Oil prices tick higher but are on course for a weekly loss as concerns about easing supply tightness and a cloudy demand outlook have outweighed reduced OPEC output.
Brent crude oil is up 0.6% at $83.42 a barrel, but on course for a 1.6% decline for the week. West Texas Intermediate (WTI) is also set for a 1.4% weekly loss.
Oil prices have slipped in recent weeks due to Iranian exports rising and the possibility of sanctions on Venezuela being lifted. But BMI Industry Research doesn't expect further losses for now. "The cutbacks in place by OPEC+, additional unilateral action by Saudi Arabia and export declines in Russia, as well as seasonally strong consumption, support the market," the company said in a note.
New Mexico could register a revenue surplus of $3.5 billion...
New Mexico could register a revenue surplus of $3.5 billion in the July 2024-June 2025 fiscal year thanks to a booming oil and natural gas industry, state economists project. A more than twofold increase in annual production over the past five years has turned the state into the nation's second-largest oil producer.
Clearfork completes Haynesville gas capacity expansions
Clearfork Midstream has expanded the gathering and treating capacity of its Holly System in the ...
Clearfork Midstream has expanded the gathering and treating capacity of its Holly System in the Haynesville Shaleof North Louisiana by 65% to around 1.25 Bcf/d since February 2022, benefiting producers in the Haynesvilleand Bossierplays. The expansions involve new pipelines on both the east and west sides, along with increased treating and compression capacity.
US Central states, Texas in danger of power shortages in heat wave
Two U.S. electric grids may not have enough power to meet demand plus required reserves on Thursday as...
Two U.S. electric grids may not have enough power to meet demand plus required reserves on Thursday as homes and businesses crank up their air conditioners to escape a brutal heat wave blanketing Texas and other U.S. Central states.
The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers, urged residents to voluntarily conserve power on Thursday as it expects a "reserve capacity shortage with no market solution available."
The U.S. Energy Information Administration reported on Thursday that U.S. natural gas supplies in storage rose by 18 billion cubic feet for the week ended Aug. 18. That was below the average increase of 29 billion cubic feet forecast by analysts surveyed by S&P Global Commodity Insights. Total working gas in storage for the week was at 3.083 trillion cubic feet, up 513 billion cubic feet from a year ago and 268 billion cubic feet above the five-year average, the government said. September natural gasrose 2 centsfor the day to $2.52 per 1,000 cubic feet.
