US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of…
U.S. Natgas up 2% on Higher Demand, Soaring Global Prices
U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over the next two weeks than previously expected, a reduction in gas output, low wind power and much higher global gas prices.Power demand in Texas…
When Oil Became Waste
A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged…
Saudi Refinery Exports First Gasoline Barrels to U.S.
A refinery in Saudi Arabia has shipped its RBOB gasoline to the United States for the first time, a potential precursor for more deliveries to a region where prices are currently at seasonal three-year highs.The 400,000 barrels-per-day Jubail Satorp refinery, a joint venture between Saudi Aramco and French company Total…
U.S. Gasoline Prices Rise Ahead of Driving Season
Filling the fuel tank for vacation driving this summer will be pricier than it has been in nearly four years for American motorists, as gasoline prices nationwide rise toward the expected average seasonal price of $3 a gallon. Lower-income consumers could be most likely to rethink their driving habits as pump prices rise…
Cushing's Market Clout Wanes Amid U.S. Crude Export Boom
The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity. But those tanks could soon drain to levels near effectively empty…
Oil, Briefly Up On Lower Rig Counts, Falls on U.S. Output Outlook
Oil prices fell on Monday on expectations that U.S. output will rise this year, erasing earlier gains buoyed by lower weekly U.S. rig counts and falling U.S. unemployment. Brent crude futures were at $64.04 per barrel at 1353 GMT, down 45 cents from their previous close. U.S.
Speculators Boost U.S. Natgas Net Longs
U.S. natural gas speculators boosted their net long positions for the first time in five weeks, betting prices will rise as exports increase and inventories remain well below normal for this time of year. Speculators in four major New York Mercantile Exchange (NYMEX)…
Rising US LNG Exports Boost Interest in Natgas Futures
A surge in speculative interest in the U.S. liquefied natural gas (LNG) export boom has pushed open interest in natural gas futures to an all-time high, traders said on Thursday. Open interest, which measures the number of contracts outstanding, in the Henry Hub front-month hit 386…
U.S. NatGas Ticks Up as Traders Reassess Market
U.S. natural gas prices have bounced by almost 10 percent since the start of the month as traders reassess their earlier bearish view this winter amid signs sentiment had become far too gloomy. Futures prices on the New York Mercantile Exchange for gas delivered…
Speculators Cut U.S. NatGas Net Longs for 4th Week in Five
U.S. natural gas speculators cut their net long positions for the fourth out of the past five weeks on expectations supplies will be adequate this winter with storage near normal levels, output at record highs and forecasts for another warm winter. Speculators…
Speculators Cut U.S. NatGas Net Longs Again - CFTC
U.S. natural gas speculators cut their net long positions for a second week in a row on less cold winter forecasts and an increase in production to record levels. Speculators in four major New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE) markets reduced their bullish bets by 28…
WTI Discount to Brent Reflects Logistics Constraints
Even as crude stocks decline elsewhere in the United States, stocks are rising in the Midwest, especially around the delivery point for the New York Mercantile Exchange’s light sweet crude contract at Cushing in Oklahoma. Crude stocks at Cushing hit a low of 56…
U.S. Refiners Struggle to Meet Distillate Demand
U.S. refiners are struggling to meet the strong demand for heating oil and other distillates despite operations returning to near normal after Hurricane Harvey. Stocks of distillate fuel oil fell by another 2.6 million barrels to 135 million barrels last week,…
China Sets Sights on Oil Benchmark
China has opened more than 6,000 trading accounts for its long-awaited crude futures contract - with three-quarters coming from individual traders - as it pushes ahead with plans to compete with global pricing benchmarks. China's oil majors and about 150 brokerages have also registered…
Demand to Ship Gasoline on Top US Pipeline at 6-yr Low
The operator of the biggest U.S. fuel pipeline system said on Thursday demand to transport gasoline to the country's populous northeast is the weakest in six years, the latest symptom of a global oil market grappling with oversupply. Summer is typically when gasoline…
US Crude Stockpiles Rise Unexpectedly -EIA
U.S. crude stocks rose unexpectedly last week as refinery runs dropped, while gasoline and distillate inventories increased, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the last week, compared with analysts' expectations for an decrease of 3.5 million barrels.
New US Pipelines to Drive Natural Gas Boom as Exports Surge
U.S. energy firms are scrambling to finish a slew of pipelines that will unleash rich reserves of shale gas in Pennsylvania, West Virginia and Ohio as the nation prepares to become one of the world’s top natural gas exporters. The pipelines are expected to boost…
ICE to Offer First US Gulf Coast LNG Futures Contract
With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first-ever U.S. liquefied natural gas futures contract in May. ICE said the contracts…
U.S. East Coast Refiners Profit on Winter Gasoline
The U.S. East Coast gasoline market looks set to begin the summer driving season with fewer barrels in storage than last year, as refiners have been profiting by producing winter grade gasoline longer than usual, trading sources said. Traders said the additional…
