Oil traders have become much more sanguine about the availability of crude over the last month, taking some of the heat out of oil prices following Russia’s invasion of Ukraine. On the consumption side, China’s fuel use has faltered as more areas have been put into lockdown to control coronavirus outbreaks, and there have been early signs of a cyclical downturn in the United States and Europe. On the production side, Russia’s oil exports have continued at a reduced level despite the threat [Read more]
Oil rises as Shanghai eases some COVID curbs, OPEC warns of tight supply
Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some COVID-19 related restrictions, and OPEC warned it would be impossible to increase output enough to offset lost Russian supply. U.S. West Texas Intermediate contracts were up $4.18, or 4.40%, to $99.41 a barrel. Brent crude futures were up $4.62, or 4.65%, to $103.95 a barrel. Both contracts had settled down around 4% on Monday. Shanghai said on Monday that more than 7,000 residential [Read more]
Saudi Arabia leads OPEC decision to drop IEA data as US ties fray
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West's energy watchdog reflected concern about U.S. influence on the figures, sources close to the matter said, adding to strain on ties between Riyadh and Washington. The Organization of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has so far ignored Western calls to increase output to try to lower oil prices of around $100 a barrel. The issue is delicate as [Read more]
U.S. natgas on track for 13-year high on output cut, cold forecast
U.S. natural gas futures gained about 2% on Tuesday, putting the contract on track for its highest close in 13 years for a second day in a row, with a sharp drop in U.S. output and on expectations freezing weather in Alberta, Canada will move into the United States next week and boost heating demand. Traders noted U.S. gas prices were also being pulled higher on Tuesday by a 4% jump in global crude and other energy futures. U.S. gas futures have already soared about 82% so far this year [Read more]
Heavy differential widens, synthetic higher
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened slightly on Monday, holding within a recent range. Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, last traded at $12.90 a barrel below WTI, according to NE2 Canada Inc, widening 15 cents from Friday's settlement. Light synthetic crude from the oil sands for May delivery traded at $6.25 a barrel over WTI, strengthening 40 cents from the previous day's [Read more]
Oil falls, pressured by China lockdowns, reserves release
Oil prices slipped $2 a barrel in early trading on Monday, following a second straight weekly decline after world consumers announced plans to release a record volume of crude and oil products from strategic stocks and as China lockdowns continued. U.S. West Texas Intermediate crude lost $3.70 or 3.80%, to $94.02. Brent crude fell $3.82, or 3.73%, to $98.53 a barrel. Last week, Brent dropped 1.5% while U.S. oil slid 1%. For several weeks, the benchmarks have been at their most volatile since [Read more]
U.S. natgas on track for highest close since 2008 on rising heating demand
U.S. natural gas futures jumped about 5% on Monday, putting the contract on track for its highest close in 13 years, on forecasts for higher heating demand than previously expected and as much higher global gas prices keep U.S. liquefied natural gas (LNG) exports near record highs. Front-month gas futures rose 30.4 cents, or 4.8%, to $6.582 per million British thermal units at 9:37 a.m. EDT (1337 GMT), putting the contract on track for its highest close since December 2008. That U.S. price [Read more]
Column: U.S. gas storage emptied by exports to Europe and Asia
U.S. gas prices have climbed to their highest level in more than a decade as strong demand from overseas has emptied storage and left inventories well below average for the time of year despite a mild winter. Front-month futures for gas delivered at Henry Hub in Louisiana have risen to $6.40 per million British thermal units, the highest in real terms since 2010. Wholesale prices in the United States are still far below those prevailing in Northeast Asia ($33 per million British thermal [Read more]
U.S. strategic oil sale speeds fuel-price fix, but at what cost?
The Biden administration is selling a record amount of emergency oil from national reserves to tame soaring U.S. fuel prices as quickly as possible, but the plan could backfire down the road if the stockpile is not replenished quickly. President Joe Biden on March 31 announced the United States would sell 180 million barrels of crude from the Strategic Petroleum Reserve at a rate of 1 million barrels per day starting in May, the biggest release from the stockpile since it was created in the [Read more]
Column: Funds sell oil as economic weakness trumps sanctions
Portfolio investors sold petroleum last week as a slowing economy in China and Europe and a massive release of strategic stocks by the United States outweighed concerns about the disruption of exports from Russia. Hedge funds and other money managers sold the equivalent of 11 million barrels in the six most important petroleum-related futures and options contracts in the week to April 5. Funds have been sellers in four of the last five weeks reducing their overall net long position by the [Read more]
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