U.S. energy firms this week added oil and natural gas rigs for a second week in a row as demand for energy keeps growing after last year's coronavirus demand destruction. The oil and gas rig count, an early indicator of future output, rose three to 579 in the week to Dec. 17, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. Even though the rig count has been rising for a record 16 months in a row, analysts noted that oil [Read more]
Oil prices head for weekly loss on Omicron coronavirus uncertainty
Oil prices dipped on Friday, putting the market on track for a weekly loss, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand, while a weaker dollar supported commodity markets broadly. U.S. West Texas Intermediate (WTI) crude futures dropped 95 cents, or 1.32%, to $71.01 a barrel. Brent crude futures fell 96 cents, or 1.29%, to $73.64 a barrel. Brent is headed for a 1.2% loss this week, while WTI is poised to finish the week down [Read more]
U.S. natgas falls 3% to one-week low on milder weather forecasts
U.S. natural gas futures fell about 3% on Friday to a one-week low on record output and forecasts for milder weather through late December than previously expected. Mostly mild weather since mid-November has kept heating demand low and allowed utilities to leave so much gas in storage that there will soon be more of the fuel in stockpiles than is usual for the time of year for the first time since April. The U.S. futures decline came despite near record gas prices in Europe and Asia that [Read more]
U.S. natgas climbs 2% on colder weather forecasts, soaring global prices
U.S. natural gas futures rose about 2% on Thursday on forecasts for colder weather and higher heating use over the next two weeks, and as record gas prices in Europe and Asia keep demand for U.S. liquefied natural gas (LNG) exports strong. That U.S. price increase occurred despite near record-high U.S. gas production and an expected, smaller-than-usual storage withdrawal last week due to mild weather. The U.S. Energy Information Administration (EIA) said utilities pulled 88 billion cubic [Read more]
Oil prices steady as U.S. fuel demand jumps despite virus surge
Oil prices were steady on Thursday as U.S. implied consumer petroleum demand surged to a record high in the world's top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally. A signal by the U.S. Federal Reserve to tackle inflation before it derails the U.S. economy also boosted prices. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.11%, to $71.40. Brent crude oil futures dropped 4 cents, or 0.5%, to $74.28 a [Read more]
About half of U.S. oil pipeline space is empty after boom time building spree
About half of U.S. oil pipeline space is sitting unused, heating up competition for barrels in higher-output areas like the Permian Basin in Texas. Overall U.S. pipeline capacity utilization is at around 50%, compared with a range of 60% to 70% headed into early 2020 before the coronavirus pandemic hit, according to consultancy Wood Mackenzie. Pipelines overall are now half-full, as production, which surged to 13 million barrels per day in early 2020 to make the United States the top oil [Read more]
U.S. natgas climbs near 4% ahead of storage report on cold forecast
U.S. natural gas futures rose almost 4% on Thursday to a near two-week high on forecasts for colder weather and higher heating use over the next two weeks, and as record gas prices in Europe and Asia keep demand for U.S. liquefied natural gas (LNG) exports strong. That price increase came despite near record U.S. gas production and ahead of a federal report expected to show mild weather last week, enabling utilities to remove less gas from storage than is usual for this time of the [Read more]
Enbridge removes Michigan’s oil pipeline lawsuit to federal court
Enbridge Inc on Wednesday removed to U.S. federal court a lawsuit filed by Michigan's attorney general against its Line 5 oil pipeline, the latest in a long-running dispute between the Canadian company and the Midwestern state. The lawsuit had originally been filed in state court in June 2019 by Michigan Attorney General Dana Nessel, who has the option of trying to prevent its removal to federal court. Her office did not immediately respond to a request for comment. Line 5 ships 540,000 [Read more]
Oil prices slip 1% on bets that crude supply growth will exceed demand
Oil prices fell for a third day straight on Wednesday on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not seen curbing mobility as sharply as earlier COVID-19 variants. U.S. West Texas Intermediate (WTI) crude futures fell 45 cents, or 0.64%, to $69.82 a barrel, after losing 56 cents in the previous session. Brent crude futures fell 32 cents, or 0.44%, to $72.91 a barrel, after losing 69 cents on Tuesday. Both [Read more]
Heavy crude tightens slightly on last day of trade cycle
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday, the last day of the monthly Canadian crude trading window. Western Canada Select heavy blend crude for January delivery in Hardisty, Alberta, last traded at $16.30 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $16.45 per barrel below the U.S. crude benchmark on Monday. Canadian heavy crude is being supported by stronger heavy oil demand on the U.S. [Read more]
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