U.S. natural gas futures fell about 3% on Thursday on a bigger-than-expected weekly storage build and on record output that should enable utilities to keep injecting gas into storage through at least late November. Utilities usually start pulling gas out of storage to meet heating demand in mid-November. The U.S. Energy Information Administration (EIA) said utilities added 60 billion cubic feet (bcf) of gas into storage during the week ended Nov. 10 after pulling 6 bcf out of storage [Read more]
Oil prices down on US crude build, China demand worries
Oil prices fell on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China. Brent futures slipped 72 cents to $80.46 a barrel by 0400 GMT. U.S. West Texas Intermediate crude (WTI) shed 67 cents to $75.99 a barrel. Both benchmarks fell more than 1.5% in the prior session. WTI's front-month contract also traded below the price for the second month, a structure known as contango, [Read more]
US crude stockpiles rise, fuel draws down last week – EIA
U.S. crude oil stockpiles jumped last week, while gasoline inventories posted a surprise draw as refineries picked up runs amid seasonally strong demand, the Energy Information Administration said on Wednesday. The EIA resumed publishing weekly data after a two week hiatus to complete a planned systems upgrade. Crude inventories rose by 3.6 million barrels in week to Nov. 10 to 421.9 million barrels, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel [Read more]
US natgas prices gain 2% on colder forecast, record LNG export feedgas
By Scott DiSavino NEW YORK, Nov 15 - U.S. natural gas futures gained about 2% on Wednesday on forecasts for colder weather and more heating demand through the end of November than previously expected and as record amounts of gas flows to liquefied natural gas (LNG) export plants. Front-month gas futures for December delivery on the New York Mercantile Exchange rose 7.5 cents, or 2.4%, to $3.181 per million British thermal units at 9:12 a.m. EST (1412 GMT). That price increase came [Read more]
Saudi Arabia likely to extend additional supply cuts to Q1 2024 – Energy Aspects
World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, to deepen supply cuts in 2024, she said at the FT Asia Commodities Summit. The next OPEC+ ministerial meeting will be held on Nov. 26 [Read more]
Oil gains on China economic data, strong demand forecast
Oil prices rose on Wednesday as China's factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year. Brent futures rose 20 cents, or 0.2%, to $82.67 a barrel by 0427 GMT, while U.S. West Texas Intermediate (WTI) crude rose 15 cents, also 0.2%, to $78.28. China's October economic activity perked up as industrial output grew at a faster pace and retail sales growth beat expectations, an [Read more]
Global oil markets to be fairly balanced in 2024 – Vitol
Global oil markets are expected to be fairly balanced with a slight surplus next year as demand and non-OPEC supply growth are exceeding expectations, the global head of research at Vitol said on Wednesday. Oil demand globally has exceeded 2019 levels and is expected to continue growing as oil intensity - the volume of oil consumed per unit of GDP - for most economies has returned to pre-pandemic levels except in the United States, Giovanni Serio said at the FT Commodities Asia [Read more]
Heavy oil discount tightens as TMX pipeline work resumes
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday: * WCS for December delivery in Hardisty, Alberta, settled at $25.70 a barrel under WTI, according to CalRock, strengthening from $26.00 a barrel under WTI on Friday. Markets were closed on Monday due to a Canadian holiday. * The Trans Mountain pipeline expansion project (TMX) resumed work after regulators issued with a stop work order [Read more]
Chevron reviewing options for East Texas assets after shale acquisitions
Chevron Corp said it is evaluating options for around 70,000 net acres of land in East Texas' Haynesville shale formation after pausing development earlier this year, with sources saying a full sale is one option under consideration. The move would be a small first step by the energy major which is seeking to offload assets worth up to $15 billion over the next five years following its recent multi-billion dollar acquisitions of more than 700,000 acres in U.S. shale assets. Chevron last [Read more]
Trans Mountain resumes work on pipeline in British Columbia
The Trans Mountain oil pipeline expansion project on Tuesday said it had been allowed to resume work in a wetland area near Abbotsford, British Columbia, after correcting issues raised by the Canada Energy Regulator (CER). Earlier this month the CER ordered a halt on an 800-meter stretch after inspectors found several environmental and safety-related non-compliances. "Trans Mountain has received a notice to resume work from the Canada Energy Regulator... Trans Mountain corrected all [Read more]
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