Oil prices moved in a thin range on Friday as markets shrugged off the decision of OPEC+ to increase production and questioned whether the incremental output could make up for lost supply from Russia and meet China's growing demand amid easing COVID restrictions. Brent crude futures were down 38 cents, or 0.32% at $117.20 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped 19 cents or 0.16% to $117.90 a barrel. A decision on Thursday by the Organization of the Petroleum [Read more]
Headlines
White House praises Saudi crown prince ahead of expected Biden trip
The White House took the rare step of recognizing the role played by Saudi Arabia's Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen on Thursday ahead of what is expected to be a trip to Riyadh by President Joe Biden. White House press secretary Karine Jean-Pierre told reporters that bin Salman and Saudi King Salman deserved credit for their roles in the truce extension announced earlier in the day. "This truce would not be possible without the cooperative diplomacy from [Read more]
U.S. natgas futures rise 1% on lower output, rising demand forecasts
U.S. natural gas futures edged up about 1% on Friday on forecasts for lower output, higher liquefied natural gas (LNG) exports, warmer weather and higher demand than previously forecast over the next two weeks. In addition, traders noted power consumption in Texas was expected to reach a record high next week as economic growth boosts overall usage and hot weather causes homes and businesses to crank up their air conditioners. In Florida, meanwhile, gas demand could decline if a tropical [Read more]
Heavy crude weakens, synthetic dips
The discount on Canadian heavy crude versus the West Texas Intermediate benchmark widened on Thursday, while synthetic prices also weakened. Western Canada Select heavy blend crude for July delivery in Hardisty, Alberta, last traded at $19.00 a barrel below WTI, according to NE2 Group, widening from the previous settlement of $17.45 a barrel under the benchmark. Canadian heavy barrels continue to track weakness in Gulf Coast heavy grades like Mars sour, a market source said. The U.S. [Read more]
GLJ celebrates 50th anniversary
CALGARY, AB - Calgary-based GLJ Ltd. is celebrating its 50th anniversary today. As a leading global energy consulting firm, GLJ has spent 50 years providing expertise to clients and helping meet the world's need for responsible, sustainable energy. Since 1972, GLJ has advised private and public sector clients on a wide variety of energy plays and projects around the world. GLJ's team of engineers, economists and geoscientists have become international leaders in both emerging and [Read more]
U.S. Interior must weigh climate impacts of oil, gas leasing
The Biden administration must thoroughly analyze the climate impacts of oil and gas leasing on nearly 4 million acres (1.6 million hectares) of federal land in five states before drilling can take place, according to legal settlements reached late Wednesday. The requirement comes after Judge Rudolph Contreras of the U.S. District Court for the District of Columbia denied industry groups' motion to dismiss three previous settlements from lawsuits brought by western U.S. conservation groups [Read more]
White House weighing oil profits tax to fund consumer rebate, official says
The White House is considering proposals that would tax oil and gas windfall profits in order to provide a benefit to consumers struggling with higher energy prices, a U.S. official said on Thursday. Bharat Ramamurti, the deputy director of President Joe Biden's National Economic Council, said the administration has been examining U.S. Senate and House of Representative proposals that could hike taxes on energy producers in order to provide a subsidy to consumers. "We are very much open to [Read more]
U.S. natgas futures up 2% on output drop ahead of storage report
U.S. natural gas futures gained about 2% to a one-week high on Thursday on a decline in output over the past few days, an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants and record power demand in Texas. That gas price increase also came ahead of a weekly report expected to show last week's storage build was smaller than usual because power generators burned more gas to keep the lights on due to high coal prices and a lack of wind power. Power use in [Read more]
Oil prices steady while investors await OPEC+ policy
Oil prices were steady on Thursday, even as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States. U.S. West Texas Intermediate (WTI) crude climbed 55 cents, or 0.47%, to $115.34 a barrel, after a 0.5% rise on Wednesday. Brent crude rose 49 cents, or 0.42%, at $116.24 a barrel, having risen 0.6% the previous day. The benchmarks have marched higher [Read more]
Column: People, you better vote for better energy policy, and fast
If there’s any point to energy writing, it is to perhaps try to pull together disparate bits of information that the average citizen is too busy to notice, the sort of random and arcane stats and events that only genuine weirdos devote their spare hours to. Truffle pigs find the truffles. People learning about energy from the daily news hour is like learning about anatomy by watching Jackass. To get the real story, follow the nerds. If someone hears an activist and/or federal cabinet minister [Read more]