On Monday, oil settled near $71, the highest close in two weeks, supported by technicals and higher natural...
On Monday, oil settled near $71, the highest close in two weeks, supported by technicals and higher natural gas prices.
West Texas Intermediate crude held above its 100-day moving average, a key technical level that spurred more buying. Algorithmic traders on Monday flipped to a net-long position in Brent crude after being short since mid-October, according to data from Bridgeton Research Group.
Prices also rose as colder-than-normal weather forecast drove natural gas futures up 20%, the most since the contract started trading in 2012. Gas tightness could stimulate short-term oil consumption amid an otherwise tepid demand outlook.
West Texas Intermediate for February delivery rose 0.6% to settle at $70.99 a barrel in New York.
Brent for February settlement, which expires Tuesday, lifted 0.3% to settle at at $74.39 a barrel. The more-active March contract edged higher to $73.99.
Natural gas February futures NGG25 closed up 5.5 cents, at $3.93 per MMBtu.
President Jimmy Carter's energy legacy is marked by his dual approach to energy policy, which included the deregulation of fossil fuels and the promotion of solar energy. The Carter administration played a crucial role in the deregulation of fossil fuels, particularly natural gas, paving the way for the fracking industry. His policies aimed to increase energy independence by promoting various energy sources, including coal and oil, alongside renewables.
U.S. stocks close lower again, further dimming hopes for 'Santa Claus rally
U.S. stocks ended lower on Monday as some traders took...
U.S. stocks ended lower on Monday as some traders took profits before the end of the year, dimming hopes for the “Santa Claus rally.”
The Santa rally speaks to a seasonal tendency for the S&P 500 to rise over the last five trading days of a calendar year and the first two trading days of the new year.
The Dow Jones Industrial Average ended roughly 1% lower for back-to-back losses, according to preliminary closing data from FactSet.
The S&P 500 closed 1.1% lower for its third straight daily loss.
The Nasdaq Composite finished about 1.2% lower, also booking its third straight daily loss.
Oilfield services firm Baker Hughes said Friday its weekly...
Oilfield services firm Baker Hughes said Friday its weekly U.S. rig count was at 589 rigs for a third consecutive week and is down 33 rigs or 5.3% from 622 rigs last December.
The number of rigs seeking crude oil was also unchanged at 483 rigs, down 17 from 500 a year earlier. The number of rigs drilling for natural gas remained at 102 for the week, down 18 rigs from 120 the previous year.
Texas bucked the national trend, dropping one rig for 284 rigs active across the state, down 25 from 309 last year. New Mexico was unchanged at 103 rigs. Texas was the only major producing state to decline while North Dakota (1) was the only producing state to see an increase.
The Permian Basin remained unchanged at 304 rigs for the week, down five rigs from 309 last year.
Eddy County, New Mexico, remains the most active county in the Permian Basin, hosting 54 rigs for a third consecutive week. Lea County, New Mexico, remains in second place with 46 rigs, down one for the week.
Exports From New LNG Terminal Begin as U.S. Cements Position as Market Leader
Exports from America's eighth liquefied natural...
Exports from America's eighth liquefied natural gas facility began this week, highlighted by an LNG carrier departing for Europe. This reinforces the US' position as the world's leading LNG exporter and provides tailwinds for President-elect Donald Trump as he urges Europe to increase US energy product purchases in his upcoming second term.
Venture Global, one of the largest US LNG developers, shipped its inaugural cargo of LNG from its Plaquemines export facility in Louisiana via a company-owned carrier named "Venture Bayou."
🇺🇸 Snapshots of Venture Bayou traveling down the Mississippi River, carrying the first export cargo from Plaquemines LNG
The ship is expexted to arrive in Germany on Jan 8th. 🇩🇪
