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Portfolio investors purchased petroleum contracts for the first time in seven weeks as traders squared up short positions ahead of a meeting of OPEC⁺ ministers to decide production policy in the second half of 2024. Hedge funds and other money managers purchased the equivalent of 21 million barrels in the six most important futures and …
U.S. Oil Futures Draw Renewed Interest from Hedge Funds: Kemp Read More »
U.S. exports of liquefied natural gas (LNG) rebounded in May as Freeport LNG, the country’s second-largest exporter of the superchilled gas, returned to full production and as more supplies flowed to Asia, preliminary data from LSEG showed. The U.S. is the world’s largest exporter of LNG and a key supplier to Europe since Russia’s invasion …
U.S. LNG Exports Rise in May as Freeport LNG Returns to Production Read More »
Saudi Arabia kicked off a secondary share sale in oil giant Aramco on Sunday, a landmark deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom’s assets. The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with …
Saudi Arabia Kicks Off Landmark Aramco Share Sale to Raise up to $13 Billion Read More »
Goldman Sachs said it viewed the OPEC+ meeting as bearish despite the output cuts extension, and expected downside risks to the $75-$90 Brent price range as some countries had already signaled the gradual phaseout of extra voluntary cuts. The Organization of the Petroleum Exporting Countries and its allies including Russia, agreed a complex deal on …
Japan’s top city gas supplier Tokyo Gas is looking to add more U.S. natural gas assets, its president said on Monday, as it aims to expand its gas-related businesses in North America after its recent acquisition of a U.S. shale gas producer. The Japanese company paid $2.7 billion to acquire Texas-based natural gas producer Rockcliff …
Tokyo Gas Seeks More U.S. Natural Gas Assets, President Says Read More »
(Reuters) – The OPEC+ decision to extend crude oil production cuts is an acknowledgment that demand growth is still uncertain, but also that the group remains hopeful its bullish scenario is correct. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting on Sunday to extend the total of 5.86 …
OPEC+ Bets the Robust Crude Oil Demand Forecast is Right Read More »
Summary OPEC+ prolongs some cuts by one year OPEC+ to phase out other cuts very slowly Group faces rising oil stocks, tepid demand growth (Reuters) – OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, …
OPEC+ Extends Deep Oil Production Cuts into 2025 Read More »
Summary EIA: U.S. crude output in March at highest level in 2024 U.S. inflation tracks sideways in April OPEC+ eyes deal to extend production cuts, sources say (Reuters) – Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer …
Oil Settles Down Ahead of OPEC+ Meeting, Posts Weekly Loss Read More »
(Reuters) – U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world’s top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend. The U.S. has driven growth in global oil supply from non-OPEC producers over …
U.S. Oil Producers Maintain Modest Growth as OPEC+ Eyes Extended Cuts Read More »
U.S. crude oil production rose in March to its highest this year, while product supplied fell, data from the Energy Information Administration showed on Friday. Crude output rose by 0.6% to 13.2 million barrels per day (bpd) in March, the highest since December. Crude volumes from Texas, the top producing state, edged 0.7% higher to …
U.S. Crude Output Rises in March, While Product Supplied Falls Read More »
