Latest news with #Ritterbusch
Wall Street Journal
17 hours ago
- Business
- Wall Street Journal
U.S. Natural Gas Futures Give Back Gains
1516 ET – U.S. natural gas futures fall sharply, giving back most of last week's gains on cooler near-term temperature forecasts, a decline in LNG feedgas flows and the rise in natural gas rigs reported Friday by Baker Hughes pointing to producer plans to raise output. Shifts in the weather outlook suggest some but not much increase in the storage surplus in the near term, Ritterbusch says in a note. But the current surplus at 178 Bcf'is manageable and won't necessarily be weighing on gas futures beyond this month's lows.' Nymex natural gas settles down 6.7% at $3.325/mmBtu. ( 1431 GMT – European natural-gas prices fall below 34 euros a megawatt hour after the resolution of unplanned outages in Norway eased supply concerns. According to industry group Gas Infrastructure Europe, EU storage levels are currently more than 64% full, with member states actively replenishing reserves ahead of the winter season. Market attention is now on rising competition from Asia for liquefied natural gas cargoes and Russian flows after President Trump threatened to hit the Kremlin with stiff tariffs if it doesn't agree to halt fighting in Ukraine. The benchmark Dutch TTF contract falls 0.6% to 33.83 euros a megawatt hour in afternoon trade, and is down nearly 6% on the week. (
Reuters
a day ago
- Business
- Reuters
Oil prices fall as key trade talks falter ahead of tariff deadline
NEW YORK, July 22 (Reuters) - Oil prices fell for a third consecutive session on Tuesday, as fading hopes for a trade deal between the U.S. and Europe threatened to slow economic activity in the world's largest oil markets. Brent crude futures were down 92 cents, or 1.3%, to $68.29 a barrel by 12:03 p.m. EDT. U.S. West Texas Intermediate crude futures for August delivery, set to expire on Tuesday, fell $1.09, or 1.6%, to $66.11 per barrel. The more active September WTI contract was down 92 cents, or 1.4%, to $65.03 a barrel. The European Union was exploring a broader set of possible counter-measures against the U.S. as prospects for an acceptable trade agreement with Washington fade, EU diplomats told Reuters on Tuesday. U.S. President Donald Trump, who has set an August 1 deadline for countries to secure trade deals or face steep tariffs, earlier threatened a 30% tariff on EU imports if a deal is not reached. Prospects of an interim trade deal between the U.S. and India before that deadline have also dimmed, two Indian government sources told Reuters. "It appears that tariff factor is becoming a greater focus ahead of the U.S. deadline," analysts at energy advisory firm Ritterbusch and Associates said in a note. Diesel was the top decliner across the energy complex, reflecting concerns about the economic outlook. The industrial fuel, used predominantly in manufacturing, construction and heavy transport, had been the top performer in oil markets over recent weeks due to tight global supplies. U.S. ultra-low sulfur diesel futures slid more than 3% on Tuesday to $102.16 a barrel. Still, crude price declines may be limited by the possibility that the U.S. could scale back the tariffs it has threatened or even delay them, Ritterbusch and Associates said. Meanwhile, a Reuters poll of analysts showed U.S. crude oil inventories likely fell by about 600,000 barrels in the week to July 18.
Wall Street Journal
02-07-2025
- Business
- Wall Street Journal
U.S. Natural Gas Futures Lose More Ground
1527 ET – U.S. natural gas futures recover some early losses but still settle lower as the market awaits clearer signs of more hot weather and LNG export growth. 'The market has been forced to discount a normal or possibly mild summer that would allow storage to build at a strong, steady pace,' Ritterbusch says in a note. This week's data are likely to show a slight decline in the inventory surplus, although 'guidance beyond this week suggests a return to some larger than normal injections.' Production is holding near record levels, and LNG exports 'are not yet showing the effects of the long-awaited increased capacities,' the firm adds. Nymex natural gas settles down 1.2% at $3.415/mmBtu. ( 1000 ET – U.S. natural gas futures continue to lose ground with production picking up while storage levels remain in surplus after a solid spring injection season. Prices have been a 'no win trade' for bulls with inventories more than 6% above the five-year average and strong wind and solar generation filling the void to meet power demand from heat in the Midwest and the East, Dennis Kissler of BOK Financial says in a note. Still, heavy fund shorts put on in recent sessions leave 'a lot of upside room for short-covering that could be triggered if we see the current heat wave stay in place,' he adds. Nymex natural gas down is down 3.4% at $3.337/mmBtu. (
Wall Street Journal
26-06-2025
- Business
- Wall Street Journal
U.S. Natural Gas Futures Hold Gains
1504 ET – U.S. natural gas futures hold on to the previous day's gains with some help from lower production. Approaching hot weather is supporting prices on the downside, while large weekly storage builds limit gains. Weather forecasts show heat steadily building for the second half of June, with temperature highs of 70s-90s for most of the northern U.S. and highs of 80s-100s in the South, says in a note. Wind power generation, which can reduce natural gas use, has picked up from recent weakness and is seen strong the next few days. Nymex natural gas settles up 0.8% at $3.722/mmBtu. ( 0957 ET – U.S. natural gas futures pull back from yesterday's rebound, but are still supported by forecasts for hotter weather as June progresses. 'We can still envision nearby futures lifting to above the $4.00 mark this month on first indication of an extreme heat wave,' Ritterbusch says in a note. Inventory builds remain a limiting factor, although the surplus is unlikely to stretch much beyond 125 Bcf to 130 Bcf by the end of the month, 'a comparatively small supply overhang that could easily be erased by a hot summer,' the firm adds. Nymex natural gas is down 1.7% at $3.632/mmBtu. (
Wall Street Journal
26-06-2025
- Business
- Wall Street Journal
U.S. Natural Gas Futures Extend Losing Streak
1502 ET – U.S. natural gas futures fall for a third straight session as weather forecasts turn cooler after this week's heat wave hitting the East Coast. Strong wind and solar power generation, as well as selling in gold and oil on easing Middle East tensions, could also have played a role in the pullback, says in a note. So could this week's July contract expiration, the forecaster adds. Nymex natural gas settles down 4.4% at $3.537/mmBtu. ( 1008 ET – Natural gas futures are down for a third session as market participants look beyond this week's heat wave driving high demand. Ritterbusch says large price swings up and down are likely to continue as the weather takes on greater importance over the summer. 'Although production has tapered off slightly this week and exports have slipped, the gas balances currently remain tilted bearish with the supply surplus likely to increase further' with this week's EIA storage report, the firm says. 'But from here, we see additional increase in the surplus as limited with a potential significant reduction a high probability if the rest of the summer proves hotter than normal.' Nymex natural gas is down 1.8% at $3.630/mmBtu. (
