Benchmark oil prices have dropped by about $15 a barrel in the past 10 days as the threat of recession clouds the demand outlook, but the physical oil trade and the futures market structure tell a quite different story. Growing concern about the economic outlook pushed Brent crude below $100 a barrel last week for the first time since April. But in the physical market, premiums have been at record levels. Nigerian Qua Iboe crude was offered at $11.50 a barrel above dated Brent this week, [Read more]
Oil prices extend gains as weaker dollar, tight supplies support
Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. U.S. West Texas Intermediate (WTI) crude futures for August delivery edged up $4.10, or 4.20%, to $101.75 a barrel, after climbing 1.9% in the previous session. Brent crude futures for September settlement rose $4.84, or 4.80%, to $105.50 a barrel, after a 2.1% gain on Friday. The [Read more]
Top U.S. energy envoy expects further steps from OPEC producers on supplies
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden's visit to the Middle East, a senior U.S. energy envoy said on Sunday. Speaking on CBS' "Face the Nation," Amos Hochstein, senior U.S. State Department adviser for energy security, said: "Based on what we heard on the trip, I'm pretty confident that we'll see a few more steps in the coming weeks." Hochstein did not say which country or countries would boost production or by how [Read more]
Saudi crown prince says unrealistic energy policies will lead to inflation
Saudi Arabia's Crown Prince Mohammed bin Salman, addressing a U.S.-Arab summit, said on Saturday that unified efforts were required to support the global economy and that unrealistic policies regarding energy sources would only lead to inflation. "Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment and a worsening of serious social and security [Read more]
Canada sends repaired Nord Stream turbine to Germany
Canada sent a turbine for the Nord Stream gas pipeline to Germany by plane on July 17 after repair work had been completed, Kommersant newspaper reported on Monday, citing people familiar with the situation. The return of the turbine from Canada to the Russian Portovaya compressor station, a crucial element of Nord Stream, has been in focus for the past month since Russian energy producer Gazprom reduced gas supplies to Germany. Europe has seen a reduction in Russian gas supplies amid [Read more]
U.S. natgas futures rise 2% to 4-week high on hotter forecasts
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]
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