Oil futures finish higher on 'oversold' condition, despite a hefty weekly rise in U.S. supplies
Oil futures ended...
Oil futures ended higher on Thursday, with prices "near-term oversold," following Wednesday's "multi percentage-point drop to multi-month lows," said Tyler Richey, co-editor at Sevens Report Research. Gains for oil came despite a report from the Energy Information Administration that showed an 8.8 million-barrel weekly rise in U.S. crude inventories. October WTI crude CLV22, 1.59% climbed $1.60, or nearly 2%, to settle at $83.54 a barrel on the New York Mercantile Exchange, following a 5.7% drop on Wednesday.
EIA reports a weekly climb of 54 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 54 billion cubic feet for the week ended Sept. 2. That was generally in line with an average forecast for an increase of 55 billion cubic feet from analysts polled by S&P Global Commodity Insights. Total working gas stocks in storage stand at 2.694 trillion cubic feet, down 222 billion cubic feet from a year ago and 349 billion cubic feet below the five-year average, the government said. Following the data, October natural gas NGV22,was up 12.6 cents, or 1.6%, at $7.968 per million British thermal units. Prices traded at $7.981 before the supply data.
Top Shale Executive Says US Oil Output Gains to Disappoint
U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott...
U.S. oil output this year is likely to disappoint, with even lower growth possible next year, said Scott Sheffield, chief executive of leading shale producer Pioneer Natural Resources.
Oil supply has been thrust into the spotlight by Russia's invasion of Ukraine and sanctions on its oil exports. U.S. shale companies and OPEC have said they cannot pump more oil, pushing up prices. OPEC plans to cut output next month by 100,000 bbl/d.
Sheffield forecasts U.S. oil production will rise around 500,000 bbl/d this year, and next year's gains could fall below that level. His estimate is well below the 800,000 bbl/d projection for 2023 by the U.S. Energy Information Administration.
"There could be more downside," he said on Sept. 7 at Barclays CEO Energy-Power Conference in New York, pointing to supply chain issues, inflation and infrastructure constraints.
Britain's new Prime Minister Liz Truss will on Sept. 8 scrap the country's fracking ban and will seek...
Britain's new Prime Minister Liz Truss will on Sept. 8 scrap the country's fracking ban and will seek to make more use of North Sea reserves, the Telegraph newspaper reported.
The reported moves are part of what her office said will be a "bold plan of action" to support households and businesses with soaring energy bills while also seeking to boost the domestic energy supply.
Commonwealth LNG's proposed project in Louisiana and Delfin Midstream's planned floating export terminal...
Commonwealth LNG's proposed project in Louisiana and Delfin Midstream's planned floating export terminal off the Louisiana coast are moving forward after spending years on the back burner. Commonwealth LNG has reached a 20-year agreement to sell up to 2.75 million short tons per year of LNG to Australia's Woodside Energy, while Delfin has entered into a nonbinding deal with Devon Energy for up to 2.2 million short tons per year of offtake capacity and potential equity investment.
