By Clyde Russell LAUNCESTON, Australia, Dec 5 (Reuters) – When faced with a myriad of uncertainties the most sensible path is often to sit back and see how events unfold. That is what OPEC+ has chosen to do with the crude oil market. The Organization of the Petroleum Exporting Countries and allies including Russia did … Read more
Summary BP sees fast growth in low-carbon hydrogen Fuel to benefit from government subsidies CEO Looney to announce hydrogen production targets BP plans big hydrogen project at Whiting, Indiana refinery LONDON, Dec 5 (Reuters) – BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies … Read more
After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain. The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel. Anyone wanting to access key services that the … Read more
Oil advanced after China made further progress toward reopening, OPEC+ kept output steady, and sanctions on Russian crude kicked in.West Texas Intermediate futures rose toward $82 a barrel as China’s key urban centers including Shanghai announced further easing of Covid restrictions over the weekend. The Organization of Petroleum Exporting Countries and its allies on Sunday … Read more
DeReader allows you to store and share information with anyone no matter the distance. This mobile and desktop app offers a complete solution to on-site fieldwork and more. Eliminate paperwork from your life. Connect your physical assets to any accompanying documentation. Share it with anyone, anywhere. LEARN MORE The asset management industry has seen a huge … Read more
U.S. shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world’s largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from overworked oilfields and … Read more
Dec 2 (Reuters) – U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The U.S. oil and gas rig count, an early indicator of future output, remained unchanged … Read more
The US government’s finding that some Chinese solar manufacturers are evading decade-old tariffs threatens to undermine efforts to fight climate change in the world’s biggest economy.While President Joe Biden’s landmark climate law is already spurring a revival in domestic clean-energy manufacturing, the US remains heavily dependent on imported solar panels. And the preliminary trade probe finding released … Read more
Dec 4, 2022 (Bloomberg) House Republicans announced a probe into reports of a failed “secret deal to boost oil production” between Biden administration officials and Saudi Arabia, as the party prepares to take majority control of the chamber next year. In a letter Sunday, Republicans on the House Committee on Oversight and Reform said they’re investigating allegations in … Read more
Summary No discussions about Russian price cap – delegates Oil prices have come under pressure from weak economy Next meetings to take place Feb. 1 and June 3-4 LONDON/DUBAI, Dec 4 (Reuters) – OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the … Read more
(Reuters) – Russia “will not accept” a price cap on its oil and is analysing how to respond, the Kremlin said in comments reported on Saturday, in response to a deal by Western powers aimed at limiting a key source of funding for its war in Ukraine. Kremlin spokesman Dmitry Peskov said Moscow had made … Read more
by Aaron Foyer Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Hydrogen can be produced using many different methods with multiple feedstocks. The most common today include grey and brown hydrogen, which heat up both natural gas and coal to produce hydrogen with a high carbon intensity. Companies are looking to expand low-emission … Read more
U.S. natural gas futures dropped about 5% to a two-week low on Friday on a delayed restart for the Freeport liquefied natural gas (LNG) export plant in Texas and forecasts for milder weather and lower demand over the next two weeks than previously expected. Milder weather should allow utilities to leave more gas in storage. … Read more
The short supply of labor in the US oil patch has plagued exploration and production companies all year, and the tightness continues. While the sector’s unemployment rate jumped to 3.1% in November from 0.8% in the prior month on an unadjusted basis, it’s still well below the long-term average, according to a Labor Department report released … Read more
EQT Corp. said the US antitrust regulator asked for additional information and documentary materials in connection with a $5.2 billion acquisition announced in September, a move that raises questions on the largest US natural gas producer’s ability to keep its acquisition spree.Pittsburgh-based EQT plans to buy THQ Appalachia I LLC, a gas producer backed by Quantum Energy … Read more
(Bloomberg) The Group of Seven is set to impose a price cap on Russian oil that’s well above where it now trades. If there was ever any doubt what the premise of the cap was, it’s now clear: the US and its allies want Russia’s crude to keep flowing.European Union ambassadors backed limiting the price of … Read more
Dec 2, 2022 (Bloomberg) Biden administration officials are trying to reassure oil market participants that the newly agreed $60 price cap on Russian crude won’t trigger supply disruptions and price volatility after it kicks in Monday.Those who watch the issue carefully have raised the risk of “over-compliance,” in which companies not prohibited by law from working … Read more
(Bloomberg) Oil posted its biggest weekly gain in a month, after a volatile week marked by China loosening Covid restrictions and speculation on OPEC+ output policy. Front-month volatility jumped to 53% earlier this week, the highest since September, with crude trading in a $10 range. Speculation of OPEC+ output cuts sent crude swinging as traders … Read more
LONDON, Dec 2 (Reuters) – U.S. production of crude oil and condensates increased to 12.3 million barrels per day (bpd) in September, the highest since the first wave of the coronavirus pandemic in March 2020. Production rose by 289,000 bpd from the previous month, with contributions from the Lower 48 states (+208,000 bpd), federal waters … Read more
U.S. liquefied natural gas exports were flat last month, Refinitiv shipping data showed on Thursday, as production remained limited and the arrival of winter weather in the Northern Hemisphere led utilities to build inventories for domestic use. U.S. natural gas futures’ implied volatility, a measure of the likely movement in prices, hit a record last … Read more
December 2, 2022 U.S. natural gas futures fell about 3% to a two-week low on Friday on forecasts for less cold weather and lower demand over the next two weeks than previously expected. That milder weather should allow utilities to leave more gas in storage. Gas stockpiles were currently about 2.4% below the five-year (2017-2021) … Read more
Summary OPEC+ seen sticking with current policy -delegates But analysts say further cuts needed to support oil prices Group to hold virtual meeting on Dec. 4 Seeks clarity on China demand outlook, Russia price cap LONDON, Dec 1 (Reuters) – OPEC+ is widely expected to stick to its latest target of reducing oil production by … Read more
WINNIPEG, Manitoba, Dec 2 (Reuters) – As TC Energy Corp (TRP.TO) prepares to unload C$3.7 billion ($5 billion Cdn) in assets next year, investors and analysts say the North American pipeline operator has plenty of options without touching its core gas business. Chief Executive Francois Poirier cleared up any ambiguities this week when asked how much … Read more
President Joe Biden said he wouldn’t apologize for a new climate and tax law that European leaders say unfairly subsidize American companies, threatening to overshadow a visit by his French counterpart Emmanuel Macron. Macron and European Union leaders have been outspoken over the Inflation Reduction Act, which they say provides an unfair advantage to North … Read more
Florida will pull $2 billion worth of state assets managed by BlackRock Inc., accelerating Republicans’ fight with the world’s largest money manager over its ESG investing practices. The state treasury will immediately have Florida’s custody bank freeze about $1.43 billion worth of long-term securities and remove BlackRock as the manager of approximately $600 million worth … Read more
The Biden administration is seeking to stop sales from the Strategic Petroleum Reserve mandated by Congress so it can refill the emergency reserve, a move that could impact the release of 147 million barrels of crude oil.The Energy Department is seeking to cancel or delay sales mandated by Congress in fiscal years 2024 through 2027 … Read more
French energy giant TotalEnergies SE will cut investment in the UK North Sea by 25% next year in response to the expanded windfall tax announced by the British government. The UK last month raised its Energy Profits Levy to 35% from 25% and extended it to 2028 in a bid to shore up public finances. … Read more
Oil steadied but was on track for its biggest weekly gain in almost two months, as China softened virus controls and a weaker dollar boosted the allure of commodities. West Texas Intermediate held near $81 a barrel after a run of four daily gains. The uptick in prices comes ahead of a key meeting of … Read more
OPEC’s efforts to deliver a substantial oil-output cut are being blunted the group’s allies.The Organization of Petroleum Exporting Countries slashed output by about 1 million barrels a day, according to a Bloomberg survey, roughly fulfilling their half of a cutback co-ordinated with the wider OPEC+ coalition. Group leader Saudi Arabia took considerable political heat from the … Read more
TULSA, OK, Dec. 01, 2022 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or the “Company”) today published its 2022 ESG and Climate Risk Report, which provides a comprehensive update on key ESG initiatives across the Company, as well as newly defined emissions reduction and water recycling targets. The report and data tables are … Read more
This report presents the results of the Fraser Institute’s 2022 Canada-US Energy Sector Competitiveness Survey regarding barriers to investment in oil and gas exploration and production facilities in each country. The survey responses have been tallied to rank Canadian and American jurisdictions according to the extent of such barriers. Those barriers, as assessed by the … Read more
The Interview Series from EnergyNow Media – Hosted by Geoffrey Cann The interview will air on Tuesday, December 6 @ 6am MST. Subsequent episodes will also air Tuesday mornings. Visit our YouTube Page to Subscribe and don’t forget to hit the bell to catch our weekly ENERGY INNOVATIONS interview with the industries leading bright minds and emerging technologies. In … Read more
Analysis by Energy Workforce SVP Government Affairs Tim Tarpley As the dust begins to settle from the 2022 midterm elections, we are starting to get a much clearer picture of the political climate we will be facing as a sector come next year. The most uncertainty is in the House, where at writing Republicans have … Read more
OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by … Read more
The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. A U.S. official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent … Read more
WASHINGTON, Dec 1 (Reuters) – The European Union has asked its 27 member states to back a $60 per barrel price cap on Russian oil, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The European Commission, the EU’s executive body, asked the bloc to approve the price cap as the … Read more
A couple of weeks ago, the UK announced a new windfall tax on what the government calls “excess” profits of nuclear and renewable energy generators. With natural gas prices soaring, these technologies now generate power at a much lower cost than gas-fired power plants, making them much more profitable. The Electricity Generator Levy, which goes into effect on Jan. … Read more
Dec 1 (Reuters) – U.S. trade officials on Thursday are expected to issue a preliminary decision on whether to impose tariffs on solar panels from four Southeast Asian nations, a move clean energy advocates argue would stall projects and harm progress in combatting climate change. The Commerce Department’s finding will mark the latest development in … Read more
Oil swung between gains and losses amid firmer risk sentiment across markets as traders looked ahead to an OPEC+ meeting that will set supply levels for 2023. West Texas Intermediate slipped below $81 a barrel after climbing more than 5% in the week’s first three sessions. Markets gained across the board Thursday as fresh signs … Read more
With US and European governments under pressure to cut spending and narrow deficits, clean energy investments — and countries’ green goals — are in new jeopardy, strategists and economists say. Political pressure to cut spending is rising. The UK is planning tax hikes and budget cuts to stabilize its public finances. In the US, a narrow Republican … Read more
The Biden administration is seeking to boost the amount of renewable fuels that oil refiners and importers must blend into their products over the next three years, according to people familiar with the matter.The Environmental Protection Agency will ask companies to blend 20.82 billion gallons of renewable fuel into their diesel and gasoline next year … Read more
(Bloomberg) OPEC and its allies are increasingly expected to hold production steady after the group shifted its meeting online amid an uncertain market outlook.Earlier this week, OPEC+ delegates signaled that Saudi Arabia and its partners might consider additional output curbs at its gathering on Sunday, which at the time was scheduled to take place at the … Read more
When Tesla moved its headquarters to Texas a year ago, the former head of the powerful California Air Resources Board said Elon Musk lacked gratitude for the role the state played in the carmaker’s rise. California’s zero-emission vehicle mandate required automakers that didn’t sell enough electric vehicles to buy credits from Musk’s company before it was making any money. … Read more
MIDLAND, Texas, Nov. 30, 2022 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today announced that it has completed its previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC (“FireBird”). About Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company headquartered in Midland, … Read more
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