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Oil prices rose 1% Wednesday after the IEA predicted a rise in gas-to-oil switching for heating purposes this winter.
Energy futures slid today following an announcement that a nationwide rail strike was averted. In mid-morning trading, WTI futures were down 3.0% at $85.80/bbl, Brent was off 3.1% at $93.26/bbl, and U.S. natural gas was down 7.5% at $8.43/MMBtu.
U.S. distillate stocks are about 23% below the five-year average for this time of year, government data shows.
Global oil production rose by 790,000 bpd in August, led by increases from Saudi Arabia and the UAE. The IEA says global oil demand will falter in the fourth quarter before rebounding strongly next year.
Rental costs for offshore oil and gas platforms have more than doubled the past two years and could soon rise to $500,000 a day, executives say.
U.S. natural gas consumption is poised to hit 86.6 billion cubic feet per day next year, an all-time high:
More oil news related to the war in Europe:
On Wednesday, the EU’s executive arm unveiled plans to levy $140 billion from energy firm profits to help shield households and businesses from soaring prices. Policymakers also proposed a mandatory target for countries to cut electricity use by 5% during peak hours, while backing away from a Russian gas price cap.
European gas prices are down 40% in recent weeks as fuel storage levels look healthy heading into winter.
The U.S. administration awarded $190 million of offshore oil-and-gas leases Wednesday, completing the sale of 1.7 million acres in the Gulf of Mexico that had been held up since last November over environmental concerns.
Vehicle electrification will not kill the ethanol market, according to oil executives, as demand will continue to exist in countries where electric vehicle adoption is slower, such as Brazil and India.
With White House intervention, U.S. railroads and unions representing more than 100,000 workers reached a tentative deal after 20 straight hours of talks on Wednesday. The move averts a potential strike that had already started shutting down a crucial vein of the U.S. economy, including ancillary services such as passenger transit.
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