Russia warned on Thursday that the European Union's decision to partially phase out Russian oil would likely destabilize global energy markets, calling it a 'self-destructive' step that could backfire on the bloc. EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet since the start of the invasion of Ukraine, which Moscow calls a "special military operation". "The European Union's decisions to partially [Read more]
Heavy crude weakens as new trade cycle starts
The discount on Canadian heavy crude versus the West Texas Intermediate benchmark widened on Wednesday, the first day of the new monthly trade cycle. Western Canada Select heavy blend crude for July delivery in Hardisty, Alberta, last traded at $17.45 a barrel below WTI, according to NE2 Group, widening from the previous settlement of $17.00 a barrel under the benchmark. Canadian heavy barrels were following sour crude barrels on the Gulf Coast lower, one industry source said, weighed down [Read more]
U.S. light, heavy oil-price spreads widen as gasoline demand grows
Price differences between U.S. light and heavy crude oil grades have been widening, pricing data showed, as refiners around the world have been snapping up less-dense crude grades for more gasoline production. As summer begins, sky-high demand and profits from motor fuels production has encouraged global refiners to buy lighter barrels. Since Russia's invasion of Ukraine, more Russian Urals crude has been moving to Asia as more U.S. light-sweet heads to Europe. Those changes, combined with [Read more]
Column: U.S. gas production must accelerate to meet LNG export demand
U.S. natural gas production will have to accelerate significantly if the country is to keep growing record export volumes without creating shortages for consumers at home. Gas exports in the form of LNG were up by 674 billion cubic feet or 87% in the first three months of 2022 compared with the same period in 2019. Domestic consumption was flat over the same period, selected to span the pandemic, according to the latest monthly data compiled by the U.S. Energy Information [Read more]
U.S. natgas futures jump 5% on output drop, record power use in Texas
U.S. natural gas futures jumped about 5% on Wednesday, erasing most of the prior session's losses, as preliminary data showed a drop in output and power demand in Texas hit monthly record highs. That price increase came despite forecasts for lower gas demand over the next two weeks than previously expected. Power use in Texas reached the highest level on record for the month of May on Tuesday and will likely break the June record on Wednesday as economic growth boosts overall usage and hot [Read more]
Oil prices nudge higher on EU’s Russian oil ban, end of Shanghai lockdown
Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai. U.S. West Texas Intermediate (WTI) crude rose $1.58, or 1.37%, to $117.08 a barrel. Brent crude for August delivery was up $1.75, or 1.50%, at $117.94 a barrel. The contract settled down 1.7% on Tuesday. The front-month contract for July delivery expired on Tuesday at $122.84 a barrel, up 1%. Both benchmarks ended May [Read more]
U.S. Henry Hub natgas prices rose to 14-year high in May
U.S. spot natural gas prices at the Henry Hub benchmark in Louisiana rose to a 14-year high in May as soaring prices around the world kept demand for U.S. liquefied natural gas (LNG) strong. In May 2022, gas prices averaged $8.14 per million British thermal units (mmBtu). That compares with $2.91 during the same month in 2021 and a five-year average (2017-2021) of $2.64. In May 2008, prices averaged $11.35, a record for that month. Gas prices in Europe, meanwhile, averaged a much higher [Read more]
EU’s phased-in oil embargo allows Russia time to adjust, say analysts, sources
Europe's phased-in rather than immediate embargo on Russian oil gives Moscow time to re-route volumes to new customers in Asia in the next six months, Russian analysts and traders said on Tuesday. The European Union said on Monday that it aims to cut Russian oil imports by 90% by year-end but added that piped and sea-borne supply would remain legal until then. Two thirds of the EU's Russian oil supply comes via tankers and one third via the Druzhba pipeline. Western analysts and EU [Read more]
U.S. natgas futures slide 3% on lower demand forecasts
U.S. natural gas futures slid about 3% to a one-week low on Tuesday on forecasts for less demand over the next two weeks than previously expected. Front-month gas futures for July delivery fell 22.9 cents, or 2.6%, to $8.498 per million British thermal units (mmBtu) at 9:42 a.m. EDT (1342 GMT), putting the contract on track for its lowest close since May 20. In May, the contract was up about 17%, putting it up for a third month in a row for the first time since September 2021. U.S. gas [Read more]
Oil prices rise after EU bans most Russian oil imports
Oil prices rose on Tuesday after EU agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season. U.S. West Texas Intermediate (WTI) crude futures were trading at $119.12 a barrel, up $1.50, or 1.28% from Friday's close. There was no settlement on Monday due to a U.S. public holiday. Brent crude futures for July, which expires on Tuesday, dropped $1.60 or [Read more]
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