Oil prices have risen to their highest for more than seven years, climbing above levels that triggered a U.S.-led release of strategic petroleum reserves last November. Policymakers may be less likely to respond at this time as consumers and businesses have had more time to grow accustomed to prices around current levels. However, if prices rise nearer to $100 per barrel and look like they will continue increasing, the probability of intervention will grow rapidly. In the advanced [Read more]
Icy weather cuts U.S. natgas output to four-month low
U.S. natural gas production was on track to drop to its lowest since September as extreme cold blankets much of the country and freezes gas wells in Texas and other producing states, according to energy traders and data from Refinitiv. The output drop reminds the market of last year's February freeze when Winter Storm Uri killed over 200 people in Texas, caused power and gas prices to spike to record highs in many parts of the country and left around 4.5 million Texas homes and businesses [Read more]
Oil rises to 7-year high as Turkey outage adds to tight supply outlook
Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates. U.S. West Texas Intermediate (WTI) crude futures climbed 6 cents, or 0.07%, to $86.58 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to a high of $87.08, its highest since Oct. 9, 2014. Brent crude futures slightly dipped 25 cents, or 0.26%, to [Read more]
Oil market headed for surplus as Omicron impact muted
Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up despite the spread of the Omicron coronavirus variant. "This time around, the surge is having a more muted impact on oil use," the Paris-based IEA said in its monthly oil report. "While the steady rise in supply could see a significant surplus materialise in 1Q22 and going forward, available data suggest that 2022 [Read more]
U.S. natgas futures slip to one-week low on less cold forecasts
U.S. natural gas futures slipped to a one-week low on Wednesday on forecasts for less cold and lower heating demand through the end of January than previously expected. Also weighing on U.S. futures was a 7% drop in European gas prices. The U.S. market, however, has focused on changes in U.S. weather and domestic supply and demand since the start of the new year, rather than what is happening around the world. So far in 2022, U.S. gas has followed European prices less than half the time [Read more]
Mexico Pacific says it will double LNG processing capacity at proposed plant
U.S.-based Mexico Pacific Ltd said on Tuesday it plans to double the potential capacity of its proposed liquefied natural gas (LNG) project in Puerto Libertad, on Mexico's west coast. The project now aims to produce 28 million tonnes per annum (mtpa) of LNG from six gas-processing trains, up from the original 14 mpta from three trains, Chief Executive Douglas Shanda told Reuters. The privately-held developer is looking to have financing approvals for the first two trains in the second quarter, [Read more]
White House: We have more ‘tools’ to address rising oil prices
The White House said on Tuesday that "tools continue to remain on the table" if the administration needs to address a rise in oil prices that could threaten the economic recovery. "We continue to work with producer and consumer countries and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices," said Emily Horne, spokesperson for the administration's National Security Council. "We will continue to monitor prices in the [Read more]
Oil rises to more than 7-year high on Mideast tensions
Oil prices rose on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition. The "new geopolitical tension added to ongoing signs of tightness across the market," ANZ Research analyst said in a note. U.S. West Texas Intermediate (WTI) crude futures jumped 59 cents, or 0.70%, to $84.83 a barrel, exceeding its [Read more]
U.S. natgas futures edge up on colder forecasts
U.S. natural gas futures edged up on Tuesday on forecasts for colder weather and higher heating demand over the next two weeks than previously forecast before the long Martin Luther King Jr Day holiday weekend. In a reminder of last winter's February freeze, traders noted daily gas demand was expected to reach record highs on Friday as frigid weather blankets much of the United States later this week. Front-month gas futures for February delivery on the New York Mercantile Exchange (NYMEX) [Read more]
Heavy crude discount narrows on final day of trade cycle
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude narrowed 10 cents on Monday, the final day of the monthly trading window. Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $12.80 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $12.90 per barrel below the U.S. crude benchmark on Friday. WCS's outright value is more than $71 a barrel thanks to strong benchmark prices and [Read more]
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