U.S. natural gas futures climbed about 3% to an eight-month high on Wednesday after breaking through a key point of technical resistance on lower output and forecasts for cooler weather and rising exports. That price increase happened even though the weather was expected to remain warmer than usual over the next two weeks - just not as warm as previously expected - which should keep demand for both heating and cooling low. Front-month gas futures for November delivery on the New York [Read more]
Saudi Arabia to continue voluntary cut of one million bpd
Saudi Arabia on Wednesday said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year. The kingdom's production for November and December will be approximately 9 million bpd, an energy ministry statement posted on the Saudi state news agency SPA said. "This voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production," the SPA quoted a source at the [Read more]
Oil dips on high interest rate worries, OPEC+ panel awaits
Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand. Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI), fell 5 cents to $89.18 per barrel. Data on Tuesday night showed that U.S. job openings increased by the largest amount in more than two years, prompting a further sharp rise in [Read more]
BP explores $1 billion US pipelines stake sale – sources
BP Plc is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter. The potential divestment would help BP meet its targets to reduce debt and maintain its dividend. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at $23.7 billion. BP has placed its stakes in U.S. Gulf of Mexico pipelines in a new company in [Read more]
U.S. oil producers reprieved by Saudi output cut: Kemp
U.S. crude oil production increased again in July and neared the pre-pandemic record, showing output has remained more resilient than expected in the face of a steep downturn in drilling. Total production of crude oil and condensates increased to 12.99 million barrels per day (bpd) in July 2023, which was not statistically different from the record of 13.00 million bpd set in November 2019. Output from the Lower 48 states excluding federal waters in the Gulf of Mexico increased to a record [Read more]
US natgas prices up 2% as output declines, cooler forecasts
U.S. natural gas futures climbed about 2% on Tuesday on a decline in output and forecasts for cooler weather and more heating demand next week than previously expected. Front-month gas futures for November delivery on the New York Mercantile Exchange were up 6 cents, or 2.1%, to $2.900 per million British thermal units (mmBtu) at 9:38 a.m. EDT (1338 GMT). Financial firm LSEG said average gas output in the lower 48 U.S. states has slid to 101.9 billion cubic feet per day (bcfd) so far in [Read more]
Oil falls 1% on strong US dollar, mixed supply cues
Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. Brent futures for December delivery declined 92 cents, or 1.01%, to $89.79 a barrel by 0225 GMT. U.S. West Texas Intermediate crude (WTI), fell 92 cents, or 1.04%, to $87.90 per barrel. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated [Read more]
US LNG exports slump in September as plant outages pare output
U.S. exports of liquefied natural gas (LNG) fell modestly in September from August as scattered outages at four gas-processing plants led to lower shipments, LSEG vessel tracking data showed. A total of 7.12 million metric tons of the superchilled gas left U.S. ports last month, down from the 7.32 million metric tons exported in August, LSEG data showed. In September, more than half of U.S. LNG exports went to Europe, which received 52% of cargoes, the same share as in August. Asia [Read more]
US natgas prices ease 1% on mild weather, low demand
U.S. natural gas futures eased about 1% on Monday on forecasts for milder weather and less demand next week than previously expected. The price decline comes despite a reduction in output, record exports to Mexico and a rise in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants even though some plants were reduced for maintenance. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 3.3 cents, or 1.1%, to $2.896 per million British [Read more]
Oil investors turn cautious away from Cushing squeeze: Kemp
Portfolio investors appear to have finished their petroleum buying as benchmark crude prices climbed towards $100 per barrel, prompting concerns about the trade becoming crowded and some profit-taking. Hedge funds and other money managers sold the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending Sept. 26. Fund managers were net sellers for the first time in four weeks after buying 155 million barrels since Aug. [Read more]
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