Oil turns negative as OPEC eyes Russia's suspension from output deal
Oil prices turned negative on Tuesday after a report that some producers...
Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
Brent crude futures for August, the most actively traded contract, settled down $2, or 1.7%, at $115.60 a barrel, after rising to $120.80 earlier in the day. The front-month contract for July, which expired on Tuesday, closed up $1.17, or 1%, at $122.84.
U.S. West Texas Intermediate (WTI) crude settled at $114.67 a barrel, down 40 cents or 0.4% from Friday's close. Earlier in the session, it had touched $119.98, its highest since March 9. There was no settlement on Monday's U.S. Memorial Day holiday.
US Oil Output Rises 3% to Highest Since November: EIA
U.S. crude oil production rose in March by more than 3% to the highest since November, according to a...
U.S. crude oil production rose in March by more than 3% to the highest since November, according to a monthly report from the U.S. Energy Information Administration (EIA) on May 31.
Oil production rose to nearly 11.7 million bbl/d in March from 11.3 million bpd the month prior, the report showed.
Demand for U.S. crude and petroleum products rose in March to 20.5 million bbl/d, its highest since December, the EIA said.
Demand for motor gasoline rose to 8.9 million bbl/d, the highest since December, the EIA said.
According to Offshore Energy, ConocoPhillips has delineated its Slagugle oil discovery located in the Norwegian Sea, constraining the recoverable hydrocarbon volume of the main segment. The 6507/5-11 appraisal well – on oil discovery 6507/5-10 S (Slagugle) – was drilled in PL891 in the Norwegian Sea, about 22 km northeast of the Heidrun field and 0.75 km south-southeast of the discovery well. ConocoPhillips is the operator of the license with an 80 percent interest and Pandion Energy is its partner with the remaining 20 percent.
The Petroleum Safety Authority Norway has given ConocoPhillips consent for exploration drilling in block 6306/3 in the Norwegian Sea.
Natural gas futures carried over their slide lower for the third-straight day, pressured by rising output...
Natural gas futures carried over their slide lower for the third-straight day, pressured by rising output and lowered forecasts for demand over the next two weeks. Data provider Refinitiv said average gas output in the U.S. Lower 48 states has climbed to 95.0 billion cubic feet per day (bcfd) so far in May from 94.5 bcfd in April, off the monthly record of 96.1 bcfd in November 2021. Refinitiv projected average U.S. gas demand, including exports, would hold around 88.5 bcfd for through to mid-June, lower than Refinitiv forecast on Thursday. The average amount of gas flowing to U.S. LNG export plants rose to 12.5 bcfd so far in May from 12.2 bcfd in April. It hit a monthly record of 12.9 bcfd in March. The United States can turn about 13.6 bcfd of gas into LNG.
The energy sector is poised for a mixed to higher start, supported by...
The energy sector is poised for a mixed to higher start, supported by a rally in the crude complex while weakness in the major equity futures dampened sentiment.
WTI crude oil futures rallied a further 3.8% this morning, significantly outpacing Brent which is seeing more reserved gains. Futures on both sides of the Atlantic extended their trend higher for the fourth-straight session after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season.
