U.S. natural gas futures fell 1% on Thursday on forecasts for cooler-than-expected weather that could reduce air-conditioning demands, while investors awaited a federal weekly storage report for further cues. Front-month gas futures fell 8.3 cents, or 1%, to $8.183 per million British thermal units (mmBtu) at 9:23 a.m. EDT (1323 GMT). "Expected temperature moderation across Eastern regions within 6–14-day time frame poised to limit upside follow through (in the market)," Ritterbusch & [Read more]
Oil prices drop to near 6-month low
Oil prices dropped on Thursday to near six-month lows after U.S. data signalled weak fuel demand. West Texas Intermediate (WTI) crude futures was down $1.27, or 1.39%, at $89.67. Brent crude futures dropped $1.64, or 1.69%, at $95.31 a barrel. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day [Read more]
Column: OPEC+’s tiny boost to oil output may show its waning influence
The almost inconsequential increase in oil output announced by the OPEC+ group has highlighted an emerging dynamic in global crude markets, namely that the producer group is no longer in the driving seat. Since OPEC+ was formed in 2017 the market has hung on its every word and analysed every move with great detail, and oil prices have largely moved in tandem. But by increasing production by a tiny 100,000 barrels per day for September, the group, which consists of the Organization of the [Read more]
Leak detected near Suncor’s Ontario refinery on St. Clair River
Suncor Energy Inc is responding to a leak found on the St. Clair River located near its Sarnia, Ontario refinery, according to a local media report on Wednesday. Community members will notice increased activity and odours near the Suncor dock, the report said. Suncor operates an 85,000 barrel-per-day (bpd) refinery in Sarnia, according to the company website. The company was not immediately available for a response. [Read more]
Canadian oil producer Strathcona to buy Serafina for $2.3 billion
Strathcona Resources has agreed to buy private equity-backed Serafina Energy for $2.3 billion, sources with direct knowledge of the matter said on Wednesday, the largest acquisition yet by the Canadian private oil and gas producer. Serafina produces 40,000 barrels of oil equivalent (boe) per day in the province of Saskatchewan, while Strathcona is focused on the Montney basin, in Alberta and British Columbia, and produces 110,000 to 115,000 boe per day, mainly liquids. Strathcona and [Read more]
U.S. crude, gasoline stockpiles rose last week
U.S. crude oil and gasoline inventories rose last week, while distillate stocks fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 4.5 million barrels in the week to July 29 to 426.6 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 600,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures rose by 926,000 barrels in the week, the EIA said. Refinery crude runs fell by 174,000 [Read more]
OPEC+ oil output increase is a step forward, White House says
OPEC+ members' decision to raise oil output by 100,000 barrels per day is a step forward and the Biden administration will keep pushing to bring fuel prices down, a top White House energy adviser said on Wednesday. "It's a step in the right direction," Amos Hochstein, U.S. President Joe Biden's energy security envoy, told CNN in an interview. OPEC and its allies led by Russia were set to raise output by 100,000 bpd from September. Two sources told Reuters the decision was effectively [Read more]
Oil rises amidst demand worries and ahead of OPEC+ meeting
Oil prices rose in early trade on Wednesday ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. West Texas Intermediate (WTI) crude futures rose $2.26, or 2.41%, to $96.06 a barrel. Brent crude futures were last up $2.24, or 2.24%, at $101.97 a barrel. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the [Read more]
Big Oil offers big returns but keeps spending tight
The West's energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices. But the top five Western oil and gas companies have shied away from investing more of their combined record profits of nearly $60 billion in new production as they weigh the impact of recession and climate change on future fossil fuel demand. The reluctance to spend may exacerbate an energy supply crunch that has [Read more]
OPEC+ might have to raise oil output so market doesn’t overheat
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential. "We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters. The market has [Read more]
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