U.S. crude stocks rose as oil refiners took in less oil, following extreme cold weather that knocked out utilization last month, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels to 427.4 million barrels in the week ended Feb. 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 33,000 barrels in the week, the EIA said. Oil [Read more]
US natgas prices on track for 3-year low on rising output, low LNG feedgas
U.S. natural gas futures eased about 1% on Wednesday after breaking through a key level of technical support as output rises and the amount of gas flowing to liquefied natural gas (LNG) export plants remains low. That puts the contract, which is currently trading at a nine-month low, on track for its lowest close in over three years. Prices declined even though the latest forecasts called for seasonally cold weather and higher heating demand in mid- to late February than previously [Read more]
Big Oil offers record returns to lure investors back
Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the face of an uncertain outlook for fossil fuels. The top five Western oil and gas firms - BP, Chevron, Exxon Mobil, Shell and TotalEnergies - returned to shareholders over $111 billion in dividends and share repurchases in 2023, according to Reuters calculation. That was slightly higher than the $110 billion they [Read more]
US Permian deal frenzy adds to lower oil output growth in 2024
Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers. Reduced growth in the Permian, the largest U.S. oilfield, will be a drag on overall gains in U.S. production. The slowdown comes even as output cuts from the Organization of the Petroleum Exporting Countries and allies (OPEC+) have supported prices, giving an [Read more]
Europe oil product markets hurting as Red Sea attacks delay deliveries, IEA exec says
Delays in oil product deliveries due to ships being diverted avoid attacks in the Red Sea are impacting product markets in Europe in particular, an International Energy Agency executive said on Wednesday. "We’re currently seeing a difficult situation with respect to the Red Sea and the Suez canal," Keisuke Sadamori, IEA's director of energy markets and security, told Reuters on the sidelines of the India Energy Week at Goa, adding that there has been delays in various deliveries of oil [Read more]
Oil ticks up on lower-than-expected rise in U.S. crude stocks
Oil edged higher for a third straight day on Wednesday after industry data showed U.S. oil stocks grew less than expected and the U.S. sharply cut its forecast for the country's oil output growth, easing concerns about potential oversupply. Brent crude futures rose 16 cents, or 0.2%, to $78.75 a barrel as of 0417 GMT, while U.S. West Texas Intermediate crude climbed 20 cents, or 0.3%, to $73.51. American Petroleum Institute figures showed U.S. crude stocks rose 670,000 barrels in the [Read more]
Heavy oil discount widens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) deepened on Tuesday: * WCS for March delivery in Hardisty, Alberta, settled at $19.45 a barrel under WTI, according to brokerage CalRock, having closed at $18.85 per barrel below the U.S. benchmark on Monday. * Canadian heavy crude prices are widening due to the ongoing shutdown of BP's 435,000 barrel-per-day Whiting refinery, which is a major buyer of WCS, and further [Read more]
Exxon raises Guyana’s oil production to about 645,000 barrels per day
A consortium led by Exxon Mobil Corp which controls all oil production in Guyana is pumping about 645,000 barrels per day (bpd) in the South American country, up from about 400,000 bpd in late 2023, the U.S. producer said at a press conference on Tuesday. Guyana has emerged as the world's fastest-growing new oil province in a decade with discoveries of more than 11 billion barrels of oil and gas by Exxon and its partners Hess Corp and CNOOC Ltd. Exxon said that all three platforms [Read more]
US natgas output and demand to hit record highs in 2024 – EIA
U.S. natural gas production and demand will rise to record highs in 2024, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected dry gas production will rise to 104.37 billion cubic feet per day (bcfd) in 2024 and 106.46 bcfd in 2025 from a record 103.75 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 88.96 bcfd in 2023 to 90.64 bcfd in 2024 before easing to 89.55 bcfd in [Read more]
US crude production to rise to 13.21 million bpd in 2024 – EIA
U.S. crude oil production will rise to 13.21 million barrels per day (bpd) in 2024 the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday, which lowered expectation for U.S. crude growth by 120,000 bpd. The EIA projected that crude production will rise by 170,000 bpd this year; down from the previous forecasted rise of 290,000 bpd. In December, U.S. crude oil production was estimated to have reached an all time high of 13.3 million bpd. [Read more]
- « Previous Page
- 1
- …
- 47
- 48
- 49
- 50
- 51
- …
- 619
- Next Page »