Conventional Energy

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U.S. Natgas Prices Soar 10% From 3-1/2-year Low as Chesapeake Cuts Output

 U.S. natural gas futures soared by about 10% on Wednesday after Chesapeake Energy – soon to be the biggest U.S. gas producer after its merger with Southwestern Energy – cut the amount of gas it plans to produce in 2024 due to the recent plunge in gas prices to a 3-1/2-year low.  See Chesapeake press …

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Tumbling U.S. Natural Gas Prices Prove Unstoppable, Hurting Producers

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 …

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Prompt U.S. Crude Futures Jump to Steep Premium Over Later-Dated Contracts

The premium for prompt U.S. crude futures to the second-month contract more than doubled on Tuesday, hitting a high of $1.71 a barrel – its widest level in roughly four months. The structure, known as backwardation, occurs when the front-month contract is at a premium to later-dated contracts and can indicate tightness in the market. …

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Equitrans Delays WV-VA Mountain Valley Natgas Pipe Again, Boosts Cost

U.S. energy firm Equitrans Midstream delayed the completion date for its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter of 2024 from the previous estimate of the first quarter. The company also boosted the projected cost to complete the project to around $7.57 billion-$7.63 billion, up from a prior …

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Oil Industry, Green Groups Challenge Biden Offshore Drilling Plan

(Reuters) – Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration’s five-year plan to offer drilling leases in the Gulf of Mexico. The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales, the …

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Oil Hovers Near 3-Week High on Middle East Tensions, China Demand

Summary Signs of stronger China demand support sentiment -analyst Beijing cuts mortgage reference rate to bolster property sector Houthis continue to hit shipping in Red Sea (Reuters) – Oil prices edged lower on Tuesday but remained near three-week highs on heightened Middle East tensions and as China showed some signs of economic recovery. Brent futures …

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Oil Prices Can Avoid Both Boom and Bust This Year

After a boom at the end of the pandemic and a bust last year, oil may avoid either extreme in 2024. At least, that’s the message from two prominent oil-watchers. Markets are set for a “comfortable” year with “moderate” prices as global demand growth cools and supply from the Americas swells, International Energy Agency Executive Director Fatih …

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Wall Street Is Warming to Big Shale After $250 Billion of Deals

Shale drillers can ‘consolidate or get eaten’: Warwick CEO US oil producers now in ‘arms race’ for scale, investor says This week’s $26 billion combination of two Texas oil companies is the latest in a series of deals that’s ushering in the era of Big Shale. Wall Street, which eyed the sector with skepticism for …

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Oil Settles Up, Records Weekly Gain on Middle East Tensions

Summary Israel strikes Rafah IEA trims oil demand growth forecast India-bound oil tanker hit by missile fired from Yemen (Reuters) – Oil prices settled higher on Friday as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency for slowing demand. Brent crude futures settled up 61 cents, or …

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El Niño Pushes Real U.S. Gas Prices to Multi-Decade Low: Kemp

Inflation-adjusted U.S. gas prices have fallen to the lowest level for over 30 years as a mild winter and continued production growth leave the market carrying a growing surplus of inventories. Front-month futures for gas delivered at Henry Hub in Louisiana slumped to $1.58 per million British thermal units on Feb. 15, the lowest in …

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