Canadian producer prices rose by 0.1% in October, on higher energy and petroleum prices, Statistics Canada data showed on Friday. Analysts in a Reuters poll had predicted prices would hold steady in October, following a 0.1% decline in September. Of the 21 major commodity groups tracked by Statistics Canada, 10 fell, nine rose and two were unchanged. Prices for energy and petroleum products increased by 1.2%, thanks mostly to higher diesel and light fuel oil prices, which jumped 4.1% and [Read more]

Oil prices will remain subdued in 2020 as growth concerns weigh on demand and fuel a glut of crude, a Reuters poll showed on Friday ahead of production-policy talks among OPEC and its allies next week. The poll of 42 economists and analysts forecast Brent to average $62.50 a barrel next year, little changed from last month's $62.38 outlook, which was the lowest prediction for 2020 in about two years. The benchmark has averaged about $64 per barrel so far this year. "There is simply too [Read more]

Oil prices fell on Thursday, extending losses from the previous session after official data showed U.S. crude and gasoline stocks rose against expectations as production hit a record. U.S. West Texas Intermediate crude fell 24 cents, or 0.4%, to $57.87, after falling 0.5% in the previous session. Brent crude futures were down 18 cents, or 0.3%, at $63.88 a barrel, having dropped 0.3% on Wednesday. Crude stockpiles in the United States swelled 1.6 million barrels last week as [Read more]

Oil slipped on Wednesday after an industry report showed a surprise build-up in U.S. crude inventories, but optimism surrounding the signing of the first phase of a U.S.-China trade deal prevented a bigger slide in prices. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.21%, to $58.29 per barrel. Brent crude futures dropped 9 cents, or 0.14%, to $64.18 a barrel. Wednesday's decline reversed two days of gains, with WTI climbing 1.1% through Tuesday and Brent gaining [Read more]

Global oil consumption has apparently accelerated since mid-year as lower prices filter through the supply chain, increasing demand and avoiding a big increase in inventories. But all may not be as it seems. Much of the growth has come from China, where reported consumption is rising at rates inconsistent with the country’s slumping auto sales and slowing economy. China’s fuel distributors and consumers have most likely taken advantage of lower prices to boost the amount of products held [Read more]

U.S. natural gas futures fell over 5% on Monday on forecasts for the weather to moderate during the second week of December even though temperatures were expected to be a little colder than previously expected during the next two weeks. Meteorologists currently forecast the weather over much of the U.S. Lower 48 states will remain near normal through Nov. 30 before turning colder than usual from Dec. 1-6 and then moderate again starting Dec. 7. On its second to last day as the front-month, [Read more]

Oil prices pulled back from their highest levels in nearly two months on Friday amid continued overtainty over whether the United States and China will be able to reach a partial trade deal that would lift some pressure on the global economy. That was more than enough to offset news of a likely extension of production cuts by major producers that drove prices higher in the previous session. West Texas Intermediate crude was at $58.20 a barrel, down 38 cents or 0.7%. Brent crude [Read more]

U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week. Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to $2.596 per million British thermal units at 8:07 a.m. EST. For the week, the front-month was down about 3%, putting the contract on track to fall for a second week [Read more]