U.S. President Joe Biden has called on Saudi Arabia and other Gulf producers to increase their oil output to help stabilise prices, which have surged as a result of a strong rebound in consumption after the pandemic and now sanctions on Russia. But Saudi Arabia and the other Gulf Cooperation Council (GCC) members probably do not have much spare capacity to raise output by a significant amount for more than a few months. Previous appeals to Saudi Arabia to secure production increases and [Read more]
U.S. natgas futures jump 12% on small storage build, hot weather
U.S. natural gas futures jumped about 12% to a one-week high on Thursday on a much smaller-than-expected storage build last week, when power generators burned lots of gas to keep air conditioners humming during an extreme heat wave. Even before the government released the storage report, traders noted prices were already up about 5% because last week's heat wave was still affecting much of the country this week - power demand in Texas has continued to break all-time high records - and gas [Read more]
Oil holds above $100/bbl in tussle between supply, and recession fears
Oil prices bounced back from a couple of days of declines, even slipping under $100 a barrel before climbing back over $100 a barrel, while fears of a potential global recession spurred concerns about oil demand. WTI crude futures rose $4.66, or 4.75%, to $102.72 a barrel. Brent crude futures rose $4.74, or 4.75%, to $104.57 a barrel after tumbling to a session low of $98.50 earlier. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on [Read more]
Higher drilling activity to drive Q2 margins for oilfield services
RBC Capital Markets says fundamentals within the energy sector appear strong as oil markets remain in a tightening cycle and notes an increase in North America and global oil rig counts In Q2, the U.S. rig count increased 13% sequentially, while the drilled-uncompleted well count decreased by 3% through May- RBC Says higher U.S. drilling and completions activity, as evidenced by the 13% sequential improvement in industry rig counts, will help in annual margin expansion in Q2 Brokerage [Read more]
U.S. natgas futures up 4% on output decline ahead of storage report
U.S. natural gas futures rose about 4% on Thursday as daily output fell over the past couple of days and on forecasts for higher demand this week than previously expected. The price gain came ahead of a federal report expected to show utilities added more gas to storage last week than usual despite hotter than normal weather as the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas leaves more gas in the United States. Analysts forecast U.S. utilities added 74 [Read more]
Heavy crude discount deepens, synthetic premium surges
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened on Wednesday, while the premium on synthetic crude from the oil sands jumped markedly higher. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $21.80 a barrel below WTI, according to NE2 Group, widening from $20.25 a barrel under the benchmark on Tuesday. Light synthetic crude from the oil sands for August delivery raced higher, settling at [Read more]
Oil prices dip below $100 as supply concerns return
Oil prices dropped nearly 2% more on Wednesday, with U.S. West Texas Intermediate dropping below $100 from supply concerns returning to the fore even as worries about a global recession linger. U.S. West Texas Intermediate crude dropped to $98.27 a barrel, down $2.25, or 2.24%, after closing below $100 for the first time since late April. Brent crude futures rose as much as $3.08, or 2.9%, to $105.85 a barrel in early trade after plunging 9.5% on Tuesday, the biggest daily drop since March. [Read more]
Calgary Stampede back on with oil prices high, COVID rules low
With crude prices around $100 a barrel and COVID-19 restrictions largely gone, the Calgary Stampede looks to reclaim its place this year as Canada's biggest oil industry party. The 110-year-old event, featuring a rodeo, midway and ubiquitous pancake breakfasts, will run from July 8 to 17 with heavy networking at dozens of boozy parties around the city. The Stampede was cancelled in 2020 for the first time ever because of the COVID-19 pandemic. Last year's scaled-down event drew 529,000 [Read more]
U.S. natgas futures rise 1% as hotter forecasts boost demand
U.S. natural gas futures climbed about 1% on Wednesday on a drop in daily output and forecasts for hotter weather and more air conditioning demand next week than previously expected. Front-month gas futures for August delivery on the New York Mercantile Exchange (NYMEX) rose 7.4 cents, or 1.3%, to $5.597 per million British thermal units (mmBtu) at 9:05 a.m. EDT (1305 GMT). With the U.S. Federal Reserve expected to keep raising interest rates, open interest in NYMEX futures fell on Tuesday [Read more]
Heavy crude discount widens
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened on Tuesday as global benchmark oil prices fell heavily. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $20.25 a barrel below WTI, according to NE2 Group, widening 50 cents from the previous day. Moves in the Canadian crude market were overshadowed by a 9% plunge in global benchmark oil prices on growing fears of a global recession and [Read more]
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