Despite declining natural gas prices, gas operators are...
Despite declining natural gas prices, gas operators are opting to keep drilling activity steady, counting on demand from upcoming liquefied natural gas facilities and improved balance sheets to help them weather the current oversupply and subdued price environment. Executives and analysts caution that scaling back activity too quickly could hurt drillers' competitive edge and ability to keep up with future demand.
US shale oil explorers see some drilling cost relief
Reduced competition for resources and lower prices for materials and services such as steel pipe and...
Reduced competition for resources and lower prices for materials and services such as steel pipe and fracking crews are driving down oil drilling costs in the US shale patch, shale executives say. Meanwhile, oilfield service providers are facing a difficult choice between idling equipment to preserve pricing power or offering discounts to keep their customers and market share intact.
Crescent Point Energy advised that it has temporarily shut in its Kaybob Duvernay production...
Crescent Point Energy advised that it has temporarily shut in its Kaybob Duvernay production in response to the recent Alberta wildfires. This precautionary measure is being taken by the Company to protect the safety of its staff, the community, the environment, and its assets. As a result, approximately 45,000 boe/d of production in the Kaybob Duvernay has been temporarily shut-in with a plan to restart production once safe and permitted to do so. No damage has been reported to the Company's assets.
Natural gas futures are starting the week higher on the forecast for higher demand as the NOAA 6-10 day...
Natural gas futures are starting the week higher on the forecast for higher demand as the NOAA 6-10 day Sunday afternoon has TX, LA, NM, and OK experiencing below-normal temperatures, KS and MI normal temps while everywhere else is seen above-normal. The 8-14 day has it warmer in the West and upper-Midwest, a mix of normal and above-normal temps on the East Coast while everywhere else is seen below-normal. Europe's TTF is down (1.5%) to 36.02 euros per MWh. June Futures were trading at $2.187, up almost 5 cents, as of 9:50 AM ET.
The energy sector is off to a higher start, tracking gains in...
The energy sector is off to a higher start, tracking gains in the underlying commodities. U.S. equities are mixed in pre-market trading as investors await key inflation data later this week. U.S. consumer price inflation figures for April will be released on Wednesday which will have an influence on the Fed's stance towards future interest rate decisions.
WTI and Brent crude oil futures jumped this morning on easing recession concerns and as investors purchase energy contracts at a bargain following three-consecutive weeks of declines. Some traders believe the recent sell-off is over with Goldman Sachs analyst over the weekend saying that concerns over near-term demand and elevated supplies were "overblown". Voluntary output cuts made by OPEC+ begin this month and the group holds its next meeting on June 4th. The market will be keeping an eye out for OPEC's latest monthly oil market report which is due on Thursday and will provide an updated reading on the demand and supply outlook.
