Oil prices were little changed on Tuesday amid uncertainty over voluntary output cuts by OPEC+, continued tension in the Middle East and weak economic data from the U.S. Brent crude futures ticked down 1 cent to $78.02 a barrel by 0402 GMT, while U.S. West Texas Intermediate crude futures were up 5 cents at $73.09 a barrel. Comments by Saudi Arabia's energy minister that OPEC+ production cuts could continue past the first quarter of 2024 if needed lent some support to the market, said [Read more]
US crude stockpiles seen down last week, products likely rose
U.S. stockpiles of crude oil were estimated to have declined last week while gasoline and distillate were seen building, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average that crude inventories fell by about 2.3 million barrels in the week to Dec. 1. The poll was conducted ahead of reports from the American Petroleum Institute industry group, due at 4:30 p.m. EST (2130 GMT) on Tuesday, and the Energy Information Administration, the [Read more]
US natgas prices drops 5% on mild weather view, record output
U.S. natural gas futures fell more than 5% on Monday on record output and forecasts for mild weather that should limit heating demand. Front-month gas futures for January delivery on the New York Mercantile Exchange traded 14.2 cents lower, or 5.1%, to $2.67 per million British thermal units at 11:00 a.m. EST (1600 GMT), after hitting a two-month low earlier in the session. "Supply increases along with the milder weather pattern, which is expected to limit storage withdrawals has resulted [Read more]
Trinidad’s Atlantic LNG restructuring to shrink Shell’s stake, boost BP’s – Sources
Shell's ownership in Trinidad and Tobago's Atlantic LNG facility will shrink, while BP and Trinidad's state-owned National Gas Co will increase their stakes in a restructuring agreement to be signed this week, according to three people familiar with the matter. The new agreement would mark the end of five years of talks and pave the way for the largest liquefied natural gas (LNG) export facility in Latin America to return to full production. The first of four liquefaction trains has been [Read more]
Canada, Brazil and Egypt to announce new methane regulations on Monday – U.S. official
Canada, Brazil and Egypt will announce new methane regulations at the COP28 climate summit later on Monday, a U.S. official told Reuters. As of Monday, 155 countries have signed up as members of the Global Methane Pledge, a voluntary partnership committing countries to collectively reduce methane emissions by 30% from 2020 levels by 2030. Countries now need to show how they will meet that target. "What we are seeing at COP28 is a pivot to implementation," Rick Duke, US deputy special [Read more]
Record U.S. oil output challenges Saudi mastery: Kemp
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Repeated OPEC⁺ output cuts since the fourth quarter of 2022 have thrown a lifeline to U.S. producers, averting a deeper slump in prices and conceding more market share to them. U.S. crude and condensate production increased by 224,000 barrels per day (b/d) to 13.24 million b/d in September from [Read more]
Oil down on persistent uncertainty over OPEC+ supply cuts
Oil futures reversed course after rising briefly on Monday amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses. Brent crude futures were down 0.6%, or 49 cents, to $78.39 a barrel by 0406 GMT, while U.S. West Texas Intermediate crude futures were at $73.65 a barrel, down 0.6%, or 42 cents. "Crude seems to be under continued pressure from the OPEC+ [Read more]
Heavy oil discount tightens as new trade cycle gets underway
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Friday, the first day of the new monthly trading window: * WCS for January delivery in Hardisty, Alberta, settled at $22.50 a barrel under WTI, according to CalRock, strengthening from $23.50 a barrel under WTI on Thursday. * Canadian heavy crude differentials have narrowed since last month but remain under pressure on concerns the Trans Mountain pipeline [Read more]
Michigan regulators approve Enbridge Great Lakes tunnel for oil pipeline
Michigan regulators on Friday approved Canadian pipeline company Enbridge Inc's application to build a tunnel under the Great Lakes to house its aging Line 5 oil pipeline, a major step forward for the $750 million project. Enbridge is planning to replace a section of the pipeline, which runs underwater for 4 miles (6.4 km) through the Straits of Mackinac between Lakes Michigan and Huron, to address concerns Line 5 could leak. The Michigan Public Service Commission (MPSC) approved [Read more]
Venezuela’s oil exports remain almost unchanged, middlemen seek deals
Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data. Washington in October temporarily lifted oil sanctions on the country as a way to encourage a presidential election in 2024, which prompted spot sales of Venezuelan crude and fuel oil to traders mostly bound for China. State company PDVSA also has recently negotiated cargo [Read more]
- « Previous Page
- 1
- …
- 71
- 72
- 73
- 74
- 75
- …
- 613
- Next Page »