Supplies from Chevron's liquefied natural gas facilities in major exporter Australia could be disrupted after the last batch of its workers on Monday voted to authorise their unions to take industrial action if necessary. The Gorgon and Wheatstone facilities in Western Australia - along with Woodside Energy Group's projects in the same area - account for one-tenth of global supplies of LNG, of which Australia is the world's largest exporter. Some 37 workers at the Wheatstone offshore [Read more]
Oil marginally lower as global economic concerns loom
Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand. Brent crude fell 8 cents, or 0.1%, to $84.40 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was at $79.78 a barrel, down 5 cents, also 0.1%. Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates [Read more]
US drillers cut oil rigs for ninth month in a row – Baker Hughes
U.S. energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on Friday. For the week to Aug. 25, the oil and gas rig count, an early indicator of future output, fell by 10 to 632, the lowest since February 2022. Baker Hughes said that puts the total rig count down 133, or 17%, below this time last [Read more]
US natgas prices ease 1% to 3-week low on less hot forecasts
U.S. natural gas futures eased about 1% to a three-week low on Friday on forecasts for demand to decline as the heat wave blanketing much of the central part of the country and Texas becomes less brutal. That heat wave, however, was still baking Texas on Friday, where power prices soared to a 30-month high and the state's grid operator, the Electric Reliability Council of Texas (ERCOT), called on consumers to conserve energy on Thursday afternoon. Electric supplies in Texas were expected [Read more]
Brent prices to be well supported near $80/bbl, says Morgan Stanley
Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. "Strong refined products markets and deep OPEC cuts have been supporting crude oil prices," analysts at the bank said in a note dated Thursday. Morgan Stanley raised its Brent price forecast for the third quarter to $85 per barrel from $75, and for the fourth quarter to $82.50 [Read more]
Oil set for 2nd weekly fall on firm dollar as supply worries ebb
Oil rose but headed for a second week of decline on Friday, as the dollar firmed before a speech by Federal Reserve Chair Jerome Powell while concerns over tight supply eased. Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. "No doubt the Fed's policy outlook will be the key driving [Read more]
US natgas prices turn positive, up 1%, on small storage build
U.S. natural gas futures were up about 1% after turning positive following the release of a federal report showing a much smaller-than-expected storage build last week when power generators burned lots of gas to keep air conditioners humming during an extreme heat wave. The U.S. Energy Information Administration (EIA) said utilities added just 18 billion cubic feet (bcf) of gas into storage during the week ended Aug. 18. That was much smaller than the 33-bcf build analysts forecast in a [Read more]
Saudi Arabia eyes world stage after BRICS invitation
Oil power Saudi Arabia's entry to the BRICS group of nations highlights its ambitious drive to become a heavyweight on the global stage, creating a counter to its decades-old alliance with the United States, once seen as ironclad. The kingdom anticipates more cooperation with BRICS nations, its foreign minister said on Thursday, after the group invited Saudi Arabia, United Arab Emirates, Iran, Egypt and Argentina to join. "We look forward to develop this cooperation to create new [Read more]
Oil down on weak economic data, US Federal Reserve chief’s speech in spotlight
Oil prices eased in early trade on Thursday amid disappointing economic data from key economies and as investors await a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for cues on interest rates. Brent crude fell 26 cents, or 0.3%, to $82.95 a barrel by 0359 GMT, while U.S. West Texas Intermediate crude dropped 30 cents, or 0.4%, to $78.59 a barrel. Manufacturing data from a host of purchasing managers' index (PMI) surveys on Wednesday painted a grim picture of the health of [Read more]
Canada PM Trudeau says Trans Mountain investment remains solid
Canadian Prime Minister Justin Trudeau said on Wednesday he was confident the Trans Mountain pipeline expansion was a solid investment and that interest is high among Indigenous groups who want to buy a share of the pipeline. The Trans Mountain Expansion (TMX) is expected to nearly triple the flow of crude from Alberta's oil sands to Burnaby, British Columbia, and is intended to unlock Asian markets for Canadian oil, which is now mostly exported to the United States. The Canadian [Read more]
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