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]
Heavy differential narrows, synthetic steady
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark tightened on Friday. Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, last traded at $12.75 a barrel below WTI, according to NE2 Canada Inc, narrowing 50 cents from Thursday. One industry source said the benchmark heavy grade was back to around where it had started the week as selling from producers eased. Light synthetic crude from the oil sands for May delivery was [Read more]
U.S. natgas eases from 2008 closing high on rising output
U.S. natural gas futures eased about 1% on Friday as rising output caused the market to take a break after prices soared 5% in the prior session to their highest close in 13 years. U.S. gas futures have already soared about 69% so far this year with much higher prices in Europe keeping demand for U.S. liquefied natural gas (LNG) near record highs as several countries try to wean themselves off Russian gas after Moscow invaded Ukraine on Feb. 24. The Kremlin calls its action in Ukraine a [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms last week added oil and natural gas rigs for a third week in a row as the federal government seeks more production to help its allies wean themselves off Russian oil and gas after Moscow invaded Ukraine on Feb. 24. The Kremlin calls its actions in Ukraine a "special military operation." The oil and gas rig count, an early indicator of future output, rose 16 to 689 in the week to April 8, its highest since March 2020, energy services firm Baker Hughes Co said in its [Read more]
Iraq says OPEC+ commitment to output target helped absorb excess oil supply
The commitment of the OPEC+ group of oil exporting nations to output targets have contributed to absorbing an excess of supply in the market, Iraq's state-news agency cited the oil ministry as saying on Friday. The assessment made by the Iraqi oil ministry of an excess in oil supply appears to aim to alleviate global concerns of energy supply disruptions caused by Russia's invasion of Ukraine, which Russia calls a "special operation." It may be interpreted as a sign that Iraq wants the [Read more]
U.S. natgas on track to close at 2008 high again on soaring LNG demand
U.S. natural gas futures rose about 1% on Friday, putting the front-month on track to close at its highest since December 2008 for a second day in a row, as much higher global prices since Russia's invasion of Ukraine keep demand for U.S. liquefied natural gas (LNG) exports near record highs. U.S. prices also climbed on growing worries that cooler weather expected in coming weeks will keep heating demand high and prevent utilities from adding much gas to storage during that time. U.S. gas [Read more]
Oil prices drift lower, set for 3% weekly fall due to massive stocks release
Oil prices drifted lower on Friday and were set to drop around 3% for the week as consuming countries' planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia due to western sanctions. U.S. West Texas Intermediate (WTI) crude futures lost 89 cents, or 0.92%, to $96.11 a barrel. Brent crude futures edged lower by $1.04, or 1.03% to $100.42 a barrel after gaining more than $1 in the early morning. Analysts said the emergency oil [Read more]
Barclays raises oil price forecasts, says strategic release effect temporary
Barclays increased its oil price forecasts by $7 to $8 a barrel on Friday, saying the recently announced releases from Strategic Petroleum Reserves (SPRs) cannot be a sustainable source of supplies and will not have a lasting effect on prices. Oil prices have fallen about 16% over the past two weeks as planned releases of 240 million barrels by consuming nations from emergency stocks offset some concerns about reduced supplies from Russia due to Western sanctions. "Unless market [Read more]
Price volatility and rising demand revive U.S. natural gas trading
Natural gas trading is seeing a renaissance in the United States with the return of price volatility, while market turmoil in Europe could keep gas demand and exports high for years, according to trading industry executives. Sharp natural gas price swings that can bring huge profits to traders have resurfaced due to severe weather events and the European Union's search for alternatives to Russian gas imports. Prices at the main U.S. gas trading hub are up 64% this year, touching their highest [Read more]
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