U.S. natural gas futures climbed about 2% to a two-week high on Tuesday with a drop in daily output and as the amount of gas flowing to the country's liquefied natural gas (LNG) export plants increases after Freeport LNG's facility in Texas returned to near full service over the past few days. That price increase came despite forecasts for milder weather and lower gas demand over the next two weeks than previously expected. Front-month gas futures for October delivery on the New York [Read more]
WTI price surge shuts arbitrage oil flows from U.S. to Europe, Asia
A sudden surge in U.S. West Texas Intermediate crude prices that pulled Brent higher has shut off arbitrage routes for crude from the U.S. to Europe and Asia and is preventing oil from the Atlantic Basin from heading east, traders said. The WTI price surge, driven by OPEC+ supply cuts led by Saudi Arabia and falling U.S. shale oil production, is altering global trade flows by keeping U.S. oil in the country and driving up demand and prices for other oil in Europe and Asia. U.S. WTI crude [Read more]
Canada’s Trans Mountain pipe expansion to disrupt oil flow to US, boost prices
Canada's Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of crude from Alberta to Canada's Pacific Coast beginning early next year, will shake up North America's supply by diverting barrels now mainly delivered to refiners and exporters in the U.S. Midwest and Gulf Coast. Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. Plants that benefited from discounted oil [Read more]
Oil prices rise on supply deficit concerns
Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 99 cents, or 1.1%, to $92.47, by 0400 GMT, while global oil benchmark Brent crude futures rose 58 cents, or 0.61%, to $95.01 a barrel. Prices have gained for three consecutive weeks, and are now around 10-month highs for both [Read more]
Aramco, Exxon CEOs push back against forecasts of peak oil demand
The CEOs of top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas. Their comments come after the head of the International Energy Agency (IEA) last week said that the world's energy watchdog's new estimates showed the age of relentless fossil fuel growth is ending and demand would peak by [Read more]
Will oil hit $100? It already did in some markets.
With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data. Malaysian crude Tapis reached $101.30 last week, said Bjarne Schieldrop, analyst at Swedish bank SEB, in a report. Oil has risen to its highest level of 2023 as investors are [Read more]
US natgas prices edge up 1% on rising feedgas to Freeport LNG in Texas
U.S. natural gas futures edged up around 1% on Monday as the amount of gas flowing to the country's liquefied natural gas (LNG) export plants increases after Freeport LNG's facility in Texas returned to near full service over the past few days. That price increase came despite forecasts for milder weather and lower gas demand over the next two weeks than previously expected. Front-month gas futures for October delivery on the New York Mercantile Exchange rose 1.3 cents, or 0.5%, to $2.657 [Read more]
Canada’s Trans Mountain oil pipeline faces hearing on route change dispute
Canadian regulators on Monday kicked off a two-day hearing to weigh up a controversial route change request from the Trans Mountain expansion (TMX) project that has sparked Indigenous opposition and may lead to further delays for the key oil pipeline. After years of environmental opposition, regulatory hold-ups and ballooning costs, Canadian government-owned TMX is nearing completion and due to start shipping an extra 590,000 barrels per day of crude from Alberta to Canada's Pacific coast in [Read more]
Oil rises on supply concerns, China demand recovery
Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Brent crude futures rose 39 cents, or 0.4%, to $94.32 a barrel by 0253 GMT while U.S. West Texas Intermediate crude futures were at $91.30 a barrel, up 53 cents, or 0.6%. "China's stimulus policy, resilient U.S. economic data, and OPEC+’s [Read more]
Chevron Australia says full production resumes at strike-hit Wheatstone LNG plant
Chevron said on Monday full production had resumed at its strike-hit Wheatstone liquefied natural gas (LNG) facility in Western Australia after a fault last week cut production by about one-fifth. Workers began 24-hour strikes over the weekend at Chevron's Gorgon and Wheatstone LNG facilities, which account for over 5% of global supply, escalating what had been six days of brief work stoppages and limited bans on certain tasks. Strikes would be most effective during outages as restarting [Read more]
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