U.S. natural gas futures climbed about 3% on Monday on forecasts for more demand this week than previously expected and a continued drop in output as producers reduce drilling activities after gas prices fell to 3-1/2-year lows in February and March. Gas prices increased despite forecasts for milder weather and lower demand next week than previously expected, negative spot power and gas prices in parts of Texas, California and Arizona over the past few weeks and ample amounts of gas in [Read more]
Mexico to cut at least 330,000 bpd of crude exports in May, sources say
Mexico's state energy company, Pemex, is planning to cut at least 330,000 barrels per day (bpd) of crude exports in May, leaving customers in the United States, Europe and Asia with a third less supply, two sources said. The plan follows the withdrawal of 436,000 bpd of Maya, Isthmus and Olmeca crudes this month, ordered by Pemex to its trading arm PMI Comercio Internacional because it needs to supply more to its domestic refineries as it targets energy self-sufficiency. Pemex has no [Read more]
Asia takes LNG that Europe doesn’t need as spot price stays muted: Russell
Asia's imports of liquefied natural gas (LNG) rose sharply in March as the top-buying region took advantage of lower spot prices to draw cargoes away from Europe. A total of 24.16 million metric tons of the super-chilled fuel landed in Asia in March, up from February's 22.73 million and also up 11.5% from the 21.67 million in March 2023, according to data compiled by commodity analysts Kpler. The strength in imports came as spot prices for LNG for delivery to North Asia remained muted in [Read more]
Raymond James expects global oil, gas upstream capex spending to rise 3% in 2024
Brokerage Raymond James says its global industry survey of upstream oil companies shows an uptick of 3% in capex spending in 2024, plateauing after 2023. ** Says global spending in 2024 would mark a fourth consecutive increase, albeit the slowest one - there is, however, a cumulative drop of 33% from the peak level of 2013. ** "This points to the fact that capital discipline is emphatically here to stay, irrespective of how high oil prices may get" - Raymond James. ** "Also, here to [Read more]
Despite $90 crude, US oil output capped by weak natgas prices
U.S. crude oil prices last week climbed to their highest this year, but a weak natural gas market, steeper costs and a focus on shareholder returns over new production are keeping shale drillers from big output increases in the world's top oil and gas producer. The global Brent oil benchmark last week was trading above $91 a barrel, while in the U.S., West Texas Intermediate (WTI) futures were over $86 a barrel, their highest since October. The price gains reflect supply risks from attacks [Read more]
Oil tumbles as Middle East tensions ease
Oil prices fell more than $1 a barrel on Monday, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict. Brent crude futures slipped $1.70, or 1.9%, to $89.47 a barrel by 0053 GMT. U.S. West Texas Intermediate crude was at $85.29 a barrel, down $1.62, or 1.9%. "It appears the catalyst is Israel saying it has withdrawn all troops except one [Read more]
Heavy oil differential widens
The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Friday. WCS for May delivery in Hardisty, Alberta, began trading at $12.85 per barrel below WTI and ended at $13 under, according to brokerage CalRock. On Thursday, May WCS traded between $12.40 and $12.60 below WTI.} Trans Mountain said Wednesday its expanded oil pipeline would start operating on May 1. The pipeline's progress and line fill ahead of [Read more]
Texas natgas prices back in negative territory on low demand, pipe maintenance
The value of natural gas at the Waha Hub in West Texas turned negative for Friday, marking the third time daily prices in the top U.S. shale basin have closed below zero over the past month. Both power and gas prices have traded at negative levels in spot markets in Texas, California and Arizona in recent weeks due to low demand, ample hydro and other renewable power supplies, and maintenance on gas pipelines. Next-day gas at the Waha hub fell to negative 22 cents per million British [Read more]
US drillers cut oil and gas rigs for third week in a row – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since October, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week to April 5, the lowest since early February. Baker Hughes said that puts the total rig count down 131, or 17%, below this time last year. Baker Hughes said oil rigs rose two [Read more]
Chesapeake, Southwestern delay merger closing after FTC seeks more information
Chesapeake Energy and Southwestern Energy said on Friday the closing date of their proposed $7.4 billion merger has been pushed back to the second half of the year after receiving a U.S. regulator's second request for information. Chesapeake had agreed to buy smaller rival Southwestern Energy earlier this year and expected the deal to close by the second quarter of 2024. Shares of both companies were marginally down in premarket trading. U.S. lawmakers have sought increased scrutiny by [Read more]
- « Previous Page
- 1
- …
- 7
- 8
- 9
- 10
- 11
- …
- 610
- Next Page »