Tuesday: Brent crude jumps above $90 a barrel as Saudis and Russians extend supply cuts
Saudi Arabia will extend a production cut of 1 million barrels...
Saudi Arabia will extend a production cut of 1 million barrels a day for three months, running to the end of December, the country’s official press agency reported Tuesday,citing an energy ministry official. The report said Saudi production in October, November and December would effectively be 9 million barrels a day. Russia also said it would extend supply cuts, news reports said. Saudi Arabia implemented the 1 million barrel-a-day reduction in July and had previously extended it through the end of September while stipulating it could be further extended or deepened. Oil futures erased losses after the announcement, with West Texas Intermediate crude for October delivery CL.1 jumping 2% to $87.23a barrel on the New York Mercantile Exchange, while November Brent crude BRN00 rose 1.3% to $90.15 a barrel on ICE Futures Europe.
Chevron Australia LNG Workers Plan Full Strikes From Sept. 14
(Bloomberg) -- Chevron Corp. liquefied natural gas workers in Australia threatened two weeks of 24-hour...
(Bloomberg) -- Chevron Corp. liquefied natural gas workers in Australia threatened two weeks of 24-hour rolling outages at two major export plants from mid-September, in an escalation of the dispute that threatens global fuel supply.
The workers have served Chevron notice that they plan full stoppages from Sept. 14, following partial strikes from Sept. 7, the Offshore Alliance grouping said Tuesday on Facebook.
The threat of worker action in Western Australia has roiled global natural gas markets that are still edgy after Russia’s invasion of Ukraine last year saw supply curbed and prices soar to unprecedented heights. The two facilities operated by Chevron — Gorgon and Wheatstone— made up roughly 7% of global LNG supply last year.
US crude stocks to fall further, end below year-ago levels, say analysts
HOUSTON (Reuters) -U.S. crude oil stocks have fallen to their lowest level this year and likely will...
HOUSTON (Reuters) -U.S. crude oil stocks have fallen to their lowest level this year and likely will shrink further, analysts said, as record demand, producer supply cuts, weaker futures, and rising storage costs all point to increasing drawdowns.
A tight crude market is poised to extend into 2024 and add upward pressure on global oil prices, they said. In a bullish sign, U.S. inventories last week dropped 10.6 million barrels, hitting the lowest level since December 2022's 420.65 million barrels.
Overall, U.S. oil production could average 12.8 million bpd in 2023, but analysts are skeptical that shale gains can be sustained without a sharp increase in drilling activity. Active U.S. oil rigs this month fell to the lowest since February 2022.
Oil Holds Advance as Traders Wait for Next OPEC+ Moves on Supply
(Bloomberg) -- Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+...
(Bloomberg) -- Oil traded near the highest level this year after a surge driven by supply cuts from OPEC+ that have tightened the market.
Global benchmark Brent was little changed below $89 a barrel after a five-day advance that lifted futures by more than 5%. US crude counterpart West Texas Intermediate, meanwhile, held above $85 a barrel.
Crude has rallied by about a quarter since late June as the impact of the supply reductions — which have been led by Saudi Arabia and Russia — worked their way through the market. Riyadh and Moscow are expected to announce their next steps in the coming days, with the cuts expected to be extended.
Industry fights to keep gas flowing to new Colo. homes
Major oil and gas producers are once again backing a push for a 2024 ballot initiative to prevent Colorado...
Major oil and gas producers are once again backing a push for a 2024 ballot initiative to prevent Colorado communities from banning natural gas hookups in new buildings. "Banning natural gas hookups for kitchen stoves, furnaces, and water heaters is part of a national movement to ban the oil and natural gas industry under the guise of fighting climate change," says Protect Colorado spokesperson Laurie Cipriano.
