Asia's imports of liquefied natural gas (LNG) rose to a record in December, but spot prices remained subdued as shipments from top exporters Australia and the United States also hit all-time highs. Asia, the top buyer of the super-chilled fuel, saw imports reach 26.61 million metric tons in December, according to data compiled by commodity analysts Kpler. This was up from November's 23.35 million tons and also eclipsed the previous high of 26.15 million from January 2021, according to [Read more]
Oil prices higher on Fed comments on inflation, Middle East tensions
Oil prices edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. Brent crude futures were up 31 cents, or 0.4%, to $77.90 a barrel, while U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $72.62 at 0557 GMT. Both benchmarks, which are on track to end the first week of the year [Read more]
Heavy oil discount deepens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) deepened on Thursday: * The discount on WCS for February delivery in Hardisty, Alberta, opened at $18.15 a barrel under WTI before weakening to a low of $19 under, according to brokerage CalRock. It traded on Wednesday between $17.50 and $18.40 per barrel under WTI. * Soft refinery demand during turnarounds and strong Canadian crude production added to negative price [Read more]
Biden administration slowly puts oil back into the SPR emergency stash
The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022. Here are some facts about the SPR and U.S. efforts to buy oil back to fill it. WHAT IS THE SPR? It is the world's largest emergency oil stash. The United States created the SPR in 1975 after the Arab oil embargo spiked gasoline prices and damaged the U.S. economy. Presidents have tapped the stockpile to calm oil [Read more]
U.S. natgas producers seek to balance production cuts, demand rebound
The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT's financial head Jeremy Knop said. U.S. natural gas futures ended 2023 with the biggest percentage decline since 2006 due to record production, ample inventories and a mild winter. There is the risk of over-hedging causing the company to miss out on higher prices that would come when [Read more]
US natgas prices rise 4% to one-month high ahead of storage report
U.S. natural gas futures climbed about 4% to a one-month high on Thursday on a drop in daily output and forecasts for colder weather and higher heating demand over the next two weeks than previously expected. 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 milder-than-normal weather kept heating demand low. Analysts forecast U.S. utilities pulled just 40 billion cubic feet (bcf) of gas [Read more]
Canadian dealmaking seen rebounding in 2024, led by energy, mining
Canadian energy, power and mining companies are expected to lead a rebound in dealmaking this year helped by lower interest rates, following a slump in overall mergers and acquisitions in 2023 to the lowest since the outbreak of COVID-19, bankers said. Money markets are betting that the Bank of Canada (BoC), which raised interest rates to a 22-year high of 5% in 2023, could start cutting borrowing costs as early as April. "This general consensus about how 2024 is going to be a more [Read more]
Heavy oil discount narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Wednesday while trading in a wide range: * The discount on WCS for February delivery in Hardisty, Alberta, traded between $17.50 and $18.40 a barrel under WTI, according to brokerage CalRock. The contract began trading on Tuesday during the new monthly cycle at $19.35 a barrel under WTI. * Market players have been concerned about potential delays to the [Read more]
Trudeau’s climate plan faces setback in Saskatchewan over carbon tax
Canadian Prime Minister Justin Trudeau faces a setback for his climate-change action plan in conservative-leaning Saskatchewan, as provincial opposition mounts against the federal carbon tax. On Monday, the western Canadian province stopped collecting the tax applied to homes heated by natural gas and electricity, after Trudeau's Liberal government exempted home heating oil from the tax in a move that favoured Atlantic Canada residents. Many premiers criticized the federal [Read more]
Trans Mountain pipeline plans line fill for March or May pending regulatory decision
Trans Mountain Corp plans to begin line fill in March or May, depending on the diameter of pipe the Canadian oil pipeline uses, it said in a filing on Wednesday, as it awaits a regulatory decision on its request for a construction change. Line fill is a final step before the expanded Alberta to British Columbia pipeline begins service, providing crucial additional access for Canadian oil to the U.S. West Coast and Asia. Trans Mountain, a Canadian-government corporation, said the schedules [Read more]
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