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Natural gas prices soar as cold temperatures spread over U.S.
Brian K. Sullivan, Bloomberg
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Prices for natural gas, propane and heating oil, fuels used to heat homes, are surging as cold sets in over most of the U.S.
Spot gas at the Waha hub in Texas traded at a two-year high Monday while, at Boston’s Algonquin City Gate hub, prices neared a two-year high. Demand for propane has surged to its highest since 2004.
A parade of snowstorms is threatening to roll through the Eastern U.S. over the next few days while bitter cold stabs through the heart of the country, driving temperatures below freezing all the way to Houston. Temperatures in Southeast Texas will fall to 28 degrees Sunday, the National Weather Service said.
Oil climbs for 7th-straight session
Bloomberg
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Offshore drilling rigs in the North Sea.Simon Dawson/Bloomberg
Oil continued its advance for the seventh straight session on expectations of a strong rebound in demand and as as the dollar weakened.
Futures in New York climbed to above $58 a barrel, the highest since January 2020 after a choppy trading session Tuesday. The nearest Brent contract sharply widened its premium to the following month, pointing to supply tightness, with inventories shrinking globally and amid expectations of further supply declines in the U.S. A weaker U.S. dollar is boosting the appeal of commodities priced in the greenback.
Biden to bar Keystone pipeline within hours of taking office
Jennifer A. Dlouhy and Ari Natter, Bloomberg
Jan. 20, 2021
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Canadian pipeline operator TC Energy is moving forward with plans to build the controversial Keystone XL Pipeline, a project to move heavy crude oil from the tar sands region of Canada to Nebraska where it will then move on to refineries in Illinois and along the Gulf Coast. TC Energy
Joe Biden will cancel the Keystone XL oil pipeline hours after becoming president on Wednesday, killing once again a cross-border project that had won a four-year reprieve under his Republican predecessor, Donald Trump.
Oil slumps along with consumer sentiment
Andres Guerra Luz, Bloomberg
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FILE - In this April 24, 2015, file photo, pumpjacks work in a field near Lovington, N.M.Charlie Riedel/Associated Press
Oil slid by the most in three weeks as a stronger dollar and weak U.S. economic data stoked concerns over an economic rebound.
Futures in New York tumbled 2.3 percent on Friday after a rally in oil earlier in the week pushed the benchmark into overbought territory. The U.S. dollar strengthened, reducing the appeal of commodities priced in the currency. U.S. consumer sentiment cooled more than forecast in January and other economic data such as sluggish retail sales and producer prices also portray the obstacles still facing the country as it emerges from the pandemic.