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U.S. Dry Natural Gas Production Rose 3.3% YoY in March, EIA Reports
Preliminary dry natural gas production rose 3.3% year over year to 110.9% billion cubic feet per day in March, the U.S. Energy Information Administration said in its Natural Gas Monthly Report released Friday.Estimated natural gas consumption in March was 89.6 Bcf/d, up 1% from the year-ago period. The average daily rate of gas consumption fell in three of the four consuming sectors, the EIA said.Residential deliveries fell 8.7% to 15.5 Bcf/d. Commercial deliveries were 11.3 Bcf/d, down 4.4%. Industrial deliveries were 23.9 Bcf/d, falling 0.5%. Electric power deliveries rose 10.6% to 29.6 Bcf/d.Net natural gas exports were 21.0 Bcf/d, with imports down 9.1% to 7.7 Bcf/d and exports up 18.3% to 28.7 Bcf/d, according to the agency.
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Sectors
Crude Oil Prices Jump After U.S., Iran Exchange Strikes, Dimming Ceasefire Hopes
Crude oil prices climbed on Monday following an exchange of strikes between the U.S. and Iran and an escalation of hostilities between Israel and Lebanon.Brent crude at last look rose 3.3% to US$94.13/barrel and West Texas Intermediate crude gained 4% to $90.87/barrel. This comes after the U.S. said it conducted "self-defense" strikes in Goruk and Qeshm Island and Iran's Islamic Revolutionary Guard Corps said its aerospace force targeted an air base, Reuters said in a Monday report.Meanwhile, Israel reportedly ordered troops to move further into Lebanon as it fights Tehran-backed Hezbollah, according to Reuters.Hopes of an extension to the ceasefire between the U.S. and Iran have diminished amid the developments, despite Israel-Lebanon peace talks on Friday hosted by Washington, the report said.
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Sectors
Sector Update: Energy Stocks Fall Late Afternoon
Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran. The ceasefire would need to include reopening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon, the president has said previously.Front-month West Texas Intermediate crude oil fell 1.5% to $87.60 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $92.05 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources. Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report. Chevron shares were shedding 0.4%.ReNew Energy Global (RNW) has received a non-binding proposal from Canada Pension Plan Investment Board and ReNew's CEO Sumant Sinha to buy shares not already owned by the consortium for $6.75 each in cash, the company said Friday. ReNew shares rose 2.1%.Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.9%.Sempra (SRE) is being urged by activist investor Voss Capital to spin off its Oncor electricity unit, Reuters reported. Voss Capital, which owns less than 1% of Sempra, has argued that a newly independent Oncor Electric Delivery Co. would become the highest-growth public transmission utility in the US and could be worth up to $78 billion by the end of 2028, the report said. Sempra shares were down 1.3%.
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