The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday. Turk, speaking in a video interview for the Reuters Next conference to be broadcast later on Wednesday, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing if needed. “I [Read more]
U.S. natgas futures drop over 4% to 3-month low on mild weather forecasts
U.S. natural gas futures dropped over 4% on Wednesday to a three-month low on forecasts for mild winter weather, record output and ample amounts of gas in storage. Front-month gas futures for January delivery fell 20.1 cents, or 4.4%, to $4.366 per million British thermal units (mmBtu) at 10:50 a.m. EST (1550 GMT), putting the contract on track for its lowest close since Aug. 31 for a second day in a row. In addition to the collapse in the front-month, the 2022 March-April spread dropped [Read more]
Canada says talks with U.S. over pipeline dispute should start soon
Formal talks between Canada and the United States over a disputed Michigan pipeline should start soon, Ottawa said on Wednesday, the latest development in an affair souring bilateral relations. Last month Canada invoked a 1977 treaty with the United States to trigger negotiations over Enbridge Inc's Line 5, which Michigan wants to shut down on environmental grounds. Michigan's governor said on Tuesday she would dismiss her lawsuit against the pipeline in federal court, clearing the way for [Read more]
Collapse in U.S. natgas prices cut widow maker spread to 20-month low
U.S. natural gas futures dropped to a three-month low on Wednesday along with a collapse in oil prices, cutting the 2022 March-April spread to its lowest in 20 months as gas output rose to record highs and stockpiles remain healthy for the winter. The gas industry calls the March-April spread the "widow maker" because rapid price moves resulting from changing weather forecasts have knocked some speculators out of business, including the Amaranth hedge fund, which lost over $6 billion on gas [Read more]
Oil climbs ahead of OPEC meeting amid Omicron concerns
Oil prices rose on Wednesday, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 97 cents, or 1.44%, to $67.90 a barrel, after a 5.4% drop on Tuesday. Brent crude futures rose 94 cents, or 1.34%, to $71.07 a barrel, after a 3.9% slump on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) [Read more]
OPEC+ starts two days of talks amid oil price gyrations, Omicron fears
OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on energy demand. Oil prices fell to near $70 a barrel on Tuesday, after hitting a three-year high above $86 in October, posting their biggest monthly decline in November since the start of the pandemic, as the new variant raised fears of a glut. In [Read more]
Exxon to continue annual capex at $20 billion to $25 billion through 2027
Exxon Mobil on Wednesday set annual capital spending through 2027 at $20 billion to $25 billion, allocating money to low-carbon projects and extending its previously projected spending rate for two years. Exxon announced last year it planned to spend $16 billion to $19 billion in 2021 and $20 billion to $25 billion from 2022 to 2025. Wall Street has been waiting for Exxon to outline a short list of projects it will pursue and detail those it has decided to eliminate. The approximately 55% [Read more]
Michigan drops federal case against Enbridge pipeline to clear way for state court case
Michigan's governor on Tuesday said she will dismiss her lawsuit against Enbridge Inc's Line 5 oil pipeline in federal court, clearing the way for the Midwestern state's attorney general to pursue a separate case in state court. Governor Gretchen Whitmer said in a statement that she still opposes the 59-year-old oil pipeline, which environmentalists are concerned could leak into the Great Lakes. Line 5 delivers 540,000 barrels per day of crude and refined products from Superior, Wisconsin, [Read more]
Canada’s Come-by-Chance refinery to be renamed Braya Renewable Fuels
Private equity firm Cresta Fund Management closed on the acquisition of a controlling stake in idled Canadian 135,000-barrel-per-day (bpd) Come-by-Chance refinery, renaming it Braya Renewable Fuels, the companies said on Tuesday. The refinery, owned by North Atlantic Refining Ltd (NARL), has been idled for more than a year. Private equity firm Silverpeak previously held the controlling interest. Several refiners since then have announced plans to convert their operations to renewable fuels [Read more]
Alberta says higher energy prices will cut fiscal deficit
High energy prices will help Canada's main oil-producing province of Alberta trim its 2021/22 budget deficit to C$5.8 billion ($4.5 billion) from the C$7.8 billion shortfall forecast in August, the government said on Tuesday. Alberta, whose economy is closely tied to swings in global oil prices, said in a fiscal update that drilling activity and crude production had increased while business output remained solid. Personal and corporate tax revenues will rise, it added. Finance minister [Read more]
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