What’s Affecting Oil Prices This Week? (June 21, 2021)
$100 oil? Unlikely, according to Stratas Advisors. Here’s why the firm is predicting a more moderate increase...
$100 oil? Unlikely, according to Stratas Advisors. Here’s why the firm is predicting a more moderate increase in oil prices during the third quarter in its latest forecast.
The price of Brent crude ended the week at $73.22 after reaching $74.39 on June 16 and closing the previous week of $72.69. The price of WTI ended the week at $71.50 after reaching $72.15 on June 16 and closing the previous week at $70.91.
US petroleum demand climbed 1% from April to 19.8 million...
US petroleum demand climbed 1% from April to 19.8 million barrels per day in May, while crude oil production rose 0.4% month-on-month to 11 million bpd, according to the American Petroleum Institute's latest monthly statistical report. The US was a net petroleum importer for a third consecutive month in May, receiving 8.7 million bpd of crude oil and refined products, compared with export volumes of 8.2 million bpd.
Magellan and Enterprise team up with Intercontinental Exchange for new Houston Crude Oil Futures contract
Magellan Midstream Partners, Enterprise Products Partners and Intercontinental...
Magellan Midstream Partners, Enterprise Products Partners and Intercontinental Exchange announced the establishment of a new futures contract for the physical delivery of crude oil in the Houston area. The Midland WTI American Gulf Coast contract is being launched in response to market interest for a Houston-based index with greater scale, flow assurance and price transparency. It will utilize the capabilities and global reach of ICE’s industry-recognized, state-of-the-art trading platform and is due to be launched by ICE by early 2022, subject to regulatory approval.
Former Rice Energy CEO Launches Second SPAC Focused on Energy Transition
Daniel Rice, the former CEO of shale...
Daniel Rice, the former CEO of shale gas producer Rice Energy, is launching his second blank-check company focused on energy transition opportunities.
Rice Acquisition Corp. II, the latest Rice-led special purpose acquisition company or SPAC, recently filed for an IPO to raise $300 million targeting a transaction in the “broadly defined energy transition or sustainability arena,” according to a company release on June 15.
“We plan to concentrate our search on supply-side solutions and innovations that enable the economy to decarbonize,” the company said in its filing with the U.S. Securities and Exchange Commission.
Natural gas futures are down 1.2% to $3.20, extending upon last week's 2.5% decline. Weather forecasts...
Natural gas futures are down 1.2% to $3.20, extending upon last week's 2.5% decline. Weather forecasts were roughly unchanged over the weekend. Both 6-10 and 8-14 day forecasts project above-seasonal temperatures west of the plains and northeast with seasonal-below seasonal temps in the Midwest and southeast.
Reuters reported that power and natural gas prices in Texas and California spiked last week to their highest levels in months as homes and businesses cranked up air conditioners to escape brutal heatwaves.
