Concern about a seismic change in the U.S. shale industry with shareholder returns prioritized over spending on production has plagued analyst and banker circles for over a year.
U.S. House Speaker Kevin McCarthy has revealed he plans to promote U.S. natural gas exports at an upcoming G7 meeting. McCarthy will frame his agenda in the context of Europe buying more U.S. gas as a way for the continent to wean itself off Russian gas following its war in Ukraine.
Oil prices edged down on Wednesday, extending a 1% drop in the previous session, as worries about China’s struggling economy outweighed declining U.S. stockpiles.
The surprise huge new cut in oil production from ‘OPEC+’ – the Saudi Arabia-led OPEC group of countries ‘plus’ Russia – highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S.
U.S. natural gas prices fell below $3 per million British thermal units this week for the first time in two years amid continuing warm weather that started a commodity selloff.