Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended May 12, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.
The data showed that money managers reported 214,128 long positions, up 89 from May 5, while short positions increased by 2,462 to 82,083.
Producers, merchants, processors, and users held 818,972 long positions and 449,114 short positions.
Canada and Alberta reached a new agreement Friday that targets stronger carbon markets, cleaner electricity expansion, and increased energy exports to Asian markets, the Prime Minister's office said in a release.Prime Minister Mark Carney and Alberta Premier Danielle Smith announced the implementation agreement as part of broader plans to strengthen Canada's economy and diversify exports.The agreement follows a memorandum signed in November that focused on expanding Alberta's energy sector, increasing renewable investment, and lowering emissions through cooperative policies.Canada and Alberta agreed to raise the effective carbon price to CA$115 ($83.59) per ton by 2030, CA$130 by 2035, and CA$140 by 2040.Under the Technology Innovation and Emissions Reduction system, Alberta also agreed to tighten emissions benchmarks gradually while introducing a minimum floor price for TIER credits beginning in 2030.The federal and Alberta governments will jointly issue 75 million tons of Carbon Contracts for Difference to support emissions-reduction projects, with costs shared equally.Canada and Alberta also agreed to work toward doubling Alberta's electricity grid by 2050 through expanded nuclear, wind, solar, and geothermal generation, as well as lower-carbon generation capacity.The two partners will launch a joint Electricity Working Group focused on grid modernization, energy storage, transmission expansion, and support for artificial intelligence and data center demand.To expand energy exports, Alberta plans to submit a proposal for a new bitumen pipeline to Asian markets to Canada's Major Projects Office by July 1, 2026.Canada will seek national interest designation for the project under the Building Canada Act by Oct. 1, 2026, while continuing consultations with Indigenous communities and British Columbia.The proposed pipeline depends on the Pathways Project, which Canada and Alberta said could cut annual emissions by 16 million tons while generating CA$16.5 billion in gross domestic product.The project will also generate CA$12.2 billion in labor income while supporting as many as 43,000 jobs annually.Large oil sands producers will also need to cut carbon intensity by 2% annually through emissions reductions, carbon credits, or direct carbon payments under the agreement, Bloomberg reported.The governments also reaffirmed plans to finalize a methane equivalency agreement by late 2026, aiming to reduce Alberta oil and gas methane emissions by 75% below 2014 levels by 2035.Prime Minister Mark Carney said Friday, "Today's agreement reinforces that Alberta and Canada are lands where the opportunities are plentiful, the rules are clear, and one project means one review. We are building a Canada that works with a more prosperous, sustainable, and resilient economy for all."
Sherritt International plans to dissolve key Cuba joint ventures after expanded US sanctions threatened its ability to continue operations, the company said in a Friday statement.After the US administration widened sanctions against Cuba through a May 1 executive order, Sherritt decided to halt direct involvement in Cuban joint venture operations, the company said.Sherritt owns a one-third stake in Energas, a Cuban joint venture that converts raw natural gas into electricity supplied to Cuba's national power network.In addition, the company holds interests in two oil and gas exploration production-sharing contracts as well as a related drilling services agreement.Sherritt said it plans to surrender its Energas interest as well as its oil, gas and drilling assets while expecting no compensation for those operations.Dissolution procedures under the Energas agreement could take months or even years, prompting the company to seek accelerated relief from the Alberta Court of King's Bench at a May 19 hearing.Sherritt's interests also include its 50% stake in the Moa nickel and cobalt joint venture with Cuba's General Nickel Company, known as GNC.According to the company, exiting Cuban operations could help reduce risks linked to banking access and auditor availability following the expanded US sanctions.The company said it has already informed Cuban authorities about the planned separation and will continue working with stakeholders to complete the process.
US natural gas futures advanced in midday trading Friday after a smaller-than-expected storage build and continued signs of easing production, reinforcing a tighter near-term supply backdrop.Henry Hub front-month futures and the continuous contract both rose 2.38% to $2.963 per million British thermal units.The upward move followed Thursday's report from the US Energy Information Administration, which showed an 85 billion cubic foot injection into storage for the week ended May 8. The build fell short of analyst expectations and was well below the 109 Bcf increase recorded in the same week a year earlier.The latest data left the storage surplus versus the five-year average at 6.5%, while the surplus over the year arrowed to 2.3%, the EIA said.Demand trends were mixed. Power sector consumption declined by 1.2 Bcf per day Thursday and is expected to fall by another 0.7 Bcf/d Friday, according to NRG Energy. Residential and commercial demand provided a partial offset on Thursday with a 0.6 Bcf/d increase, though that segment is forecast to drop by 1.3 Bcf/d on Friday.On the power pricing front, wholesale electricity prices in the PJM Interconnection grid region reached $136.53 per megawatt-hour in Q1 2026, nearly double the $77.78/MWh recorded in the same period last year, NRG said. The increase has been attributed largely to rising load from data centers.Aegis Hedging said Friday that rising power prices are expected to improve margins for gas-fired generation, reinforcing gas demand as the system adjusts to higher structural electricity load growth from data center expansion.Hotter temperatures on the US East coast could bring some elevated power demands and some hourly price volatility to NYC electricity markets next week, Tradition Energy's Gary Cunningham said in a Friday note.The "heat shouldn't be enough to create any real strain on the grid, and the price volatility from PJM to New England will likely be capped at ~$150/MWh," Cunningham said.US dry gas production slipped from about 107.7 Bcf/d over the weekend to 106.0 Bcf/d midweek before rebounding toward 107.2 Bcf/d Friday, according to NRG.LNG feedgas deliveries declined from a record 18.8 Bcf/d in April to around 17.0 Bcf/d so far in May, hitting a 15-week low amid seasonal maintenance at facilities including Golden Pass LNG and Freeport LNG, NRG said.In project development news, Caturus announced a final investment decision on its $13 billion Commonwealth LNG project in Cameron Parish, Louisiana. The company also secured $9.75 billion in financing for the 9.5 million tonnes per annum export terminal, which is scheduled to enter service in 2030.