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Oil’s Week in Review: Oil rises more than 2% as supply outages outweigh recession fears

Oil Pumpjack

Summary For the week, Brent falls 1.3% while WTI rises 0.8% Norway oil and gas workers’ strike could cut about 8% of output Libya announces force majeure over two ports and oilfield U.S. manufacturing activity slows more than expected in June U.S. oil rig count up by one this week -Baker Hughes NEW YORK, July … Read more

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Texas power use to break records next week as heatwave returns

July 1 (Reuters) – Power demand in Texas will likely hit new all-time highs next week as economic growth boosts overall use and homes and businesses crank up their air conditioners to escape another heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about … Read more

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Factbox: Western Companies in Russia’s Oil and Gas Sector

Schlumberger

Summary This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine July 1 (Reuters) – President Vladimir Putin has signed a decree to seize full control of Sakhalin-2 gas and oil project in Russia that could force out Shell and Japanese investors, Moscow’s latest broadside in an economic … Read more

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Tight Gasoline Supplies Send US Fuelmakers into Maximum Output Mode

Jul 1, 2022 (Bloomberg) It may not be quite throwing caution to the winds, but the prospect of hefty profits and supply that may not stretch to meet consumer demand is enticing US refiners to run at a 21-month high, testing equipment limits to sustain high rates without breakdowns. Gasoline stockpiles remain the lowest seasonally … Read more

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Exxon Sees $5.5 Billion Refining Windfall as Gas Prices Soar

(Bloomberg) Exxon Mobil Corp.’s second-quarter refining earnings surged by as much as $5.5 billion, signaling a season of windfall profits for the fuel-making sector as consumers bear the burden of near-record gasoline prices. Widening refining margins added as much as $4.6 billion during the quarter while the value of unsettled derivatives provided up to $900 … Read more

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U.S. LNG exports fall to lowest since Feb after Freeport explosion

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July 1, 2022 U.S. exports of liquefied natural gas (LNG) in June fell to the lowest in four months, data from Refinitiv Eikon showed, after the country’s second-largest LNG plant was shut by an explosion. LNG shipments from the United States to Europe had rocketed before the June 8 blast, which knocked out Freeport LNG. … Read more

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U.S. oil & gas rig count falls for first time in five weeks – Baker Hughes

U.S. energy firms this week cut the number of oil and natural gas rigs for the first time in five weeks even as crude production hit its highest in more than two years in response to tight worldwide supply and high prices. The U.S. oil and gas rig count, an early indicator of future output, … Read more

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U.S. natgas jumps 6% after big loss on hot weather, technical bounce

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U.S. natural gas futures jumped about 6% on Friday ahead of the long three-day U.S. July 4 holiday weekend due to a technical bounce following a big price drop in the prior session and forecasts for hotter weather and higher demand over the next two weeks than previously expected. “Today’s… price jump higher is somewhat … Read more

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A 10-Point Plan for a Better Transition – Irina Slav

By Irina Slav More from Irina Slav The idea of the energy transition has been occupying a lot of my time and mental capacity lately so I thought I’d put together some thoughts on how we could do it more, shall we say, economically. 1. Improve tax collection: There’s always room for improvement here and it’s … Read more

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U.S. raises $22 mln from Western oil and gas auctions

June 30 (Reuters) – The United States on Thursday raised about $22 million from oil and gas auctions in seven Western states, with drillers passing on nearly half of the acreage offered. The sales of leases on public land were the Biden administration’s first to the oil and gas industry and were viewed as a … Read more

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Peak hurricane season looms with no room for U.S. refining outages

NEW YORK/HOUSTON, June 30 (Reuters) – A busy Atlantic hurricane season and tight fuel supplies could further strain U.S. refiners who already have the lowest oil-processing capacity in eight years, analysts warned, adding this would boost prices for gasoline and diesel. In recent years, hurricanes temporarily knocked out processing capacity along the U.S. Gulf Coast, … Read more

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U.S. regulator bars Freeport LNG plant restart over safety concerns

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Summary Regulator finds conditions posing public safety risk U.S. set timeline for independent review of plant, repair plan June 8 blast released 120,000 cubic feet of LNG, methane Freeport sees partial resumption in early October HOUSTON, June 30 (Reuters) – The second-biggest U.S. liquefied natural gas export facility hit by fire earlier this month will … Read more

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Column: Global business cycle starts to turn down: Kemp

LONDON, June 30 (Reuters) – Global manufacturing activity and freight movements have begun to decelerate as the major economies buckle under the combined impact of inflation, lockdowns, sanctions and rising interest rates. Worldwide industrial production in the three months between February and April was just 3.75% higher than in the corresponding period a year earlier, … Read more

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Oil Recovers From Sharp Loss With Libya’s Mounting Export Woes

(Bloomberg) Oil rose, reversing Thursday’s steep decline, as supply disruptions deepened in Libya. West Texas Intermediate added 1.6%, tipping it into a weekly gain. Libya’s oil exports have fallen to about a third of last year’s level after the worsening political crisis prompted the suspension of shipments from two of the nation’s biggest ports. Risk of weaker … Read more

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For the First Time, the US is Sending More Gas to Europe Than Russia

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Jul 1, 2022 (Bloomberg) For the first time, the US is supplying more natural gas to Europe than Russia sends by pipelines, according to the International Energy Agency. Europe is seeking alternatives such as US liquefied natural gas to Russian supplies after Gazprom PJSC slashed shipments through Nord Stream, its biggest pipeline to Europe, and cut … Read more

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Pandell Leadership Series: How to Win Buy-In for Finance Innovation

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About Like most energy companies, your organization has invested in technology that supports its core operations. But with the world’s landscape rapidly evolving and shifting, there’s a strong need to implement newer and complementary tools to existing systems that meet the demands of today’s challenges.  If you want your business to evolve, the way you … Read more

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US Gasoline Market Dips in Peak Season as High Prices Slow Demand

gas pumps

Jun 29, 2022 (Bloomberg) Gasoline demand in the US shows signs of further softening just three weeks into the peak driving season, with near-record prices likely encouraging people to stay closer to home.The four-week moving average of gasoline supplied — the best gauge for demand — fell below 9 million barrels a day, or about 600,000 barrels less than typical seasonal … Read more

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Four Charts Reveal Seismic Shifts in Global Energy Within One Lifetime

Natural Gas Terminal

(Bloomberg) Every year, energy supermajor BP Plc performs a much-needed service for economists, analysts and long-term planners everywhere with its annual Statistical Review of World Energy. Published since the 1960s, it’s a trove of data on energy production and consumption, power generation, trade flows and other aspects of today’s energy system. The publication always rewards a close look at both … Read more

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Supply fears to sustain oil rally, trumping recession risks

June 30, 2022 Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb. A survey of 34 economists and analysts forecast Brent crude would average $106.82 a barrel … Read more

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U.S. natgas down 3% as Freeport LNG outage leaves more fuel for storage

Natural Gas Flame

U.S. natural gas futures fell about 3% on Thursday on expectations last week’s storage build will be near normal despite hotter than usual weather, as the shutdown of Freeport’s liquefied natural gas (LNG) export plant in Texas left more fuel available for utilities to stockpile. Prices fell despite a drop in daily output this week … Read more

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U.S. Supreme Court limits federal power to curb carbon emissions

The U.S. Supreme Court on Thursday imposed limits on the federal government’s authority to issue sweeping regulations to reduce carbon emissions from power plants in a ruling that will undermine President Joe Biden’s plans to tackle climate change. The court’s 6-3 ruling restricted the Environmental Protection Agency’s (EPA) authority to regulate greenhouse gas emissions from … Read more

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Analysis: Saudi Arabia walks oil policy tightrope between Biden and Putin

Summary Saudi Arabia, Russia forged OPEC+ alliance in 2016 Riyadh’s diplomacy highlights a difficult balancing act Biden pushes for more oil as he seeks to isolate Russia Moscow seen benefiting from alliance amid Ukraine crisis LONDON/DUBAI, June 30 (Reuters) – Saudi Arabia’s push for swifter oil production hikes by OPEC+, which were agreed in June, … Read more

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Biden administration drilling plan may exclude all waters beyond Gulf of Mexico

Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. REUTERS/Lee Celano

June 30 (Reuters) – The U.S. Interior Department has recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two sources familiar with the matter. The recommendation … Read more

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OPEC+ Ratifies August Supply Hike, Next Move Left Unresolved

The OPEC+ coalition ratified an oil-production increase that completes the return of supplies halted during the pandemic, while deferring discussions on its next move for another day. The 23-nation group led by Saudi Arabia rubber-stamped plans to add 648,000 barrels a day in August, restoring the final tranche of the 9.7 million barrels a day … Read more

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Rejecting Biden: First Solar Rejects US Site for New Factory, Eyes Europe or India Instead

(Bloomberg) First Solar Inc. has decided against building a new factory in the US, citing uncertainties regarding trade policy and tax incentives. The biggest US solar manufacturer is still planning a manufacturing facility in either Europe or India, and Chief Executive Officer Mark Widmar expects to make a final decision within 90 days. That would come after the … Read more

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Shell Chief Paints Bleak Picture on Global Energy Supply

(Bloomberg) The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said. Speaking in Singapore, the CEO painted a bleak picture of an energy supply that will struggle to replace large swathes of Russian oil … Read more

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Oil Set for First Monthly Decline This Year Before OPEC+ Meeting

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By Alex Longley  Jun 30, 2022 (Bloomberg) Oil is heading for the first monthly decline since November as OPEC+ ministers prepare to gather to discuss the group’s supply policy. West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. OPEC+ is expected to rubber-stamp an increase in supply for August, but focus is … Read more

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PDC Energy Announces Approval of Broe Oil and Gas Development Plan Permit Adding to Existing Multi-Year Inventory of Colorado Development Drilling Locations

June 29, 2022  DENVER, June 29, 2022 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today that the Colorado Oil and Gas Conservation Commission (“COGCC”) approved the Company’s Broe Oil & Gas Development Plan (“OGDP”) permit, which encompasses 30 wells in rural Weld County, Colorado. The Broe OGDP was initiated … Read more

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RigER Enhances its Oilfield Software Solution with a Powerhouse of New Robust Features!

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Gillette, WY, June 23, 2022 – RigER Inc., a leading oil and gas software provider, announced a major update to its oilfield services software with significant enhancements – RigER 9.5 Gillette. What is RigER? RigER oil and gas software allows supervisors, administrators, field workers, and office staff to manage oilfield assets easily. RigER oilfield software … Read more

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Column: Oil market confronts U.S. and EU policymakers with unpalatable choices

FILE PHOTO: An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. Picture taken July 4, 2018. REUTERS/Stringer

With global inventories steadily falling and spare capacity eroding, the oil market resembles a geological fault line in which stress is quietly accumulating and will eventually be relieved by an earthquake of as yet unknown magnitude. The most likely stress relief will come from a deceleration in oil consumption as a result of a recession … Read more

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WATCH: – Solving a Shortage of Workers With Robotic Processes – ENERGY INNOVATIONS EPISODE #12 – Vicki Knott: CEO & Co-Founder of Crux OCM

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Vicki Knott: CEO & Co-Founder of Crux OCM In this episode, Geoffrey speaks with Vicki Knott, CEO and co-founder of CRUX OCM, a technology company focused on bringing robotic industrial process automation into heavy industry. Control rooms and SCADA systems for a wide range of industries (water and wastewater, oil, gas, mining, rail, and power … Read more

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Oil prices rise for fourth day on supply worries

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Summary Macron tells Biden that UAE, Saudi can barely raise oil output OPEC, OPEC+ begin 2 days of policy meetings LONDON/SINGAPORE, June 29 (Reuters) – Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy. Brent crude futures for August were little changed at … Read more

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BP Data Show World Embraced Fossil Fuels Again After Covid Slump

  (Bloomberg) A historic drop in greenhouse gas emissions and energy consumption during the height of the Covid-19 pandemic rapidly reversed course last year when the dirtiest fossil fuel made a comeback, according to oil giant BP Plc.The findings show the difficulty of achieving pledges from last year’s COP26 climate talks, where delegates clinched a historic deal … Read more

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From Scholz to Biden, a G-7 Scorecard of How Each Leader Got On

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(Bloomberg) A three-day Group of Seven summit hosted by Germany ended on Tuesday, with leaders backing a plan to discuss how to cap energy prices and pledging to support Ukraine indefinitely.Leaders will have the opportunity to resume talks on defense and Russia’s invasion at a NATO summit in Madrid. As they make their way there from … Read more

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Exxon, Imperial to sell Canada shale assets to Whitecap for $1.5 billion

Signage is seen at an Exxon gas station in Brooklyn, New York City, U.S., November 23, 2021. REUTERS/Andrew Kelly June 28 (Reuters) – U.S. oil major Exxon Mobil Corp (XOM.N) and Imperial Oil Ltd (IMO.TO) said on Tuesday they will sell their Montney and Duvernay shale oil and gas assets in Canada to Whitecap Resources Inc (WCP.TO) for C$1.9 billion ($1.48 … Read more

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U.S. power companies face supply-chain crisis this summer

June 29 (Reuters) – U.S. power companies are facing supply crunches that may hamper their ability to keep the lights on as the nation heads into the heat of summer and the peak hurricane season. Extreme weather events such as storms, wildfires and drought are becoming more common in the United States. Consumer power use … Read more

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OPEC+ begins policy debate as capacity constraints loom

LONDON, June 29 (Reuters) – OPEC and OPEC+ begin a series of two-day meetings on Wednesday with sources saying chances of a big policy change look unlikely this month. At its last meeting in early June OPEC+ decided to speed up production cuts and to raise output each month by 648,000 barrels per day (bpd) … Read more

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Superheat Shifts What is Possible in the Heat Treatment Industry

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It’s apparent even today that most of the on-site heat treatment industry is still using outdated procedures and equipment. This causes production inefficiencies, which consistently push projects over budget while exposing the workforce to unnecessary safety risks. Expenses associated with research and development coupled with a reluctance towards change generally reduces the time and money … Read more

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WATCH: It’s time to accelerate your digital transition & adoption strategy with VEERUM

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VEERUM’s application provides the primary visualization and analytics application to combine all CAD, geospatial, document management, IoT and operational systems. Clients can now elevate all their siloed and valuable data into an easy-to-use cloud-based application. VEERUM is the simplest and easiest to use solution on the market so you can stay ahead of the competition … Read more

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Combining the Strength of Steel and the Corrosion Resistance of Plastic

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Polytetrafluoroethylene (PTFE) also known by the brand name Teflon is a highly flexible and versatile material that offers universal chemical resistance. PTFE-lined steel piping systems are ideal for handling corrosive fluids commonly used in industrial and manufacturing processes. The strength of the steel housing provides mechanical integrity while the plastic liner provides chemical resistance. PTFE-lined … Read more

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Column: Funds sell oil at fastest rate for 15 weeks as economic outlook worsens

Investors sold petroleum last week at the fastest rate since just after Russia’s invasion of Ukraine, as the deteriorating economic outlook trumped fears about the impact of sanctions on oil supplies. Hedge funds and other money managers sold the equivalent of 71 million barrels in the six most important petroleum futures and options contracts in … Read more

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Jobs in U.S. energy sector rose in 2021, work in low – carbon vehicles leads

WASHINGTON, June 28 (Reuters) – Jobs in the U.S. energy business rose 4% last year, at a faster clip than the country’s overall private sector, led by work in low-carbon vehicles, while positions in fossil fuels fell as the pandemic cut demand, the Department of Energy said on Tuesday. The U.S. Energy and Employment Report showed … Read more

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U.S. Gulf Coast crude oil exports to touch record high this quarter

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

Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 million barrels per day (bpd) this quarter, analysts said on Monday, as Europe chases U.S. crude to offset sanctioned Russian oil. U.S. exports have risen in the last three months, helped by Washington’s decision to release 180 million barrels of oil … Read more

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24th World Petroleum Congress: Call for Papers Open Until July 7, 2022

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Are you ready for Net Zero? Call for Papers for the 24th World Petroleum Congress, Calgary edition is now open! Join a line-up of industry experts and energy practitioners and share your strategies to shape the future of the energy landscape to deliver innovations to address GHG challenges. Choose from 17 technical forums across 4 … Read more

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Why Russian oil and gas price cap is easier said than done

LONDON, June 28 (Reuters) – G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow’s ability to fund its invasion of Ukraine, G7 officials said on Tuesday. The officials, who include U.S. Treasury Secretary Janet Yellen, say the measure will limit the price that Russia receives … Read more

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Oil Extends Gains as Futures Market Signals Clamor for Supplies

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Jun 28, 2022 (Bloomberg) Oil rose for a third day with global output threats compounding already red-hot markets for physical supplies and as broader financial sentiment improved.Brent crude breached $117 a barrel on Tuesday, but some of the most notable moves in recent days have been in more specialist market gauges. A contract known as the … Read more

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G-7 to Allow Fossil-Fuel Financing If Climate Pledges Are Kept

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Jun 28, 2022 (Bloomberg)Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to people familiar with the matter. The final text of the leaders’ statement, due to be published Tuesday at the conclusion of a … Read more

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OPEC+ Set for Brief Respite Before Tough Decision on New Deal

The OPEC+ alliance is set for an easy meeting this week as it cruises to the conclusion of a two-year pact on oil supplies. The respite won’t last long. When it gathers on Wednesday and Thursday, the 23-nation group led by Saudi Arabia is expected to rubber-stamp another production increase scheduled for August, completing the … Read more