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U.S. natural gas prices for Monday in the Permian shale basin in West Texas turned negative as spring pipeline maintenance and other constraints trap gas in the nation's biggest oil-producing basin. Financial firm LSEG said average gas output in the Lower 48 U.S. states fell to 103.9 billion cubic feet per day (bcfd) so far in May, down from a monthly record of 105.8 bcfd in April. Part of the reason for that output reduction was spring maintenance on some gas pipes, including U.S. energy [Read more]

The European Union will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said. "This is something which we flagged from the Commission's side in the context of the 18th sanctions package. I would expect some interest also from other G7 partners in this regard and some discussion," Dombrovskis told reporters on Monday. Asked if he [Read more]

Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slow down in the pace of China's industrial output and retail sales. Front-month Brent crude futures edged down 35 cents, or 0.5%, to $65.06 a barrel by 0440 GMT while U.S. West Texas Intermediate crude dropped 26 cents, or 0.4%, to $62.23 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 31 cents, or 0.5%, to [Read more]

Goldman Sachs said on Sunday it is retaining a cautious outlook on oil prices, as pressure from likely elevated Iranian supply and higher OECD commercial inventories will offset support from stronger global GDP growth. "We are maintaining our Brent/WTI oil price forecasts of $60/56 ($4 below the forwards) for the remainder of 2025 and $56/52 ($8 below the forwards) in 2026," the bank said. Goldman Sachs has nudged up its Iran crude supply expectations for the second half of 2025 through [Read more]