U.S. liquefied natural gas (LNG) developers are on track to approve three export projects capable of processing 5.1 billion cubic feet per day (bcfd) of gas in the first half of the year, a record volume for new LNG projects in any year. The U.S. became the world's largest LNG producer by installed capacity in 2022 driven by the boom in LNG plant construction and a decade of surging shale gas discoveries. U.S. LNG exports are poised to reach 12.1 bcfd this year and 12.7 bcfd next year. The [Read more]
Oil resumes slide on demand worries after UK rate hike
Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. Brent futures slipped 51 cents, or 0.4%, to $73.76 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 42 cents, or 0.6%, at $69.09 at 0240 GMT. "Recession fears mount again following central banks' rate hikes and a hawkish [Read more]
US crude inventories post surprise draw, fuel stocks rise – EIA
U.S. crude stocks posted a surprise draw in the last week, helped by strong export demand and low imports, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell by 3.8 million barrels to 463.3 million barrels in the week to June 16, compared with analysts' expectations in a Reuters poll for a 300,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell 98,000 barrels, EIA said. U.S. West Texas [Read more]
US natgas eases 1% on lower demand forecasts, ahead of storage report
U.S. natural gas futures eased about 1% on Thursday on forecasts for lower demand next week due in part to ongoing work at several U.S. liquefied natural gas (LNG) export terminals that is keeping the amount of gas flowing to the plants low. The price decline also came ahead of a federal report expected to show a bigger-than-usual storage build last week when mild weather reduced the amount of gas that power generators burned to meet air conditioning demand. Analysts forecast that U.S. [Read more]
Oil eases on uncertain demand, market eyes US inventory data
Oil futures dipped on Thursday amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official U.S. inventory data following an industry report that showed an unexpected draw in crude stocks. Brent futures fell 20 cents, or 0.3%, to $76.92 a barrel at 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $72.34. The benchmarks had gained a dollar a barrel in the previous session as U.S. [Read more]
US shale’s muted reply to OPEC oil cuts to limit supply, executive says
Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday. U.S. energy firms have cut domestic oil and gas drilling activity to the lowest level since April 2022 with declines from Texas to Pennsylvania. Analysts expect further cuts this year with oil and gas prices off from last year's strong levels. "We're a short term away from [Read more]
US natgas futures steady as low LNG feedgas offsets hot forecasts
U.S. natural gas futures held steady on Wednesday as the drop in output in recent weeks and forecasts for the weather to remain hot through at least early July offset expectations the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants will remain low due to maintenance work. In Texas, meanwhile, the power grid operator again projected electric use would break a record - this time on Wednesday - after forecast usage fell short of the all-time high on Tuesday as consumers [Read more]
Oil rises as hawkish Fed talk expectations offset China demand worries
Oil prices rebounded early on Wednesday, recovering after two straight sessions of losses, as expectations of hawkish Federal Reserve talk later in day and possible U.S. crude stock drawdowns outweighed China demand worries. Brent futures firmed 23 cents to $76.13 a barrel and U.S. West Texas Intermediate (WTI) crude futures inched up 26 cents to $71.45 a barrel as of 0611 GMT. "We expect Fed Chair (Jerome) Powell to deliver a hawkish semi-annual testimony to Congress reflecting the FOMC's [Read more]
US natgas futures hold near 3-month high on hot forecasts
U.S. natural gas futures held near a three-month high on Tuesday on a drop in output and forecasts that hot weather over the next two weeks will force generators to burn lots of gas to produce power for air conditioning, especially in Texas. Prices held steady despite forecasts for less demand over the next two weeks than previously expected as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants declines due to maintenance outages at several facilities. Power prices [Read more]
Oil slips as China benchmark rate cuts less aggressive than expected
Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world's largest crude importer. Brent crude was down 5 cents at $76.04 a barrel at 0310 GMT. U.S. West Texas Intermediate (WTI) crude for July was down 99 cents from Friday's close at $70.79. The July contract expires at the end of trade on Tuesday. The more active WTI crude contract for August delivery was down 71 cents from Friday at [Read more]
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