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Business Recorder
4 hours 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.
Business Recorder
4 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.
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.
Business Recorder
15-07-2025
- Business
- Business Recorder
Oil falls as Trump gives Russia 50 days to avoid new sanctions
NEW YORK: Oil prices edged lower on Monday, as investors weighed new threats from US President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs. Brent crude futures fell 79 cents, or 1.12%, to $69.57 a barrel by 1:04 pm EDT (1704 GMT). US West Texas Intermediate crude futures were down $1.07, also 1.56%, to $67.38. Trump announced new weapons for Ukraine and threatened to hit buyers of Russian exports with sanctions unless Russia agrees to a peace deal in 50 days. Oil prices rallied early, on expectations that Washington would impose steeper sanctions. But prices retreated as traders weighed the 50-day deadline. 'The market took it as a negative because there seemed to be a lot of time to negotiate,' said Phil Flynn, senior analyst with Price Futures Group. 'The fear of immediate sanctions on Russian oil is further off in the future than the market thought this morning.' Last week, Trump said he was due to make a 'major statement' on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine. Russia's seaborne oil product exports in June were down 3.4% from May at 8.98 million metric tons, data from industry sources and Reuters calculations showed. A bipartisan US bill that would hit Russia with sanctions gained momentum last week in Congress. European Union envoys, meanwhile, are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower oil price cap. Investors were also eyeing the outcome of US tariff talks with key trading partners. The European Union and South Korea said on Monday they were working on trade deals with the US that would soften the blow from looming tariffs as Washington threatens to impose hefty duties from August 1. EU member states find Trump's tariff threat 'absolutely unacceptable', Danish Foreign Minister Lars Lokke Rasmussen said on Monday during a joint press conference with EU's Trade Chief Maros Sefcovic in Brussels. Providing some support, China's June oil imports increased 7.4% on the year to 12.14 million barrels per day, the highest since August 2023, according to customs data released on Monday.
Business Times
14-07-2025
- Business
- Business Times
Oil falls as Trump gives Russia 50 days to avoid new sanctions
[NEW YORK] Oil prices settled down on Monday by more than US$1, as investors weighed new threats from US President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs. Brent crude futures settled US$1.15, or 1.63 per cent, lower to US$69.21 a barrel. US West Texas Intermediate crude futures lost US$1.47, also 2.15 per cent, to US$66.98. Trump announced new weapons for Ukraine and threatened to slap new sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Oil prices rallied early, on expectations that Washington would impose steeper sanctions. But prices retreated as traders weighed whether the US would actually impose steep tariffs on countries that continue to trade with Russia. 'The market took it as a negative because there seemed to be a lot of time to negotiate,' said Phil Flynn, senior analyst with Price Futures Group. 'The fear of immediate sanctions on Russian oil is further off in the future than the market thought this morning.' China and India are among the top destinations for Russian crude oil exports. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The chance of US imposing 100 per cent tariffs on China are slim to none... It would force inflation to go through the moon,' said Bob Yawger, director of energy futures at Mizuho. Last week, Trump said he was due to make a 'major statement' on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine. Russia's seaborne oil product exports in June were down 3.4 per cent from May at 8.98 million metric tons, data from industry sources and Reuters calculations showed. A bipartisan US bill that would hit Russia with sanctions gained momentum last week in Congress. European Union envoys, meanwhile, are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower oil price cap. Investors were also eyeing the outcome of US tariff talks with key trading partners. The European Union and South Korea said on Monday they were working on trade deals with the US that would soften the blow from looming tariffs as Washington threatens to impose hefty duties from Aug 1. EU member states find Trump's tariff threat 'absolutely unacceptable', Danish Foreign Minister Lars Lokke Rasmussen said on Monday during a joint press conference with EU's trade chief Maros Sefcovic in Brussels. Providing some support, China's June oil imports increased 7.4 per cent on the year to 12.14 million barrels per day, the highest since August 2023, according to customs data released on Monday. 'There is still a perceived tightness in the market, with most of the inventory build in China and on ships, and not in key locations,' UBS analyst Giovanni Staunovo said. The International Energy Agency said last week the global oil market may be tighter than it appears in the short term. However, the agency boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. REUTERS
