U.S. natural gas futures dropped about 5% to a three-week low on Thursday on record U.S. output, rising
exports from Canada and a slightly bigger-than-expected weekly storage build.
U.S. crude oil stockpiles rose unexpectedly last week, while distillate inventories gained and gasoline inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 4.5 million barrels in the week to May 26, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop.
OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.
Asian spot liquefied natural gas prices fell for the sixth straight week to their lowest level in more than two years, while European LNG prices also declined as weak demand and high inventories continued to weigh.
Oil prices rose on Thursday by the most in two weeks ahead of an OPEC+ meeting on Sunday, while House of Representatives passage of a bill to suspend the U.S. debt ceiling helped to offset the impact of rising inventories in the country.
* * U.S. gasoline stocks rise by 1.9 mln barrels - API. * Analysts give mixed signals on OPEC+ output cuts expectations. * Coming up: EIA data on U.S. stockpiles at 1500 GMT. By Arathy Somasekhar.
Argentina's Vaca Muerta shale formation could produce more than 1 million barrels per day of crude oil by 2030, consultancy Rystad Energy said on Wednesday, but cautioned this relied on the country solving transport capacity bottlenecks.
U.S. pipeline operator Kinder Morgan
Inc (KMI) said on Wednesday it plans to expand the working gas storage capacity at its Markham facility in Matagorda County, Texas, by 6 billion cubic feet. The decision comes after Kinder Morgan (KMI) earned about $1 billion during February's U.S. winter blast as heating demand pushed natural gas prices to record highs.
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday. The higher crude output came as production in Texas rose 1.8% to 5.398 million bpd, also its highest since March 2020, the EIA data showed.
By Trixie Yap and Florence Tan. Finnish refiner Neste expects renewable fuels from its new facilities in Singapore and the U.S. to drive its growth this year despite expectations of lower oil product margins in the second quarter, its chief executive said on Wednesday. "The macroeconomic situation is something that is affecting many businesses," Matti Lehmus said in an interview.
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