Natural gas futures slid after trading at an 18-month high above $4 following a government report showing that U.S. stockpiles declined by less than expected last week. Gas slipped 0.6 percent after rising to $4.025 per million British thermal units, the highest intraday price since Sept. 15, 2011. Energy Information Administration data showed that inventories […]
Booming shale plays in North Dakota and Texas are juicing the nation’s oil output and reducing our dependence on foreign imports. The domestic oil boom is poised to reach another milestone as projections have the nation’s monthly crude oil production outpacing imports for the first time in almost 20 years. Buoyed by booming shale plays […]
MATAMOROS, Mexico–As Mexico this week marks 75 years since it expropriated the oil industry from foreign companies, President Enrique Pena Nieto’s government is working to overhaul the state-run sector to attract private investment to complex offshore resources. At an event Sunday to mark the expropriation, Mr. Pena Nieto warned that if Mexico doesn’t fundamentally transform […]
Natural gas futures climbed to an 18-month high in New York as an unusually cold start to spring in the U.S. may bolster demand for the heating fuel. Gas rose 2.2 percent after a midday update to government forecasting models showed colder weather for the Midwest and East from March 29 through April 2, said […]
LOS ANGELES (MarketWatch) Oil futures finished higher Thursday, with a decline in the U.S. dollar (US:dxy) and encouraging weekly labor-market data supporting gains. Crude oil for delivery in April (US:clj3) rose 51 cents, or 0.6%, at $93.03 a barrel, the highest settlement for a front-month crude contract since Feb. 25, according to FactSet data. Meanwhile, […]
Natural gas jumped to a 16-week high in New York, capping its biggest weekly gain in almost two months, on speculation that a late cold blast heading into spring will boost heating demand. Gas rose 1.6 percent as Commodity Weather Group LLC said below-normal temperatures in northern states over the next five days will spread […]
By Mike Paulenoff From a technical perspective, the big-picture natural-gas chart offers some fascinating observations. First, let’s notice that the price structure once again has hurdled its three-year downtrend line, which cuts across the price axis at 3.710 in the nearby futures. The last time it attempted to break out — in November — the […]
By MarketWatch –Chevron aims to produce 3.3. million barrels of oil and gas in 2017 –Chevron expects to expand North American onshore operations –Chemical sales in Asia to grow faster than those for fuel (Updates with executive comment, details about 2013 spending, cash generation starting in fourth paragraph) NEW YORK–Chevron Corp. expects to increase its […]
Monday, January 7, 5:17 PM Global spending on oil and gas exploration and production should rise 5.5% to $645B in 2013, Dahlman Rose’s James Crandell calculates, based on an average 2013 oil price of $89.94/bbl. and natural gas at $3.43/Mbtu. Supermajors are projected to spend 9% more Y/Y; Chevron (CVX) should spend $23.4B, up 24%, […]
Exxon Mobil Corp. (XOM), the world’s biggest oil producer by market value, raised its long-term global energy-demand growth estimate to 35 percent from 32 percent as expanding populations in Africa and India use more electricity. Worldwide consumption of fuels to run power plants, trucks, trains and airplanes will climb to the equivalent of 705 quadrillion […]