U.S., EU strike LNG deal as Europe seeks to cut Russian gas
March 25, From REUTERS, The United States will work to supply 15...
March 25, From REUTERS, The United States will work to supply 15 billion cubic meters of liquefied natural gas (LNG) to the European Union this year to help it wean off Russian energy supplies, the transatlantic partners said on Friday.
The EU is aiming to cut its dependency on Russian gas by two-thirds this year and end all Russian fossil fuel imports by 2027 due to Russia's invasion of Ukraine. Russia supplies around 40% of Europe's gas needs.
Concerns over security of supply were reinforced this week after Russia ordered the switch of gas contract payments to roubles, raising the risk of a supply squeeze and even higher prices. read more
MarketWatch: Baker Hughes reports a weekly climb in the U.S. oil-drilling rig count
Baker Hughes ...
Baker Hughes BKR, +1.12% on Friday reported that the number of active U.S. rigs drilling for oil was up by seven to 531 this week. That followed a decline of three oil rigs the week before, Baker Hughes data show. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven at 670, according to Baker Hughes. Oil prices continued to edge higher in Friday dealings, as reports of an attack on a Saudi oil facility fed supply concerns. May West Texas Intermediate crude CLK22, 0.61% was up $1.14, or 1%, at $113.48 a barrel on the New York Mercantile Exchange.
The energy sector is off to a lower start pressured by weakness in the underlying commodities, despite...
The energy sector is off to a lower start pressured by weakness in the underlying commodities, despite Wall Street's main indexes set for a higher open. Investors continued to favor beaten-down growth stocks while grappling with concerns about the Russia-Ukraine conflict and the possibility of bigger interest rate hikes.
WTI and Brent crude oil futures are lower in early trading(WTI, down $2, at $110.34 as of 10:40 AM ET)on some easing supply concerns after a partial export resumption from Kazakhstan's CPC crude terminal, while the European Union remained split on whether to impose an oil embargo on Russia. OPEC sources said the producer group's officials believe that a possible EU ban on Russian oil would hurt consumers and that it had conveyed its concerns to Brussels. Prices were also pressured by the potential for another coordinated release of oil from storage by the United States and its allies to help to calm oil markets. Canada has the capacity to increase oil and gas exports by up to 300,000 barrels per day by the end of 2022 to help improve global energy security following Russia's invasion of Ukraine.
