Member states of the International Energy Agency (IEA) were still discussing how much oil they would together release from storage to cool markets, three sources told Reuters, adding that an announcement was expected in coming days. The silence on how much oil from storage would be tapped by some of the world's top oil-consuming countries was adding to confusion in a market already jangled by sanctions and buyer aversion to Russian oil in the wake of the invasion of Ukraine. A grouping of [Read more]
Global oil supply disruptions could reach 5 mln bpd
Global oil supply disruptions could reach 5 million barrels per day (bpd), according to analyst estimates and reported problems, as sanctions, war and infrastructure failures hit supply just as demand is recovering close to an all-time high. RUSSIA (FORECAST -3 MLN BPD) Western sanctions on Moscow and buyer reluctance could lead Russian oil supplies to drop by 3 million bpd from April, the International Energy Agency (IEA) said on March 16. Russia said a decline in its output was due to [Read more]
Heavy differential widens, synthetic weakens
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened on Monday. Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, settled at $12.20 a barrel below WTI, according to NE2 Canada Inc, widening from Friday's $11.95 a barrel below the benchmark. Light synthetic crude from the oil sands for May delivery weakened to $5.85 a barrel over WTI, down 10 cents from Friday. Both grades remained relatively strong and Canadian [Read more]
U.S. natgas holds near 9-week high on forecasts for more demand
U.S. natural gas futures held near a nine-week high on Monday as forecasts for milder weather over the next two weeks offset early expectations for more demand during that time. Traders noted U.S. gas prices failed to hold gains from earlier in the day when the market climbed with oil and other energy futures. U.S. gas futures have risen in recent months - average prices in March hit their highest in eight years - while global gas prices and demand for liquefied natural gas (LNG) soared as [Read more]
Ontario government propose gas, fuel tax cuts
The government of Ontario introduced legislation on Monday to reduce taxes on gas and fuel that, if passed, would come into effect after a June 2 election in Canada's most populous province. The legislation, if passed by the provincial legislature, would cut the tax rate on gas to 9 Canadian cents per litre from 14.7 cents per litre while the fuel tax would fall to 9 cents per litre from 14.3 cents per litre for six months from July 1. Opinion polls show Progressive Conservative Premier [Read more]
Oil inches up as supply concerns weigh despite reserves release, Yemen truce
Oil prices inched higher on Monday as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate. U.S. West Texas Intermediate crude was at $103.07 a barrel, up $3.68, or 3.70%. Both contracts slipped $1 when markets opened on Monday. Brent crude futures were up $1.98, or 1.88%, to $107.58 a barrel. The United Nations has brokered a [Read more]
Exxon signals record quarterly profit from oil and gas prices
Exxon Mobil Corp on Monday signaled first quarter production results could top a seven-year quarterly record, with operating profits from pumping oil and gas of up to $9.3 billion. A snapshot of the largest U.S. company's quarter ended March 31 showed operating profits from its oil and gas unit could jump by between $1.9 billion and $2.7 billion over the prior quarter's $6.6 billion. Official results are expected to be released on April 29, according to a securities filing. Exxon does not [Read more]
Heavy differential tightens, synthetic drops as new trade cycle starts
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark narrowed and synthetic crude weakened on Friday as the new monthly trade cycle got underway. Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, last traded at $11.60 a barrel below WTI, according to NE2 Canada Inc, 30 cents narrower than the previous day's settle. Light synthetic crude from the oil sands for May delivery dropped to $6.00 a barrel over WTI, down 75 cents from [Read more]
U.S. Energy Dept issues notice of sale of oil from emergency reserve
The U.S. Energy Department issued a notice of sale of crude from the emergency reserve on Friday, a day after President Joe Biden announced the largest release ever in an effort to push down fuel prices that have soared during Russia's war with Ukraine. About 1 million barrels of oil will be sold from the Strategic Petroleum Reserve for six months starting in May. Biden said the oil will serve as a bridge until domestic producers can boost production to help bring oil supply back into balance [Read more]
U.S. natgas futures hit 9-week high on record LNG exports
U.S. natural gas futures edged up on Friday to a nine-week high as soaring global prices kept demand for U.S. liquefied natural gas (LNG) exports at record highs. Traders also noted that one last blast of cool weather this week likely prompted utilities to pull gas from storage again after mild weather last week allowed them to inject fuel into stockpiles. After this week, however, the weather is expected to turn seasonally mild and storage injections should resume. Front-month gas futures [Read more]
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