Freeport LNG Says Texas Plant Repairs Completed
Freeport LNG, the second-largest U.S. liquefied natural gas exporter, on Monday said it had completed repairs to its Texas plant and asked U.S. regulators for permission to take early steps to restart the fire-idled facility.The closely-held liquified natural gas (LNG) company's export facility was knocked offline by a fiery blast on June 8 and barred from resuming production until federal regulators completed an extensive safety review and approved resulting changes.Freeport LNG sought permission to begin introducing LNG into the plant's piping system…
US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers…
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem…
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports, including crude oil, although it is so far unclear when such a measure would come in place.The decision came in response to U.S. President Donald…
Rising US LNG Exports Boost Interest in Natgas Futures
A surge in speculative interest in the U.S. liquefied natural gas (LNG) export boom has pushed open interest in natural gas futures to an all-time high, traders said on Thursday. Open interest, which measures the number of contracts outstanding, in the Henry Hub front-month hit 386,826 on the New York Mercantile Exchange on Wednesday, topping the previous high of 366,383 set in May 2016, according to Reuters data going back to 1990. "There has been a narrative around the market that the LNG exports are going to be the difference maker this winter…
Brent Oil Stays Above $60
Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m. EDT (1739 GMT), close to its highest level since July 2015. U.S. West Texas Intermediate (WTI) crude futures were 14 cents or 0.26 percent higher at $54.04 a barrel. "The market has rallied pretty significantly and I think it's predicated on the fact that the Saudis and Russians are continuing the cut agreement," said Gene McGillian, manager of research at Tradition Energy in Stamford, Conn.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both U.S.
Oil Shaves $1, Retreats to Bear territory on U.S. Dollar Spike
Global crude oil prices extended a months-long rout into bear market territory on Friday, with Brent notching a new 27-month low as the dollar spiked following upbeat U.S. employment data and further signs of undiminished crude supply. The rallying U.S. dollar has re-emerged as a key driver for commodity prices in recent months, making raw materials more costly for most importers and reviving a once-popular spread trade. It reached a more than four-year peak on Friday after a report showing the U.S. economy created more jobs than expected last month, putting unemployment at a six-year low. Brent for November delivery fell by $1.11 to settle at $92.31, after earlier touching $91.48 a barrel, its lowest since June 2012.
