OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential. "We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters. The market has [Read more]
U.S. natgas futures up 1% on hotter forecasts for next week
U.S. natural gas futures edged up about 1% on Wednesday, on forecasts for hotter weather and more air conditioning demand next week than previously expected. That price increase came despite a rise in output to record highs in recent days. So far this summer, electric companies have burned record amounts of gas to meet soaring power use to keep air conditioners humming. Power demand in Texas was expected to break records again this week. Gas-fired plants have provided more than 40% of [Read more]
Heavy crude discount narrows as new trade cycle gets underway
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark narrowed on Tuesday, the first day of the monthly Canadian crude trading window. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $19.90 a barrel below WTI, according to NE2 Group, narrowing $1.10 from the previous settlement. Light synthetic crude from the oil sands for August delivery traded at $7.50 a barrel over WTI, according to an industry [Read more]
U.S. shale producers keep eyes on returns, even as inflation bites
Top U.S. shale oil producers say they remain laser focused on shareholder returns, limiting production expenditures largely to offset higher costs for equipment, supplies and services. The decision likely will hold down oil output increases while benefiting shareholders receiving higher payouts through dividends and share repurchases with U.S. crude prices above $95 per barrel. Devon Energy this week raised its capital spending budget about 6% to between $2.2 billion to $2.24 billion, in [Read more]
Oil prices up slightly in wake of factory data fuelling global demand concerns
Oil prices were slightly up on Tuesday, even as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. WTI crude futures rose 77 cents, or 0.82%, to $94.41 a barrel. Brent crude futures rose 76 cents, or 0.76%, to $100.57 a barrel. The slide came after Brent futures slumped on Monday to a session low of $99.09 a barrel, their lowest since July 15. The [Read more]
U.S. natgas futures slide 4% on record output, lower demand
U.S. natural gas futures slid about 4% to a two-week low on Tuesday on record output and forecasts for less demand over the next two weeks than previously expected. That price decline came despite a 5% jump in European gas prices on concerns about Russian supplies and forecasts for temperatures across much of the Untied States to remain hotter than normal through at least mid August. So far this summer, electric companies have already burned record amounts of gas to meet soaring power use [Read more]
U.S. LNG exports fall further after explosion, Europe takes bigger slice
U.S. exports of liquefied natural gas (LNG) fell for second consecutive month in July, weighed down by the processing halt at a fire-hit Texas plant, but Europe took a bigger slice of overall shipments, Refinitiv Eikon data showed on Monday. Second-largest U.S. exporter Freeport LNG expects to return to partial service on Oct. 22, but its temporary closure has cut U.S. gas exports by about 1.9 billion cubic feet per day. The fire has limited U.S. LNG exports amid strong demand in Europe, [Read more]
Baker Hughes to sell Russian oilfield services unit
Baker Hughes said on Monday it signed a deal to sell its oilfield services (OFS) business in Russia to the local management team, months after stopping new investments in the country following its invasion of Ukraine. The oilfield services provider did not provide financial details on the deal, which, the company said, was expected to close in the second half of 2022. Baker said the new business will operate independently and assume all OFS Russia assets, liabilities and commercial [Read more]
U.S. natgas futures drop 5% on oil price plunge, record gas output
U.S. natural gas futures dropped about 5% to a near two-week low on Monday on a fall in oil prices and an increase in gas output to record levels. That price drop came despite forecasts for hotter weather over the next two weeks than previously expected, which should prompt power companies to burn more gas to keep air conditioners humming. Gas-fired plants have provided over 40% of U.S. power over the past several weeks, according to federal energy data, even though gas futures soared [Read more]
Oil tumbles after weak factory data sparks demand concerns
Oil prices dropped sharply on Monday as weak manufacturing data from China and Europe weighed on the demand outlook while investors braced for this week's meeting of officials from OPEC and other top crude producers on supply. U.S. West Texas Intermediate crude was down $4.59, or 4.7%, at $94.03, after hitting a low of $93.49. Brent crude futures were down $3.77, or 3.6%, at $100.20 a barrel by 1319 GMT, having fallen to a session low of $99.75. A break for Brent prices below the [Read more]
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