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U.S. energy companies added the most oil rigs in both a week and a month since February as drillers continued to return to the well pad with crude prices at their highest since late 2014. The total oil rig count rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. For the month, the rig count rose by 34, its second increase in row, after rising 28 in April.
Every new home in California is going solar by 2020. If solar-energy companies have their way, those homes also will come with batteries. Companies like Tesla and SunRun are starting to bid on utility contracts that would allow them to string together dozens or hundreds of systems that act as an enormous reserve to balance…
The S&P 500 fell ~0.2% to 2,727.76 on May 24. The decline in crude oil prices and energy stocks pressured the S&P 500. On May 24, President Trump canceled the summit with North Korea scheduled on June 12, which also pressured the S&P 500. The meeting was canceled due to hostility from North Korea.
It looks like China will make another bet on US natural gas, building new gas terminals at ports in four provinces. The facilities will accommodate the country’s increasing reliance on foreign gas. The CEO of Kunlun Energy said in its annual shareholders meeting (paywall) that the company is conducting feasibility studies to build import terminals…
Asian spot liquefied natural gas prices breached the $$9 per million British thermal unit mark this week, a three-year summer season high driven by crude oil gains, production outages and demand from key ...
Natural gas markets when sideways during the day on Thursday, showing signs of exhaustion after breaking out. I think at this point though, consolidation is probably going to be an opportunity for people to catch their breath, and then eventually attempt to continue the move that we have seen.
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India's state-owned exploration company Oil and Natural Gas Corp will by early 2019 quadruple the output from an offshore gas block in the Bay of Bengal, according to a senior ONGC official.
The Trump administration is exploring whether tariffs are needed on auto imports, a move that comes as trade talks with Canada and Mexico have stalled. The U.S. and its partners remain far apart on rewriting the North American Free Trade Agreement, with the discussions at an impasse over rules for car production. The initiation of the trade investigation President Donald Trump ordered on Wednesday could be seen as an attempt to gain leverage.
On May 16–23, our list of oil-weighted stocks rose 0.5%. US crude oil July futures rose 0.4% during this period. Below are the oil-weighted stocks with the biggest increases in the trailing week: Denbury Resources (DNR) rose 10.5%. California Resources (CRC) rose 4.3%. Oasis Petroleum (OAS) rose 3.7%.
Indian gas utility GAIL (India) has switched its focus to short-term and spot deals for the purchase of liquefied natural gas (LNG) to meet rising demand and hedge against price volatility, its chairman said. The move from longer-term deals comes as India builds infrastructure, including pipelines and import facilities, to raise the share of gas in its energy mix to 15 percent by 2030 from the current level of about 6.5 percent. Supply under GAIL's long-term deals with companies in the United States began this year.
Indian gas utility GAIL (India) has switched its focus to short-term and spot deals for the purchase of liquefied natural gas (LNG) to meet rising demand and hedge against price volatility, its chairman said. The move from longer-term deals comes as India builds infrastructure, including pipelines and import facilities, to raise the share of gas in its energy mix to 15 percent by 2030 from the current level of about 6.5 percent.
Russian gas giant Gazprom (GAZP.MM) clinched a deal with EU antitrust regulators on Thursday to reform its pricing structure and allow rivals a foothold in eastern Europe, avoiding fines in a case that has dragged on for seven years. Europe's competition enforcer said Gazprom's concessions allay concerns of market abuse, ending the EU's longest running antitrust saga that began with dawn raids at 20 offices in 10 countries in 2011. The EU's decision to accept Gazprom's offer has allowed it to escape fines of as much as 10 percent of its global turnover - an outcome that has angered Poland and eastern EU countries which have sought a tougher line from Brussels.
The Zacks Analyst Blog Highlights: Phillips, Enbridge, Marathon Petroleum, Continental Resources and Hess
On May 22, natural gas June futures closed at a premium of ~$0.27 to June 2019 futures. The difference is called the “futures spread.” On May 15, the futures spread was at a premium of ~$0.26. On May 15–22, natural gas June futures rose 2.5%.
The remarkable growth of the Permian may soon reach its limit, with both oil and gas production hitting serious bottlenecks – leading to double digit discounts for WTI in some areas
Crude oil prices moved lower on Wednesday in the wake of what is perceived as a bearish Department of Energy inventory report. Higher than normal imports flooded the U.S., ahead of expected sanctions that will be placed on Iran now that the White House has pulled out of the Iran nuclear deal. Refiners ran below normal as well, allowing crude oil to build up. Crude oil prices moved lower on Wednesday but bounced near support at the 10-day moving average near 71.47. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
Based on the current price at 110.293, the direction of the USD/JPY into the close is likely to be determined by trader reaction to the short-term pivot at 110.019.
Natural gas prices in most locations in North America rose last week, according to the latest EIA (Energy Information Administration) weekly report on natural gas.