U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid November, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future output, fell by three to 620 in the week to Dec. 21, the lowest since mid November. Baker Hughes said that put the total rig count down 159 rigs, or 20%, below this time last year. Baker Hughes said U.S. [Read more]
Oil extends weekly gains, up 1% as Red Sea tension persists
Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC raised questions over the group's effectiveness in supporting prices. Brent crude futures were up 86 cents, or 1.1%, to $80.25 a barrel by 0409 GMT, while U.S. West Texas Intermediate crude futures were up 81 cents, or 1.1%, at $74.70 a barrel. Both the contracts are also up over 4% for a second consecutive week, as [Read more]
Angola’s OPEC exit is a sideshow with a hard edge
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.) LONDON, Dec 21 (Reuters Breakingviews) - OPEC’s un-Merry Christmas just got gloomier. Less than a month after fresh cuts by the Organization of the Petroleum Exporting Countries that nevertheless saw oil prices fall, Angola said on Thursday it was quitting the 13-strong group. It’s a minor rumpus that points to longer-term fissures. The African state’s exit isn’t hugely surprising: it has chafed [Read more]
US natgas prices gain 2% on cooler forecasts ahead of storage report
U.S. natural gas futures gained about 2% on Thursday on forecasts for colder weather and higher heating demand in early January than previously expected and as record amount of gas continued to flow to liquefied natural gas (LNG) export plants. That price increase came ahead of a federal report expected to show last week's storage withdrawal was smaller than usual for this time of year because warmer-than-normal weather kept heating demand low. Analysts forecast U.S. utilities pulled 80 [Read more]
Oil set to end winning streak over US stock build
Oil prices fell on Thursday and were on track to snap a three-day winning streak, as concerns over low demand following a surprise U.S. crude inventory build outweighed jitters over global trade disruptions due to tensions in the Middle East. Brent crude futures fell 22 cents, or 0.3%, to $79.48 a barrel by 0303 GMT while U.S. West Texas Intermediate crude was at $74 a barrel, also down 22 cents or 0.3%. Both benchmarks ended higher on Wednesday for a third straight session, as [Read more]
US natgas prices slide 2% on record output and mild weather
U.S. natural gas futures slid about 2% on Wednesday on record gas production and lowered forecasts for temperatures and heating demand next week that should allow utilities to keep pulling less gas from storage than usual through the end of December. Analysts forecast there was around 8.7% more gas in storage than usual for this time of year. Still, record amounts of gas flowed to liquefied natural gas (LNG) export plants and forecasts were lifted for gas demand this week. Front-month [Read more]
US Gulf of Mexico oil auction is largest since 2015
A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025. The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally. Shell, Hess, Anadarko, BP, Chevron, Repsol and Equinor were among the 26 companies that participated in the sale. Anadarko had the auction's highest bid of more than $25 million [Read more]
Optimism wanes, uncertainty increases for oil companies, Dallas Fed survey shows
Oil and gas activity remained essentially unchanged and optimism waned as uncertainty jumped, a survey of oil and gas executives by the Dallas Federal Reserve Bank showed. Some of that uncertainty is centered around the lower average oil prices in the fourth quarter and questions over OPEC's ability to influence oil prices, said the Bank's Director of Research Chiara Scotti. "The company outlook for E&P firms changed more drastically, as the company outlook index for these firms fell [Read more]
US to hold Gulf of Mexico oil auction after string of delays
The Biden administration on Wednesday will hold an auction of oil and gas leases in the Gulf of Mexico following several delays due to litigation over the drilling industry's impact on an endangered species of whale. The sale will likely be the last opportunity for oil and gas companies to bid on Gulf of Mexico acreage until 2025, according to the administration's five year schedule, which includes a historically low number of planned lease auctions. The sale of more than 72.7 million [Read more]
Oil steady as traders monitor Red Sea tensions, U.S. supply
Oil was little changed on Wednesday as investors kept an eye on the situation in the Red Sea after the recent attacks by Iran-aligned Yemeni Houthi militants. Brent crude futures dipped 8 cents, or 0.1%, to $79.15 a barrel by 0507 GMT, while U.S. West Texas Intermediate crude was unchanged at $73.94 a barrel. The benchmarks rose more than 1% on Tuesday amid jitters over global trade disruption and geopolitical tensions in the Middle East, following Houthi attacks on ships in the Red [Read more]
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