Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. U.S. West Texas Intermediate crude futures gained $1.75, or 1.94%, to $92.24 a barrel. Brent crude futures advanced $1.73, or 1.79%, to $98.32 a barrel after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat. The benchmarks are down about 12% and [Read more]
European LNG prices hit record discount
European prices of liquefied natural gas (LNG) have hit a record discount to gas prices at the Dutch TTF hub, which rose sharply as the news of another planned maintenance on the main Russian pipeline to Europe put markets on edge. Gazprom's announcement on Friday of a three-day maintenance outage on the Nord Stream 1 pipeline to Germany from Aug 31 is supporting a hefty risk premium on European gas prices. Prices were already high with the pipeline currently limited to 20% of [Read more]
Saudi says OPEC+ can confront market challenges, including by cutting output
Saudi Arabia's Energy Minister said OPEC+ has the means and flexibility to deal with challenges, including by cutting oil output, state news agency SPA reported on Monday, citing comments Prince Abdulaziz bin Salman made to Bloomberg. The minister also said that paper and physical markets had become increasingly disconnected, and that a new deal between OPEC+ partners beyond 2022 would be agreed. "Soon we will start working on a new agreement beyond 2022," he said. Brent crude prices [Read more]
Canada exploring feasibility of direct LNG exports to Europe
Canada is exploring ways to see if there is a business case to export liquefied natural gas (LNG) directly to Europe from its east coast, Prime Minister Justin Trudeau said on Monday. Speaking alongside German Chancellor Olaf Scholz in Montreal, Trudeau said "we will do what we can" to contribute to the global supply of energy by increasing capacities in the short term. Canada will also "explore ways to see if it makes sense to export LNG and if there's a business case for it to export LNG [Read more]
U.S. natgas futures tease $10 on sturdy demand, Europe crisis
U.S. natural gas futures jumped by more than 5% on Monday to within touching distance of the key $10 per mmBtu level, with gains driven by a strong demand outlook, record prices in Europe and concerns over availability of the fuel. Front-month gas futures rose 34 cents, or 3.6%, to $9.676 per million British thermal units (mmBtu) by 9:50 a.m. EDT (1350 GMT), after jumping nearly 7% to $9.982, a 14-year high, earlier in the session. “This ($10) has been a long-awaited number,” Robert DiDona [Read more]
Oil slumps on fears over economic slowdown, stronger dollar
Oil prices slumped on Monday, ending three days of gains, as investors were concerned aggressive U.S. interest rate hikes will weaken the global economy and dent fuel demand while a strengthening dollar also added to pressure. U.S. West Texas Intermediate (WTI) crude futures for September delivery, due to expire on Monday, were down $2.28, or 2.54%, at $87.55 a barrel. The more active October contract was at $89.27, down $1.17, or 1.3%. Brent crude futures for October settlement declined [Read more]
Column: Calm LNG volumes contrast with spot price turmoil
If the global liquefied natural gas (LNG) market is viewed just in terms of volumes, the picture appears one of serene stability. But if the market is assessed by looking at the price of spot cargoes, a sharply contrasting view emerges, namely one of stress with competition between buyers in Europe and Asia amid fears of a shortage of the super-chilled fuel during the coming northern winter. The weekly spot price of LNG for delivery to north Asia rose to a record high of $57 per million [Read more]
U.S. natural gas up 2% to a 14-year high on record global prices
U.S. natural gas futures rose about 2% to a 14-year high on Friday on record global gas prices, concerns about Russian gas export to Europe and forecasts for hotter U.S. weather that will boost air conditioning demand through early September. That price increase came despite record output and the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which has left more gas in the United States for utilities to inject into stockpiles for next winter. Freeport, [Read more]
Nord Stream 1 pipeline to shut for three days at end of Aug, Gazprom says
The Nord Stream 1 pipeline, which supplies gas from Russia to Europe under the Baltic Sea, will be shut down for three days from Aug. 31 to Sept. 2 as its only remaining gas compressor requires maintenance, Gazprom said on Friday. The closure will bring further disruption to Europe's gas supplies with the pipeline already running at only 20% of its capacity, with Gazprom previously citing the need to repair other compressors, and fears Russia could halt supplies completely heading into the [Read more]
Oil steady while slowdown worries limit price gains
Oil prices were steady on Friday after two days of gain, as market participants weighed worries about global economic slowdown - that could dampen fuel demand - against expectations of tighter supplies toward year-end. U.S. West Texas Intermediate crude was at $90.66 a barrel, up 27 cents, or 0.34%, following a 2.7% increase in the previous session. Brent crude futures fell 20 cents, or 0.21%, to $96.29 a barrel after settling 3.1% higher on Thursday. Still, the benchmark contracts were [Read more]
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