Nasdaq BRIDGEPORT, Texas – For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies. In the oil versus gas contest, gas producers are losing out. Some are shutting in wells, canceling projects or selling
World Oil AUSTIN – Railroad Commissioner Wayne Christian issued a statement regarding new onerous methane rules proposed by the Biden administration’s Environmental Protection Agency (EPA). “While costs for hard-working Americans are up nearly $11,000 this year everywhere from the gas pump to the grocery store, President Biden’s solution to inflation is to increase regulations that will make American oil and
World Oil (Bloomberg) – Occidental Petroleum Corp. plans to keep its production steady even as oil prices have surged in recent weeks above $90 a barrel. “We don’t increase oil significantly in a market where we don’t see the balance,” Occidental Chief Executive Officer Vicki Hollub said during an interview with Bloomberg Television. “Only in a market where we see balance
Oil Price Mild spring weather with low gas demand combined with pipeline maintenance to drag spot natural gas prices at the Waha hub in West Texas into negative territory this week. Next-day prices for Wednesday at the Waha hub in the Permian closed on Tuesday at -$0.35 per million British thermal units (MMBtu), per data from Refinitiv cited by Reuters. The
Oil Price California’s Governor Gavin Newsom has called on the federal authorities to launch an investigation into the soaring natural gas prices in California and the rest of the Western U.S., as customers have been warned they would receive high gas utility bills. In a letter to the Federal Energy Regulatory Commission (FERC), the agency responsible for regulating wholesale natural gas, Governor Newsom requested
Oil Price Natural gas prices in the United States have plunged and remained low despite a sharp drop in inventories at the end of 2022. Reuters’ John Kemp reported today that working gas stocks in underground storage in the U.S. had ended last year 9% below the five-year average for that time of the year, falling by three percentage points in
CNBC LONDON — European natural gas prices fell this week to levels not seen since before Russia’s invasion of Ukraine. Front-month natural gas futures on the Dutch Title Transfer Facility, the benchmark contract in Europe, plunged in recent weeks to bottom out below 77 euros ($81.91) per megawatt hour, a level not seen since February — prior to the beginning
Nasdaq SINGAPORE – Oil rose on Monday as the prospect of demand recovery, led by China’s loosening of COVID-19 curbs and the United States’ decision to buy back oil for its state reserves, gained the upper hand over global recession fears. Brent crude futures LCOc1 gained 74 cents, or 0.9%, to $79.78 a barrel by 0458 GMT while U.S. West Texas
Oil Price While U.S. natural gas futures gained more than 4% on Monday, natural gas in the Waha part of the Permian Basin was falling and trading close to zero, traders told Bloomberg on Monday. Flourishing natural gas production in the Permian has swamped pipelines, putting an undue burden on takeaway capacity, resulting in an oversupply situation that has
Oil Price Gasoline prices in the United States have jumped over 3% since OPEC’s decision last week to cut output by 2 million barrels per day in November, reversing the trend that had seen prices lower at the pump for weeks. On Monday, the national average price for a gallon of gasoline in the United States was $3.919, up from
Oil Price There are asymmetrical upside drivers for oil prices by the end of the year, according to RBC Capital Markets, which is long oil with WTI call options for June 2023 at $120 a barrel. The increased sanctions against Russia with the EU embargo on Russian crude oil imports by sea are set to drive oil higher, Michael
CNBC Oil prices dipped on Tuesday, paring some gains from the previous session, as the market feared that more aggressive interest rates hikes from central banks may lead to a global economic slowdown and soften fuel demand. Brent crude futures for October settlement dropped $3.58, or 3.4%, to $101.55 a barrel, after climbing 4.1% on Monday, the biggest increase in more
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