U.S. natural gas futures rose about 2% to a four-week high on Monday on forecasts for hotter weather and more demand this week than previously expected. Extreme heat has already boosted power demand to record highs in several parts of the country, including Texas and other U.S. Central states, as homes and businesses crank up their air conditioners to escape the weather. The gas price increase came even though output rose to near record highs and as the ongoing outage at the Freeport [Read more]
U.S. and Saudi reiterate their commitment to stability of global energy markets – joint statement
The United States and Saudi Arabia have reiterated their commitment to the stability of global energy markets, during a visit by U.S. President Joe Biden, a joint statement carried by Saudi state news agency (SPA) said.In the statement released after Biden held talks with senior Saudi officials including Crown Prince Mohammed bin Salman, the United states also welcomed the kingdom's commitment to support balanced global oil markets in order to achieve sustainable economic growth.The two [Read more]
Heavy crude discount narrows on final day of trade cycle
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark tightened on Friday, the last day of the monthly Canadian crude trading window. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $20.00 a barrel below WTI, according to NE2 Group, narrowing $1.60 from the previous day. Still, heavy crude differentials remained wide due to factors including the U.S. Strategic Petroleum Reserve's release of sour crude [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, but only incrementally as softening crude prices deter some drillers from returning to the wellpad. The oil and gas rig count, an early indicator of future output, rose four to 756 in the week to July 15, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 272, or 56%, over this time last [Read more]
U.S. to hold broad energy talks in Saudi related to Ukraine war
U.S. President Joe Biden and his team will hold a broad conversation about energy security during talks in Saudi Arabia covering issues related to the impact of Russia's war in Ukraine, the U.S. national security adviser said on Friday. Jake Sullivan was commenting after being asked about Saudi imports of Russian fuel oil. Saudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer [Read more]
Oil rises on Saudi oil production expectations
Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated. WTI crude rose $1.55, or 1.60%, to $97.97. Brent crude futures for September delivery rose $2.07, or 2.08%, to $101.67 a barrel. The U.S. Federal Reserve's most hawkish policymakers on Thursday said they favoured a rate increase of 75 basis points at its [Read more]
U.S. not expecting Saudi Arabia to immediately boost oil production
The United States is not expecting Saudi Arabia to immediately boost oil production and is eyeing the outcome of the next OPEC+ meeting on Aug. 3, a U.S. official told Reuters on Friday. The comments come hours before U.S. President Joe Biden is set to land in Jeddah on a trip that is designed to reset the U.S. relationship with the kingdom and during which energy supply, human rights and security cooperation are on the agenda. Saudi Arabia, alongside the United Arab Emirates, holds the [Read more]
UAE will back OPEC+ decisions, wants more stable oil market
The United Arab Emirates wants a more stable oil market and will abide by decisions made by OPEC+, the diplomatic adviser to UAE president Sheikh Mohammed bin Zayed al-Nahyan said on Friday. Speaking to reporters, Anwar Gargash said Abu Dhabi would back any accord between Saudi Arabia and the United Sates if a deal is agreed during President Joe Biden's visit to the kingdom this week. [Read more]
U.S. natgas down 3% on monthly output increase, Freeport LNG outage
U.S. natural gas futures fell about 3% on Friday with an increase in output so far this month and as the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas leaves more fuel in the United States for utilities to refill low storage. That decline came despite a drop in output this week and forecasts for hotter weather and more demand over the next two weeks than previously expected. Extreme heat has already boosted power demand to record highs as homes and [Read more]
U.S. oil mergers drop to $12 billion as volatility limits deals
U.S. oil and gas dealmaking fell to $12 billion last quarter, down from the first quarter and nearly a third of the $34.8 billion in the same period a year ago, as commodity price volatility left buyers and sellers clashing over asset values, according to data released by energy analytics firm Enverus on Thursday. "The spike in commodity prices that followed Russia’s invasion of Ukraine temporarily stalled M&A as buyers and sellers disagreed on the value of assets," said Andrew Dittmar, a [Read more]
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