Canadian heavy and synthetic crude differentials weakened slightly on Monday. Light synthetic crude from the oil sands for April delivery settled at $5.85 per barrel over the West Texas Intermediate (WTI) benchmark, according to NE2 Canada Inc, down from Friday's settle of $5.95 per barrel over WTI. Synthetic prices surged sharply higher to a peak of $6.85 a barrel over WTI last week, and one industry source in Calgary said prices were easing after being over-bought. Western Canada [Read more]
U.S. natgas futures ease on rising output, milder weather
U.S. natural gas futures slid on Monday as output slowly rises and the weather turns milder than normal for this time of year, which should allow utilities to start injecting gas into storage next week - about a week earlier than usual. That price decline came even though global gas prices continued to trade around eight times over U.S. futures, keeping demand for U.S. liquefied natural gas (LNG) exports at a record high. U.S. LNG exports have remained strong for months as global oil and [Read more]
Oil prices fall, continuing downward trend from last week
Oil prices fell on Sunday at the start of the session, extending last week's decline, as a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine. WTI crude futures fell $5.68, or 5.37%, to $103.31 a barrel. Brent crude futures fell $5.66, or 5.04%, to $106.61 a barrel. Russia's invasion of Ukraine in late February, which Moscow calls a "special operation," has roiled energy markets globally. Brent last week was down 4.8% after [Read more]
Synthetic edges lower after recent surge
Canadian heavy crude differentials strengthened slightly on Friday, while synthetic crude weakened but remained near elevated levels. Light synthetic crude from the oil sands for April delivery settled at $5.95 per barrel over the West Texas Intermediate (WTI) benchmark, according to NE2 Canada Inc, down from Thursday's settle of $6.05 per barrel over WTI. Synthetic surged to a peak of $6.85 earlier in the week as traders in Canada and the United States scrambled to secure supplies of [Read more]
Countries and companies shun Russian crude over Ukraine invasion
Russian gas flows to Europe remain stable, but Moscow is starting to face problems in selling its crude oil and oil products as Western sanctions over Russia's invasion of Ukraine and voluntary actions by buyers starting to bite. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers, despite record discounts offered for Russian benchmark Urals. The United States imposed a wide ban on Russian oil and gas imports on March 8, and Britain said it would phase out [Read more]
U.S. drillers add oil and gas rigs for ninth time in 10 weeks
U.S. energy firms this week added oil and natural gas rigs for the ninth time in 10 weeks after Russia's invasion of Ukraine drove crude prices to their highest since 2008. The oil and gas rig count, an early indicator of future output, rose 13 to 663 in the week to March 11, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 261 rigs, or 65%, over this time last year. U.S. [Read more]
Oil steadies amid supply doubts, but heads for sharp weekly decline
Oil prices stabilised on Friday and were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers. U.S. West Texas Intermediate (WTI) crude futures were up $1.45, or 1.37%, to $107.16 a barrel, following a 2.5% decline on Thursday. Brent crude futures climbed $1.38, or 1.26% to $110.66 a barrel after dropping 1.6% in the previous session. In a week of volatile [Read more]
U.S. natgas futures up 2% on lower output, record LNG exports
U.S. natural gas futures rose about 2% on Friday as cold weather was set to cut output to its lowest in a month and as near-record liquefied natural gas (LNG) exports caused utilities to pull so much gas out of storage that stockpiles were now 16% below normal for this time of year. That increase came despite forecasts for output to rise and the weather to remain mild over the next two weeks, which should allow utilities to start adding gas back into storage in about two weeks - about a week [Read more]
As oil prices soar, U.S. shale, OPEC in no rush to resume price war
U.S. shale producers and OPEC, who not long ago were waging a price war, this week found themselves on similar sides as oil prices have surged well above $100 a barrel: in no rush to rapidly boost production. Less than a decade ago, OPEC was flooding the market with oil in a bid to drive out U.S. producers, who were enjoying surging production as improvements in hydraulic fracturing brought on the so-called "shale boom." But on Monday night, at an oil conference in Houston, both sides [Read more]
You still need us, UAE tells U.S. as it flexes Gulf oil muscles
By single-handedly knocking 13% off rocketing oil prices on one day this week, the United Arab Emirates demonstrated the power Gulf producers wield in the market and sent a wake-up call to Washington to pay closer attention to its longtime allies. OPEC heavyweights Saudi Arabia and the UAE, which both bear grudges against Washington, have snubbed U.S. pleas to use their spare output capacity to tame rampant crude prices which threaten global recession after Russia's invasion of [Read more]
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