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☆ California regulator proposes $45 mln penalty for PG&E over 2021 Dixie fire
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

A firefighter continues to hold the line of the Dixie Fire near Taylorsville, California, U.S., August 10, 2021. REUTERS/David Swanson/File Photo Acquire Licensing RightsOct 10 (Reuters) - The California Public Utilities Commission (CPUC) on Monday proposed a $45 million shareholder-funded penalty against Pacific Gas and Electric Company (PG&E) for its connections to the destructive 2021 Dixie wildfire. The proposed penalty, pending CPUC Commissioner's approval, consists of a $2.5 million fine to the California General Fund, $2.5 million payment to tribes impacted by the fire for remediation, and $40 million for capital expenditures to transition records to electronic format. CPUC enforcement staff is recommending this penalty under an Administrative Consent Order (ACO) and Agreement, as per a release on the state regulator's website. Reporting by Anjana Anil and Swati Verma in Bengaluru; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: David Swanson, Anjana Anil, Swati Verma, Miral Organizations: REUTERS, California Public Utilities Commission, Pacific Gas and Electric Company, California General Fund, Thomson Locations: Taylorsville , California, U.S, California, Bengaluru

U.S. gold futures gained 0.3% to $1,938.90. The yuan hit two-week highs against the U.S. dollar after data showed China factory output and retail sales in August beat forecasts, making greenback-priced bullion more attractive for Chinese buyers. "The outlook for rates to be kept high for longer has been keeping non-yielding gold prices under pressure," said Yeap Jun Rong, a market strategist at IG. We, therefore, do not view monetary policy as supportive of gold until well into 2024," HSBC said in a note. "Institutional investors have yet to commit to gold, as net long positions on the CME and ETF holdings indicate."

Persons: Yuan, Bullion, Jun Rong, Swati Verma, Sherry Jacob, Phillips Organizations: U.S, Reuters Graphics, IG, HSBC, CME, Thomson Locations: China, U.S, Bengaluru

In top consumer China, premiums climbed to as high as $55 an ounce over global spot prices this week, traders said, from $20-$38 last week. The policy-measures to support the economy are expected boost physical gold demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. Official data on Thursday also showed that the People's Bank of China increased its gold holdings to 69.62 million fine troy ounces at end-August. Local gold prices were trading around 59,200 rupees per 10 grams on Friday, up nearly 2% in three weeks. In Japan, where domestic gold rates were trading at record levels this week, dealers charged $0.5 premiums.

Persons: Peter Fung, Bernard Sin, Harshad Ajmera, JJ, Anushree Mukherjee, Swati Verma, Rajendra Jadhav, Maju Samuel Organizations: Chinatown, Metals, People's Bank of China, U.S ., MKS, JJ Gold, Traders, Rajendra, Thomson Locations: China, Japan, India, Greater China, Kolkata, Local, Hong Kong, Singapore, Tokyo, Bengaluru, Mumbai

☆ Texas Power Grid to Resume Normal Operations, Cancels Emergency Alerts
▼ + stars: | 2023-09-06 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The Texas power grid operator said late on Wednesday it was resuming normal operations after lifting emergency measures, but still encouraged users to reduce power electric use. The Electric Reliability Council of Texas (ERCOT), which serves more than 26 million customers, had earlier declared an Energy Emergency Alert Level 2 (EEA 2), as operating reserves continued to drop. "No power outages associated with the ERCOT power grid were necessary," ERCOT said, adding that Texas had set a new September peak demand record of 82,705 Megawatts (MW). That was still below its all-time peak demand record of 85,435 MW hit on Aug. 10. Real-time power prices briefly hovered around $5,000 in most of ERCOT's Texas hubs, according to the ERCOT website.

Persons: ERCOT, Swati Verma, Rahul Paswan, Sherin Elizabeth Varghese, Ashitha, Richard Chang, Jamie Freed, Kim Coghill Organizations: Reuters, Reliability, of Texas, Energy, Texas Locations: Texas, EEA, ERCOT's Texas, Bengaluru

Idalia was expected to intensify rapidly before slamming ashore on Wednesday morning, according to the Miami-based National Hurricane Center (NHC). SURGES UP TO 12 FEET HIGHMost of Florida's 21 million residents, along with many in Georgia and South Carolina, were under hurricane, tropical storm and storm surge warnings and advisories. "I don't panic, I prepare," said Bontrager, 40, who runs six sport and charter fishing boats in Venice along the Gulf Coast near Tampa. From Tuesday through Thursday, Florida's Gulf Coast along with southeastern Georgia and eastern portions of North and South Carolina could face torrential rains of 4 to 8 inches (10 to 20 cm, the hurricane center warned. In some spots, the surge of water could rise 8 to 12 feet (2.5-3.7 m), the hurricane center said.

Persons: Idalia, Ron DeSantis, Irma, Michael, Ian, Milton Bontrager's, Hurricane Idalia, Marco Bello, Anthony Holloway, DeSantis, Guan, Madelin Suarez Morejon, Rich McKay, Dave Sherwood, Brendan O'Brien, Steve Gorman, Swati Verma, David Ljunggren, Joseph Ax, Lincoln, Marguerita Choy Organizations: Hurricane Center, NHC, REUTERS, Federal Emergency Management, CNN, Tampa International, National Guard, Reuters Graphics Reuters, Authorities, Thomson Locations: Florida, Florida's Gulf Coast, Miami, Bend, Tallahassee, Gainesville, Tampa, St, Petersburg, Gulf of Mexico, Cuba, Georgia, South Carolina, Sarasota, Venice, Gulf, North, Cedar Key , Florida, Apalachicola Bay ., CUBA, Caribbean, Havana, Pinar del Rio, Atlanta, Guanimar, Chicago, Los Angeles, Bengaluru, Ottawa, West Stockbridge , Massachusetts

Aug 29 (Reuters) - Tropical Storm Idalia closed in on Florida's Gulf Coast on Tuesday after skirting past Cuba, headed for a U.S. landfall as a powerful Category 3 storm, prompting authorities to order evacuations of vulnerable shoreline areas. [1/3]People walk on a flooded street as Storm Idalia makes landfall in Cuba, Guanimar, Cuba, August 28, 2023. MOVING TO HIGHER GROUNDEvacuations of barrier islands and other low-lying areas of Florida's Gulf Coast began on Monday. Far to the east of Idalia, Hurricane Franklin, the first major hurricane of the season, meandered in the Atlantic, and was forecast to turn to the northeast over the next two days. The Category 4 storm threatened to bring heavy swells to Bermuda and the U.S. East Coast throughout the week.

Persons: Idalia, Buckle, Ron DeSantis, Irma, Michael, Ian, Guan, Storm Idalia, Alexandre Meneghini, We've, Yadira Alvarez, Shannon Hartsfield, Hartsfield, DeSantis, Hurricane Franklin, Rich McKay, Dave Sherwood, Brendan O'Brien, Steve Gorman, Swati Verma, Lincoln Organizations: U.S, Hurricane Center, NHC, Storm, REUTERS, Authorities, Coast, Hartsfield, Tampa International, National Guard, meandered, U.S ., Reuters Graphics Reuters, Thomson Locations: Florida's, Coast, Cuba, Miami, Bend, Florida, Gulf, Mexico, Sarasota, Tampa, Apalachicola Bay, Caribbean, Havana, Guanimar, Pinar del Rio, Florida's Gulf Coast, Georgia, North, South Carolina, Idalia, Hurricane, Bermuda, U.S . East Coast, Atlanta, Chicago, Los Angeles, Bengaluru

☆ US Atlantic hurricane activity picks up with five systems on watch
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Aug 20 (Reuters) - Tropical Storm Franklin over the eastern Caribbean and a disturbance in the Gulf of Mexico are expected to strengthen over the next two days as U.S. forecasters monitor three other weather systems in the Atlantic. In its latest advisory, the NHC said Tropical Depression Six, near the Leeward Islands was expected to become a remnant low on Sunday night. Next in line is Tropical Storm Emily in the central Atlantic, which could become a post-tropical cyclone in about 36 hours, the Miami-based forecaster said. Meanwhile, a tropical disturbance near the Cape Verde Islands has a 30% chance of becoming a cyclone over the next two days and a tropical depression is likely to form later this week. While the Atlantic has seen relatively mild activity this year, on the U.S. West Coast, the Tropical Storm Hilary unleashed furious flash floods east and west of Los Angeles on Sunday after barreling through Mexico's Baja California peninsula with deadly force.

Persons: Storm Franklin, Emily, Storm Hilary, Swati Verma, Robert Birsel Organizations: Storm, Atlantic . Franklin, U.S, National Hurricane Center, U.S ., Thomson Locations: Caribbean, Gulf, Mexico, Atlantic, Hispaniola, Puerto Rico, Leeward, Miami, Cape Verde, U.S . West Coast, Los Angeles, Mexico's Baja California, Bengaluru

☆ Texas grid operator deploys emergency response service as reserves drop
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A general view of electric lines as demand for power surges during a period of hot weather in Houston, Texas, U.S. June 27, 2023. REUTERS/Callaghan O’Hare/File Photo Acquire Licensing RightsAug 17 (Reuters) - The main grid operator in Texas said on Thursday it had engaged its emergency system after electricity reserves dropped below the critical 3,000 MW level due to increased power usage amid a heatwave. ERCOT said it also expected lower power reserves due to reduced wind generation. Real-time power prices rose above $5,000 in most of ERCOT Texas hubs, according to the ERCOT website. The grid operator had earlier urged consumers to conserve power between 3 p.m. CDT (2000 GMT) and 8 p.m. CDT on Thursday as demand surged.

Persons: Callaghan, ERCOT, Ashitha Shivaprasad, Rahul Paswan, Harshit Verma, Swati Verma, Chris Reese, Paul Simao, Diane Craft Organizations: REUTERS, Texas, Discount, NRG Energy, Thomson Locations: Houston , Texas, U.S, Texas, Houston, ERCOT Texas, Bengaluru

☆ California grid warns heat wave will stoke power demand
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

High tension power lines with winter storm clouds behind them are seen in Sacramento County following multiple winter storms in Sacramento, California, U.S. January 9, 2023. REUTERS/Fred GreavesCompanies California Independent System Operator Corporation FollowAug 13 (Reuters) - California's Independent System Operator (ISO) warned of high temperatures and increased electricity usage during the coming week as the grid operator prepares for tight conditions works to ensure adequate supply. In a notice released on Saturday, ISO said it is closely monitoring the power grid as widespread heat waves can cause supply shortages, with resources stretched thin across multiple Western states. But if weather or grid conditions worsen, it may issue emergency notifications to secure additional resources, and prepare for potential shortages and conservation. Current demand stood at 35,472 megawatts as of Sunday evening in California, compared with an available capacity of 43,873 MW, the ISO website showed.

Persons: Fred Greaves, Anushree Mukherjee, Swati Verma, Gerry Doyle Organizations: REUTERS, Fred Greaves Companies, Thomson Locations: Sacramento County, Sacramento , California, U.S, Fred Greaves Companies California, California, Bengaluru

☆ Goldman upgrades oil demand outlook as market tempers growth pessimism
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

Companies Goldman Sachs Group Inc FollowJuly 30 (Reuters) - Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million barrels per day (bpd) in July and see solid demand driving a larger-than-expected 1.8 million bpd deficit in the second half this year and a 0.6 million bpd deficit in 2024. A reduced recession risk and a strong effort by the Organization of the Petroleum Exporting Countries (OPEC) to push up prices support Goldman's view on higher oil prices and an outlook for less volatility, the analysts wrote in a note. Oil prices hovered near three-month highs on Monday, set to post their biggest monthly gains in over a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply. The Wall-Street bank upgraded its oil demand estimate by around 550,000 bpd and sees 2023 supply higher by around 175,000 bpd.

Persons: Goldman Sachs, Brent, Goldman, Ananya Bajpai, Swati Verma, Tom Hogue Organizations: Goldman Sachs, Organization of, Petroleum, Goldman, Saudi, West Texas, Thomson Locations: Saudi Arabia, Saudi, Bengaluru

☆ Gold firms as US jobs data raises doubts on aggressive rate hikes
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

FUNDAMENTALS* Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. * An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% on Friday. * Data on Friday showed COMEX gold speculators raised net long position by 12,733 contracts to 99,205 in week ended July 3. * In other precious metals, spot silver gained 0.1% to $23.09, platinum added 0.4% to $911.40, and palladium climbed 0.2% to $1,246.86.

Persons: Janet Yellen, Swati Verma, Sherry Jacob, Phillips Organizations: Labor, . Treasury, West, Trust, Thomson Locations: U.S, Beijing, Russia

☆ Suncor Energy says it experienced a cybersecurity incident
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

Companies Suncor Energy Inc FollowJune 25 (Reuters) - Canadian energy firm Suncor (SU.TO) on Sunday said it experienced a cybersecurity incident, adding that some transactions with customers and suppliers could be impacted while they investigate and resolve the situation. "At this time, we are not aware of any evidence that customer, supplier or employee data has been compromised or misused as a result of this situation," the company said in a statement. Suncor's operations include oil sands development, production, offshore oil and gas, petroleum refining in Canada and the U.S, including the company's Petro Canada retail and wholesale distribution networks. The Canadian Centre for Cyber Security had earlier said it was aware of reports of an incident affecting Petro Canada but said it did not generally comment on "specific cybersecurity incidents." Reporting by Seher Dareen and Swati Verma in Bengaluru and Raphael Satter Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Seher Dareen, Swati Verma, Raphael Satter, Christopher Cushing, Louise Heavens Organizations: Suncor Energy, company's Petro Canada, Canadian Centre for Cyber Security, Petro Canada, Thomson Locations: Canada, Petro, Bengaluru

☆ China's demand comeback to help oil weather banking crisis: Reuters poll
▼ + stars: | 2023-03-31 | by ( Bharat Gautam | ) www.reuters.com time to read: +2 min

A survey of 45 economists and analysts forecast benchmark Brent crude would average $86.49 a barrel this year, down from February's estimate of $89.23. "The dip in oil prices is more of a blip at the moment, rather than a sustained move below $80 per barrel". Most analysts polled by Reuters expect oil prices to stay below $90 on fears of a recession in developed economies stemming from interest rate increases to bring down inflation. "Oil demand in China should pick up a bit further over the year. Reuters GraphicsAlong with China, prices will also hinge on potentially declining Russian oil production due to Western sanctions, with a combination of the two likely tightening global supplies, analysts said.

☆ UK energy support schemes' cost halved as mild winter tames prices - NAO
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

In the interest of speed, it chose to role out universal support, granting 400 pounds this winter to each household regardless of need. It also capped average domestic energy bills at 2,500 pounds a year until March 31 and at 3,000 pounds until April 2024. When the scheme was first launched the government had said average bills would be capped at 2,500 pounds a year until April 2024. Last month, Britain announced plans to scale back energy subsidies for businesses for the next financial year by about 85% to 5.5 billion pounds. Without the government measures average household energy bills were set to rise more than 170% to over 3,500 pound this winter from a year earlier.

☆ Factbox: G7-led coalition sets price cap on Russian oil products
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +3 min

Envisioned as a safety valve from the EU ban, which covers insuring and shipping Russian oil and therefore risks snarling the entire global trade, the price cap mechanisms would allow such services provided they occur below an enforced price. The price caps on petroleum products will be implemented on Feb. 5 or "very soon thereafter," the coalition said in a statement. WHAT IS PROHIBITEDThe EU ban bars EU vessels from carrying Russian-origin petroleum products, unless the products are purchased at or below the price cap agreed by the coalition. NEXT STEPSThe G7 coalition said it would review the Dec. 5 crude oil price cap in March. Decisions on any changes would be driven by technical analysis by groups such as the International Energy Agency, while factoring in the impact on Russian oil revenues.

☆ Factbox: EU embargo, price cap target Russian oil products
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

The measure follows an earlier EU embargo on Russian seaborne crude in which the bloc, the Group of Seven (G7) wealthy countries and Australia set a crude price cap at $60 per barrel from Dec. 5. Below are the main elements of how the embargo on Russian refined products is supposed to work:PRICE CAPThe level of price cap for Russian oil products has yet to be determined, but the European Commission suggested a $100 a barrel ceiling on Russian diesel, which trades at a premium to crude, and a $45 a barrel cap on discounted products such as fuel oil. Applying the price ceiling is likely to be complicated by the variety and quality of oil products targeted and will therefore be more intricate than the Dec. 5 crude price cap. The provision also applies to companies that provide technical, brokering or financial assistance such as insurance for cargoes carrying Russian refined products. WHAT IS ALLOWEDThe ban will not apply if the petroleum products are purchased at or below the oil price cap agreed by the EU.

☆ Supreme dollar rules the roost in gold market
▼ + stars: | 2022-12-30 | by ( Bharat Gautam | Swati Verma | ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukThe Fed’s fight against inflation is expected to dictate sentiment in precious metals markets next year. Russia’s invasion of Ukraine, surging inflation, COVID-19 restrictions and slowing growth meant precious metals had a mixed 2022. Spot gold at $1,821.50 an ounce at 19:28 GMT is on course to wrap up 2022 about 0.4% lower. Among other precious metals, silver at $23.87 an ounce is set to end the year over 2% up. Nornickel should also complete its smelter maintenance, allowing it to increase output,” according to Heraeus Precious Metals.

☆ Coterra Energy to pay $16.29 mln for Pennsylvania water contamination plea
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - U.S. shale producer Coterra Energy (CTRA.N) pleaded no contest for contaminating well water in Dimock, Pennsylvania, and will pay $16.29 million to construct a new means of water supply to its residents, the state attorney general said on Tuesday. "Under this historic settlement, Coterra will now pay to build a new public water line that will provide clean, reliable drinking water for generations to come," said Attorney General Josh Shapiro. The attorney general charged Coterra in 2020 after a grand jury investigation showed that drilling unconventional gas wells by the company had been responsible for methane pollution in the local water supply. Dimock was at the heart of the Marcellus Shale gas fracking boom that began in 2007. Residents complained that Cabot's drilling caused methane gas to seep into their wells, to the extent that the contaminated water even caught fire.

☆ Nord Stream updates Russia-Germany pipeline outage end-date to April next year
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Nord Stream AG, the operator of the Russia-led Nord Stream 1 gas pipeline, on Monday updated the end date of the unplanned outage at the Greifswald exit in Germany to April 1, next year. Nord Stream 1 was shut down for repairs on Aug. 31, but never restarted and was subsequently damaged by explosions in September. Gas flows via the Nord Stream 1 pipeline into the OPAL and NEL connection points in Germany stood at zero, data from the pipeline operator showed. Reporting by Swati Verma in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ TC Energy says Keystone oil pipeline system to curtail volumes
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowNov 15 (Reuters) - Canada's TC Energy (TRP.TO) on Tuesday said the Keystone oil pipeline system will be required to curtail volumes due to a series of recent severe weather-related impacts to system facilities. TC Energy did not share any details on the duration of the curtailment, citing it as customer confidential information. Keystone ships Canadian crude from Alberta to the U.S. Midwest and on to the Gulf Coast, and is a key part of Canada's oil export network. The company in October said it would temporarily increase capacity on its Keystone pipeline for a couple of months from November for testing operations on the system. Reporting by Swati Verma in Bengaluru; Editing by Mark Porter and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Dominion Energy weighing sale of stake in Cove Point LNG Facility -Bloomberg
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Dominion Energy Inc (D.N) is considering selling its multi-billion-dollar stake in the Cove Point liquefied natural gas (LNG) facility in Maryland's Chesapeake Bay, Bloomberg News reported on Monday citing people with knowledge of the matter. Talks are at an early stage, and Dominion could still decide to hold onto the 50% stake, the people said. The Cove Point terminal is operated by Berkshire Hathaway Inc's (BRKa.N) Berkshire Hathaway Energy, which owns 25% of the facility. The rest is owned by units of Dominion Energy (50%) and Brookfield Asset Management Inc (BAMa.TO) (25%). Shares of Dominion Energy dropped on Monday as the company initiates a "top-to-bottom" review to weigh strategic business actions, as its shares have been underperforming over the past several years.

Companies Chevron Corp FollowNov 4 (Reuters) - The Contra Costa County District Attorney on Friday said it has reached a settlement with Chevron Corp (CVX.N) over a diesel spill into the San Francisco Bay from the company's 245,271 barrel-per-day Richmond, California refinery last year. Officials did not release financial details of the settlement, and Chevron was not immediately unavailable for comment. "Corporations must be held strictly liable for any discharges of diesel into San Francisco Bay," said District Attorney Diana Becton in a statement. Around 757 gallons of a diesel water mixture leaked into the bay at the Richmond Refinery Marine Terminal in February last year. Some provisions in the judgment mandate Chevron implement various prevention and response measures to address and mitigate the identified hazards discovered in the investigation.

☆ Hurricane Lisa makes landfall in Belize, U.S. NHC says
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

Nov 2 (Reuters) - Hurricane Lisa has made landfall along the coast of Belize, the National Hurricane Center (NHC) said on Wednesday. The hurricane is about 10 miles (15 km) southwest of Belize city, and is carrying maximum sustained winds of 85 miles per hour (140 km per hour), the Miami-based weather forecaster said. Reporting by Bharat Govind Gautam and Swati Verma in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman: U.S. SPR crude releases to have modest price influence
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermidOct 21 (Reuters) - The Biden administration's plan to continue releasing the Strategic Petroleum Reserves (SPR) "as appropriate" to bring down retail rates poses limited downside from current crude price levels, Goldman Sachs said in a note dated Thursday. President Joe Biden on Wednesday said the United States will sell 15 million barrels (mb) from the nation's SPR by year-end, intended to prevent oil price spikes in the wake of a decision by OPEC+ oil-producing nations to cut oil production. The announcement, however failed to ease oil prices, as official U.S. data showed the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly. Such a release is likely to have only a modest influence (<$5/bbl) on oil prices however," the bank said.

☆ U.S. natgas languishes near 7-month low after big storage build
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

Oct 20 (Reuters) - U.S. natural gas futures fell to their lowest since March on Thursday, after a federal report showed a larger-than-expected storage build last week and as the market is expected to see increases in output. Front-month gas futures fell 1.9% to settle at $5.358 per million British thermal units, after sliding to $5.253 per mmBtu earlier in the session. It was also the fifth week in a row that stockpiles increased by over 100 bcf. With milder weather coming, Refinitiv projected average U.S. gas demand, including exports, would fall from 100.6 bcf per day this week to 95.5 bcf per day next week. Even though natural gas production growth will likely outpace domestic natural gas demand growth in winter 2022-2023, the continued growth in net exports and reduced natural gas storage inventories are expected to place additional upward pressure on natural gas prices this winter, the Federal Energy Regulatory Commission (FERC) said on Thursday.

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