U.S. energy firms this week added oil and natural gas rigs for a second week in a row, in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, 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 [Read more]
U.S. natgas futures hold near 11-week low as LNG exports decline
U.S. natural gas futures held near an 11-week low on Friday as forecasts for hotter weather, higher demand and less output than last month offset a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas. In Texas, power demand hit record levels again this week during a lingering heat wave. Analysts said the Freeport shutdown should allow U.S. utilities to quickly rebuild low gas stockpiles for next winter. The shutdown on June [Read more]
No plans for extraordinary EU summit on gas prices in July
There are no plans at the moment to hold an extraordinary summit of European Union leaders in July to discuss ways to deal with rising gas prices, an EU official said on Friday. "There are no plans," the official said when asked about reports on a possible extra summit next month. The official said Italian Prime Minister Mario Draghi had suggested a July summit on Thursday, in internal meetings with EU leaders, to discuss a proposal to cap prices on Russian gas. Another EU official, [Read more]
Oil prices rise on tight supply, inventory uncertainty
Oil prices rose slightly in early Asian trade on Friday as nations seek to address global crude oil and fuel supply tightness. U.S. West Texas Intermediate (WTI) crude futures rose $1.72, or 1.66%, to $105.66 a barrel. Brent crude futures rose $1.69, or 1.54%, to $111.28 a barrel. OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as U.S. President Joe Biden plans to [Read more]
OPEC+ to stick to oil supply rise plan as Biden heads to Saudi
OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil output increases in August, sources said, hoping to ease surging oil prices and inflation pressure as U.S. President Joe Biden plans to visit Saudi Arabia and the Middle East. At its last meeting on June 2, the group known as OPEC+ agreed to boost output by 648,000 barrels per day (bpd) in July - or 0.7% of global demand - and by the same amount in August, up from the initial plan to add [Read more]
U.S. oil activity jumps amid shortages, inflation
Oil and gas companies are expanding activity at a "robust" pace despite supply disruptions and rising costs, according to a Federal Reserve Bank of Dallas survey of energy executives. An index of oil activity in the U.S. Southwest was at the highest in six years, according to the quarterly report, which surveyed oil executives in Texas, New Mexico and Louisiana earlier this month. Still, firms said that supply-chain issues are hurting their operations, and most expect they will take more [Read more]
Oil bounces back while recession fears mount
Oil prices rebounded in early trade on Thursday, after experiencing losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand. U.S. West Texas Intermediate (WTI) crude futures rose $2.26, or 2.17%, to $106.57 a barrel. Brent crude futures climbed $2.29, or 2.08%, to $112.28 a barrel. Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May. Investors are continuing to assess [Read more]
U.S. oil refiners to meet Biden officials in high-stakes price talks
Major U.S. oil refiners will meet with U.S. Energy Secretary Jennifer Granholm and other Biden officials on Thursday in an emergency meeting about how to lower record-high fuel prices that are squeezing American consumers. The two sides are meeting with a promise to work together in good faith, but they appear far apart on solutions. The discussion comes at a tense moment for President Joe Biden and Big Oil, as the president has spent the last few weeks bashing its CEOs for reaping huge [Read more]
U.S. natgas futures slide 2% ahead of storage report
U.S. natural gas futures slid about 2% to an eight-week low on Thursday on expectations the extended shutdown of the Freeport liquefied natural gas (LNG) export plant in Texas would allow utilities to quickly rebuild low U.S. gas stockpiles. Despite that expectation, analysts forecast last week's storage build was smaller than usual as extreme heat in several parts of the country boosted the amount of gas power generators burned to keep air conditioners humming. That was especially the [Read more]
Deep rift lies behind Biden’s criticism of oil and gas industry
U.S. President Joe Biden has publicly criticized oil and gas executives for banking big profits from high gasoline prices but he has rarely spoken directly to the heads of energy companies or their representatives, White House records and interviews with industry sources show. Biden said at a labor union event this month that Exxon Mobil Corp "made more money than God this year" and sent a letter to seven oil and gas companies calling on them to increase production to help ease the burden on [Read more]
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