Tougher financial rules loom over oil, gas industry
The Securities and Exchange Commission, the Commodity Futures...
The Securities and Exchange Commission, the Commodity Futures Trading Commission and the Treasury Department are working on new financial regulations that would encourage financial institutions to step up investments in clean energy, which could lead to higher capital costs on oil and natural gas and speed up the transition away from fossil fuels. "There's a robust discussion that goes on between companies and their investors already, as well as significant climate reporting," said American Petroleum Institute Vice President for Corporate Policy Stephen Comstock, adding, "The SEC needs to take all that into account as they consider this before they just step into trying to regulate this space."
Natural gas futures are up 3.8% to $3.27, trading higher following yesterday's natural gas storage report...
Natural gas futures are up 3.8% to $3.27, trading higher following yesterday's natural gas storage report that posted an injection roughly in-line with consensus. Forecasts from yesterday afternoon were roughly unchanged with higher-than-expected temperatures expected for much of the western US while seasonal to below-seasonal temperatures are expected for much of the east.
Energy stocks are poised for a mixed to higher start, weighed down by slight weakness in the crude complex...
Energy stocks are poised for a mixed to higher start, weighed down by slight weakness in the crude complex while the broader index futures trade higher after the S&P 500 closed at a record yesterday. Investors are shrugging off inflation fears despite hotter-than-expected CPI data yesterday. Sector news is quiet heading into the weekend.
Oil prices are seesawing between gains and losses this morning after closing at a 2+ year high yesterday. WTI and Brent are on pace for weekly gains of +0.9% and +0.9% respectively. Goldman Sachs expects Brent crude prices to reach $80/bbl this summer citing the increased mobility amid rising vaccine rates.
TC Energy cancels Keystone XL oil pipeline project
TC Energy officially canceled the Keystone XL oil pipeline...
TC Energy officially canceled the Keystone XL oil pipeline on Wednesday, about five months after President Joe Biden rejected a presidential permit for the project. "It's unfortunate that political obstructionism led to the termination of the Keystone XL Pipeline," said American Petroleum Institute Vice President of Midstream and Industry Operations Robin Rorick in response to the news, adding, "This is a blow to U.S. energy security and a blow to the thousands of good-paying union jobs this project would have supported."
The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 5.2 million barrels for the week ended June 4. On average, analysts polled by S&P Global Platts had forecast a decline of 4.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 2.1 million-barrel decrease, according to sources. The EIA, however, also reported that gasoline supply climbed by 7 million barrels, while distillate stockpiles rose by 4.4 million barrels for the week. The S&P Global Platts survey had expected weekly supply gains of 1 million barrels for gasoline and 400,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week.
