Oil prices drifted lower on Friday after rallying the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China and ample supply forecasts. Brent crude futures fell 23 cents, or 0.3%, to $78.87 a barrel by 0420 GMT, and U.S. West Texas Intermediate crude futures (WTI) slid 7 cents to $74.01. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency (IEA) joined [Read more]
US says Houthis launched missiles at tanker ship but no damage caused
The Iran-backed Houthi militia launched two anti-ship ballistic missiles at a U.S.-owned tanker ship late on Thursday that hit the water near the vessel but caused no injuries or damage, the U.S. military said. The incident, the latest amid growing tensions in the Red Sea that have disrupted global trade and raised fears of supply bottlenecks, took place around 9 p.m. Yemen time (1800 GMT), according to a U.S. Central Command post on X, formerly called Twitter. The Houthis, who control [Read more]
North Dakota oil output down by 40% due to extreme cold weather
About 40% of North Dakota's oil output remained shut-in due to extreme cold weather and operational challenges, the state's pipeline authority said on Wednesday. Oil output in the third largest oil producing state was estimated to be down 500,000 barrels per day (bpd) to 550,000 bpd, according to the North Dakota Pipeline Authority. That compared with production outage of 650,000 bpd to 700,000 bpd on Wednesday. (Reporting by Arathy Somasekhar in Houston) [Read more]
Cheap Russian oil cuts OPEC’s share of India imports to record-low 50%
The annual share of OPEC's oil in India's crude imports fell to its lowest level ever in 2023 while that of discounted Russian barrels surged to an all-time high, data obtained from trade and industry sources show. India, the world's third-biggest oil importer and consumer, has long relied on the nearby middle eastern nations for meeting most of its oil needs to cut freight costs. Last year for the first time India imported nearly equal quantities of oil from the Organisation of Petroleum [Read more]
US LNG feedgas cut by Arctic freeze, problems at Freeport LNG
The amount of natural gas flowing to U.S. liquefied natural gas (LNG) export plants dropped to a one-year low this week as an Arctic freeze caused some energy firms to divert fuel to the domestic market and Freeport LNG's facility in Texas experienced mechanical problems. Gas flows to the seven big U.S. LNG export plants have fallen to an average of 13.9 billion cubic feet per day (bcfd) so far in January from a monthly record of 14.7 bcfd in December, according to data from financial firm [Read more]
IEA raises 2024 oil demand forecast but lags OPEC view
The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group. The IEA and the Organization of the Petroleum Exporting Countries (OPEC) have clashed in recent years over issues such as future oil demand. The IEA expects oil demand to peak by 2030 as the world shifts to cleaner fuels, a view OPEC [Read more]
Oil prices up on OPEC demand estimate, Mideast tensions and US output
Oil prices rose on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years and the market eyed disrupted U.S. oil production amid a cold blast, as well as geopolitical tensions in the Middle East. Brent crude futures gained 21 cents, or 0.3%, to $78.09 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.6%, to $72.96. OPEC, in a monthly report, said world oil demand is expected to rise by a robust 1.85 [Read more]
Heavy oil discount widens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Wednesday: * WCS for February delivery in Hardisty, Alberta, settled at $19.40 a barrel under WTI, according to brokerage CalRock, having settled at $17.50 a barrel under the U.S. benchmark on Tuesday. * The Canadian crude market is close to the end of its monthly trading window, which runs from the first of each month until the day before pipeline shipment [Read more]
North Dakota oil production falls by up to 700,000 bpd on extreme cold
Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state's pipeline authority said on Wednesday. The state's oil output fell by 650,000 to 700,000 barrels per day (bpd), according to the North Dakota Pipeline Authority. In October, the state's overall production stood at about 1.27 million bpd, based on the latest available data from the Energy information Administration. Natural [Read more]
US natural gas demand hits record high amid severe cold snap
U.S. homes and businesses used a record amount of natural gas on Tuesday as demand for the fuel for heating and power generation soared during an Arctic blast that also cut gas output to near a 13-month low by freezing wells. The severe winter storm dumped snow across a broad part of the nation on Tuesday, shutting a Gulf Coast refinery in Texas, triggering malfunctions at others, and halving North Dakota's oil production. Despite some isolated cold weather problems, the nation's power and [Read more]
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