U.S. natural gas futures edged up about 2% to a fresh one-week high on Thursday on forecasts for cooler weather and higher heating demand than previously expected and as U.S. liquefied natural gas (LNG) exports remain near record highs. That price increase came ahead of a federal report expected to show last week's storage draw was bigger than usual due to the record LNG exports. Analysts forecast U.S. utilities pulled 73 billion cubic feet (bcf) of gas from storage during the week ended [Read more]
Heavy differential inches wider, synthetic strengthens
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened marginally on Wednesday while synthetic crude strengthened. Western Canada Select (WCS) heavy blend for April delivery in Hardisty, Alberta, last traded at $13.35 a barrel below WTI, according to NE2 Canada Inc, 5 cents wider than the previous day's settle. Light synthetic crude from the oil sands for April delivery last traded at $6.50 a barrel over WTI, up 50 cents from Tuesday's [Read more]
Biden administration approves more exports from major U.S. LNG terminals
The U.S. Energy Department said on Wednesday it had authorized additional exports of liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass, Louisiana, and Corpus Christi, Texas, terminals. The approvals allow the terminals flexibility to export the equivalent of 0.72 billion cubic feet per day of LNG to any country with which the United States does not have a free trade agreement, including all of Europe. In addition, every operating U.S. LNG export project has approval to export [Read more]
U.S. natgas up 4% on rising demand outlook, near-record LNG exports
U.S. natural gas futures gained about 4% to a one-week high on Wednesday with U.S. liquefied natural gas (LNG) exports near record highs and forecasts for slightly cooler weather and higher heating demand next week than previously expected. Overall, however, traders said temperatures were mostly expected to remain at above-normal levels through late March, which should allow utilities to start injecting gas into storage next week - about a week earlier than usual. With Russia's invasion of [Read more]
Private equity-backed oil producer Serafina Energy eyes sale
Private equity-backed heavy oil producer Serafina Energy is looking at a possible sale of the company, figuring that high crude prices will boost its value, sources familiar with the matter told Reuters. The company could fetch over C$1 billion ($782 million) if a sale happens at current commodity prices, one of the sources said. Serafina, whose assets are in the province of Saskatchewan, produced 24,400 barrels of oil per day in 2021, according to the Saskatchewan government. Serafina's [Read more]
Oil holds near $100 as Ukraine talks, demand concerns limit gains
Oil steadied above $100 a barrel in a volatile session on Wednesday, as it came under pressure from signs of progress in Russia-Ukraine peace talks and a closely-watched report that cut its forecast of world demand. Ukraine's president said the positions of Ukraine and Russia were sounding more realistic, but time was needed. Russia's foreign minister said some deals with Ukraine were close to being agreed. "Fears of a supply disruption have been tempered by tentative signs of progress in [Read more]
Russian supply blow shakes global oil output picture
Global oil output was already hard pressed to meet the sharp rebound in economic activity in the wake of the COVID pandemic - then came Russia's invasion of Ukraine. The International Energy Agency on Tuesday said sanctions and wary buyers were set to take 3 million barrels of Russian oil and products off the market, setting back hopes of a cooling of commodity prices that have sent inflation to multi-decade highs. "The prospect of large-scale disruptions in Russian production due to [Read more]
Ukraine seeks tougher restrictions at Russian ports over oil
A top economic adviser to Ukrainian President Volodymyr Zelenskiy called on the White House to block American companies from all trade in Russian oil and urged Western oil and gas companies to stop handling the commodity, the New York Times reported on Wednesday. In an interview with the U.S. news outlet overnight, Oleg Ustenko said the companies should hire independent accountants to verify no Russian oil is loaded onto their ships, the Times said. "We need a full embargo, a full boycott. [Read more]
U.S. natgas up 3% on rising demand outlook, near record LNG exports
U.S. natural gas futures gained about 3% on Wednesday with U.S. liquefied natural gas (LNG) exports near record highs and forecasts for slightly cooler weather and higher demand next week than previously expected. Overall, however, traders noted temperatures were expected to remain above normal through late March, which should allow utilities to start injecting gas into storage next week - about a week earlier than usual. With Russia's invasion of Ukraine continuing to stoke global energy [Read more]
Heavy differential widens, synthetic edges higher
The discount on Canadian heavy crude versus the West Texas Intermediate (WTI) benchmark widened slightly on Tuesday, while synthetic crude edged higher as the end of this month's volatile trade window neared. Western Canada Select (WCS) heavy blend for April delivery in Hardisty, Alberta, settled at $13.30 a barrel below WTI, according to NE2 Canada Inc, 15 cents wider than Monday's settle of $13.15 a barrel below the benchmark. The monthly Canadian crude trading window, which lasts from [Read more]
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