British and Dutch wholesale gas prices rose sharply on Thursday morning, driven predominately...
British and Dutch wholesale gas prices rose sharply on Thursday morning, driven predominately by news of an outage at the Freeport LNG plant in the United States, a key supply point for European customers.
In the British gas market, the contract for next day delivery was up by 9 pence to 95 pence per therm by 0843 GMT, while the contract for within-day delivery rose by 17 pence to 105 p/therm. The winter contract was up by 17.21 pence to 250 p/therm.
In the Dutch gas market, the day-ahead contract jumped by 10.65 euros to 87.50 euros per megawatt-hour (MWh), while the July contract rose by 6.70 euros to 85.50 euros/MWh.
Dow drops more than 600 points as U.S. stocks end sharply lower ahead of highly-anticipated inflation data
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite...
All three major stock benchmarks closed sharply lower Thursday, with the Nasdaq Composite suffering the biggest loss as investors worry about slowing growth and inflation data that will be released Friday. The Dow Jones Industrial Average DJIA, -1.94% dropped around 639 points to close 1.9% lower, while the S&P 500 SPX, -2.38% fell 2.4% and the technology-heavy Nasdaq COMP, -2.75% slid almost 2.8%, according to preliminary FactSet data. The U.S. government will release on Friday morning May inflation data measured by the consumer-price index. All 11 sectors of the S&P 500 closed lower Thursday, FactSet data show.
US petroleum output edges closer to pre-pandemic levels
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3%...
The US produced an estimated 19.9 million barrels per day of crude and other liquids in May, just 3% below the 20.5-million-bpd record set in January 2020, while global production of petroleum and other liquids rebounded to 99% of pre-pandemic levels to average 99.5 million bpd, the Energy Information Administration reported. The agency also forecast that US crude oil production will climb to 11.92 million bpd this year and 12.97 million bpd in 2023, while demand for petroleum and other liquid fuels is seen rising to 20.53 million bpd in 2022 and 20.73 million bpd in 2023.
Europe accounted for 74% of the 11.5 billion cubic feet per day of liquefied natural gas exported by...
Europe accounted for 74% of the 11.5 billion cubic feet per day of liquefied natural gas exported by the US in the first four months of 2022, up from a 34% average in 2021, surpassing Asia as the top destination for US LNG, according to the Energy Information Administration. Asia received 2.3 Bcf/d of US LNG over the same period, a 51% decline compared with the 2021 average, with China and South Korea as the top buyers, the EIA reported.
How high will oil need to go to trigger a recession?
A daunting question, sure, but DataTrek analysts say ...
A daunting question, sure, but DataTrek analysts say there's a correct answer: "We still believe $140/barrel is the level to watch as a recession indicator."
Wall Street says that grim milestone is nearly upon us with both Goldman Sachs and Bank of America predicting $140 a barrel for international and US prices.
What's more, the UAE's energy minister said Wednesday prices are nowhere near their peak with China's economy set to reopen soon.
