OPEC+ will hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on February 1, a source told Reuters on Wednesday. OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies led by Russia, usually holds such meetings every two months to monitor the implementation of its production agreements. The meeting will be held virtually via video conference, the source said. The JMMC brings together leading countries within the alliance, including Saudi [Read more]
OPEC stresses OPEC+ unity, after Angola exit
OPEC said on Wednesday that cooperation and dialogue within the wider OPEC+ oil producer's alliance will continue, after OPEC member Angola last month announced it would leave the group. Continued cooperation within the Organization of the Petroleum Exporting Countries and allies such as Russia will benefit "all producers, consumers and investors, as well as the global economy at large," OPEC said in a statement. Angola said on Dec. 21 that it will leave OPEC from this month, a move that [Read more]
US seeks 3 mln barrels of crude for strategic reserve – Energy Dept
The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday. President Joe Biden's administration is slowly purchasing oil for the SPR after it sold a record 180 million barrels from it in 2022 to help fight high oil prices after Russia's invasion of Ukraine. Bids for the solicitation are due on Jan. 10. The department has bought [Read more]
US natgas prices gain 2% to one-week high on colder January forecasts
U.S. natural gas futures gained about 2% to a one-week high on Wednesday on a decline in daily output and forecasts for colder weather in mid January than previously expected. That price increase came despite forecasts for milder weather and lower heating demand this week and next than previously expected, and a small decline in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants. Traders noted mild weather this week and next should enable utilities to keep pulling [Read more]
Oil prices hold steady amid economic concerns despite Red Sea worries
Oil prices stabilised in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy and potential supply disruptions from ongoing tensions in the Red Sea. Brent crude slipped 1 cent, or 0.01%, to $75.88 a barrel by 0300 GMT, while U.S. West Texas Intermediate crude futures rose 4 cents, or 0.06%, to $70.42 a barrel. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi [Read more]
Heavy oil discount little changed as trading cycle begins
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) was little changed on Tuesday, the first day of the monthly trading cycle: * The discount on WCS for February delivery in Hardisty, Alberta, began trading at $19.35 a barrel under WTI, dropping to $18.55, according to brokerage CalRock. The January contract had been trading between $18.50 and $18.90 a barrel last month before the trading cycle ended. * Market players [Read more]
US natgas end-of-season storage to reach 4-year high in March
U.S. natural gas storage is on track to end the November-March winter withdrawal season at 1.963 trillion cubic feet (tcf) on March 31, the highest since 2020, according to analysts' estimates. That compares with 1.850 tcf of gas in storage at the end of the winter withdrawal season in 2024, 2.029 tcf at the end of March 2020 and a five-year (2019-2023) average of 1.653 tcf. Looking ahead to the end of the April-October summer injection season, analysts project storage will reach a record [Read more]
US was top LNG exporter in 2023 as hit record levels
U.S. liquefied natural gas exports hit monthly and annual record highs in December, tanker tracking data showed, with analysts saying it positioned the United States to leapfrog Qatar and Australia to become the largest exporter of LNG in 2023. The U.S. was the stand out in global LNG supply growth in 2023, said Alex Munton, director of global gas and LNG research at consulting firm Rapidan Energy Group of the rise to 8.6 million metric tons leaving U.S. terminals in December. Qatar was [Read more]
US natgas prices gain 2% on colder forecasts, record LNG feedgas
U.S. natural gas futures gained about 2% on Tuesday after the long New Year's holiday weekend on forecasts for colder weather and more heating demand this week than previously expected and as record amounts of gas flow to U.S. liquefied natural gas (LNG) export plants. Prices increased despite record output and forecasts for mostly mild weather through mid January that should allow utilities to keep pulling less gas from storage in coming weeks. Analysts forecast there was about 11.6% more [Read more]
Germany builds up LNG import terminals
German utility RWE on Jan. 1 handed over floating liquefied natural gas (LNG) infrastructure at Brunsbuettel on the North Sea to state-owned Deutsche Energy Terminal (DET) as agreed when first imports arrived 10 months ago, it said. DET is now the sole operational manager and markets the capacity of the Brunsbuettel Elbehafen LNG project. Germany's quest to increase LNG capacity for regasification on its shores has intensified as it seeks to end reliance on Russian pipeline gas, on which [Read more]
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