Oil prices rose on Tuesday, reversing an earlier decline, after Russia said oil exports to Europe via the southern leg of the Druzhba pipeline had been suspended since early August, reviving concern about tight supply. Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline leg because Western sanctions had prevented a payment from Moscow for transit fees from going through. "Not that we need it at this point but it's another reminder of how tight the market [Read more]
LNG traders absorb huge losses after supply outages
Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season. Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including BP and Shell, forcing them to pay inflated costs for alternative supplies. In a market already struggling to meet global demand for [Read more]
U.S. natgas futures up 2% on output drop, forecast for more demand
U.S. natural gas futures rose about 2% on Tuesday on a preliminary drop in daily output and forecasts for more demand this week than previously expected due to an increase in pipeline exports to Mexico. That price increase came despite forecasts for less hot weather over the next two weeks that will reduce air conditioning use next week. Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, both of which leaves more gas in the [Read more]
Devon Energy to buy Eagle Ford basin operator Validus for $1.8 bln
Shale producer Devon Energy said on Tuesday it will buy Validus Energy, an Eagle Ford basin operator, for $1.8 billion in cash.The deal comes at a time when oil producers are reaping massive benefits from a surge in oil and gas prices as sanctions on major producer Russia following its invasion of Ukraine throttle supply amid a rebound in demand.Hedge fund Elliott Management invested in Validus last year to help it buy assets in Eagle Ford, Texas from Ovintiv Inc for $880 million. The deal with [Read more]
U.S. natural gas drops 6% on record output, less hot forecasts
U.S. natural gas futures fell about 6% to near a three-week low on Monday on record output and forecasts for cooler weather and lower air conditioning demand over the next two weeks than previously expected. Also weighing on prices was a drop in pipeline exports to Mexico from Texas and the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, both of which leaves more gas in the United States for utilities to inject into stockpiles for next winter. Freeport [Read more]
U.S. climate deal has money for clean energy and even Big Oil
After years of failed attempts to pass major legislation to combat climate change, the U.S. Senate's Inflation Reduction Act is poised to become largest U.S. climate legislation in history. The bill would divert nearly $370 billion to climate and energy security measures, aimed at slashing greenhouse gas emissions around 40% by 2030 and curbing consumer energy costs at the same time. Much of the spending would go to new or expanded tax credits to promote clean energy generation, [Read more]
U.S. natgas futures drop 5% on record output, forecasts for cooler weather
U.S. natural gas futures fell about 5% to near a three-week low on Monday on record output and forecasts for cooler weather and lower air conditioning demand over the next two weeks than previously expected. Also weighing on prices was a drop in pipeline exports to Mexico and the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which leaves more gas in the United States for utilities to inject into stockpiles for next winter. Freeport, the second-biggest [Read more]
Oil slides amid recession fears, slow recovery in China imports
Oil prices dropped on Monday, hovering near multi-month lows, as recession fears hurt demand outlook and data pointed to a slow recovery in China's crude imports last month. U.S. West Texas Intermediate crude was at $88.46 a barrel, down 9 cents, or 0.10%, extending losses after a 9.7% fall last week. Brent crude futures rose 28 cents, or 0.32%, to $94.64 a barrel. Front-month prices hit the lowest levels since February last week, tumbling 13.7% and posting their largest weekly drop since [Read more]
Suncor shutting down portion of Colorado refinery
Suncor Energy Inc on Monday said it is shutting down a portion of its 103,000-barrel-per-day refinery in Commerce City, Colorado due to an equipment malfunction. The incident may cause "additional flames and smoke from the refinery flares today," the notification said. [Read more]
Heavy crude discount inches wider
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened marginally on Friday. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $19.60 a barrel below WTI, according to NE2 Group, widening 10 cents from Thursday. Canadian benchmark heavy crude has traded within a tight range so far this month and remains under pressure from the release of sour barrels from the U.S. Strategic Petroleum [Read more]
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