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A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28. Both contracts rose on a surge in diesel futures ahead of cold weather expected towards the end of the year. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd.

☆ Oil steadies after falls as weak economy offsets supply risks
▼ + stars: | 2022-12-12 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +2 min

China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months. But supply uncertainty should ease by spring 2023, after the embargo on oil products (on Feb.5) plays out," Deutsche Bank said in a note.

Brent crude futures were down 38 cents, or 0.4%, at $75.72 a barrel by 0900 GMT. China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ Oil edges up on U.S. pipeline restart uncertainty, Russian supplies
▼ + stars: | 2022-12-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. Putin said on Friday that Russia, the world's biggest exporter of energy, could cut production and would refuse to sell oil to any country that imposes a "stupid" price cap on Russian exports agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. Saudi Arabia's energy minister also said on Sunday that the impact of the European sanctions and price cap measures had had no clear results yet, and that its implementation was still unclear.

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. In the U.S., Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Reporting by Florence Tan and Emily Chow; Editing by Kenneth Maxwell and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). read moreThe news caused oil and stock markets to pare gains. The data challenges hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID curbs over the weekend.

☆ China's Shenzhen Energy signs long-term LNG contract with BP
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 26 (Reuters) - China's Shenzhen Energy Group (000027.SZ) has signed a long-term agreement with oil major BP (BP.L) to buy liquefied natural gas (LNG), aiming to lock in supplies with gas-fired power generation poised to surge in the world's second-largest economy. The agreement is Shenzhen Energy's first long-term international LNG contract and its first long-term contract with BP Singapore, the Chinese company said in a statement on Friday. "To meet the demand of Guangdong province and Shenzhen city for energy security and stability, Shenzhen Energy Group is making efforts to promote the construction of gas power plants," it said. "It is estimated that around 2024, as the gas power plants go into operation, the group's total demand for natural gas will significantly rise." QatarEnergy has signed a 27-year deal to supply LNG to China's Sinopec in the longest such agreement to date, as volatility drives buyers to seek long-term supplies.

☆ Oil rebounds from early plunge after Saudis deny OPEC+ output report
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January settled at $87.45, shedding 17 cents. U.S. West Texas Intermediate (WTI) crude futures for December settled at $79.73 a barrel, falling 35 cents ahead of the contract's expiry later on Monday. Oil then retraced its losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil prices rebound from early dive as reports vary on OPEC+ output
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January fell 77 cents, or 0.9%, to $86.85 a barrel by 12:54 p.m. EST (1754 GMT) . U.S. West Texas Intermediate (WTI) crude futures for December were down 58 cents, or 0.7%, at $79.50 ahead of the contract's expiry later on Monday. Oil retraced most losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil falls on easing geopolitical tensions, China demand outlook
▼ + stars: | 2022-11-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

"Thankfully, those fears have abated and the situation de-escalated, which has seen oil gains unwound," said Craig Erlam, senior market analyst at OANDA. Brent crude fell $2.13 to $90.73 a barrel, a 2.3% loss, by 10:58 a.m. China reported rising daily COVID-19 infections and Chinese refiners have asked to reduce Saudi crude volume in December, Reuters has reported, while also slowing Russian crude purchases. "Struggling Chinese consumption is embodied in sinking domestic need for both Russian and Saudi crude oil," said Tamas Varga of oil broker PVM. Oil gained some support from official figures that U.S. crude stocks fell by a bigger than expected 5 million barrels in the most recent week.

SINGAPORE, Nov 17 (Reuters) - Oil prices extended declines on Thursday as concerns over geopolitical tensions eased, while rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer. Brent crude futures fell by $1.04, or 1.1%, to $91.82 a barrel by 0430 GMT. On Wednesday Brent dropped by 1.1% and WTI 1.5% after Russian oil shipments via the Druzhba pipeline to Hungary restarted. "Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's COVID curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. Sustained concerns about weak demand in China are also "keeping markets grounded," said Stephen Innes, managing partner at SPI Asset Management.

☆ Oil falls as geopolitical tensions ease, China COVID concerns return
▼ + stars: | 2022-11-17 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel. Brent dropped by 1.1% and WTI declined by 1.5% on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted. "Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's COVID curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. Oil prices eased despite a larger-than-expected draw in crude oil stockpiles in the United States, added Teng. read moreSustained concerns of demand weakness in China are also "keeping markets grounded," said Stephen Innes, managing partner at SPI Asset Management, as it continues to report more COVID cases in major cities.

☆ Oil reverses gains, falls on China COVID surge, firmer dollar
▼ + stars: | 2022-11-14 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Summary Brent, WTI prices ease after Friday's gainsMajor China cities report record number of COVID-19 casesU.S. Fed not "softening" fight against inflation - Gov. "USD strength appears to be weighing on oil and the broader commodities complex this afternoon," said Warren Patterson, head of commodities strategy at ING. But COVID cases climbed in China over the weekend, with Beijing and other big cities reporting record infections on Monday. China's demand for oil from world's top exporter, Saudi Arabia, also remained weak as several refiners have asked to lift less crude in December. A firm dollar after comments from U.S. Federal Reserve Governor Christopher Waller also weighed on oil.

SINGAPORE, Nov 14 (Reuters) - Oil prices rose on Monday, extending gains from the previous session, after China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer. Contracts for Brent crude and U.S. West Texas Intermediate edged up nearly 1% earlier in the session but later pared some gains. U.S. West Texas Intermediate crude futures were also up 23 cents, or 0.3%, at $89.19 a barrel after closing Friday's session 2.9% higher. "Moreover, it will take some time from the release of the policy to its implementation, so China's full liberalisation may have to wait until the first quarter of next year, which means that the rebound of oil prices last Friday is unsustainable." China's demand for oil from world's top exporter, Saudi Arabia, also remained weak as several refiners have asked to lift less crude in December.

☆ Factbox: North Asia gears up for peak winter energy demand season
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

Nov 3 (Reuters) - Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly. * City gas providers held 2.54 million tonnes at end-August, ministry data shows, versus 1.97 million tonnes a year earlier and also above a five-year average. * South Korea's LNG stocks stood near 3.9 million tonnes at end-September, a source with knowledge of the matter said. * Households and businesses are being encouraged to reduce energy consumption through incentives like tax cuts, though details have not been announced. CHINA* China is expected to stay clear of spot LNG purchases this winter due to higher prices and slow demand growth amid COVID-19 curbs.

"If LNG from Russia is disrupted, we will need to negotiate to take alternatives from other suppliers," Hirofumi Sato added. Meanwhile, China is expected to steer clear of spot LNG this winter amid higher prices and low demand growth due to COVID-19 curbs. This pushed Asian spot LNG prices to record levels, though they have since eased amid solid inventory levels. Asia LNG prices rise above seasonal levels for most of 2022 as supplies tighten after Russia cuts gas supply to EuropeBut supply risks persist. "Supply side risks remain with Freeport LNG still undergoing maintenance in the U.S. and Nigeria LNG under force majeure."

☆ Oil falls on U.S. output gains, Chinese demand doubts
▼ + stars: | 2022-10-31 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude fell $2.41 to $85.49 a barrel, a 2.7% loss. Biden will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official said. The president has previously pushed oil companies to raise production rather than use profits for share buybacks and dividends. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. The Organization of the Petroleum Exporting Countries (OPEC) on Monday raised its forecast for medium and long-term oil demand and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

☆ Oil falls on China COVID curbs and weak factory data
▼ + stars: | 2022-10-31 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude was down $1.49, or 1.7%, at $86.41 after losing 1.3% on Friday. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Chinese cities are stepping up zero-COVID curbs as outbreaks widen, dampening hopes of a rebound in demand. Strict COVID-19 curbs in China have hit economic and business activity, curtailing oil demand. China's crude oil imports for the first three quarters of the year fell 4.3% year on year for the first annual decline for the period since at least 2014.

☆ Oil declines over $1 on China COVID curbs, weak factory activity data
▼ + stars: | 2022-10-31 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude was at $86.83 a barrel, down $1.07, or 1.2%, after settling down 1.3% on Friday. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. A further risk to oil demand comes from Europe, said CMC Markets analyst Leon Li, as the continent "is likely to enter a recession this winter," he said. read moreThe warnings came just as U.S. oil exports rose to a record last week, partly pushing WTI prices up 3.4%.

SINGAPORE, Oct 31 (Reuters) - Oil prices fell on Monday following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand. "The purchasing managers' index (PMI) data contracting adds to the post-China congress party blues for oil markets. Factory activity in China, the world's largest crude importer, fell unexpectedly in October, an official survey showed on Monday, weighed down by softening global demand and strict COVID-19 restrictions that hit production. Strict COVID-19 curbs in China have dampened economic and business activity, curtailing oil demand. A further risk to oil demand comes from Europe, said CMC Markets analyst Leon Li, as the continent "is likely to enter a recession this winter", he said.

☆ Singapore plans to reduce peak emissions to 60 mln tonnes CO2 in 2030
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong delivers the Singapore Energy Lecture during the 15th Singapore International Energy Week, in Singapore October 25, 2022. REUTERS/Isabel KuaSINGAPORE, Oct 25 (Reuters) - Singapore plans to reduce its peak carbon emissions target for 2030 to 60 million tonnes of carbon dioxide as the city state strives to achieve net zero by 2050, Deputy Prime Minister Lawrence Wong said on Tuesday. The country had previously aimed for a reduction to 65 million tonnes of CO2 equivalent in 2030. "This 5 million tonne improvement is significant as it is equivalent to reducing our current transport emissions by two thirds," Wong said at the Singapore International Energy Week conference. Register now for FREE unlimited access to Reuters.com RegisterReporting by Emily Chow and Florence Tan; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Dr. Fatih Birol, Executive Director of the International Energy Agency speaks during the 15th Singapore International Energy Week, in Singapore October 25, 2022. REUTERS/Isabel KuaSINGAPORE, Oct 25 (Reuters) - Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of "the first truly global energy crisis", the head of the International Energy Agency (IEA) said on Tuesday. But Birol also said the current energy crisis could be a turning point in the history of energy for accelerating clean energy sources and for forming a sustainable and secured energy system. "Energy security is the number one driver (of the energy transition)," said Birol, as countries see energy technologies and renewables as a solution. Register now for FREE unlimited access to Reuters.com RegisterReporting by Florence Tan, Muyu Xu and Emily Chow; Editing by Jacqueline Wong and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices settle up; China demand hopes outweigh recession worry
▼ + stars: | 2022-10-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterBrent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at$85.05 a barrel, up 54 cents, 0.6%. Swings in the U.S. dollar, which typically moves inversely with oil prices, added to choppy trade. China, the world's largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and reducing demand for fuel. U.S. oil rigs rose two to 612 this week, their highest since March 2020, while gas rigs were unchanged at 157.

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