Oil steadies in choppy trading on tariff uncertainty, OPEC+ hike plans
(Reuters) -Oil settled largely unchanged in choppy trade...
(Reuters) -Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and plans by OPEC+ to raise output.
Brent futures settled up 16 cents, or 0.2%, at $69.46 a barrel. U.S. West Texas Intermediate crude futures gained 5 cents, or 0.1%, to settle at $66.36.
On Wednesday, Brent hit $68.33, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories further pressured oil after OPEC+'s hike in output quotas for the first time since 2022 and new U.S. tariffs enacted on Tuesday.
"The OPEC news of adding barrels next month, along with a Russian/Ukraine peace deal now looking more promising and a flip/flop of tariffs is keeping crude in a volatile trade," said Dennis Kissler, senior vice president of trading at BOK Financial.
Russia said it will seek a peace deal in Ukraine that safeguards its own long-term security and will not retreat from the gains it has made in the conflict.
U.S. natural gas futures snap a three-day winning streak as warmer weather...
U.S. natural gas futures snap a three-day winning streak as warmer weather contributed to a smaller-than-expected storage draw of 80 Bcf last week. Still, the 2,171 Bcf taken from storage since the start of November makes this the second-strongest withdrawal season since 2010, Andy Huenefeld of Pinebrook Energy Advisors says in a note. “We would expect to see a larger draw in next week’s report covering the week ending March 7, but from there mild weather forecasts suggest a series of lighter storage deductions heading into the spring.” Inventories as of last week were 224 Bcf below the five-year average, and 585 Bcf below their year-ago level. The Nymex front month natural gas futures settled down 3.3% at $4.302/mmBtu.
Nasdaq ends in correction as U.S. stocks tumble on trade and economic jitters
The tech-heavy Nasdaq Composite closed in correction...
The tech-heavy Nasdaq Composite closed in correction territory for the first time in six months, as the sharp selloff in stocks resumed.
President Trump on Thursday added more items to a list of products from Canada and Mexico subject to a temporary pause on 25% tariffs that were implemented earlier this week.
The Dow Jones Industrial Average fell about 430 points, or 1%, ending around 42,578, according to preliminary data.
Enbridge commits to boosting oil transport network
Enbridge will invest $1.38 billion through 2028 to expand by 300,000...
Enbridge will invest $1.38 billion through 2028 to expand by 300,000 barrels per day the capacity of its 3,000-mile Mainline crude oil system, a key conduit for moving Canadian crude to US refineries in the Midwest and Gulf Coast. The company also plans to expand the Express-Platte and Southern Lights pipelines and grow its US Gulf Coast infrastructure footprint to keep pace with rising crude exports.
$44B Alaska LNG project gains traction with Trump's push
President Donald Trump is doubling down on efforts to...
President Donald Trump is doubling down on efforts to jumpstart a much-delayed $44 billion natural gas pipeline and LNG export project in Alaska, touting interest from Japan, South Korea and other Asian nations as potential investors. The massive scale and cost of the project have hindered progress over the years, but the recent high-level engagements signal renewed momentum toward overcoming these obstacles.
