Oil prices were mixed on Tuesday, with the U.S. benchmark dipping while Brent extended gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels. Brent crude futures rose 10 cents, or 0.13%, to $78.05 a barrel at 0330 GMT. The front-month U.S. West Texas Intermediate crude futures contract, which expires on Tuesday, fell 7 cents to $72.40 a barrel. The more active second-month [Read more]
US shale output expected to fall in January -EIA
U.S. oil output from top shale-producing regions is set to decline in January for the third consecutive month, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. U.S. oil output is expected to drop to 9.692 million barrels per day (bpd) in January from an estimated 9.693 million bpd in December, the EIA said. Lower oil production from the Anadarko basin of Oklahoma, Appalachia basin of Pennsylvania and Eagle Ford basin of South [Read more]
US natgas prices gain over 3% on higher demand, strong LNG exports
U.S. natural gas futures climbed more than 3% on Monday, lifted by seasonal demand and as record amounts of gas flowed to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New York Mercantile Exchange (NYMEX) were up 7.9 cents, or 3.2%, at $2.57 per million British thermal units (mmBtu) as of 10:29 a.m. EST, (1529 GMT). "We're seeing a little bit of weather-based demand creeping onto the maps... There is more hope for the natural gas markets as [Read more]
Goldman cuts 2024 Brent price forecast on strong US supply
Goldman Sachs trimmed its price expectation for Brent crude in 2024 by $10 per barrel to between $70 and $90, saying strong production from the United States would moderate any upside in oil prices. "We still look for range-bound prices and only moderate price volatility in 2024. Elevated spare capacity to handle tightening shocks should limit upside price moves," its analysts said in a note dated Sunday. The investment bank now expects Brent to recover to a peak of $85 per barrel in June [Read more]
Oil climbs on drop in Russia exports, Red Sea jitters
Oil prices rose in Asian trade on Monday, rising nearly 1% in early trade, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption. Brent crude futures climbed 32 cents, or 0.4%, to $76.87 a barrel by 0413 GMT, while U.S. West Texas Intermediate crude was at $71.77 a barrel, up 34 cents, or 0.5%. "The bad weather in Russia has played a part in the stronger open this morning as has the Houthis attack on ships [Read more]
Oil and gas should not be demonized, Elon Musk says
It is important to reduce carbon emissions to preserve the planet, but oil and natural gas should not be demonized in the medium-term, Elon Musk, the founder of electric car maker Tesla, said on Saturday. Earlier this week representatives from nearly 200 countries agreed at the COP28 climate summit to begin reducing global consumption of fossil fuels to avert the worst of climate change, signalling the eventual end of the oil age. "Climate change alarm is exaggerated in the short term," [Read more]
Tokyo Gas unit to buy U.S. natgas producer Rockcliff Energy for $2.7 bln
A unit of Tokyo Gas has decided to buy Texas-based natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners for $2.7 billion to expand its overseas business, it said on Saturday. The deal comes as part of the Japanese company's efforts to expand its North American shale gas operations to meet growing demand for natural gas as an energy transition fuel. Tokyo Gas, Japan's biggest city gas supplier, and other utilities are stepping up overseas expansion to [Read more]
Crude stocks at top US storage hub rebuild after nearing tank bottoms
Oil inventories at the top U.S. storage hub rebounded last month after nearing operational lows, thanks to improved pricing at the hub that pulled in barrels from Texas' Permian basin and higher Canadian crude flows, analysts said. U.S. crude stockpiles at the Cushing, Oklahoma, hub fell to their lowest level in 14 months in October on strong refining and export demand, raising concerns about the quality of the oil and the potential to fall below minimum operating levels. However, a recent [Read more]
US drillers cut oil and gas rigs for first time in five weeks – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 3 to 623 in the week to Dec. 15. Data provider Enverus, which publishes its own rig count data, said drillers cut five rigs in the week ended Dec. 13, cutting the total to 673. That put the overall count down about 2% in the [Read more]
Record warmth leaves world with too much gas: Kemp
The northern hemisphere experienced its warmest October and November in records dating back to the 1880s – pushing the gas market into a large surplus and triggering a slump in prices. Northern hemisphere land temperatures were 2.61°C above the long-term seasonal average in October and 3.04°C above the seasonal average in November. Temperature anomalies smashed previous records of +2.04°C for October (2021) and +2.48°C for November (2020), according to records complied by the U.S. National [Read more]
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