U.S. natural gas futures fell about 4% to a three-week low on Monday as output slowly rises and on forecasts for the weather to remain milder than normal through early November. The decline came despite a slow but steady increase in U.S. liquefied natural gas (LNG) exports. Global gas prices were up 17% on Monday as utilities in Europe and Asia scrambled to fill inventories before the winter heating season. But no matter how high global prices rise, the United States was already close to [Read more]
Heavy crude differential steady as trade window wraps up
Canadian heavy crude's discount to West Texas Intermediate (WTI) held steady on Friday, the last day of the monthly Canadian crude trading window. Western Canada Select heavy blend crude for November delivery in Hardisty, Alberta, last traded at $14.75 per barrel below the U.S. West Texas Intermediate (WTI) benchmark, according to NE2 Canada Inc, unchanged from the previous day's settlement. Friday was the final day of the two-and-a-half week Canadian crude trade window, lasting from the [Read more]
U.S. natgas falls near 5% on mild forecast, drop in global prices
U.S. natural gas futures fell almost 5% on Friday, following a 9% drop in global gas prices, on forecasts the weather in the United States will remain mostly mild through the end of October. That decline in U.S. prices came despite a slow but steady rise in U.S. liquefied natural gas (LNG) exports as utilities in Europe and Asia scramble to fill gas inventories before the winter heating season and forecasts for U.S. heating demand to increase in two weeks as the weather starts to cool. But [Read more]
U.S. drillers add oil and gas rigs for sixth week in a row
U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row as oil prices soared to their highest since 2014, prompting drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to Oct. 15, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the total rig count up 261 rigs, or 93%, over this time last year. U.S. oil rigs [Read more]
Oil prices climb on power boost, set for multi-week gains
Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. U.S. West Texas Intermediate (WTI) crude futures rose 80 cents, or 0.99%, to $82.27 a barrel, adding to an 87 cent jump on Thursday. The contract is heading for a 3.2% gain on the week, up for the eighth consecutive week. Brent crude futures rose 71 cents, or 0.84%, to [Read more]
Brent’s ‘scarcity premium’ widens to most since 2013 in oil rally
The structure of Brent crude oil futures is showing a "scarcity premium" that has widened to the most since 2013 this week, a sign of the tight market underpinning oil's rally amid a wider energy crunch as economies recover from the COVID-19 pandemic. The premium of the immediate Brent crude contract to the December 2022 price stood at $8.13 a barrel on Friday after reaching $8.30 on Monday. The value on Monday was the highest since 2013, according to Refinitiv Eikon data. One of the main [Read more]
U.S. natgas slips about 2% on mild forecast, lower demand next week
U.S. natural gas futures slipped about 2% on Friday on forecasts for less demand next week than previously expected, a small increase in output, a small decline in global gas prices and forecasts calling for the U.S. weather to remain mild through the end of October. Prices fell despite forecasts for a big increase in heating demand in two weeks and a slow but steady rise in U.S. liquefied natural gas (LNG) exports as utilities in Europe scramble to fill gas inventories before the winter [Read more]
North American liquefied natural gas export projects
North America currently exports about 10 billion cubic feet per day (bcfd) of natural gas as liquefied natural gas (LNG), largely to destinations in Asia like China and India. All of that LNG currently comes from export plants in the United States. Prices in Asia and Europe have surged due to shortages of fuel needed by power generators to keep electricity flowing, but the United States cannot export any more than it already is doing because it takes years for liquefaction trains to be [Read more]
Heavy crude differential inches wider
Canadian heavy crude's discount to West Texas Intermediate (WTI) edged wider on Thursday. Western Canada Select heavy blend crude for November delivery in Hardisty, Alberta, last traded at $14.75 per barrel below the U.S. West Texas Intermediate (WTI) benchmark, according to NE2 Canada Inc, having settled at $14.50 per barrel below the benchmark on Wednesday. The discount on Canadian heavy crude has deepened since the start of the month, after hitting its narrowest level in five months in [Read more]
Oil rises on expectation high natural gas to drive switch for heating
Oil prices rose on Thursday, reversing previous losses, on expectations that high natural gas prices as winter approaches may drive a switch to oil to meet heating demand needs. U.S. West Texas Intermediate (WTI) crude futures climbed 22 cents, or 0.28%, to $80.77 a barrel, after dropping 0.3% the previous day. Brent crude futures gained 35 cents, or 0.42%, to $83.68 a barrel after falling 0.3% on Wednesday. "Investors bet that surging gas prices will encourage power generators to switch [Read more]
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