The largest U.S. shale basin's output will surge to a record in March, according to a monthly forecast from the U.S. Energy Information Administration (EIA) on Monday. The largest U.S. crude basin, the Permian basin of Texas and New Mexico, is expected to have an output increase of 71,000 barrels per day (bpd) to 5.205 million bpd, the EIA said. Overall, crude output from U.S. major shale formations will rise about 109,000 bpd to 8.707 million in March, the highest since March 2020, [Read more]
U.S. natgas futures rise over 4% on spike in European prices
U.S. natural gas futures rose by more than 4% on Monday after a 10% spike in European gas prices on expectations that U.S. liquefied natural gas (LNG) exports will remain near record highs as long as there is a possibility of Russia invading Ukraine and cutting gas supplies to the rest of Europe. U.S. prices also gained support from forecasts for more U.S. demand over the next two weeks than previously expected despite a milder than normal weather outlook for the rest of February, and as [Read more]
Oil eases as Ukraine hints at concessions to Russia
Oil eased on Monday, after earlier hitting its highest in more than seven years, as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that Western governments say are on the brink of war. U.S. West Texas Intermediate (WTI) crude dropped $1.10, or 1.17%, to $92.77 a barrel, after hovering near a session-high of $94.94, the loftiest since September 2014. Brent crude was down $1.02, or 1.07%, at $93.90 a barrel, after earlier hitting a peak [Read more]
U.S. supplies give China muscle to become major force in global LNG trade
Chinese firms are set to become a major trading force in the global liquefied natural gas market in coming years, thanks to liberalisations at home and recently signed long term contracts for record amounts of LNG from U.S. suppliers. Setting their sights beyond the domestic market, state-run Sinopec Corp, Sinochem Group, privately-controlled ENN Natural Gas Co and China Gas are building up trading teams from Beijing, Singapore to London. China's push into the international LNG market [Read more]
Europe’s banks fund oil and gas expansion despite IEA warning
European banks are providing billions of dollars of funding to expand oil and gas production, a report on Monday showed, despite a warning from International Energy Agency. Last year, 25 of the region's leading banks collectively provided $55 billion to energy companies planning to expand oil and gas production, responsible investment non-profit ShareAction said in the report. Although that marked a fall from the $106 billion lent in 2020 and $83 billion in 2019, it was above the $49 [Read more]
Devon Energy Corp expected to post earnings of $1.24 a share
Devon Energy Corp is expected to show a rise in quarterly revenue when it reports results on February 15. The Oklahoma City Oklahoma-based company is expected to report a 194.0% increase in revenue to $3.764 billion from $1.28 billion a year ago, according to the mean estimate from 8 analysts, based on Refinitiv data. Refinitiv's mean analyst estimate for Devon Energy Corp is for earnings of $1.24 per share. For the same quarter last year, the company reported breakeven results per [Read more]
Heavy crude discount unchanged
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude was steady on Friday, the last day of the monthly trade cycle. Western Canada Select heavy blend crude for March delivery in Hardisty, Alberta last traded at $13.45 per barrel below the WTI benchmark, according to NE2 Canada Inc, unchanged from the previous day's settle. Friday is the final day of the monthly trading window, in which the bulk of Canadian crude market activity takes place. Light [Read more]
U.S. drillers add most oil rigs in a week since Feb 2018
U.S. energy firms this week added the most oil rigs in four years as crude prices held near their highest since 2014, prompting drillers to seek more profit. The oil and gas rig count, an early indicator of future output, rose 22 in the week to Feb. 11, in it biggest hike since February 2018. At 635, the count was at its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Baker Hughes said the total rig count up 238, or 60%, over [Read more]
U.S. natgas futures slide to 3-week low on jump in output
U.S. natural gas futures slipped over 1% to a fresh three-week low on Friday as output starts to recover quickly from last week's freezing weather and on forecasts confirming the weather will remain warmer than normal for the next two weeks. After weeks of near record volatility, front-month gas futures for March delivery fell 6.1 cents, or 1.5%, to $3.898 per million British thermal units at 11:03 a.m. EST (1603 GMT), putting the contract on track for its lowest close since Jan. 20 for a [Read more]
Oil prices gain after IEA says market tight
Oil prices rose on Friday after the International Energy Agency (IEA) said oil markets were tight, but were still headed for weekly losses on inflation worries and U.S.-Iran, which could boost global supplies. U.S. West Texas Intermediate crude climbed 93 cents, or 1.03%, to $90.92 a barrel. Brent crude futures rose $1.04, or 1.14%, to $92.44 a barrel. The benchmark oil prices are also in line for their first weekly decline after seven consecutive weekly gains, though both contracts had [Read more]
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