Venezuela's government and the country's opposition will return to political negotiations, the two sides said on Monday, while sources said the United States has reached a preliminary deal to ease sanctions if President Nicolas Maduro follows through on a commitments related to a 2024 election. Maduro's representatives and the opposition are expected to sign an election agreement this week, and the U.S. will quickly follow that with a revised license related to Venezuela's oil business, [Read more]
US natgas prices down 3% to one-week low on rising output, mild weather
U.S. natural gas futures fell about 3% to a fresh one-week low on Monday on record output, a drop in gas prices in Europe and forecasts for mild U.S. weather through late October that will keep both heating and cooling demand low. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu) by 8:59 a.m. EDT (1259 GMT), putting the contract on track for its lowest close since Oct. 4. That also [Read more]
Saudi Arabia’s crude exports drop to 28-month low in August
Saudi Arabia's crude oil exports in August hit their lowest level in 28 months as they fell for a fifth straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter fell to 5.58 million barrels per day (bpd), down 7.1% from 6.01 million bpd in July and the lowest since April 2021. Saudi Arabia and Russia have agreed to combined voluntary oil supply cuts of 1.3 million bpd, or more than 1% of global demand, [Read more]
Persistent US services inflation dampens oil outlook: Kemp
U.S. service-sector businesses returned to steady expansion in the third quarter after a brief and scarcely perceptible slowdown in the second quarter, according to business surveys. But the expansion is fuelling faster price increases, putting the central bank’s disinflation plan in jeopardy and will likely lead to interest rates remaining higher for longer. In turn, higher rates will dampen interest-sensitive expenditure and likely lead to slower growth in oil consumption in [Read more]
Heavy oil discount widens further
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) weakened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $23.00 a barrel under WTI, according to brokerage CalRock, widening from Thursday's close of $22.10 a barrel under WTI. A busy refinery maintenance season that will curb demand for Canadian heavy crude is weighing on prices, market players said. Global prices leapt nearly 6%, with Brent [Read more]
US drillers add most oil rigs in a week since March – Baker Hughes
U.S. energy firms this week added the most oil rigs since March, boosting the oil and gas rig count for the first time in four weeks, 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, rose three to 622 in the week to Oct. 13. Despite this week's rig increase, Baker Hughes said the total count was still down 147, or 19%, below this time last year. Oil rigs rose by four to 501 this week, while [Read more]
US natgas prices slide 3% to one-week low on rising output, mild forecasts
U.S. natural gas futures fell about 3% to a one-week low on Friday on rising output, a drop in exports to Mexico and forecasts for mild weather through late October that will keep heating and cooling demand low. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 10.4 cents, or 3.1%, to $3.240 per million British thermal units (mmBtu) at 10:28 a.m. EDT (1428 GMT), putting the contract on track for its lowest close since Oct. 5. That put the front-month [Read more]
Canada’s top court rules environmental impact law largely unconstitutional
Canada's Supreme Court on Friday ruled a federal law assessing how major infrastructure projects like pipelines impact the environment is largely unconstitutional, a decision that will likely spur an overhaul of the environmental approval process. "The balance of the scheme... is ultra vires (beyond the powers of) Parliament and thus unconstitutional," Chief Justice Richard Wagner wrote in the ruling. The decision is a victory for Alberta, Canada's main oil-producing province, which has [Read more]
Diesel release valve: China poised to save West from shortages again
As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global supplies of diesel, heating oil and jet fuel. China is the world's top oil importer and largest energy consumer. Typically, energy has flowed into China, not out of it. Growing Chinese refining capacity has, however, made the country an important fuel exporter in recent years. Chinese supplies were key in 2022 after global oil trade was [Read more]
Russia will never be seen as reliable energy supplier, U.S. energy official says
U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt said on Friday Russia would never again be viewed as a reliable energy supplier, a day after Washington imposed fresh sanctions on Moscow because of its war in Ukraine. Speaking at an online briefing ahead of next week's U.S.-Japan Energy Security Dialogue, Pyatt also said the United States and its partners in the Group of 7 were committed to denying Russia any energy revenues. The United States on Thursday imposed the first [Read more]
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