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Buying was concentrated in crude (+52 million barrels) with purchases of Brent (+25 million) and NYMEX and ICE WTI (+27 million), according to exchange and regulatory records. Elsewhere there were small sales of U.S. gasoline (-3 million barrels) and European gas oil (-4 million) partly offset by purchases of U.S. diesel (+2 million). Russia also pledged to cut production by 0.5 million barrels per day in August to help counter adverse sentiment and boost prices. Hedge funds and other money managers purchased the equivalent of 325 billion cubic feet in the week ending on July 3. The combined position reached a net long of 606 billion cubic feet (45th percentile for all weeks since 2010) up from a net short of 1,201 billion cubic feet (6th percentile) on February 21.
Persons: Brent, John Kemp, David Evans Organizations: ICE, U.S ., Funds, Thomson, Reuters Locations: Saudi Arabia, Brent, Russia, North America, Europe, WTI, Saudi
“The hike in fuel price has caused a scarcity of passengers,” Hanwa, 50, added. “Before the hike in fuel price, Abuja to Kano was 5,500 ($7.26) but is now 8,500 ($11.22),” he said. Successive governments had carried on with fuel subsidy since its introduction in the 1970s but had also mooted deregulating the country’s oil sector. Along with soaring transport fares, food prices and costs for other essentials have skyrocketed across the country. Economist Bismarck Rewane agrees that halting fuel subsidy “makes economic sense,” but mentions that the saved proceeds from the scheme must be ploughed back into bettering the lives of Nigerians.
Persons: Hanwa, , ” Hanwa, Jume Hanwa, Nimi Princewill, Bola Tinubu, Tinubu, Usman Imam, , Sam Amadi, ” Amadi, ” Fabian Grace, Grace, who’s, Fabian Grace, ” Grace, “ I’ve, I’m, Bismarck Rewane, ” Rewane Organizations: Nigeria CNN —, CNN, CNN Transport, National Petroleum Corporation, ” Travelers, Usman, Abuja School of Social Locations: Abuja, Nigeria, Nigeria’s, Nimi, Kano, Africa’s, Maraba, Nasarawa State, Edo State
Since then, front-month futures prices have fallen to $78 in December 2022 (51st percentile) and just $70 in June 2023 (43rd percentile). Chartbook: U.S. oil and gas productionOn the gas side, dry production amounted to 3,063 billion cubic feet (bcf) in April 2023, an increase of almost 6% from April 2022. Like oil, gas production has continued to increase in a lagged response to very high prices during the second and third quarters of 2022. Gas production growth is set to slow sharply in the second half of 2023 and into the first half of 2024 which should erode excess inventories during the winter of 2023/24. Related columns:- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.
Persons: , Baker Hughes, John Kemp, Mark Potter Organizations: U.S . Energy Information Administration, Thomson, Reuters Locations: Ukraine, Gulf, Mexico, Saudi Arabia
New York CNN —An East Coast convenience chain is offering gas at a patriotic price for one day only. Sheetz will be selling gas for $1.776 on the Fourth of July, a nod to the year the Declaration of Independence was signed. The national average for regular gasoline dropped to $3.55 a gallon last Thursday, according to AAA, compared to $4.87 a gallon a year ago. Last November, Sheetz reduced the price of Unleaded 88 to $1.99 a gallon at limited stores during the Thanksgiving holiday week. Sheetz has more than 675 locations in Pennsylvania, Maryland, Ohio, North Carolina, Virginia and West Virginia.
Persons: Travis Sheetz, , Patrick De Haan, Sheetz Organizations: New, New York CNN, An, Ethanol, AAA Locations: New York, An East Coast, Independence, Pennsylvania , Maryland , Ohio, North Carolina, Virginia, West Virginia
David Tesher: Before we were forecasting a short and shallow recession, but we no longer think there’s going to be a recession. Hard decisions are being made, and that’s going to feed back into corporate growth prospects. As economic conditions slow, credit is becoming tighter and companies are defaulting at a faster pace than they have. So yes, some corporations are distressed, but this isn’t something affecting the entire market, which is what you’d associate with a broad credit crunch. Big Tech is back with a vengeanceLast year was rough for tech companies: Tech stocks fell more than 30% in 2022, while the overall market dropped 20%.
Persons: Banks, Bell, David Tesher, we’re, We’re, There’s, reevaluation, it’s, Meta, Wedbush’s Daniel Ives, Liz Ann Sonders, Charles Schwab, , Megan Horneman, Matt Egan, John LaForge Organizations: CNN Business, Bell, CNN, P, Big Tech, Tech, Apple, Nvidia, Microsoft, Verdence Capital Advisors, Nasdaq, Dow Jones, AAA, That’s, US Energy Information Administration, Wells, Investment Institute
Fourth of July gas prices take almost unprecedented plunge
  + stars: | 2023-06-30 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
During the week ending June 26, the average gas price was $3.57 a gallon, according to the US Energy Information Administration. Although pump prices have retreated from last year’s record highs, gas prices were cheaper in the summer of 2021 and certainly in 2020 when Covid-19 shut down large swaths of the economy. Pump prices plunge in Ohio, CaliforniaStill, over the past 12 months, gas prices are down in all 50 states, according to AAA. Washington recently replaced California with the unwanted distinction of having America’s most expensive gas prices. Why gas prices are downThe tumble in gas prices is an undeniable positive for consumers.
Persons: John LaForge, , Patrick De Haan, De Haan, , ” Wells Fargo’s LaForge, LaForge, Wagner, Vladimir Putin’s, GasBuddy’s De Haan Organizations: New, New York CNN, AAA, That’s, US Energy Information Administration, Wells, Investment Institute, Drivers Locations: New York, Covid, Ohio , California, Indiana, Ohio, California, Illinois, Washington, Ukraine, Russia
Kodiak Gas Services (KGS) , a natural gas compression company, priced 16 million shares at $16, below the price talk of $19-$22. That was not only below the price talk of $16-$19, but the 15 million shares offered were below the projections of 17 million shares. The IPO market is reopening, but cautiously All three serve different investor bases, each with its own outlook, Santosh Rao at Manhattan Venture Partners told me. The simple fact that all three deals got done is a sign the IPO market is reopening after being largely closed for 18 months. The IPO market is reopening, but with a strong reality check from the customers.
Persons: It's, Santosh Rao, Fidelis, Sellers, IPOs What's Organizations: NYSE, Kodiak Gas Services, Fidelis Insurance, Manhattan Venture Partners, Labor, Foods, ARM Locations: U.S
Oil, coal and gas made up 82% of global energy consumption last year, according to the Statistical Review of World Energy report by the Energy Institute and consultancies KPMG and Kearney. The report, which analyzes data on world energy markets, found that energy consumption rose by 1% in 2022, with fossil fuels helping to meet the demand,Oil consumption and production both increased last year, the report found. Gas made up 24% of global energy consumption, down slightly from 25% in 2021. As fossil fuels continued to dominate, the amount of planet-heating pollution produced by the energy sector rose to a new high last year, growing by 0.8%. Yet renewable energy, excluding hydropower, still only made up 7.5% of the world’s energy consumption in 2022.
Persons: ” Simon Virley, Juliet Davenport Organizations: CNN, World, Energy Institute, KPMG, Kearney, Gas Locations: China, India, Pakistan, Europe, North America, Paris
Hedge funds and other money managers purchased the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 20. The combined position was 346 million barrels (12th percentile for all weeks since 2013) which was essentially unchanged from 350 million barrels on March 28 after the eruption of the U.S. regional banking crisis. Chartbook: Oil and gas positionsIn the most recent week, funds bought Brent (+16 million barrels), NYMEX and ICE WTI (+5 million) and European gas oil (+9 million) but sold U.S. gasoline (-2 million) and U.S. diesel (-4 million). The position in crude (268 million barrels, 8th percentile) is basically unchanged since late March and the position in middle distillates (22 million barrels, 29th percentile) is unchanged since early April. But economic growth is decelerating across North America, Europe and China, dampening expected consumption of oil.
Persons: John Kemp, Mark Potter Organizations: U.S, Brent, ICE, U.S . diesel, Funds, Saudi, Thomson, Reuters Locations: Saudi Arabia, distillates, OPEC, North America, Europe, China, U.S
Hedge funds and other money managers sold the equivalent of 21 million barrels of crude oil options and futures but purchased 18 million barrels of products, including 14 million of distillates, over the week ending on June 13. The biggest rotation has been from U.S. crude to European gas oil, reflecting the rise in crude inventories in the United States while stocks of distillates, used heavily in Europe, remain well below normal around the world. The most recent weekly increase in gas oil positions was the largest for almost two years since August 2021 and before that November 2020. Funds had already built a fairly sizeable position in U.S. diesel and now bullishness is starting to spill over into European gas oil. U.S. commercial crude oil inventories were 16 million barrels (+4% or +0.28 standard deviations) above the prior ten-year seasonal average on June 9.
Persons: , John Kemp, Kirsten Donovan Organizations: ICE, Funds, diesel, Saudi, Thomson, Reuters Locations: United States, Europe, NYMEX, U.S, Freeport LNG, Saudi
The Federal Reserve announced Wednesday that it would not raise interest rates this month. It's important to note that a one-time pause doesn't mean interest rates won't rise any more at future meetings, but the committee signaled that an end is in sight. The decision included a projection of two more 25 basis point rate hikes before the end of the year. Critics of the Fed's aggressive rate hikes over the last year have said they risk putting Americans out of work by squeezing businesses. The Fed needs to slow down on these extreme rate hikes and remember its dual mandate of price stability and maximum employment.
Persons: , Jerome Powell, Noah Sheidlower, Jobs, Massachusetts Sen, Elizabeth Warren, Powell, it's, Joe Brusuelas, Brusuelas, Kathy Gramling, Marta Norton, Norton Organizations: Federal Reserve, Service, Fed, Capital Economics, Food, RSM, EY, Morningstar Wealth's America, Silicon Valley Bank, First, FDIC Locations: Massachusetts, EY Americas, Silicon, First Republic
But food prices rose 0.2% after being unchanged for two consecutive months as fruits and vegetables, nonalcoholic beverages and other food products became more expensive. While the unemployment rate rose to a seven-month high of 3.7%, that was from a 53-year low of 3.4% in April. The so-called core CPI increased 0.4% in May, rising by the same margin for the third straight month. Beyond May, however, overall core inflation is expected to slow, driven by a moderation in rents and resumption in price declines for used cars and trucks. "We expect a more noticeable deceleration in core prices in the coming months," said Michael Pugliese, a senior economist with Wells Fargo in New York.
Persons: Kathy Bostjancic, Joe Biden, I've, Biden, nonfarm, Michael Pugliese, Wells, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: Federal Reserve, Labor Department, Fed, Nationwide, Reuters, Treasury, Reuters Graphics, Thomson Locations: WASHINGTON, New York, U.S, Ukraine
So-called core inflation rose 0.4% on the month and was still up 5.3% from a year ago, indicating that while price pressures have eased somewhat, consumers are still under fire. The inflation rate cooled in May to its lowest annual rate in more than two years, likely taking pressure off the Federal Reserve to continue raising interest rates, the Labor Department reported Tuesday. Food prices rose just 0.2%. Average hourly earnings adjusted for inflation rose 0.3% on the month, the Bureau of Labor Statistics said in a separate release. The consumer price index report featured a growing discrepancy between the core and headline numbers.
Persons: Dow, Jeffrey Roach, hasn't Organizations: Federal Reserve, Labor Department, Dow Jones, Stock, LPL, of Labor Statistics, BLS Locations: U.S
Hedge funds and other money managers purchased the equivalent of 28 million barrels in the six most important petroleum futures and options contracts over the seven days ending on June 6. Funds bought Brent (+22 million barrels), U.S. diesel (+7 million) and European gas oil (+4 million) but sold NYMEX and ICE WTI (-2 million) and U.S. gasoline (-3 million). Portfolio investors are especially bearish about crude, with a net position of 269 million barrels (7th percentile) and a long-short ratio of 2.39:1 (14th percentile). The hedge fund community has become especially bearish about the outlook for European gas oil given indications the region is already in recession. Funds were net short by 12 million barrels (3rd percentile) with a long-short ratio of 0.73:1 (2nd percentile).
Persons: Saudi Arabia’s, WTI, , John Kemp, Alexander Smith Organizations: Investors, Funds, U.S ., ICE, Bloomberg, Thomson, Reuters Locations: Saudi, China, U.S, Riyadh, OPEC, Freeport
Gas Costco consistently has lower gas prices when compared with local gas stations, although you'll need a $60 Costco membership to access their pumps. The only catch with Costco gas is that "everybody in town knows it's cheap," says Ramhold. Nuts Costco has a wide variety of nuts that come with some of the lowest prices you can find. Kirkland brand maple syrup is a hit with Costco-focused food review websites, with one rating it a "must buy." Pizza Costco's famously cheap $1.50 hot dog and drink combo gets a lot of attention, but you could argue the store's food court pizza offers even more value.
Persons: Harris, Julie Ramhold, I've, that's, Pizza Organizations: Costco, Kirkland Signature, CNBC, Gas Costco, New York Costco, Walmart Locations: New York, Kirkland
June 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 695 in the week to June 9, the lowest since April 2022. , ,U.S. oil rigs rose one to 556 this week, while gas rigs fell two to 135, their lowest since March 2022. Data provider Enverus, which publishes its own rig count data, said drillers cut nine rigs in the week to June 7, dropping the overall count to 750. That compares with a record 12.3 million bpd in 2019. U.S. gas production, meanwhile, was on track to rise from a record 98.13 billion cubic feet per day (bcfd) in 2022 to 102.74 bcfd in 2023 and 103.04 bcfd in 2024, according to EIA's projection.
Persons: Baker Hughes, Beth McDonald, McDonald, Goldman Sachs, Scott DiSavino, Marguerita Choy Organizations: drillers, Natural Resources, Organization of Petroleum, U.S . Energy Information Administration, Thomson Locations: U.S, Saudi Arabia, Russia
June 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 695 in the week to June 9, the lowest since April 2022. , ,U.S. oil rigs rose one to 556 this week, while gas rigs fell two to 135, their lowest since March 2022. Data provider Enverus, which publishes its own rig count data, said drillers cut nine rigs in the week to June 7, dropping the overall count to 750. That compares with a record 12.3 million bpd in 2019. U.S. gas production, meanwhile, was on track to rise from a record 98.13 billion cubic feet per day (bcfd) in 2022 to 102.74 bcfd in 2023 and 103.04 bcfd in 2024, according to EIA's projection.
Persons: Baker Hughes, Beth McDonald, McDonald, Goldman Sachs, Scott DiSavino, Marguerita Choy Organizations: drillers, Natural Resources, Organization of Petroleum, U.S . Energy Information Administration, Thomson Locations: U.S, Saudi Arabia, Russia
Over the same period, however, working gas inventories increased by 454 billion cubic feet compared with a prior 10-year average increase of 401 billion cubic feet. No progress was made eliminating excess inventories during the spring quarter. Freeport LNG's re-opened export terminal did not make a significant difference in depleting the excess inventories accumulated during the winter of 2022/23. Unless the summer is unusually hot, boosting gas consumption by electricity generators, excess inventories look set to persist for several more months. As a result, hedge funds and other money managers have been cautious about turning bullish on gas prices.
Persons: John Kemp, Paul Simao Organizations: Climate Prediction Center, CPC, Freeport LNG's, Thomson, Reuters Locations: United States, U.S, Ukraine
If your credit history is limited, the Capital One SavorOne Cash Rewards for Good Credit is worth a close look. How to use rewards from the SavorOne for Good Credit cardThe Capital One SavorOne Cash Rewards for Good Credit comes with a straightforward reward redemption: Cash back in the form of a statement credit or a check. There's another redemption option if you also have a Capital One credit card that earns miles, like the aCapital One Venture Rewards Credit Card or Capital One Venture X Rewards Credit Card. SavorOne for Good Credit benefits and featuresThe Capital One SavorOne Cash Rewards for Good Credit is fairly low-frills in terms of extra benefits. If you wouldn't otherwise be approved for the regular Capital One Savor Cash Rewards Credit Card or Capital One SavorOne Cash Rewards Credit Card because your credit is on the lower side of good, the Capital One SavorOne Cash Rewards for Good Credit is worth considering.
Persons: Cash, Cardholders, It's, SavorOne, , David McMillin David McMillin, Guy, David, he's Organizations: Uber, Capital, Walmart, Capital One Entertainment, Reading Chevron, Credit, Good Credit, Target, Costco, Entertainment, Netflix, Hulu, Disney, Verizon, PayPal, Good, Chevron, Business Locations: U.S, Chicago, Alaska , Utah , Oklahoma, Vermont
LONDON, June 5 (Reuters) - Portfolio investors had become increasingly bearish about the outlook for oil prices in the run up to the meeting of the extended OPEC⁺ group of oil exporters on June 3-4. The combined position had been reduced to 296 million barrels (7th percentile for all weeks since 2013) down from 534 million (39th percentile) six weeks earlier. Heavy sales of NYMEX and ICE WTI (-50 million barrels) more than offset significant buying of ICE Brent (+23 million). Hedge funds and other money managers sold the equivalent of 140 billion cubic feet over the seven days ending on May 30, according to regulatory data. The surplus was essentially unchanged from a surplus of +266 billion cubic feet (+15% or +0.61 standard deviations) in early March.
Persons: , John Kemp, David Evans Organizations: OPEC ⁺, ICE, U.S ., Investors, Thomson, Reuters Locations: OPEC, WTI, Saudi Arabia, U.S
LONDON, June 1 (Reuters) - U.S. oil and gas production continued to rise strongly in March - the delayed impact of very high prices that prevailed until the third quarter of 2022. Gas output climbed to a record 9,180 billion cubic feet in the first quarter and was also 7% higher than a year before. The lagged impact of these earlier high prices should start to fade from the third quarter, and especially the fourth quarter. The contrast between fairly average crude inventories and a large surplus in gas explains why oil prices are close to the post-2000 average in real terms while gas prices are still trading near to their lowest point. Related columns:- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. gas prices slump after mild winter leaves big surplus (March 24, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.
Persons: John Kemp, Sriraj Organizations: U.S . Energy Information Administration, Petroleum, Thomson, Reuters Locations: Gulf of Mexico, Alaska
Hedge funds and other money managers purchased the equivalent of 43 million barrels in the six most important petroleum futures and options contracts over the seven days ending on May 23. In the most recent week, funds bought crude (+26 million barrels), middle distillates such as U.S. diesel and European gas oil (+6 million) and light distillates such as gasoline (+11 million). Positions are much more bearish on crude (275 million barrels net long, 8th percentile) and middle distillates (3 million barrels net short, 16th percentile). U.S. NATURAL GASInvestors became slightly more bullish towards U.S. gas prices as the downturn in drilling activity was expected eventually to erode still-high inventories. The net position increased to 241 billion cubic feet net long (37th percentile for all weeks since 2010) up from 1,061 billion cubic feet net short (7th percentile) at the end of January 2023.
May 29 (Reuters) - The Trinidad and Tobago government accepted bid recommendations for six of eight onshore oil and gas exploration blocks, people close to the matter said on Sunday, setting the stage for awards to be disclosed as soon as this week. The Caribbean nation has pushed to expand exploration to counter declines in its oil and gas production. A decision to award licenses was taken by the country's cabinet on Thursday on the recommendation of Trinidad and Tobago Energy Minister Stuart Young, the people said. Trinidad and Tobago's A&V Oil and Gas Ltd was recommended for the St. Mary’s block. The Aripero Block will go to Nabi Construction (Trinidad and Tobago) Ltd, while the Buenos Aires block is to be awarded to Trinity Exploration & Production Plc, the people said.
May 29 (Reuters) - The Trinidad and Tobago government accepted bid recommendations for six of eight onshore oil and gas exploration blocks, people close to the matter said on Sunday, setting the stage for awards to be disclosed as soon as this week. The Caribbean nation has pushed to expand exploration to counter declines in its oil and gas production. Trinidad and Tobago's A&V Oil and Gas Ltd was recommended for the St. Mary’s block, which had received four bids, the most of any offer. A&V bested Canadian energy firm, Touchstone Exploration Inc (TXP.TO), which bid as Primera Oil and Gas Limited, the people said. The Aripero Block will go to Nabi Construction (Trinidad and Tobago) Ltd, while the Buenos Aires block is to be awarded to Trinity Exploration & Production Plc.
Oil traders had expected Russian exports to fall because of the sanctions imposed on the country by the United States and its allies in response to the invasion. The war is still grinding on, but Russia has found a way to keep selling its oil, though at heavily discounted prices, primarily to China and India. It also helped that the United States and other industrialized countries released oil from their strategic reserves when prices were surging. In the United States, use of motor fuels has not changed much from last year and has yet to recover to prepandemic levels. Gasoline demand climbed over the last month, and AAA predicts a 7 percent increase in holiday weekend travel from last year.
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