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]
U.S. liquefied natural gas exports rise 16%, to new record
U.S. liquefied natural gas (LNG) exports rose nearly 16% last month to a record high, according to preliminary Refinitiv data, with shipments to Europe continuing to dominate. U.S. LNG is in high demand as European countries try to cut gas imports from Russia following its invasion of Ukraine while also looking to rebuild low inventories. U.S. LNG exports to all destinations were about 7.43 million tonnes (MT) last month, according to Refinitiv, up from 6.4 MT in February and topping the [Read more]
U.S. drillers add three oil and gas rigs amid slow growth
U.S. energy firms last week added oil and natural gas rigs for a second week in a row but growth in the rig count remains slow as drillers continue to return cash to shareholders from high crude prices rather than boost production. The oil and gas rig count, an early indicator of future output, rose three to 673 in the week to April 1, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig [Read more]
U.S. natgas futures ease from 9-week high on mild weather forecasts
U.S. natural gas futures eased on Friday from a nine-week high in the prior session on forecasts for mild weather through mid April, which should cut heating demand and allow utilities to inject gas into storage in coming months. Front-month gas futures fell 5.7 cents, or 1.0%, to $5.585 per million British thermal units (mmBtu) at 9:08 a.m. EDT (1308 GMT). On Thursday, the contract closed at its highest since Jan. 27 for a second day in a row. For the week, the front-month was down less [Read more]
Oil down slightly before consumer nations’ meeting on stocks release
Oil prices fell slightly on Friday as they traded in a narrow range ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the United States. U.S. West Texas Intermediate (WTI) crude futures dipped 50 cents, or 0.50% to $100.63 a barrel after trading as high as $101.75. The contract slumped 7% on Thursday. Brent crude futures slid by 8 cents to $104.63 a barrel, after dropping 5.6% on Thursday. The May contract expired [Read more]
Column: White House uses oil reserve to place a giant spread trade
U.S. President Joe Biden has promised to make an average of 1 million barrels per day of crude available from the Strategic Petroleum Reserve (SPR) for the next six months after consulting with other IEA members. The unprecedented release of 180 million barrels is intended to ease concerns about supply and curb upward pressure on prices following Russia’s invasion of Ukraine and the imposition of sanctions in response. The inventory release is meant “to serve as a bridge until the end of [Read more]
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