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Oil prices extend gains after retreat
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Oil prices jump despite rise in U S inventories
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Kathy Kriskey: There s Still Time to Invest in Commodities ETFs
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Tudor, Pickering, Holt & Co. (TPH) said European storage rose by 76 Bcf last week, below the five-year build of 88 Bcf.
“European inventories continue to struggle to fill, providing further support for pricing and, with the Japan-Korea Marker still commanding a premium, LNG continues to pull toward Asia,” TPH analysts said.
After stalling near the mid-$13/MMBtu range last week as some buyers took a breather amid the run-up in prices, JKM spot assessments were back up on Monday near $14. Hotter weather in northeast Asia and continued demand is supporting prices in the region.
Henry Hub prices climbed Monday after a hotter shift in U.S. forecasts over the weekend through the end of July helped spark a rally in early trading. The August contract gained 10 cents to finish at $3.779/MMBtu.
The governorsâ rebuke comes as the nationâs average gas price has hit $3.17 a gallon.Â
âSince taking office, President Biden has used executive action to interfere in the market and force banks to bend their will to the leftâs energy policies, including efforts to gut the oil, gas, and coal industries,â says the statement, led by Wyoming Gov. Mark Gordon. âThese policies have punished consumers still recovering from the pandemic.âÂ
In addition to Gordon, the statement was also signed by Alaska Gov. Mike Dunleavy, Arizona Gov. Doug Ducey, Missouri Gov. Mike Parson, Montana Gov. Greg Gianforte, Nebraska Gov. Pete Ricketts, North Dakota Gov. Doug Burgum, South Dakota Gov. Kristi Noem, Utah Gov. Spencer Cox, and Texas Gov. Greg Abbott.