Gas Strikes in Australia Loom If No Progress in Talks Wednesday
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday...
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday morning, as the threat to supply continues to rock global markets for the fuel.
Woodside Energy Group Ltd. and officials representing workers at its North West Shelf LNG facility have started discussions in Perth to negotiate pay and conditions, according to people with knowledge of the matter. Talks are expected to continue until the evening.
Oil Falls to Near One-Month Low on Bearish Signs in Euro Area
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic...
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic growth in top importer China.
West Texas Intermediate futuresfor October fell below $79 a barrel, hitting the lowest level intraday in almost a month as the contraction in euro-area private sector activity intensified in August. China’s stuttering economy also continues to threaten demand for global commodities. The dollar also climbed, making raw materials priced in the currency less appealing.
US shale efficiency drive is paying off, at least for now
Recent gains in well productivity by companies such as Pioneer...
Recent gains in well productivity by companies such as Pioneer Natural Resources, ConocoPhillips, and Occidental Petroleumreflect successful efforts to optimize efficiency in the US shale sector. While these improvements have brought short-term relief, shrinking inventories, declining quality, steepening decline curves, and growing competition for drilling acreage complicate the pursuit of continuous shale production growth.
U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a...
U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a build almost as large in distillates and a slight drop in gasoline stocks, petroleum industry group API indicated in a preliminary report on Tuesday ahead of the official inventory data from the EIA, today.
The petroleum industry group reported a crude build of 6.195M barrels in the prior week to Aug 11.
Along with the broader crude stockpile gain it reported for last week, the API cited a slide of 2.21M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing deficit of 1.0M barrels.
The energy sector is off to a lower start, pressured by weakness...
The energy sector is off to a lower start, pressured by weakness in crude oil contracts. Meanwhile, the broader market futures are higher as investors wait for quarterly results from Nvidia and ahead of this year’s annual economic symposium at Jackson Hole.
WTI and Brent crude oil futures are extending losses for the third consecutive day, as optimism for a strong rebound in demand dimmed amid gloomy global manufacturing data, ahead of the U.S. PMI print due later today. Market participants are also keeping an eye out for any comments that may provide clues on the Federal Reserve’s monetary policy path at this year's annual meeting at Jackson Hole. Manufacturing results have been dull so far, with Japan reporting shrinking factory activity for a third straight month in August. Traders also digested a decline in Eurozone business activity and a modest decrease in Britain’s economy. API data showed crude stocks fell by 2.4 million barrels last week, slightly smaller than the 2.9 million barrel decrease analysts were expecting.
Natural gas futures are adding to yesterday’s gains, on expectations for a build of +30 to +35 Bcf vs the 5-yr average of +49 Bcf in tomorrow’s EIA weekly inventory report.
