U.S. energy firms this week cut oil and natural gas rigs for the first time in seven weeks even as oil prices rose to fresh seven year highs. The U.S. oil and gas rig count, an early indicator of future output, fell by 1 to 542 in the week to Oct. 22, energy services firm Baker Hughes Co said in its closely followed report on Friday. Despite this week's decline, the total rig count was still up 255 rigs, or 89%, over this time last year. U.S. oil rigs fell 2 to 443 this week, while gas [Read more]
Oil climbs on tight U.S. supply even as coal, gas crunch eases
Oil prices resumed their climb on Friday on continued tightness in U.S. supply, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power. U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 0.96%, to $83.32 a barrel, reversing part of Thursday's 92 cent loss. Brent crude futures climbed 64 cents, or 0.76%, to $85.38 a barrel, recouping some of the previous session's $1.21 slump. Brent [Read more]
U.S. natgas up 3% on forecasts cooler weather will boost heating
U.S. natural gas futures climbed about 3% to a one-week high on Friday on forecasts for demand to rise as the weather turns seasonally cooler and on a slight increase in global gas prices that should keep demand for U.S. liquefied natural gas (LNG) strong. Even though the forecasts called for temperatures to decline with the approach of winter, those forecasts also predicted the weather would remain milder than normal through at least early November, keeping heating demand lower than usual [Read more]
Canada oil producers grapple with Trudeau’s demand for faster emissions cuts
Canada's oil producers face new pressure from Prime Minister Justin Trudeau to reduce emissions in just three years, a sudden acceleration of their plans that at least one major company said looks unrealistic. Suncor Energy, the second-largest Canadian crude producer, says it remains focused on cutting emissions by 2030, not 2025 as the Canadian government will require. "Honestly, 2025 is going to be tough," Martha Hall Findlay, Suncor's Chief Sustainability Officer, told Reuters. "That's [Read more]
U.S. natgas up 4% on forecasts cooler weather will boost heating
U.S. natural gas futures climbed about 4% to a one-week high on Friday on forecasts for demand to rise as the weather turns seasonally cooler and a slight increase in global gas prices that should keep demand for U.S. liquefied natural gas (LNG) strong. Even though the forecasts called temperatures to decline with the approach of winter, those forecasts also predicted the weather would remain milder than normal through at least early November, keeping heating demand lower than usual for this [Read more]
Why today’s economy can handle oil at $100 a barrel or higher
For all the angst caused by this year's 65% oil price leap, concerns about a return to 1970s-style stagflation are overblown and the developed world, at least, can probably handle even costlier crude without too much stress. Alternative energy sources, a rise in less energy-intense service sectors, plus more efficient vehicles, gadgets and power plants mean that oil demand has evolved, not just from the 1970s but even since 2008 when oil futures neared $150. Below are a series of graphics [Read more]
Oil down slighty, but solid U.S. demand underpins sentiment
Oil prices were down slightly on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned market sentiment. U.S. West Texas Intermediate (WTI) crude futures for December dropped 76 cents, or 0.91%, to $82.77 a barrel. November WTI crude, which expired on Wednesday, settled up 91 cents, or 1.1%, after touching the highest since October 2014 [Read more]
U.S. natgas slips ahead of storage report on forecasts for less demand
U.S. natural gas futures slipped about 2% on Thursday on forecasts for slightly lower demand next week and a easing of gas prices in Europe ahead of a U.S. storage report expected to show a bigger-than-usual build for a sixth week in a row. That price decline came despite forecasts for cooler weather and higher heating demand this week and record gas prices in Asia that will keep demand for U.S. liquefied natural gas (LNG) exports strong. Even with the cooler forecast, the U.S. weather was [Read more]
U.S. slows down oil and gas mergers
U.S. antitrust regulators have extended the approval process for at least five oil and gas mergers and acquisitions in the last three months, as President Joe Biden's administration scrutinizes deals in a bid to tackle soaring energy prices, according to regulatory filings and corporate lawyers. The slowdown comes amid growing pressure on policymakers to respond to consumer angst over skyrocketing retail gasoline prices, as U.S. crude futures hit multi-year highs. The White House has been [Read more]
Enbridge temporarily shut down Line 5 after protester tampered with pipeline
Enbridge Inc shut down its Line 5 oil pipeline for several hours on Tuesday after protesters trespassed onto a facility in Michigan and tampered with the pipeline, an Enbridge spokesman said on Wednesday. Line 5 ships around 540,000 barrels per day of crude from Superior, Wisconsin, to Sarnia, Ontario. Spokesman Ryan Duffy said the line was back up and running and Enbridge did not anticipate any impact on deliveries to customers. Environmental campaigners said a protester turned a safety [Read more]
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