U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. For the year, however, the rig count was down by 157 after gaining 193 in 2022 and 235 in 2021. The oil and gas rig count, an early indicator of future output, rose by 2 to 622 in the week to Dec. 29. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Chizu Nomiyama) [Read more]
US natgas prices set for biggest annual drop since 2006
U.S. natural gas futures slipped on Friday and were set to end the year with the biggest percentage fall since at least 2006, under pressure from record production, ample inventories in storage, and relatively mild weather conditions. Front-month gas futures for February delivery on the New York Mercantile Exchange were down 4 cents, or 1.5%, at $2.52 per million British thermal units as of 10:05 a.m. EST. The front-month contract has fallen more than 43% so far in 2023, its first annual [Read more]
U.S. drivers hope for lower pump prices in 2024 as gasoline stocks climb
American drivers can expect lower motor fuel costs for a second-straight year in 2024 as a jump in global refining capacity and a surplus in U.S. gasoline stocks drive down retail prices, according to analysts' forecasts. The U.S. national average retail gasoline price could drop by 13 cents next year to $3.38 a gallon, according to price tracker GasBuddy.com's annual outlook. The U.S. Energy Information Administration is expecting a bigger, 17-cent drop in next year's average pump price, [Read more]
Oil prices to end year 10% lower as demand concerns snap winning streak
Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 18 cents, or 0.2%, at $77.33 a barrel at 0126 GMT on Friday, the last trading day of 2023, while the U.S. West Texas Intermediate (WTI) crude futures were trading 11 cents higher at $71.88 a barrel in early Asian trade. At these levels, both benchmarks [Read more]
US natgas prices trade below three-week peak ahead of storage report
U.S. natural gas futures traded below the previous session's three-week high on Thursday as investors awaited a weekly storage report due later in the day. Front-month gas futures for February delivery on the New York Mercantile Exchange were trading around $2.53 per million British thermal units as of 10:08 a.m. EST. Prices rose as much as 6.8% to hit a three-week high of $2.72 in the previous session. "Mostly its the weather, that's helping prices as we've seen some cold in U.S. maps [Read more]
US crude inventories seen down last week, products likely rose
U.S. crude stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, an extended Reuters poll showed on Wednesday. Seven analysts polled by Reuters estimated on average that crude inventories fell by about 2.7 million barrels in the week to Dec. 22. The poll was conducted ahead of reports from the American Petroleum Institute industry group, due at 4:30 p.m. EST (2130 GMT) on Wednesday, and the Energy Information Administration, the [Read more]
Oil producers Canadian Natural, MEG urge regulator to back Trans Mountain request
Canadian oil producers Canadian Natural Resources and MEG Energy are urging the country's energy regulator to approve Trans Mountain Corp's latest request for a change to building its pipeline expansion, saying timely completion is critical. Canadian Natural and MEG hold long-term contracts to ship crude on the Canadian government-owned Trans Mountain from Alberta to the British Columbia coast. The long-delayed expansion will nearly triple crude shipments to 890,000 barrels per day once it [Read more]
US natgas prices jump 5% ahead of contract expiration
U.S. natural gas futures climbed more than 5% to a three-week high on Wednesday as the expiration of the January contract helped push up prices, while the outlook for colder weather also lent support. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 13.8 cents, or 5.4%, at $2.69 per million British thermal units (mmBtu) at 10:23 A.M. EST (1523 GMT). Prices slipped by about 6% on Tuesday. The January contract expires as the front month on Wednesday and [Read more]
TotalEnergies to sell shares of LNG developer NextDecade
NextDecade said TotalEnergies has offered to sell a 17.5% stake in the U.S. liquified natural gas company. The offering by a unit of French oil major TotalEnergies includes 44.9 million shares of NextDecade, the company said in a filing dated Dec. 22. The shares were bought for $219 million in June as part of a broader deal for the development of NextDecade's Rio Grande LNG export project in south Texas that has faced repeated delays. NextDecade, which signed a contract to supply 5.4 [Read more]
Oil steady as market monitors Red Sea developments
Oil prices were little changed on Wednesday as investors monitored Red Sea developments, with some major shippers resuming passage through the area despite continued attacks and broader Middle East tensions. Brent crude futures dipped 5 cents, or 0.1%, at $81.02 a barrel by 0415 GMT, while U.S. West Texas Intermediate crude edged down 12 cents, or 0.2%, at $75.45 a barrel. The benchmarks settled more than 2% higher in the previous session as further attacks on ships in the Red Sea [Read more]
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