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The buying came as OPEC+ announced cuts totalling more than 1 million barrels per day on April 2 and after fund managers had already purchased 61 million barrels the previous week. Purchases centred on crude, in both Brent (+73 million barrels) and NYMEX and ICE WTI (+60 million barrels), with small sales of European gas oil (-2 million) and U.S. diesel (-3 million) and no change in U.S. gasoline. CRUDE SQUEEZEWith its surprise announcement, OPEC+ successfully squeezed the shorts in crude petroleum, with bearish positions reduced to the lowest for 11 weeks since late January. Since March 21, funds have purchased a total of 174 million barrels of crude, the fastest rate since December 2019 and before that September 2017. Bearish short positions were cut by 113 million barrels while fund managers added 61 million barrels of new bullish long positions.

☆ Glencore’s Teck gambit could slip on an oily patch
▼ + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.

Big gas producers including Chesapeake Energy Corp (CHK.O) and Comstock Resources Inc (CRK.N) are reducing their drilling. "About a third of U.S. gas production is associated gas - produced from oil wells," said Jacques Rousseau, a managing director at research firm ClearView Energy Partners LLC. Gas from the Permian also has climbed to record highs every month this year. PRODUCTION REMAINS STICKYU.S. gas production remains on track to hit 100.67 billion cubic feet per day (bcfd) this year, up from last year's record 98.09 bcfd, according to the U.S. government. Despite low gas prices, U.S. drillers have 160 rigs seeking gas up 16% from a year ago, according to data from Baker Hughes Co (BKR.O).

This marked a sharp turnaround after fund managers sold a total of 281 million barrels over the two preceding weeks, the fastest rate of selling for almost six years. Most of the buying came from the closure of previous bearish short positions (-48 million barrels) rather than initiation of new bullish longs (+13 million). Buying was concentrated in NYMEX and ICE WTI (+49 million barrels), U.S. gasoline (+14 million), U.S. diesel (+5 million) and European gas oil (+1 million) with sales of Brent (-9 million). Short positions in NYMEX and ICE WTI were slashed (-51 million barrels) but no new bullish positions were established and in fact long positions were trimmed marginally (-2 million). U.S. GAS POSITIONSFund managers are becoming less bearish about the outlook for U.S. gas prices following the full re-opening of Freeport LNG’s export terminal.

☆ Margaritaville's cruise company just unveiled a $900 pass for nearly unlimited cruises through the end of the year
▼ + stars: | 2023-03-30 | by ( Brittany Chang | ) www.businessinsider.com time to read: +3 min

Margaritaville at Sea announced a $900 cruise pass that allows travelers to sail on the majority of its 2023 cruises. Margaritaville launched its cruise brand in 2022 with its Margaritaville at Sea Paradise vessel. The cruise line is currently operating nonstop two-night sailings from Florida's Port of Palm Beach to the Bahama's Freeport, Grand Bahama island. But if there's nowhere you'd rather be than on a Margaritaville cruise ship, you could potentially save hundreds of dollars with its newly announced cruise pass. Before its refresh, the ship was known as the Grand Classica, a 30-year-old flagship vessel owned by budget cruise company Bahamas Paradise Cruise Line.

Hedge funds and other money managers sold the equivalent of 142 million barrels in the six most important contracts in the seven days ending on March 21, after selling 139 million barrels in the week to March 14. Fund managers have slashed their combined position to just 289 million barrels (6th percentile for all weeks since 2013) from 570 million (46th percentile) on March 7. The fund community liquidated 163 million barrels of previous bullish long positions in the two most recent weeks, while establishing 115 million barrels of new bearish short ones. The most recent week saw heavy sales across the board, including Brent (-63 million barrels), NYMEX and ICE WTI (-48 million), U.S. gasoline (-15 million), U.S. diesel (-6 million) and European gas oil (-10 million). Anticipating the erosion of the surplus, funds have bought the equivalent of 774 billion cubic feet in the last seven weeks.

Working stocks in underground storage amounted to 1,900 billion cubic feet on March 17, according to the U.S. Energy Information Administration (EIA), the highest for the time of year since 2020 and before that 2017. Stocks were 242 billion cubic feet (+15% or +0.54 standard deviations) above the prior ten-year seasonal average (“Weekly natural gas storage report”, EIA, March 23). The seasonal storage surplus was a total transformation from a deficit of 263 billion cubic feet (-8% or -0.98 standard deviations) on Jan. 1 and 427 bcf (-13% or -1.52 standard deviations) on Sept. 9. But liquefied natural gas (LNG) exports increased to a record 3,866 billion cubic feet, an even faster increase of 8.6% compared with 2021. Related columns:- U.S. gas prices near record low amid over-production (Feb. 22)- U.S. gas prices slump to maximise power burn (Feb. 10)- U.S. gas prices slump on production surplus (Jan. 12)John Kemp is a Reuters market analyst.

☆ Companies that mine copper are making plans to go green so they can help the rest of the world do the same
▼ + stars: | 2023-03-09 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

The plans call for using renewable electricity sources to reduce the industry's carbon footprint. Broader use of these technologies could also help shrink the copper industry's carbon footprint. "A lot of these technologies do exist," Anthony Lea, the president of the International Copper Association, told Insider. "There are prototype vehicles out there, so it's going to take a dialogue between mining companies and equipment manufacturers. Lea said the climate strategy can help show the public, policymakers, and investors that copper mining can expand in a responsible way, which can help attract investment.

HOUSTON, March 8 (Reuters) - Copper mining giants are scrambling to attract and retain workers, especially in the United States, amid rising global demand for the red metal for the green energy transition. While regulatory push back and water supply have been among the mining industry's historical challenges, access to talent has emerged as another worry. Workers are needed with skills to build and run mines producing lithium, nickel, copper and other metals to feed the green energy transition. We're just trying to make our work as attractive to people as we can," said Adkerson, who has run the company since 2003. Freeport peer Rio Tinto Ltd (RIO.AX)(RIO.L) has more than 4,000 employees in Utah, where the company runs the Kennecott copper mine.

☆ 3 people who thought they could work remotely for good bought homes hours from their offices. Now they're being called back and facing the decision to quit or sell.
▼ + stars: | 2023-03-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

Three weeks ago, the company asked him to work from the office in the northeastern region of Florida. An increasing share of employees who have taken jobs with promised work-from-home benefits and moved away are facing a similar bind as they're called back to office. Sexton bought a house in Salem, Oregon, when she thought she could work remotely indefinitely. The median rent in the city of London is £1,475, or about $1,745, according to the Office of National Statistics. With a higher mortgage than before, he can no longer afford to rent in London.

☆ Major copper producers unveil plan to reach net zero emissions by 2050
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 7 (Reuters) - A group of the world's biggest copper producers said it aimed to slash direct and indirect greenhouse gas emissions to zero by 2050, in a move that could make the sector more attractive to environmentally-conscious investment funds. Members include BHP Group (BHP.AX) Chile's Codelco, Glencore (GLEN.L), Freeport-McMoRan (FCX.N), Japan's JX Nippon Mining & Metals Corporation and Poland's KGHM (KGH.WA). There are no members from China, the world's biggest producer of refined copper. The copper producers plan to reduce direct and indirect emissions by decarbonising power supply, improving efficiency and scrap collection. Emissions produced by the copper industry as a whole represent 0.2% of global greenhouse gas emissions.

☆ U.S. regulators seek more answers from Freeport LNG to weigh restart request
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Companies Freeport LNG Development LP FollowMarch 6 (Reuters) - U.S. regulators sent another list of questions seeking information to Freeport LNG on Monday, as they evaluate its request to restart full commercial operations of its export facility in Texas. Last month, the privately held LNG export facility, the second-biggest in the U.S., started to exit an eight-month outage that was caused by a fire in June 2022. FERC and the Pipeline and Hazardous Materials Safety Administration (PHMSA) sought answers on operating conditions and steps taken to improve safety. The request asked for "a status update on Freeport LNG’s hiring efforts to address operator fatigue and training status of the new hires," according to FERC's letter to Freeport. The fiery blast that knocked the facility offline last June resulted from inadequate operating and testing procedures, operator fatigue and other shortcomings, a review found.

☆ US natural gas prices plummet 13% as streak of mild winter weather set to continue
▼ + stars: | 2023-03-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Natural gas prices have fallen 13% amid forecasts of more mild weather as winter winds down. Falling prices are a sign that the US needs to scale back gas production, some commentators say. Henry hub natural gas futures for April fell to $2.62 per million British thermal units, according to data from the CME Group, down 12.73% from its previous close of $3 per million BTUs. Natural gas prices have tanked 34% since the start of the year, with the latest drop spurred by warm weather forecasts for the coming weeks. The changes in supply-demand balance are a stark contrast from last year, when issues stemming from Russia's invasion of Ukraine spiked gas prices on the spot market.

☆ US natgas plunges 15% on less cold forecasts, biggest drop in 8 months
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: +4 min

U.S. natural gas futures plunged by about 15% on Monday - its biggest one-day drop in over eight months —on forecasts for much less cold weather and heating demand than previously expected over the next two weeks. "This has translated to ... [gas] demand lost over the forecast period ... With the vast majority of that being [residential and commercial] demand," Gelber said. The gas market is used to huge price swings, which are usually related to changes in weather forecasts. When operating at full power, Freeport LNG, the second-biggest U.S. LNG export plant, can turn about 2.1 bcfd of gas into LNG for export. That compares with a monthly record of 12.9 bcfd in March 2022, before the Freeport LNG facility shut.

☆ The Russia-Ukraine war remapped the world's energy supplies, putting the U.S. at the top for years to come
▼ + stars: | 2023-03-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Russia's invasion of the Ukraine a year ago has shifted global energy supply chains and put the U.S. clearly at the top of the world's energy exporting nations. The U.S. story is part of a larger remapping of world energy," said Daniel Yergin, vice chairman of S&P Global. "What we're seeing now is a continuing redrawing of world energy that began with the shale revolution in the United States. "The price of global natural gas spiked but came back down. According to the Department of Energy, the U.S. has been an annual net total energy exporter since 2018.

☆ Reshoring is accelerating—These stocks should benefit as companies return to the U.S.
▼ + stars: | 2023-02-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Reshoring declarations are amping up, as more companies look to return operations to the United States from overseas. Corporate reshoring announcements jumped 17% in the fourth quarter compared with the prior quarter and are now tracking nearly 300% higher than the fourth quarter of 2021, according to UBS. In fact, reshoring and foreign direct investments jobs reached a record of at least 360,000 jobs last year, according to the Reshoring Initiative. The move back to the U.S . can also be seen in corporate earnings, said Ron Graziano, managing director of global accounting and tax for Credit Suisse. The company's equipment is needed for big semiconductor manufacturing plants as companies test chips as they are produced, Snyder said.

LONDON, Feb 22 (Reuters) - U.S. gas prices have slumped close to their lowest level on record, after adjusting for inflation, as traders respond to signs of a persistent production surplus in the domestic market. Chartbook: U.S. gas prices and inventoriesThe U.S. gas market appears to have been running a persistent surplus since early September 2022, which has sent futures prices tumbling. The storage surplus marked a significant turn around from a deficit of -427 billion cubic feet (-13% or -1.52 standard deviations) on September 9. Gas prices are now sending the strongest possible signal for fuel-switching to blunt the accumulation of excess stocks. Related columns:- U.S. gas prices slump to maximise power burn (Reuters, February 10, 2023)- U.S. gas prices slump on production surplus (Reuters, January 12, 2023)John Kemp is a Reuters market analyst.

☆ Final Trades: General Mills, Nextera Energy, Freeport-McMoRan & more
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: General Mills, Nextera Energy, Freeport-McMoRan & moreThe "Halftime Report" traders give their top picks to watch for the second half.

As a result, research on business cycles moved in other directions, and policymakers increasingly aimed to eliminate cyclical instability altogether. Oil and gas cycles have been closely correlated with each other and with U.S. manufacturing activity. On average, troughs in oil prices occur within ±3 months of a turning point in U.S. manufacturing activity, while troughs in gas prices occur within ±4 months. Some softness in manufacturing activity as well as oil and gas prices should therefore be expected at this point. If the current slowdown proves to be a mid-cycle soft patch, gas and especially oil prices are likely to rise strongly later in 2023.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

☆ Natural gas prices fall to 25-month low as key Texas LNG facility looks to restart exports
▼ + stars: | 2023-02-13 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Natural gas prices declined to a 25-month low on Monday, falling as much as 5%. The fall came despite news that a key LNG export hub in Texas looks to restart operations. The Freeport liquefied natural gas plant first went offline in June of last year due to a fire. Meanwhile, forecasts for mild winter weather continued to weigh on natural gas prices as demand for the heating fuel lags. For now, natural gas is flowing to the Freeport plant even as exports have yet to resume.

☆ U.S. energy regulators questioned on oversight of Freeport, Texas, LNG plant
▼ + stars: | 2023-02-11 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Companies Freeport LNG Development LP FollowFREEPORT, Texas, Feb 11 (Reuters) - U.S. energy regulators on Saturday assured Texas residents they are monitoring repairs and the eventual restart of the fire-idled Freeport LNG plant as a vessel this week began taking the first fuel out of its storage tanks in eight months. When fully operational, Freeport LNG processes about 2 billion cubic feet per day of natural gas and exports up to 15 million tonnes of LNG per year. Methane is the main component of natural gas and a potent greenhouse gas. Freeport LNG was invited to send a representative to Saturday's meeting, PHMSA said. Reporting by Arathy Somsekhar in Freeport, Texas Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Chartbook: U.S. gas prices and inventoriesFreeport’s eventual reopening should provide an outlet for some excess inventory, but with stocks in Europe also very full, exporters will have to compete for price-sensitive customers in Asia. Slumping futures prices will discourage drilling and incentivise electricity generators to run their gas-fired units for more hours at the expense of coal. Discounted futures prices will also boost combustion from the power sector, helping limit the accumulation of inventories this summer. Gas prices are now trading below the cost of coal, once the superior efficiency of gas-fired units is taken into account, which will encourage maximum gas burn this summer. Related columns:- Europe’s gas supply stabilises after colder weather (Reuters, February 3, 2023)- U.S. gas prices slump on production surplus (Reuters, January 12, 2023)John Kemp is a Reuters market analyst.

We're buying 150 shares of Coterra Energy (CTRA) at roughly $23.84. One of the biggest commodity stories this year has been the significant decline in the price of natural gas. After peaking at around $10 per million British thermal units back in August, the price of nat gas has pretty much fallen off a cliff. Our other pure exploration and production stocks — Devon Energy (DVN) and Pioneer Natural Resources (PXD) — are far less tied to nat gas. A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, February 10, 2019.

The analysis of power usage data by Reuters at some of the key mines in Peru, the world's no. The South American nation has been gripped by anti-government protests since the Dec. 7 ouster of leftist President Pedro Castillo. The power data from COES, which represents firms in Peru's energy sector, shows that nearly all major mines are drawing normal or near-normal levels of electricity. A combined index of six key mines is near normal. The other firms did not immediately respond to requests for comment about activity at their mines in Peru.

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