFE. [Read more]
U.S. natgas jumps 6% after big loss on hot weather, technical bounce
U.S. natural gas futures jumped about 6% on Friday ahead of the long three-day U.S. July 4 holiday weekend due to a technical bounce following a big price drop in the prior session and forecasts for hotter weather and higher demand over the next two weeks than previously expected. "Today’s... price jump higher is somewhat a result of calmer minds taking over the market, as the front month attempts to balance out some of yesterday’s move," analysts at Gelber & Associates said, noting the [Read more]
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