Articles tagged Production cuts

The soon-to-expire October Nymex natural gas futures contract reversed overnight gains, ticking a few cents lower early Tuesday on the heels of an impressive 17.9-cent advance Monday. Gains were motivated by the uncertain impact of a large storm system in the Gulf of Mexico (GOM) and a tight market balance.

October Nymex natural gas futures stalled overnight before taking a decided turn higher, as weather forecasts varied, driving demand uncertainty, while producers maintained restraint to help balance the market.

Natural gas futures tumbled in early trading Wednesday after the largest U.S. natural gas producer reaffirmed its 2024 sales volumes, signaling a further unwinding of supply curtailments put in place earlier this year to help balance the market.

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine.

Members of the Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to hold the line on oil production in April.