U.S. natural gas futures jumped about 4% to a one-week high on Monday on forecasts for colder weather and higher heating demand in late November than previously expected and as record amounts of gas flow to U.S. liquefied natural gas (LNG) export plants. That price increase occurred even though drillers kept pulling record amounts of gas out of the ground and forecasts for mostly mild weather over the next 10 days that should allow utilities to keep injecting gas into storage for a couple [Read more]
Goldman Sachs forecasts higher returns on commodities
Goldman Sachs expects increased returns on commodities over the next 12 months, buoyed by higher spot prices amid easing monetary policy and recession fears while the asset class also strengthens on hedging against geopolitical supply risks. The bank has forecast returns of 21% on commodities over a 12-month horizon on the oil-heavy S&P GSCI Commodity Index, led by returns of about 31% from energy and 17.8% from industrial metals. The index has fallen by 0.8% so far this year. "We [Read more]
Oil prices fall on worries of waning demand in US and China
BEIJING, Nov 13 - Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel at 0400 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.49, down 68 cents, or 0.88%. Both benchmarks were well below the 100-day moving average of $86.61 a barrel for WTI and $82.31 a barrel [Read more]
Uptick in LNG demand in Asia, Europe insufficient to drive prices: Russell
Rising demand for liquefied natural gas (LNG) in the top importing regions of Asia and Europe hasn't been enough to spark an increase in spot prices, which continue to languish. The price of spot LNG for delivery to north Asia slipped to $16.50 per million British thermal units (mmBtu) in the week to Nov. 10, down from $17.00 the prior week. The price has dropped for three consecutive weeks, but is still higher than the recent low of $13.50 per mmBtu for the seven days to Oct. 6. The [Read more]
Mountain Valley Pipeline sues protesters for obstructing construction
The developer of the Mountain Valley Pipeline has sued two protesters it says blocked construction on the $7.2 billion natural gas project, seeking compensation and orders barring them from interfering in the future. Mountain Valley Pipeline LLC sued Daniel Guidry and Ashley Stecher Wagner on Wednesday in federal court in Roanoke, Virginia, claiming they coordinated with others to illegally attach themselves to the land and construction equipment being used to build a segment of the pipeline [Read more]
US drillers cut oil rigs to lowest since Jan 2022 for second week -Baker Hughes
U.S. energy firms this week cut the number of oil rigs operating for a second week in a row to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and natural gas rig count, traditionally an early indicator of future output, fell by two to 616 in the week to Nov. 10, the lowest since February 2022. Baker Hughes said that puts the total rig count down 163, or 21%, below this time last year. The number of active [Read more]
US natgas holds near 2-week low as forecast for cold late November offsets record output
U.S. natural gas futures held near a two-week low on Friday as bullish forecasts for colder weather around the U.S. Thanksgiving holiday and record amounts of gas flowing to liquefied natural gas (LNG) export plants offset bearish forecasts for mild weather over the next 10 days or so and record output. That mild weather this week and next will limit heating demand and, along with record output, should allow utilities to keep injecting gas into storage through at least late [Read more]
US oilfield firms offer dour views as shale budgets dwindle
Oilfield service companies that cater to U.S. shale oil and gas producers are turning sour on fourth quarter demand, with clients keeping a tight grip on their wallets after largely exhausting their 2023 budgets. Many U.S. oil producers are pumping only enough oil to keep production flat and turning over more profit to investors. Shale gas producers have struggled all year and have not been able to reduce drilling fast enough to counter weak prices. That makes for a dour outlook for [Read more]
Oil set for third weekly decline as Middle East conflict concerns ebb
Oil prices were up slightly on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed allowing demand worries to reassert themselves. Brent crude futures for January were up 41 cents, or 0.5%, at $80.42 a barrel at 0550 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.06, up 32 cents, or 0.4%. Brent futures are down 5.7% this week while WTI has declined 5.9% since last week. The [Read more]
ConocoPhillips’ $8 billion Willow project approvals upheld by US judge
A federal judge in Alaska on Thursday upheld U.S. approvals for ConocoPhillips’ multibillion-dollar Willow oil and gas drilling project in the state’s Arctic, rejecting environmental and tribal groups' concerns that the project poses too large of a climate threat. U.S. District Judge Sharon Gleason in Anchorage dismissed a lawsuit filed by environmental and tribal groups challenging the $8 billion project's approvals, which the U.S. Interior Department had issued in March. Opponents claim the [Read more]
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