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]
Oil prices tick down as inflation woes take centre stage
Oil prices ticked down on Thursday as investors doubled down on the possibility of a rate hike by the U.S. Federal Reserve that would stem inflation and curb oil demand. U.S. West Texas Intermediate crude for August delivery was at $92.25 a barrel, down $4.35, or 4.50%, after rising 46 cents in the previous session. Brent crude futures for September fell $3.88, or 3.90%, to $95.69 a barrel after gaining 8 cents on Wednesday. The Federal Reserve is seen ramping up its battle with 40-year [Read more]
Russia warns that G7 attempt to cap oil price risks higher prices
Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday that attempts by the Group of Seven to cap oil prices may in fact cause them to rise. "Those plans are anti-market and risky," she told a weekly briefing. The cap scheme was first mooted last month by U.S. Treasury Secretary Janet Yellen as part of a campaign to increase pressure on Moscow to end what the Kremlin calls a "special military operation" in Ukraine. The shape of the final deal and price level have yet to be [Read more]
Column: Recession would make tough oil sanctions on Russia more likely
Recession in the major economies is the only sure-fire way to reduce Russia’s petroleum revenues – an uncomfortable truth Western policymakers have tried to obfuscate from voters at home. U.S. and EU policymakers will not deliberately plunge their economies into a recession simply to intensify the economic pressure on Russia; privation is not an attractive option in electoral politics. But if their economies go into recession anyway, which currently appears possible or even probable, the [Read more]
U.S. natgas futures rise 3% on output drop ahead of storage report
U.S. natural gas futures rose about 3% to a fresh three-week high on Thursday on a drop in daily gas output over the past few days and forecasts for hotter weather and more demand over the next two weeks than previously expected. That heat has already boosted power demand to record levels in several parts of the country as homes and businesses crank up their air conditioners, including Texas where conservation efforts saved the state's grid operator from taking emergency steps, like rotating [Read more]
Heavy crude discount widens, synthetic premium steady
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened slightly on Wednesday. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $21.65 a barrel below WTI, according to NE2 Group, widening 40 cents from Tuesday. Heavy crude differentials have widened in recent months due to the release of sour crude from the U.S. Strategic Petroleum Reserve and higher natural gas prices that make refining heavy crude [Read more]
‘Very difficult decision’ to return turbine for Russian pipeline, says Trudeau
Prime Minister Justin Trudeau said on Wednesday that it was a "very difficult decision" to grant an exemption from sanctions imposed on Russia for the return of a repaired turbine needed for the Nord Stream 1 gas pipeline. The sanctions are "aimed at (Russian President Vladimir) Putin and his enablers and aren't designed to harm our allies and their populations," Trudeau said, adding that Ottawa will continue to "unequivocally" stand with Ukraine. A group representing the Ukrainian [Read more]
Oil edges higher; market wary of U.S. inflation data
Oil edged up on Wednesday, a day after it fell through $100 a barrel for the first time since April, while traders looked towards U.S. inflation data that could weaken the market. U.S. West Texas Intermediate crude gained 28 cents, or 0.29%, to $95.94. Brent crude futures were up 20 cents, or 0.20%, at $99.16 a barrel. Investors have sold oil positions on worries that aggressive interest rate hikes to stem inflation will spur an economic downturn that will hit oil demand. Prices fell by [Read more]
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