The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Monday as the new monthly trade cycle got underway: * WCS for July delivery in Hardisty, Alberta, traded at $12.50 a barrel below WTI, according to brokerage CalRock, having settled at $11.75 a barrel under the benchmark on Friday. * Canadian heavy crude prices remain relatively strong, however, gaining support from increased access to global markets via the [Read more]
US buys 3 million barrels of oil for Strategic Petroleum Reserve
The U.S. is buying another 3 million barrels of oil for the country's Strategic Petroleum Reserve, the Department of Energy said on Monday, as it slowly replenishes the stockpile after the largest sale ever in 2022. The oil, which is for delivery to the SPR in November, is being purchased at an average price of $77.69 per barrel, the department said. The replenishment of the SPR is needed after President Joe Biden ordered the sale of 180 million barrels over six months in 2022 in an effort [Read more]
US Henry Hub natgas prices fall to four-year low in May
U.S. spot natural gas prices at the Henry Hub benchmark in Louisiana fell to a four-year low in May, according to data from financial firm LSEG. Gas prices averaged $2.12 per million British thermal units (mmBtu) in May, their lowest since falling to a 25-year low of $1.75 during the month in 2020. That compares with $2.15 in May 2023 and a five-year (2019-2023) average for the month of $3.52. So far in 2024, prices at the Henry Hub have averaged around $2.03 per mmBtu. In calendar [Read more]
US oil futures draw renewed interest from hedge funds: Kemp
Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024. Hedge funds and other money managers purchased the equivalent of 21 million barrels in the six most important futures and options contracts over the seven days ending on May 28. The purchases were the first after six weeks of sales totalling 304 million barrels since April 9, [Read more]
US LNG exports rise in May as Freeport LNG returns to production
U.S. exports of liquefied natural gas (LNG) rebounded in May as Freeport LNG, the country's second-largest exporter of the superchilled gas, returned to full production and as more supplies flowed to Asia, preliminary data from LSEG showed. The U.S. is the world's largest exporter of LNG and a key supplier to Europe since Russia's invasion of Ukraine, but overall exports declined for four consecutive months this year, data from the financial firm showed on Monday. There have been [Read more]
Chinese refiner Rongsheng buys its first Canadian TMX crude oil cargo
Chinese refiner Rongsheng Petrochemical has bought its first Canadian crude cargo via the recently expanded Trans Mountain pipeline (TMX) from TotalEnergies through a tender, several trade sources said on Monday. The 500,000-barrel cargo of Access Western Blend (AWB) crude will be delivered to Rongsheng's refinery in Zhoushan in August, they added. AWB is a type of heavy and highly acidic diluted bitumen produced by Canadian Natural Resources and MEG Energy. The price was not [Read more]
Tokyo Gas seeks more US natural gas assets, president says
Japan's top city gas supplier Tokyo Gas is looking to add more U.S. natural gas assets, its president said on Monday, as it aims to expand its gas-related businesses in North America after its recent acquisition of a U.S. shale gas producer. The Japanese company paid $2.7 billion to acquire Texas-based natural gas producer Rockcliff Energy in December and agreed to purchase a 49% stake in North American energy marketing and trading firm ARM Energy Trading in February. "We would still [Read more]
Goldman Sachs says OPEC+ meet is bearish
Goldman Sachs said it viewed the OPEC+ meeting as bearish despite the output cuts extension, and expected downside risks to the $75-$90 Brent price range as some countries had already signaled the gradual phaseout of extra voluntary cuts. The Organization of the Petroleum Exporting Countries and its allies including Russia, agreed a complex deal on Sunday to extend their deep production cuts well into 2025. OPEC+ members are currently cutting output by a total of 5.86 million barrels per [Read more]
Oil steadies as investors weigh OPEC+ output cut extension
Oil prices were little changed on Monday, as investors weighed a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 4 cents, or 0.05%, to $81.07 a barrel at 0344 GMT, after falling to a session low of $80.55. U.S. West Texas Intermediate (WTI) crude futures for July delivery slipped 1 cent, or 0.01%, to $76.98, after falling to $76.39 earlier. Brent settled down 0.6% and WTI posted a 1% loss last week. The Organization [Read more]
Saudi Arabia kicks off landmark Aramco share sale to raise up to $13 billion
Saudi Arabia kicked off a secondary share sale in oil giant Aramco on Sunday, a landmark deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom's assets. The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with trading expected to start next Sunday on Riyadh's Saudi Exchange. The offering will be a gauge of Riyadh's appeal to foreign investors, a key plank of the kingdom's ambitious [Read more]
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