Latest news with #PhilFlynn
Business Recorder
a day ago
- Business
- Business Recorder
US natural gas down
NEW YORK: US natural gas futures dipped on Monday due to near-record production, but forecasts for extreme heat that will boost cooling demand and a shorter US deadline for Russia to agree to a ceasefire in the war with Ukraine capped the slide. Front-month gas futures for August delivery on the New York Mercantile Exchange were down 1.2 cents, or 0.4%, to $3.10 per million British thermal units at 9:48 a.m. EDT, after hitting its lowest price since late April at $3.047 earlier in the session. The August contract expires on Tuesday. LSEG said average gas output in the Lower 48 has risen to 107.4 billion cubic feet per day so far in July, up from a monthly record high of 106.4 bcfd in June. 'In the short term, these production numbers have been a negative factor. But I think we're getting close to the bottom of prices as now we see the demand expectations rising,' said Phil Flynn, senior analyst for Price Futures Group 'The market is going to face some pretty substantial amounts of air conditioning demand this week. Also, Trump's shorter deadline for Russia has raised concerns about new sanctions on Russian gas and oil.' Meteorologists forecast temperatures in the Lower 48 US states will remain mostly hotter than normal this week. A heat dome is driving record-breaking temperatures across the Southeast, mid-South, and parts of the Midwest.
Reuters
a day ago
- Business
- Reuters
Oil rises 2% on US-EU trade deal, Trump's shorter deadline for Russia
NEW YORK, July 28 (Reuters) - Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.36, or 2%, at $69.80 a barrel by 10:58 a.m. EDT (1458 GMT), while U.S. West Texas Intermediate crude rose $1.33, or 2%, at $66.49. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over its war in Ukraine to 10-12 days. The deal between the U.S. and EU and a possible extension of the U.S.-China tariff pause are also supporting global financial markets and oil prices, said Tony Sycamore, a market analyst at IG. The framework trade pact with the EU announced on Sunday sets a 15% U.S. import tariff on most EU goods. Trump also said it called for $750 billion of EU purchases of U.S. energy in the coming years. "Europe is going to have to give up a big percentage of everything they're getting from Russia," said Phil Flynn, senior analyst with Price Futures Group. "Not only does it (the trade pact) give U.S. producers a huge boost with this commitment, it also puts more pressure on (Russian President Vladimir) Putin to come to the table." Senior U.S. and Chinese officials are meeting in Stockholm on Monday to try to extend their tariff truce before an August 12 deadline. The U.S.-EU deal removed another layer of uncertainty, and the focus seems to be shifting back towards fundamentals, said Tamas Varga, an analyst at PVM, adding that a strong dollar and falling Indian oil imports have weighed on crude prices. On the supply side, an OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. ING expects OPEC+, the group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia, to at least complete the full return of 2.2 million barrels per day of additional voluntary supply cuts by the end of September.
Business Recorder
5 days ago
- Business
- Business Recorder
Oil prices gain on Russian gasoline ban, US trade optimism, crude inventories
HOUSTON: Oil prices rose on Thursday, lifted by expected cuts in Russian gasoline supply and optimism over US trade negotiations that would ease pressure on the global economy, with a further boost from a sharper-than-expected decline in US crude inventories. Brent crude futures had gained 80 cents, or 1.17%, to $69.31 a barrel by 10:52 a.m. CDT (1552 GMT). US West Texas Intermediate crude futures climbed 97 cents, or 1.49% to $66.22 per barrel. 'Russia looking to cut off gasoline exports gave the market a boost,' said Phil Flynn, senior analyst with Price Futures Group. 'The market was looking for a reason to go higher.' Three industry sources told Reuters that Russia was considering a tighter export ban as early as Monday that would include fuel producers. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. Early in the session, futures rose on the previous day's report of a US crude inventory draw and on hopes for a trade deal between the US and the European Union that would lower tariffs. 'The US crude inventory draw and the trade efforts are adding some support to prices,' said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the US were moving toward a trade deal that could include a 15% US baseline tariff on EU imports and possible exemptions. This could pave the way for another major trade agreement following the Japan deal. Also on Wednesday, US Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw.
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Oil prices gain on US trade optimism, crude inventories
Agencies HOUSTON Oil prices rose on Thursday, lifted by expected cuts in Russian gasoline supply and optimism over US trade negotiations that would ease pressure on the global economy, with a further boost from a sharper-than-expected decline in US crude inventories. Brent crude futures had gained 80 cents, or 1.17 percent, to $69.31 a barrel by 10:52 am CDT (1552 GMT). US West Texas Intermediate crude futures climbed 97 cents, or 1.49 percent to $66.22per barrel. 'Russia looking to cut off gasoline exports gave the market a boost,' said Phil Flynn, senior analyst with Price Futures Group. 'The market was looking for a reason to gohigher.' Three industry sources told Reuters that Russia was considering a tighter export ban as early as Monday that would include fuel producers. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. Early in the session, futures rose on the previous day's report of a US crude inventory draw and on hopes for a trade deal between the US and the European Union that would lower tariffs. 'The US crude inventory draw and the trade efforts are adding some support to prices,' said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the US were moving toward a trade deal that could include a 15 percent US baseline tariff on EU imports and possible exemptions. This could pave the way for another major trade agreement following the Japan deal. Also on Wednesday, US Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Oil prices were also supported by a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia's main Black Sea ports which has since been resolved. BP said organic chlorides were detected in some of the oil tanks in the terminal at Ceyhan, adding that oil loading continued from some of the tanks with chloride levels assessed to be within normal specifications, while export activities via the BTC pipeline also continued. Traders will watch for further news on loadings from Ceyhan and Novorossiysk, which together make up around 2.5 percent of global oil supply at 2.5 million barrels per day, according to Reuters calculations based on loading data from the region. Analysts expect limits to further oil price gains. 'Uncertainty over US-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains,' said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, predicting WTI would likely remain range-bound between $60 and $70 a barrel.
Reuters
5 days ago
- Business
- Reuters
Oil prices gain on Russian gasoline ban, US trade optimism, crude inventories
HOUSTON, July 24 (Reuters) - Oil prices rose on Thursday, lifted by expected cuts in Russian gasoline supply and optimism over U.S. trade negotiations that would ease pressure on the global economy, with a further boost from a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 80 cents, or 1.17%, to $69.31 a barrel by 10:52 a.m. CDT (1552 GMT). U.S. West Texas Intermediate crude futures climbed 97 cents, or 1.49% to $66.22 per barrel. "Russia looking to cut off gasoline exports gave the market a boost," said Phil Flynn, senior analyst with Price Futures Group. "The market was looking for a reason to go higher." Three industry sources told Reuters that Russia was considering a tighter export ban as early as Monday that would include fuel producers. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. Early in the session, futures rose on the previous day's report of a U.S. crude inventory draw and on hopes for a trade deal between the U.S. and the European Union that would lower tariffs. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the U.S. were moving toward a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions. This could pave the way for another major trade agreement following the Japan deal. Also on Wednesday, U.S. Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Oil prices were also supported by a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia's main Black Sea ports which has since been resolved. BP (BP.L), opens new tab said organic chlorides were detected in some of the oil tanks in the terminal at Ceyhan, adding that oil loading continued from some of the tanks with chloride levels assessed to be within normal specifications, while export activities via the BTC pipeline also continued. Traders will watch for further news on loadings from Ceyhan and Novorossiysk, which together make up around 2.5% of global oil supply at 2.5 million barrels per day, according to Reuters calculations based on loading data from the region. Analysts expect limits to further oil price gains. "Uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, predicting WTI would likely remain range-bound between $60 and $70 a barrel. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. "Next to watch would be the demand indicators as we are in the peak season and any upside or downside would impact refining margins," Rystad's Shah added.
