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Major Oil Surplus Seen This Decade as Demand Hits Peak, IEA Says

iea 1200x810 jan 4 2024

Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said. World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles … Read more

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Abu Dhabi’s Adnoc Greenlights Its Biggest LNG Export Project

Company makes final investment decision for Ruwais project UAE seeking to become self sufficient in gas, bolster trading The United Arab Emirates’s biggest energy company approved a major liquefied natural gas export terminal as it seeks to tap into a growing global market for the fuel. Abu Dhabi National Oil Co. made the final investment decision to … Read more

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Matador to Buy Permian Oil Assets From EnCap for $1.9 Billion

Photographer: Callaghan O’Hare/Bloomberg Oil producer Matador Resources Co. agreed to buy assets in the Permian Basin from a portfolio company of EnCap Investments LP for $1.9 billion in cash, the latest in a series of shale industry tie-ups. The deal includes oil and gas producing properties and undeveloped acreage in New Mexico and West Texas owned by … Read more

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OPEC+ Producers Are Caught Between Diverging Oil Forecasts

iea vs opec 1200x810

Analysts at producer and consumer agencies have different takes on how much the world needs. Analysts from the International Energy Agency and the Organization of Petroleum Exporting Countries are growing even further apart on how much oil the world needs. The two agencies have updated their forecasts for the first time since the wider OPEC+ … Read more

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Crude Quality Issues on Trans Mountain Pipe May Hamper Flows from Canada to US West Coast Refiners

trans mountain burnaby march 2024 1200x810

U.S. oil refiners and West Coast traders are flagging concerns about the quality of crude shipped on the newly completed Trans Mountain pipeline expansion (TMX), warning that high vapor pressure and acidity limits could deter purchases of Canadian heavy barrels. The $24.84 billion (C$34 bln) expansion started operations last month and has nearly tripled shipping capacity to Canada’s … Read more

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Mountain Valley Gets Regulator’s Approval for U.S. Natural Gas Pipeline

mountain valley 1200x810

By Reuters June 12 (Reuters) – Mountain Valley can begin operating its $7.85 billion Virginia natural gas pipeline after receiving approval from the U.S. Federal Energy Regulatory Commission (FERC) according to a filing on Tuesday. The Mountain Valley project, the only big gas pipeline under construction in the U.S. Northeast, has encountered numerous regulatory and court … Read more

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Oil Perks up on Inventory Drawdown Forecasts for This Year

pump sunset 1200x810 jan 2024

Summary Oil forecasters anticipate stock draws in H2 2024 – analyst Both contracts rise by $1 a barrel Key US data for interest rate cycle expected on Wednesday LONDON, June 12 (Reuters) – Oil prices ticked higher on Wednesday after three key forecasters predicted that global oil inventories would fall in the second half of … Read more

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U.S. Gas Prices are Falling. Experts Point to Mild Demand at the Pump Ahead of Summer Travel

NEW YORK (AP) — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks. The national average for gas prices on Monday stood around $3.44, according to AAA. That’s down about 9 cents from a week ago — marking … Read more

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What’s Next For Canada? With Major Projects Wrapping Up, What Does Canada’s Energy Future Hold

lng canada site construction 1200x810

‘This is the first time Canada will enter the global marketplace as a global player, so it is an incredibly important change for the industry’ By Mario Toneguzzi With the recent completions of the Trans Mountain expansion and Coastal GasLink pipelines, and the looming completion of LNG Canada within the next year, there are few major … Read more

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‘They (Activists) Don’t Understand the Facts’: Henry Kravis Rebukes Climate Protesters Who Interrupted Him

henry kravis kkr 1200x810

KKR & Co. co-founder Henry Kravis pushed back against climate activists who interrupted a speech to criticize the firm’s fossil-fuel investments, saying they underestimate the difficulty of shifting the economy to clean energy. Kravis was speaking on a panel at the Conference of Montreal on Monday when protesters walked to a podium on stage and accused him of “ruining Canada.” … Read more

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OPEC Sticks to 2024 Oil Demand Growth Forecast, But Trims Q1 View

oil drop 2024 1200x810

(Reuters) – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year. The Organization of the Petroleum Exporting Countries, in a monthly report, said world … Read more

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U.S. Crude Dominates Dated Brent Benchmark as Shale Exports Boom

HOUSTON, June 12 (Reuters) – U.S. crude has dominated global benchmark oil pricing in the year since booming shale exports joined the mix of European crude used to calculate how much a barrel of the world’s most traded commodity costs. The shale revolution of the past 15 years has made the U.S. the world’s top … Read more

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U.S. EIA Deepens forecast for drop in U.S. natgas output in 2024

Natural Gas Terminal

U.S. natural gas production will drop more this year than earlier estimates and demand will hit a record, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 102.1 bcfd in … Read more

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U.S. House Committee Report Finds Wall Street ‘Colluded’ to Curb Emissions

A U.S. congressional committee will accuse the biggest Wall Street firms on Tuesday, in a report seen by Reuters ahead of its publication, of colluding with advocacy groups to force companies to shrink their greenhouse gas emissions. The report is the first of its kind produced by the Republican-led Judiciary Committee in the House of … Read more

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Pipeline Brawl in Louisiana Rattles Industry Desperate to Build

Keystone xl pipeline

Energy Transfer is suing to block three rival projects Fight threatens to make it even harder to add pipelines in US A legal battle in Louisiana is hobbling construction of three pipeline projects worth more than $2 billion. Yet the litigation isn’t from environmentalists: It’s spearheaded by one of the biggest natural gas pipeline operators … Read more

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India Eyes Oil Deals With Nations Including Russia, Minister says

FILE PHOTO: A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata, India November 27, 2013. REUTERS/Rupak De Chowdhuri/File Photo

(Reuters) – Indian Oil Minister Hardeep Singh Puri on Tuesday announced that state-run Bharat Petroleum Corp plans to build a new refinery and the nation is looking at signing more oil import deals with countries including Russia at discounted rates. Puri, who took charge of the ministry for a second time on Tuesday, said Prime … Read more

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The Duo Atop the Biggest and Most Contentious U.S. LNG Exporter

venture global facility 1200x810

Summary The two industry outsiders upending LNG markets Venture Global LNG has shot up the ranks of gas exporters Customers BP, Shell say the pair flout industry norms HOUSTON, June 11 (Reuters) – U.S. liquefied natural gas (LNG) exporter Venture Global LNG this year became one of the country’s largest producers of the superchilled gas … Read more

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Mountain Valley Seeks Authorization for Virginia Natgas Pipe

engineering and system integration – adding value to the pipeline industry 1

U.S. natural gas pipeline venture Mountain Valley asked federal regulators on Monday to authorize its Virginia pipeline project to be in service by June 11.The company said in a filing with the Federal Energy Regulatory Commission (FERC) that the final segments of the project were being purged and packed with natural gas. Mountain Valley added … Read more

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U.S. Manufacturers in Halting Recovery but Diesel Use Tepid

diesel nossle 1200x810

By John Kemp (Reuters) – U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices. The Institute for Supply Management’s manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) … Read more

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THE SUMMARY: U.S. Energy Sector Consolidation Extends into 2024

permian worker 1200x810

(Reuters) – The consolidation wave in the U.S. energy sector that triggered $250 billion worth of deals in 2023 has stretched into this year, as companies look for opportunities to deploy their cash hoard and boost their reserves. The majority of energy executives polled in December by the Federal Reserve Bank of Dallas expected more … Read more

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Oil Steady as Investors Hold for Fed Meet, Inflation Data

By Paul Carsten LONDON, June 11 (Reuters) – Oil prices were largely steady on Tuesday, as investors waited for U.S. and China inflation data and the outcome of the Federal Reserve’s policy meeting to see how changing prices could hit demand. Brent crude futures fell 14 cents, or 0.2%, to $81.49 per barrel by 1121 GMT, … Read more

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COP29 Host Sees Gas Demand Soar Despite Phase-Out Plans

Natural Gas

Azerbaijan has agreed to double gas exports to Europe by 2027 ‘Long list’ of nations asking for gas, deputy minister says Months after the world agreed to transition away from fossil fuels at UN-led climate talks, the demand for natural gas from the host of this year’s COP29 is growing in Europe and elsewhere. Azerbaijan, … Read more

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Noble Corp to Buy Diamond Offshore for About $1.6 Billion

FILE PHOTO: Representative Steve Scalise (R-LA) views BP's Thunder Horse Oil Platform in the Gulf of Mexico, from the air, 150 miles from the Louisiana coast in this May 11, 2017 handout photo obtained by Reuters June 26, 2017. Chris Bond/Handout via REUTERS

(Reuters) – Oilfield services firm Noble  said on Monday it would buy smaller rival Diamond Offshore Drilling  in a cash-and-stock deal that would value the transaction at $1.59 billion, the latest in a series of buyouts in a sector undergoing massive consolidation. Shares of Diamond Offshore rose 4.6% before markets opened on Monday. Oil and gas … Read more

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Goldman Expects Summer Demand to Lift Brent Crude to $86/Bbl in Q3

oil up 1200x810

A healthy growth in consumer spending and solid summer demand will push the oil market to a 1.3 million barrels per day (bpd) deficit in the third quarter and lift benchmark Brent prices to $86 a barrel, Goldman Sachs said. The bank cut its 2024 oil demand growth forecast by 0.2 million bpd to 1.25 … Read more

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COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp

opec haitham al ghais 1200x810

 Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on … Read more

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BP Tightens Workplace Relationships Policy After Looney Dismissal

bp bernard looney 1200x810

Summary BP updates its conflict of interest policy Senior staff have three months to disclose relationships Staff face potential sacking for failure to comply (Reuters) – BP employees must disclose any intimate relationships with colleagues or risk losing their jobs, the oil major told staff in a policy update, following the sacking of former CEO … Read more

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Oil Nudges Higher on Hopes of Summer Fuel Demand

Summary US jobs data dampens hope for near-term interest rate cuts Goldman Sachs forecasts Brent rise to $86 in third quarter Other analysts expect inventory draws to support prices (Reuters) – Oil prices edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the … Read more

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Entergy, NextEra to Jointly Develop 4.5 GW of Energy Storage Projects

nextera energy 1200x810

(Reuters) – Utility firm Entergy and a unit of NextEra Energy on Friday entered into an agreement to develop up to 4.5 gigawatts (GW)of new solar and energy storage projects. The five-year agreement will help Entergy provide renewable energy to more than 3 million customers in Arkansas, Louisiana, Mississippi and Texas, the company said in a statement. … Read more

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Oil Paychecks Set a Record Even as Shale Industry Consolidates

Wages for US oil workers set a fresh record in April as a wave of acquisitions in the shale industry has yet to impact the labor force. Average hourly earnings for front-line oil and gas workers rose 0.5% from March to $44.67, according to a Labor Department report released Friday. Compared with a year ago, oil pay … Read more

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New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half

FILE PHOTO: Representative Steve Scalise (R-LA) views BP's Thunder Horse Oil Platform in the Gulf of Mexico, from the air, 150 miles from the Louisiana coast in this May 11, 2017 handout photo obtained by Reuters June 26, 2017. Chris Bond/Handout via REUTERS

Government says reversing the ban will bolster energy security Green Party labels the move a backward step for climate aims New Zealand’s government is pressing ahead with plans to lift a ban on offshore petroleum exploration, citing energy security challenges from “rapidly” declining natural gas reserves. Gas is “critical” for the economy during periods of … Read more

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Over Half of Aramco Share Sale allocated to Foreign Investors, Sources Say

(Reuters) – Saudi Arabia placed over half of an $11.2 billion share sale in Aramco  with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet … Read more

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Berkshire Buys Additional 2.57 Million Shares in Occidental Petroleum, Filing Shows

(Reuters) – Warren Buffett’s Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing. Buffett’s company bought additional shares in Occidental’s common stock for more than $150 million and now owns about 250.6 million shares in the energy producer. Occidental shares closed at $59.48 … Read more

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U.S. Seeks 6 Million Barrels of Oil for Strategic Petroleum Reserve

storage strategic reserve1200x810 dec 1 2022

The U.S. issued two solicitations on Friday to buy a total of 6 million barrels of crude oil for the Strategic Petroleum Reserve as the administration of President Joe Biden replenishes the stockpile following a historic sale in 2022. The Department of Energy said the oil is for delivery to the SPR’s Bayou Choctaw site … Read more

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Oil Dips to End the Week on Deflated U.S. Interest Rate Cut Expectations, OPEC+ Decision

Summary US jobs data dampens hope for near-term rate cut ECB rate cut had spurred hopes for similar Fed action OPEC+ may adjust output, Saudi energy minister indicates US oil rig count hits the lowest since January 2022 (Reuters) – Oil prices edged down on Friday and posted a third straight weekly loss as investors … Read more

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U.S. Oil and Gas Rig Count Falls to Lowest Since January 2022 – Baker Hughes

U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by six to 594 in the week to … Read more

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U.S. Oil and Gas Production Show Signs of Flattening

New Mexico Drilling

U.S. oil and gas production are finally showing signs of flattening out as drilling rigs and well completion crews have been idled in response to the retreat in prices since the middle of 2022. Nationwide crude and condensates production was running at almost 13.2 million barrels per day (b/d) in March 2024 according to the … Read more

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Texas Power Firm Set for Worst Week in Two Years as AI Bets Fade

Vistra shares have pulled back after quadrupling in a year Peer Constellation and power equipment firms have retreated Shares of power producer Vistra Corp. are on track for their worst week since 2022 as traders backpedaled on bets for an AI-fueled surge in electricity demand. The Texas-based firm’s shares rose more than 2% Friday while remaining on … Read more

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Canada’s Oil Sands CEOs Speak to Ottawa, Push Back Against Trudeau’s Proposed Oil and Gas Emissions Cap

justin trudeau smug 1200x810

Canada’s biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies’ CEOs told lawmakers in Ottawa on Thursday. Executives from Suncor Energy, Imperial Oil, Cenovus Energy, Enbridge and Shell appeared via videolink before a House of Commons committee to answer questions on their efforts to cut … Read more

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Major World Economies Seek to Halt New Private Sector Coal Financing

Coal Train

Summary Proposal would restrict private finance for new coal plants Aims to increase finance to retire existing plants early OECD countries considering proposal, want deal by COP29 Backers include France, U.S., UK. Japan pushes back (Reuters) – Some of the world’s major economies want to finalise a plan ahead of this year’s U.N. climate summit … Read more

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Saudi Arabia Set to Raise More Than $11.2 Bln from Aramco Stock Offering – WSJ

saudi aramco refinery linkedin 1200x810

Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday. Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report. … Read more

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Golden Pass LNG Construction Turmoil to Delay Texas Plant’s Startup, Analysts Say

shell lng outlook 1200x810

The startup of Golden Pass LNG, the QatarEnergy and Exxon Mobil $11 billion joint venture liquefied natural gas project in Texas, has been delayed by at least six months due to construction turmoil, analysts said on Thursday. The project at the Sabine Pass site of a former gas-import terminal that was converted to process natural … Read more

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Texas Startup Hopes 4th Time’s a Charm to Build First Big U.S. Oil Refinery Since 1977

Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, on Thursday said it was relaunching efforts to build a large plant in South Texas. The Brownsville, Texas, project has been proposed by entrepreneur John Calce at least twice before by his ARX Energy, and JupiterMLP … Read more

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