Oil prices fell on Thursday after a rise in U.S. crude stockpiles and a climb in the dollar index, giving up some ground gained a day earlier when prices jumped on Middle East tensions. Brent crude futures declined by 67 cents, or 0.7%, to $89.46 a barrel at 0630 GMT. U.S. West Texas Intermediate crude futures eased 71 cents, or 0.8%, to $84.68 a barrel. The benchmark oil contracts had settled nearly 2% higher on Wednesday but fell back after the Wall Street Journal reported that [Read more]
Physical oil market flashes first signs of weakness after rally
Crude oil prices in some of the world's main physical markets have weakened due to a jump in freight costs and a drop in refining margins, according to traders and LSEG data, suggesting demand weakness that could filter through to the futures market. Falling prices for physical crude could presage a fall in crude futures. Brent crude futures have risen above $87 a barrel from the low $70s in June due to OPEC+ supply cuts, and more recently on concern that exports from the Middle East could [Read more]
US natgas prices up 1% to one-week high on colder forecast
U.S. natural gas futures climbed about 1% to a one-week high on Wednesday on forecasts for colder weather and higher heating demand next week and talk of bullish price support from the options market ahead of options expirations on Thursday. Front-month gas futures for November delivery on the New York Mercantile Exchange (NYMEX) rose 4.1 cents, or 1.4%, to $3.012 per million British thermal units (mmBtu) at 9:59 a.m. EDT (1359 GMT), putting the contract on track for its highest close since [Read more]
Oil little changed as economic concerns offset Middle East supply worries
Oil was little changed on Wednesday after falling for three days as concerns about slowing European demand offset worries of Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza. Brent crude futures edged higher by 6 cents to $88.13 a barrel as of 0345 GMT, while U.S. West Texas Intermediate crude futures were up 1 cent to $83.75 a barrel. Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, [Read more]
US natgas prices hold steady as daily output drop offsets mild forecasts
U.S. natural gas futures held steady on Tuesday as a bullish drop in daily output and forecasts for a few cold days next week offset bearish record production in recent days and a mostly mild outlook through early November. Front-month gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2.927 per million British thermal units (mmBtu) at 9:21 a.m. EDT (1321 GMT). A lack of big price moves in recent weeks has cut historic or actual 30-day [Read more]
Oil traders race to negotiate deals after US eases Venezuela sanctions
Global energy traders are emerging as early buyers of Venezuela's stocks of crude and fuel oil following last week's easing of U.S. energy sanctions, according to people familiar with the matter. U.S. sanctions that were in place on Venezuela since 2019 largely blocked state-run oil company PDVSA from exporting to its chosen markets. That changed last week, but Washington's six-month relaxation of the measures is too limited to spur new crude production. It has offered a tantalizing [Read more]
Cash-rich Exxon, Chevron use stock for mega deals amid energy market jitters
Exxon Mobil and Chevron are flush with cash yet their acquisition targets are taking stock as the only form of payment, an arrangement that allows the two largest U.S. energy companies to clinch transformative deals despite volatile oil and gas prices. Chevron said on Monday it would acquire Hess in a $53 billion all-stock deal, less than two weeks after Exxon said it would buy Pioneer Natural Resources for $59.5 billion in stock. The moves followed similar, smaller all-stock deals in the [Read more]
Oil prices regain some ground on Israel-Hamas war uncertainty
Oil prices rose on Tuesday, recovering some of the previous day's losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions. Brent crude futures climbed 57 cents, or 0.6%, to $90.40 a barrel by 0321 GMT, while U.S. West Texas Intermediate crude futures increased 54 cents, or 0.6%, to $86.03 a barrel. "The market is up on an adjustment after a drop in the past two sessions and on [Read more]
Mega transatlantic oil mergers less likely after Exxon, Chevron deals
The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. [Read more]
US natgas prices hold near 3-week low on record output, mild weather
U.S. natural gas futures held near a three-week low on Monday on record output, ample storage, mild weather, low heating demand and low spot prices. After falling for eight days in a row, front-month gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2.899 per million British thermal units (mmBtu) at 9:33 a.m. EDT (1333 GMT). On Friday, the contract closed at its lowest since Oct. 2. If the contract falls for a ninth day in a row, it would be the [Read more]
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