A U.S. appeals court on Wednesday said it struck down the Biden administration's decision to deny small refiners "hardship waivers" that exempt them from nation's biofuel mandates, in a win for the refining industry. In July, the Environmental Protection Agency (EPA) denied almost all outstanding petitions from oil refiners that argued the federal requirement that they blend ethanol and other biofuels into their fuel would cause them financial hardship. The U.S. Court of Appeals for the [Read more]
Oil down more than 1% as uncertainty swirls over delayed OPEC+ meeting
Oil prices fell by more than 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated. Brent futures were down $1.04, or 1.3%, at $80.92 a barrel by 0230 GMT, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 90 cents, or 1.2%, to $76.20, after declining as much as 5% in the previous session. Trade was expected to remain [Read more]
Canada’s Imperial making repairs after sediment-laden water release at Kearl
Canada's Imperial Oil is repairing a culvert at its Kearl oil sands mine in northern Alberta after accidentally releasing 670 cubic metres of sediment-laden water into the Muskeg River from a settling pond, the company said on Wednesday. The incident occurred on Nov. 13, and comes after Imperial was lambasted earlier this year for two other water management incidents at its Kearl site, including a months-long seepage from a toxic tailings pond that outraged local First Nations communities and [Read more]
US drillers add oil and gas rigs for second week in a row – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Wednesday. For the month, the total rig count, an early indicator of future output, fell by three, putting it down for the sixth time in seven months. In the week to Nov. 22, the oil and gas rig count rose by four to 622. Despite this week's rig increase, Baker Hughes said the total count was still 162, or 21%, below this time [Read more]
US natgas prices up 1% on colder forecast ahead of storage report
U.S. natural gas futures edged up about 1% on Wednesday on forecasts for colder than previously expected weather and higher heating demand over the next two weeks and as record amounts of gas continued to flow to U.S. liquefied natural gas (LNG) export plants. That small price increase came ahead of record output that should enable utilities to keep injecting gas into storage through late November, instead of pulling gas out of storage to meet heating demand as usual. The U.S. Energy [Read more]
Morgan Stanley expects OPEC to rein in output, balance market
Morgan Stanley sees prices of each barrel of Brent crude supported at a level in the mid-$80s, as it expects producer group OPEC to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on output cuts from the OPEC+ producers group at the weekend. In a note on Tuesday, bank analysts said there was little room in the market for additional OPEC oil, adding that they pegged the [Read more]
OPEC hears bearish message on oil from top swap dealer’s presentation
An OPEC technical panel invited a top financial market dealer to give a presentation this week which painted a bearish outlook for the oil market, according to materials from the presentation seen by Reuters. "Market sentiment had been fragmented for much of this year, but the evidence is that there has been a recent shift in collective sentiment to bearish as we head towards the end of the calendar year," one of the presentation slides by Onyx Capital Group showed. OPEC - the Organization [Read more]
Oil prices steady in pre-Thanksgiving trade ahead of OPEC+ cuts
Oil prices stayed within a narrow range on Wednesday in quiet pre-U.S. Thanksgiving holiday trading, as the market awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in U.S. crude stocks. Brent crude futures rose 14 cents, or 0.17%, to $82.59 a barrel by 0800 GMT. U.S. West Texas Intermediate crude futures rose 13 cents, or 0.17%, to $77.90. Both benchmarks have fallen for four straight weeks, and prices weakened further last week [Read more]
Big Oil has a place in ESG funds, says Deutsche Bank CIO
Sustainability funds should be able to hold traditional energy shares because excluding them is denying investors one of the best ways to bet on a shift to renewable energy, a senior ESG executive at Deutsche Bank's Private Bank said on Tuesday. Fossil fuel stocks have boomed since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as [Read more]
US natgas prices hold near 7-week low on record output, ample storage
U.S. natural gas futures held near a seven-week low on Tuesday on record output that should enable utilities to keep injecting gas into storage for longer than usual through late November. Utilities usually start pulling gas out of storage to meet heating demand in mid-November. U.S. gas stockpiles were expected to rise from 6% above normal during the week ended Nov. 10 to 7% in the week ended Nov. 17, according to analysts' estimates. The lack of price movement seen so far on Tuesday came [Read more]
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