By Scott Disavino US could produce less oil in 2025 than previously expected OPEC+ to raise production by 548,000 barrels per day in August Markets unsettled by uncertainty over Trump tariffs NEW YORK, July 8 (Reuters) – Oil prices edged up to a two-week high on Tuesday as positive U.S. economic news, lower U.S. oil … Read more
By Scott Disavino July 8 (Reuters) – U.S. power consumption will hit record highs in 2025 and 2026, the U.S. Energy Information Administration said in its short-term energy outlook on Tuesday. The EIA projected power demand will rise to 4,189 billion kilowatt hours in 2025 and 4,278 billion kWh in 2026, up from a record … Read more
By Stephanie Kelly EIA lowers its 2025 oil production forecast to 13.37 million bpd Geopolitical tensions influence Brent crude price forecast US oil demand to rise slightly in 2025 vs 2024, EIA reports NEW YORK, July 8 (Reuters) – The U.S. will produce less oil in 2025 than previously expected as declining oil prices have … Read more
(Reuters) – U.S. natural gas output and demand will both rise to record highs in 2025 before sliding in 2026, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.9 bcfd … Read more
Venture Global exported more liquefied natural gas (LNG) cargoes from its Plaquemines export facility in Louisiana and earned more than double in fees compared with its other U.S. plant, a company filing showed on Monday. The LNG company exported 51 cargoes from Plaquemines at an average liquefaction fee of $7.09 per million British thermal units … Read more
Reuters – Exxon Mobil signaled on Monday that lower oil and gas prices could cut its second-quarter earnings by about $1.5 billion from the previous quarter’s level. The earnings snapshot from the largest U.S. oil producer is closely watched for clues on how the broader oil sector will fare when companies begin releasing quarterly results in … Read more
Summary OPEC+ to raise production by 548,000 barrels per day for August Trump’s tariffs create uncertainty about global economy Saudi Arabia contributes most to OPEC+ supply hike, analysts say (Reuters) – Oil prices retreated on Tuesday after rising almost 2% in the previous session as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ … Read more
Clyde Russell (Reuters) – Two questions stand out after the decision by OPEC+ to accelerate increases in crude oil output: who is going to buy the extra crude, and will the group actually export the additional barrels they say they are going to produce? OPEC+ agreed at a weekend meeting to raise production by 548,000 barrels per … Read more
(Reuters) – U.S. power outages could double in five years if suppliers fail to add capacity during peak demand, the Department of Energy said on Monday. “Blackouts could increase by 100% in 2030 if the U.S. continues to shutter reliable power sources,” DOE noted in a report on grid reliability and security. It cited green … Read more
Reuters) – U.S. President Donald Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. In an executive order, Trump said the renewable energy resources were unreliable, expensive, displaced more dependable energy sources, were dependent on foreign-controlled … Read more
The final “Big Beautiful Bill” failed to truly terminate solar/wind subsidies. But there is still the opportunity to do so, along with making other crucial changes to electricity policy. By Alex Epstein In my last post I summarized the terrible last-second change the Senate made regarding the IRA subsidies: “The Senate bill looks like it has … Read more
Ever since OPEC+ stunned oil markets by opening the taps three months ago, traders have tried to divine the cartel’s motives. Clarity may soon be at hand. On Saturday, Saudi Arabia and its partners agreed to further accelerate plans for reviving crude production, despite signs of an impending oversupply in world markets. The full rationale remains opaque. … Read more
The U.S. Interior Department on Monday proposed rule changes to allow energy companies to more easily combine oil and gas output from multiple leases using the same well pad, which could save the industry as much as $1.8 billion per year, it said. The proposed rule change, which would mostly affect onshore oil and gas … Read more
(Reuters) – Chevron is laying the groundwork to swiftly close its planned acquisition of smaller oil producer Hess, according to two sources and an industry analyst, including by preparing a severance program for some Hess workers. The preparations come as both companies await a decision in a legal challenge from larger rival Exxon Mobil that … Read more
Shell Plc expects second-quarter results to be negatively impacted by a weaker performance from its oil and gas trading operation, with earnings from the division expected to be “significantly lower” quarter-on-quarter. The company’s shares declined to a four-week low following the announcement, with European peers BP Plc and TotalEnergies SE also falling. Shell’s trading update … Read more
Summary OPEC+ to agree another 550,000 bpd hike for Sept -sources OPEC+ to complete unwinding of 2.17 mln bpd cut UAE to complete output boost in line with new quota Output jump since April set to be 2.47 mln bpd or 2.5% of global demand (Reuters) – OPEC+ oil producers are set to approve another … Read more
By Reuters (Reuters) – Malaysia’s state energy firm Petronas on Monday said it has successfully shipped its first liquefied natural gas (LNG) cargo to Japan from its newly operational LNG facility in Kitimat, Canada. Petronas has a 25% stake in the Kitimat LNG plant in British Columbia on Canada’s west coast. The shipment departed for Japan … Read more
By David Shepardson July 3 (Reuters) – It is the end of the line for U.S. electric vehicle tax credits. Sweeping tax and budget legislation approved by Congress on Thursday means $7,500 tax credits for buying or leasing new electric vehicles will end on September 30, as well as a $4,000 used EV credit, that … Read more
Author: Carter Morrison As methane detection strategies evolve, operators are turning to an expanding range of technologies to support both regulatory compliance and voluntary emissions reduction goals. A common debate in this space is whether aerial surveys are “finding more” emissions than traditional ground-based Leak Detection and Repair (LDAR) methods. The answer is more nuanced … Read more
By EXRobotics B.V. Adapted by Microwatt Controls Ltd. As global regulations tighten and satellite surveillance of methane intensifies, energy operators face growing pressure to reduce fugitive emissions or risk steep penalties and even operational shutdowns. ExRobotics’ robots are engineered to meet this challenge head-on. Purpose-built for methane leak detection and VOC monitoring in hazardous hydrocarbon … Read more
In the fast-paced industries of oil and gas, construction & mining, the need for skilled labor is constant, yet project fluctuations often create periods of intermittent employment for workers. Recognizing this gap and offering a solution that benefits both companies and skilled professionals, Sideworx Connect has made its mark as a premier recruitment agency in … Read more
Summary OPEC+ to raise output by 548,000 bpd in August Goldman expects a final 550,000 bpd OPEC+ hike for September US higher tariffs to take effect on August 1 (Reuters) – Oil on Monday shrugged off the impact of OPEC+ hiking output more than expected for August as well as concern about the potential impact … Read more
Summary First meeting since Israel, US attacks on Iran OPEC+ began accelerating output hikes in May OPEC+ returns most cuts of 2.2 mln bpd back to the market (Reuters) – OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices … Read more
Summary US refiners shift to domestic output, reducing fuel oil imports Running heavy crude preferred over high-sulphur fuel oil due to cost Middle East demand and Russian supply issues tighten fuel oil market (Reuters) – Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter … Read more
Low global oil stockpiles were a major motivating factor in prompting OPEC+ members to raise production by 548,000 barrels per day in August at the group’s meeting on Saturday, the Russian government said in a statement. The group, which pumps about half of the world’s oil, has been curtailing production since 2022 to support the … Read more
(Reuters) – A new oil pipeline to the British Columbia coast is highly likely to be included on a list of projects deemed to be of national importance to the Canadian government, Prime Minister Mark Carney told the Calgary Herald newspaper in an interview published on Sunday. “I would think given the scale of the … Read more
The US ambassador to Canada, Pete Hoekstra, is optimistic about trade talks between the US and Canada, believing a fair deal will emerge soon. The US and Canada have an existing trade pact, but the US has placed import taxes on Canadian products, prompting Canada to impose counter-tariffs on US-manufactured items. The two leaders have … Read more
Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th week in a row for the first time since July 2020, energy services firm Baker Hughes said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future … Read more
Venture Global Inc., a major US exporter of liquefied natural gas, is raising concerns about sharing a common waterway with a planned neighbor, highlighting a coming bottleneck for shipping space in the energy sector. The US is on track to nearly double its current LNG export capacity with six projects under construction in Texas and … Read more
The bill unplugs more than 300 gigawatts of wind and solar projects that would have been built through 2035, according to one analysis. By Brian Eckhouse As Donald Trump’s $3.4 trillion fiscal package moved through Congress, there was some relief in the renewables industry that a proposed excise tax on wind and solar projects had … Read more
By Amanda Stephenson Hodgson emphasizes private sector’s role in pipeline decision-making Pathways Alliance project crucial for pipeline approval Canada aims to diversify oil exports beyond U.S. reliance CALGARY, July 4 (Reuters) – Canada’s federal government has not been presented with any private sector proposal to build a new crude pipeline to the Pacific coast, the … Read more
By Amanda Stephenson OPEC+ expected to boost output in August Iran reaffirms commitment to nuclear nonproliferation treaty US tariff risks resurface as July 9 deadline looms (Reuters) – Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend’s OPEC+ meeting and the likelihood that member countries will … Read more
(Reuters) – Eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. The group, which includes Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria, is expected to agree to … Read more
(Reuters) – Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could … Read more
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand. “Geopolitical tensions have eased as the U.S.-mediated ceasefire between Israel and Iran continues to hold and the risk premium has evaporated, … Read more
Germany’s cabinet has approved a bilateral agreement with the Netherlands to drill for natural gas at a protected marine site in the North Sea, aiming to bolster energy security. The project, led by Explorer One-Dyas BV, will extract up to 13 billion cubic meters of natural gas, equivalent to about 15% of Germany’s gas consumption … Read more
A tidal wave of new production — the biggest yet — could transform the market for the fuel.. After years of tight supply and wild price swings in the global gas market, there are signs of something different: too much of a good thing. LNG Canada, the Shell Plc-led project in British Columbia, just exported its … Read more
The arbitrators in a legal dispute between Exxon Mobil and Hess have reached a decision related to a major oilfield project in Guyana, according to two sources familiar with the matter. The ruling will determine whether Chevron can move forward with its $53 billion planned acquisition of Hess. The Paris-based International Chamber of Commerce, which … Read more
Summary Iran reaffirms commitment to nuclear non-proliferation treaty OPEC+ to announce August output hike on Sunday US tariff risks resurface as July 9 deadline looms (Reuters) – Oil futures fell slightly on Friday after Iran reaffirmed its commitment to nuclear non-proliferation, while major producers from the OPEC+ group are set to agree to raise their … Read more
By Timothy Gardner and Valerie Volcovici Bill cuts solar and wind tax credits, keeps nuclear and geothermal Energy Innovation projects 300 GW capacity fall due to bill Oil and gas industry praises bill for advancing energy dominance agenda WASHINGTON, July 3 (Reuters) – Advocates of clean energy on Thursday decried the final passage of President … Read more
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By Erik Wasson, Steven T. Dennis and Maeve Sheehey (BGOV) US Speaker of the House Mike Johnson presides over the vote for H.R. 1, the One, Big, Beautiful Bill Act in the House of Representatives at the US Capitol in Washington, DC, on July 3. Photographer: Chip Somodevilla/Getty Images President Donald Trump secured a sweeping shift in … Read more
By Nicole Jao Pause on US tariffs set to end on July 9 OPEC+ expected to raise output by 411,000 bpd US crude inventories rise unexpectedly NEW YORK, July 3 (Reuters) – Oil prices fell slightly on Thursday as the possibility of U.S. tariffs being reinstated raised questions about demand ahead of an expected supply … Read more
By Salma El Wardany, Grant Smith, and Fiona MacDonald OPEC+ has begun discussing another 411,000 barrel-a-day production increase for August ahead of the group’s video-conference this weekend, according to delegates who asked not to be identified. Saudi Arabia and its partners have previously approved hikes of the same size for May, June and July as … Read more
(Reuters) – U.S. liquefied natural gas (LNG) exporter Venture Global Inc announced on Thursday that Petronas has agreed to buy 1 million metric tons of LNG from its CP2 project, its first new CP2 customer in two years. A mere startup three years ago, Venture Global has quickly moved to become the U.S.’ second largest … Read more
(Reuters) – Activity in the U.S. oil and gas sector in Texas, Louisiana and New Mexico contracted slightly in the second quarter of 2025, the Dallas Fed survey showed on Wednesday, as firms grappled with a jump in steel tariffs. The decrease comes after U.S. President Donald Trump, who has encouraged U.S. producers to “drill, … Read more
The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil … Read more
ARLINGTON, Va.–(BUSINESS WIRE)–Today, Venture Global, Inc. (NYSE: VG) announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from … Read more
Golden Pass LNG, which is owned by Exxon Mobil and QatarEnergy, has asked U.S. regulators for permission to re-export liquefied natural gas from October 1, as the export plant nears production after previous delays. The company said it wants to re-export a cargo of LNG that it plans to import to cool down its export … Read more
By Bruno Venditti Companies with the Most Fossil Fuel and Cement CO2 Emissions This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Key Takeaways Half of the world’s fossil fuel and cement carbon dioxide emissions in … Read more
(Reuters) – U.S. crude oil and gasoline inventories rose unexpectedly last week as both exports and demand fell sharply, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.8 million barrels to 419 million barrels in the week ending June 27, the EIA said, compared with analysts’ expectations in a Reuters poll … Read more
(Reuters) – The U.S. has cleared the way for Enterprise Products Partners to resume ethane shipments to China, the company said on Wednesday, revoking a restrictive license requirement that was put in place just weeks ago as the U.S.-China trade war turned from tariffs to supply chains. The U.S. had placed new restrictions on ethane … Read more
Summary Pause on US tariffs set to end on July 9 OPEC+ expected to raise output by 411,000 bpd US crude inventories rise unexpectedly (Reuters) – Oil prices fell slightly on Thursday as the possibility of U.S. tariffs being reinstated raised demand concerns ahead of an expected supply boost by major producers. Brent crude futures … Read more
(Reuters) – The budget bill the U.S. Senate passed on Tuesday and the House of Representatives is now debating for final approval would dampen development of wind and solar power, kill climate funding and boost oil, gas and coal output. Below are some details about the bill’s provisions on energy development and the environment: SOLAR, … Read more
Everything you may want to know about global energy but were afraid to ask By William Lacey This time of year is a highlight for me as my inner nerd gets to have a who pile of data to look at. In the past BP used to do its annual statistical review of global energy, … Read more
(Reuters) – Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. WHY IT’S IMPORTANT Significant volatility in the second quarter had global benchmark Brent crude futures dropping to … Read more
(Reuters) – U.S. net imports of crude oil rose to 4.6 million barrels per day (bpd), its highest since June 2024, data from the Energy Information Administration showed, as export tumbled due to a narrow spread between U.S. West Texas Intermediate crude and Brent. Net imports rose by 2.94 million bpd in the week to … Read more
Crude shipments from key Middle East producers reached a two-year high in June. By Julian Lee Oil producers in the Middle East boosted crude shipments by 1 million barrels a day last month. But don’t worry: They say they’re not embarking on another free-for-all like the one we witnessed just before the Covid-19 pandemic crushed demand. The … Read more
(Reuters) – TotalEnergies has sold 50% of its portfolio of renewable assets in Portugal and bought a half of AES’s renewable energy portfolio in the Dominican Republic, it said on Wednesday. The Portuguese assets were sold to a consortium composed of MM Capital Partners 2, Daiwa Energy & Infrastructure and Mizuho Leasing for 178.5 million … Read more
Summary Senate bill complicates new wind, solar projects Bill could lead to higher utility bills, job losses House urged to improve usability of wind, solar tax credits (Reuters) – The U.S. Senate’s massive budget bill that passed on Tuesday will make it harder to develop wind and solar energy projects, despite the removal of some contentious provisions, industry … Read more
U.S. President Donald Trump said on Tuesday that he plans to fill up the U.S. strategic petroleum reserve when the market conditions are right.
Brent crude will likely retrace to around $60 per barrel by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation, Morgan Stanley said in a note on Monday. The bank added it sees robust supply growth from non-OPEC countries over 2025-26 in the order of 1 million … Read more
President Donald Trump is championing a revival of American fossil fuels with calls to “drill baby drill.” But in the US energy capital, a pullback in the industry has already left its mark. Houston office buildings once packed with oil executives, engineers and energy traders are now marked by darkened floors and fewer desks. A wave of … Read more
By Dorothy Neufeld | Graphics/Design by Sabrina Lam Visualizing the Countries With the Largest Proven Oil Reserves This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Key Takeaways With 303 billion barrels in proven oil reserves, Venezuela leads globally. Saudi Aramco … Read more
Bloomberg News US diesel demand, a closely watched measure of the country’s economic health, was higher in April than early weekly estimates, the Energy Information Administration said in its monthly report. Distillate fuel oil demand was 3.88 million barrels a day in April, according to the agency’s latest Petroleum Supply Monthly report released Monday. That is 4.7% higher than early estimates published … Read more
Summary Iran suspending cooperation with IAEA boosts geopolitical risk premium: analyst Weaker US dollar supportive of oil prices Up next: official US crude inventory report from EIA at 1430 GMT (Reuters) – Oil futures edged up on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from … Read more
The budget bill passed by the U.S. Senate on Tuesday slashes the amount of money available to replenish the Strategic Petroleum Reserve even though President Donald Trump vowed on his first day in his second term to fill it “right to the top”. Former President Joe Biden conducted several sales from the SPR including 180 … Read more
U.S. liquefied natural gas exports fell to their second lowest monthly level for the year in June, as maintenance work at some of the country’s largest export facilities hurt output, according to preliminary data from financial firm LSEG. The United States, the world’s top exporter of LNG, sold 8.4 million metric tons of the superchilled … Read more
(Reuters) – Global imports of liquefied natural gas (LNG) ticked higher in the first half of 2025 as stronger European demand pulled cargoes away from Asia. Total imports of the super-chilled fuel were 208.62 million metric tons in the first six months of this year, up 1.7% from the 205.11 million for the same period … Read more
Major Canadian Oil Site Vents Most Gas Since 2021 Due to Wildfire Cenovus Energy Inc.’s Christina Lake oil-sands site vented 151,511 cubic feet a day of natural gas into the atmosphere in May, the most in over four years, due to an emergency shutdown caused by a wildfire. The shutdown was prompted by a wildfire … Read more
(Reuters) – Norway’s Equinor and its partners have approved a 13 billion Norwegian crown ($1.29 billion) investment for the expansion of Johan Sverdrup, western Europe’s largest producing oilfield, the company said on Tuesday. The project is expected to increase recoverable volumes from the field by between 40 million and 50 million barrels of oil equivalent, Equinor … Read more
Canada’s first-ever LNG export cargo has been shipped from the country’s Pacific Coast en route to Asia, a spokesperson for the Shell-led LNG Canada said on Monday. The cargo was loaded onto the tanker Gaslog Glasgow from LNG Canada’s site in Kitimat, British Columbia, just over a week after the facility confirmed first production and … Read more
(Reuters) – Oil prices were slightly higher on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 54 cents, or 0.8%, to $67.28 a barrel at 1133 GMT, while U.S. West Texas Intermediate crude was up 56 … Read more
The U.S. Senate’s proposed cuts to clean energy subsidies and the introduction of a new tax on wind and solar energy in its version of President Donald Trump’s tax and spending bill have drawn searing criticism from business and labor groups since they were unveiled over the weekend, with some arguing the moves could lead … Read more
The U.S. Supreme Court agreed on Monday to hear Enbridge’s bid to change the venue of Michigan’s lawsuit seeking to force the Canadian pipeline operator to stop operating a pipeline underneath the Straits of Mackinac, waterways linking two of the Great Lakes, over environmental concerns. The justices took up Enbridge’s appeal of a lower court’s ruling … Read more
U.S. crude oil production hit a record 13.47 million barrels-per-day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration as part of its Petroleum Supply Monthly series. The EIA had previously estimated U.S. oil output at 13.49 million bpd in March. Total U.S. petroleum product supplied, … Read more
U.S. President Donald Trump issued a presidential permit on Monday authorizing South Bow to operate and maintain pipeline facilities at Cavalier County, North Dakota, at the U.S.-Canada border.This permit supersedes and revokes an earlier presidential permit issued in July 2020 when Trump was in office, according to the White House.
Argentina on Monday urged London’s High Court to pause enforcement of a $16 billion-plus United States court judgment over the expropriation of oil and gas company YPF, pending an appeal by the Argentinian government in the U.S. The South American republic was ordered in 2023 to pay minority shareholders around $16 billion resulting from its … Read more
U.S. natural gas futures fell more than 6% on Monday, pressured by mild weather that kept heating and cooling demand subdued, allowing for larger-than-usual storage injections. The front-month gas futures for August delivery on the New York Mercantile Exchange (NYMEX) were down 25.3 cents, or 6.8% to $3.49 per million British thermal units (mmBtu) by … Read more
Hedge funds sold energy stocks last week at the fastest pace since September 2024 and at the second-quickest clip in the last 10 years, as oil prices fell on easing Middle East tensions, a Goldman Sachs note seen by Reuters on Monday showed. Crude prices tumbled over $10 last week following a cease-fire between Israel … Read more
Mergers and acquisitions during the first half of this year were not what investment bankers had hoped for, but a burst of big deals in Asia and renewed optimism in U.S. markets could be paving the way for megadeals. Market uncertainties stemming from U.S. President Donald Trump’s trade war, high interest rates and broader geopolitical … Read more
U.S. energy companies are eying renewed opportunities to build natural gas pipelines to tap in to Appalachia shale formations in Pennsylvania, Ohio and West Virginia, buoyed by U.S. President Donald Trump’s pro-energy policies and expectations that demand for the fuel will rise in coming years. The U.S. is already the world’s top gas producer and … Read more
World shares held just below recent record highs on Monday as the revival of U.S./Canada trade talks helped risk sentiment, while the dollar dipped on the prospect of this week’s U.S. jobs data ushering in an earlier Fed rate cut. Canada on Sunday said it had rescinded its digital services tax in a bid to … Read more
Japan engages in “unfair” automobile trade with the United States and should increase its imports of U.S. energy resources and other goods to help reduce the U.S. trade deficit, President Donald Trump said in an interview broadcast on Sunday. Tokyo is scrambling to find ways to get Washington to exempt Japan’s automakers from 25% automobile … Read more
(The opinions expressed here are those of the author, a columnist for Reuters) *Israel halted gas exports to Egypt after start of war with Iran *Exports were resumed on June 23, but highlight Egypt’s gas supply challenges *Egypt gas production declined sharply in recent years, unlikely to recover soon By Ron Bousso LONDON, June 30 … Read more
Summary Canada halts digital service tax collection slated for Monday Canada hopes for economic deal with US by July 21 Trump had threatened more tariffs over tax (Reuters) – Canada scrapped its digital services tax targeting U.S. technology firms late on Sunday, just hours before it was due to take effect, in a bid to … Read more
(Reuters) – U.S. energy firms cut the number of oil and natural gas rigs operating for a fourth month in a row to the lowest since October 2021, 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 … Read more
NEW YORK, June 27 (Reuters) – California’s energy regulator on Friday issued recommendations to Governor Gavin Newsom to support timely fuel imports and explore ways to retain operations at existing refineries in the state. Newsom had earlier this year asked the California Energy Commission to recommend changes to the state’s energy transition efforts, as it … Read more
(Reuters) – The latest version of the Senate’s massive budget bill that the Senate is racing through for a vote as soon as Saturday deals a fatal blow to the use of tax credits in place since 2005 to spur more wind and solar energy and would set a new tax on those projects for … Read more
Summary Benchmarks poised for repeat monthly gains of more than 5% OPEC+ plans could smother any upside in prices, says analyst Global demand outlook remains uncertain (Reuters) – Oil prices held steady on Monday as Middle East risks eased while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed … Read more
(Reuters) – The world’s largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters. If the increase is agreed, it would bring the total rise in supply from OPEC+ … Read more
By Yogi Schulz Many oil and natural gas producers hesitate to explore the potential of artificial intelligence (AI) and implement AI applications. This article challenges these impediments with examples of successful AI use cases. Too busy to explore AI innovation Most producers have made many successful technical and operational choices. Some believe that looking around … Read more
Moratorium does little to improve marine safety while sending the wrong message to energy investors By Will Gibson Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The Port of Prince Rupert on the north coast of British Columbia. Photo courtesy Prince Rupert Port Authority In 2019, Martha Hall … Read more
SHOWCASE Your Company With EnergyNow Feature Banner Ad Marketing (subject to banner availability) This is an excellent option for companies who either don’t have a lot of content to publish but want a lot of “brand” and service/product exposure or for companies that want that consistent “brand” exposure even if they have a lot … Read more
U.S. natural gas futures jumped about 6% to a one-week high on Friday as the amount of gas flowing to liquefied natural gas (LNG) export plants started to edge up as more plants exit spring maintenance reductions. On their first day as the front-month, gas futures for August delivery on the New York Mercantile Exchange … Read more
Summary Sources say OPEC+ planning 411,000 bpd output boost in August Brent, WTI down 12% this week, most since March 2023 No major supply disruption from Middle East crisis, analysts say (Reuters) – Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning … Read more
June 27 (Reuters) – U.S. energy company EQT (EQT.N) agreed to pay $167.5 million to settle a class action lawsuit filed by investors who claimed EQT overstated the benefits of its $6.7 billion merger with Rice Energy in 2017, according to a federal court filing on Thursday by the plaintiffs. Officials at EQT were not … Read more
President Donald Trump said he was ending all trade discussions with Canada after claiming the country moved to implement a digital services tax, and threatened to impose a fresh tariff rate within the next week. “Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada … Read more
Fermi plans to partner on the “Hypergrid” project with Texas Tech University and said it will be launched on July 4. Perry, who also served as Texas governor, said that China is building 22 nuclear reactors while the U.S. is building none. “We’re behind – and it’s all hands on deck. We need to be … Read more
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Edward Chancellor LONDON, June 26 (Reuters Breakingviews) – To paraphrase Mark Twain, speculative bubbles don’t repeat themselves, but they often rhyme. The green technology boom that has imploded over the past three years is remarkably similar to the alternative energy bubble … Read more
Canada’s Senate passed a bill to fast-track approval for natural resource and infrastructure projects on Thursday despite opposition from Indigenous and environmental groups who have threatened protests and legal action. The bill’s passage and implementation are a test for Carney, who was elected in April promising to transform Canada’s economy in the face of what … Read more
June 26 (Reuters) – Texas Governor Greg Abbott announced on Thursday that the first Texas Energy Fund (TEF) loan agreement will be used to fund a 122 megawatt (MW) natural gas power plant in Texas. “Under the loan agreement, subject to customary financial closing procedures, total project costs are not to exceed $175 million, with … Read more
June 25 (Reuters) – The Trump administration is proposing to hold a sale of oil and gas drilling rights on 80 million acres (32.4 million hectares) in the Gulf of Mexico on December 10 with lower deepwater royalty rates, according to the U.S. Bureau of Ocean Energy Management. President Donald Trump issued an executive order … Read more
Summary Brent, WTI down 12% this week, most since March 2023 No major supply disruption from Mideast crisis, analysts say Lower US inventories lend some price support (Reuters) – Oil prices rose on Friday but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict … Read more
The U.S. will not complete scheduled deliveries of crude oil into the Strategic Petroleum Reserve until the end of the year due to maintenance, as much as seven months behind schedule, the Department of Energy said on Thursday. Former President Joe Biden’s administration scheduled 15.8 million barrels of deliveries to the SPR from January through … Read more
By Ruth Liao and Stephen Stapczynski Tokyo Gas Co. is in discussions with multiple US liquefied natural gas suppliers to secure a long-term purchase agreement, as rising energy demand leaves Japan increasingly dependent on the fuel source. Japan’s largest gas distributor is in talks with at least four companies over supply from projects dotting the … Read more
Options markets suggest the probability of a disruption of oil flows through the Strait of Hormuz is just 4% following the Iran-Israel ceasefire, Goldman Sachs analysts said in a note on Thursday. Fears that Iran could close the Strait of Hormuz after U.S. strikes on its nuclear facilities sent Brent crude futures to a high … Read more
By Mitchell Ferman and James Herron It’s been almost 25 years since BP Plc attempted to rebrand itself as “Beyond Petroleum” and adopt a more environmentally friendly image. But with a recent swing away from green energy toward its fossil fuel roots, “Back to Petroleum” might be a more appropriate tag line. The shift comes … Read more
By Brian Platt and Jacob Lorinc Tim Hodgson Photographer: David Kawai/Bloomberg As Prime Minister Mark Carney’s government prepares to plow forward on major new energy and infrastructure projects, his natural resources minister says he wants Indigenous groups to pursue large ownership stakes in them. “If we are serious about retooling our economy, then economic reconciliation … Read more
By Christoph Steitz Siemens Energy could further expand Charlotte plant if needed Taking long-term view on US market, CFO says Big US tariff hike would spark review of expected policy impact ERLANGEN, Germany, June 26 (Reuters) – Siemens Energy (ENR1n.DE) is expecting to start U.S. production of big industrial power transformers in 2027 and can … Read more
(Reuters) – A damaged unit of the South Pars refinery’s Phase 14, which was hit by Israel in its first strike on Iran’s oil and gas sector, has returned to operation, the Iranian state-run agency Nour News reported on Thursday. South Pars, the world’s biggest gas field, is located offshore in Iran’s southern Bushehr province … Read more
(Reuters) – Vessels near the Strait of Hormuz have been broadcasting unusual messages concerning nationality in a bid to avoid being attacked as doubts linger over the ceasefire between Israel and Iran, according to maritime risk analytics firm Windward and ship tracking data on Thursday. The signals have been used since conflict broke out between … Read more
By Jamie Mcgeever (Reuters) – As the first half of the year closes, financial markets are in limbo, waiting to see how the kaleidoscope of global trade deals will – or won’t – come together after July 9, when Washington’s pause on its “reciprocal tariffs” expires. But if investors are wrong-footed, which trades will be … Read more
The U.S. dollar is on course for its worst first half year since 1973, as it plummeted again on Thursday amid rising expectations for Federal Reserve easing and statements from President Donald Trump about his pick for the next Fed chair. I’ll discuss this and the rest of the market news below. Make sure to … Read more
By Reuters (Reuters) – Equinor and its partners Vaar Energi and Inpex Idemitsu will invest more than 21 billion Norwegian crowns ($2.08 billion) to develop Norway’s Fram South oil and gas field, the companies said on Thursday. Production is scheduled to start at the end of 2029, field operator Equinor said in a statement. “Fram South will … Read more
June 26, 202512:00 AM Globe Newswire Shell plc (“Shell”) statement re BP plc (“BP”) In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer. … Read more
(Reuters) – Global carbon dioxide emissions from the energy sector hit a record high for the fourth year running last year as fossil fuel use kept rising even as renewable energy reached a record high, the Energy Institute’s annual statistical review of world energy showed on Thursday. WHY IT’S IMPORTANT The report’s figures highlight the … Read more
“As long as there are stories to tell, I would love to keep telling them,” co-creator Christian Wallace said. Now that Taylor Sheridan’s new show Landman has aired its season finale, fans are already eager to know if the Texas-set drama will be back for a second season on Paramount+. In March, the streamer officially confirmed a Landman season 2 after … Read more
(Reuters) – Shell denied that it was in talks to buy BP after the Wall Street Journal reported on Wednesday that the oil major was in early discussions over a takeover of its British rival. “No talks are taking place. As we have said many times before, we are sharply focused on capturing the value … Read more
Digitize legal land descriptions into precise, mappable boundaries for title validation and acquisition. Are you mapping land rights in ArcGIS Pro and often juggling vague legal descriptions, tight tolerance requirements, and the pressure for precision? If you are a GIS specialist, land surveyor, real estate developer, or land management professional, here’s a new way to … Read more
Summary Brent, WTI trading below their levels right before Iran-Israel conflict Market focus switching to fundamentals, analysts say Data shows US ‘driving season is in full swing’, ANZ says (Reuters) – Oil prices edged higher on Thursday as investors remained cautious about the Iran-Israel ceasefire and shifted their attention to market fundamentals after a stockdraw in … Read more
S&P Global Commodity Insights Raises 10-year Oil Sands Production Outlook for 4th consecutive year CALGARY, AB, June 24, 2025 /PRNewswire/ — S&P Global Commodity Insights has raised its 10-year production outlook for the Canadian oil sands. The latest forecast expects oil sands production to reach a record annual average production of 3.5 million b/d in 2025 (5% … Read more
(Reuters) – President Donald Trump said on Wednesday that the U.S. has not given up its maximum pressure on Iran – including restrictions on sales of Iranian oil – but signaled a potential easing in enforcement to help the country rebuild. “They’re going to need money to put that country back into shape. We want … Read more
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.8 million barrels to 415.1 million barrels in the week ending June 20, the EIA said, exceeding analysts’ expectations in a Reuters poll for a 797,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery … Read more
BP has been the subject of takeover talks for several years due to its shares’ relative underperformance, but analysis of its disclosures shows the British energy firm may not be as cheap as its market valuation would indicate. BP says it has net debt of $27 billion – already more than some rivals – but … Read more
(Reuters) – U.S. product supplied of gasoline rose to 9.6 million bpd in the week ended June 20, the highest since December 2021, data from the Energy Information Administration showed on Wednesday. Product supplied, EIA’s measure of demand, rose 389,000 barrels per day last week, the biggest week-over-week increase since the end of June, the … Read more
Total Commitment from Chevron Now at 3.0 Million Tonnes Per Annum DALLAS–(BUSINESS WIRE)–Energy Transfer LP (NYSE: ET) today announced its subsidiary, Energy Transfer LNG Export, LLC (Energy Transfer LNG), has signed an incremental Sale and Purchase Agreement (SPA) with Chevron U.S.A. Inc. (Chevron) for additional LNG supply from its Lake Charles LNG export facility. The 20-year agreement … Read more
HOUSTON–(BUSINESS WIRE)–Woodside is pleased to announce the completion of the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak, a leading global investment firm specialising in infrastructure and real assets. The completion follows Woodside’s announcement on 7 April 2025 that it had signed an agreement with Stonepeak, enhancing Louisiana LNG economics and … Read more
With eight new entrants, bold moves into gas-rich basins and billions in fresh capital, this year’s list highlights how private operators are redefining the upstream landscape amid consolidation and volatility AUSTIN, Texas (June 25, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released its annual list … Read more
(Reuters) – The number of hydraulic fracturing crews and rigs operating in North Dakota was unchanged in June, even as oil prices have faced increased volatility in recent weeks, the state regulator said on Tuesday during a monthly briefing. There are currently 13 frac crews operating in the state and 32 rigs. Overall, U.S. energy … Read more
Below is an op-ed from John “Bunkie” Westerheide, Chief Revenue Officer of Kathairos Solutions, on the strategic future of American energy. It argues that in today’s global economy, true energy dominance must also mean emissions dominance. By any meaningful metric, energy dominance is synonymous with national power. In the 21st century, the United States’ position … Read more
By Gavin Maguire A drone view shows California’s largest battery storage facility, as it nears completion on a 43-acre site in Menifee, California, U.S., March 28, 2024. REUTERS/Mike Blake DENVER, June 24 (Reuters) – Rapid growth in the installation of batteries is upending power systems across the United States, with battery-deployed electricity volumes scaling new … Read more
By Clyde Russell (Reuters) – Crude oil’s sharp reversal of the Israel-Iran war premium shows the power of a few words from a key player to move the market, but in doing so it also masks the greater influence of those who stay largely silent. Global benchmark Brent futures plunged after U.S. President Donald Trump … Read more
(Reuters) – U.S. oil and gas producer Coterra Energy will hold its rig count steady at nine in the Permian Basin, CEO Tom Jorden said Tuesday, reversing earlier plans to scale back activity as the company grows more confident in the outlook for oil prices. In May, Coterra announced it would reduce its Permian activity … Read more
(Reuters) – The massive U.S. tax and budget bill being finalized by Congress cannot pass a provision that automatically enables offshore oil and gas projects to skip over the federal environmental review process unless it gets at least 60 Senate votes, the body’s parliamentarian said on Monday. This is among the latest provisions that have … Read more
(Reuters) – Iranian President Masoud Pezeshkian said Tehran was ready to resolve issues with the U.S. based on international frameworks, in comments in a phone call with Saudi Crown Prince Mohammed bin Salman, Iran’s official news agency IRNA reported on Tuesday. The call comes a day after U.S. President Donald Trump announced a ceasefire deal … Read more
Summary Report says US strikes failed to destroy Iran’s nuclear sites Prices settled at multi-week lows in previous session Markets now await US EIA data, US GDP and goods order data (Reuters) – Oil prices recovered a little on Wednesday after slumping earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel, … Read more
(Reuters) – President Donald Trump said on Tuesday that China can continue to purchase oil from Iran after the U.S. bombed the OPEC member’s nuclear facilities and hoped that China would also buy “plenty” of it from the United States. “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty … Read more
(Reuters) – Oil production in North Dakota fell 22,000 barrels-per-day (bpd) to 1,172,000 bpd in April, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission’s monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission’s general … Read more
By Emily Chow and Marwa Rashad LNG Atlantic, Pacific freight rates hit highest since Oct 2024, Spark data shows Europe and Asia are now equally profitable for US cargo deliveries, analyst says Mideast tensions push shipping, insurance costs higher, trade sources say SINGAPORE/LONDON, June 24 (Reuters) – Shipping costs for liquefied natural gas cargoes have … Read more
As developing new data centers to power artificial intelligence (AI) becomes critically important, opportunity arises for industries to collaborate to support evolving infrastructure demands NEW YORK, June 24, 2025 /PRNewswire/ — As developing new data centers to power artificial intelligence (AI) becomes critically important, opportunity arises for industries to collaborate to support evolving infrastructure demands … Read more
Takeaways by Bloomberg AI Assets designed to fight climate change, such as renewable energy generation capacity, may lose access to insurance unless they’re adequately shielded from extreme weather events. Without steps to boost resilience, Europe’s clean-energy assets may face up to €270 billion in losses by 2050 and be relatively more exposed to extreme weather … Read more
Startup Gold H2 has successfully produced hydrogen from a depleted California oilfield, and it’s looking to finalize other pilots around the world. Bloomberg Microbes can break down everything from methane to plastic. Now, a startup is pioneering their use to consume oil and produce clean hydrogen. Houston-based Gold H2 has completed a field trial at a retired oilfield … Read more
Alberta Premier Danielle Smith expects a private-sector firm to propose a new oil pipeline to the British Columbia coast within weeks. The pipeline would reduce producers’ reliance on the US market and allow them to fetch higher prices for their oil, and Smith hopes it will be one of the first projects on the Canadian … Read more
US shale oil producers are unlikely to increase production in response to President Donald Trump’s call to “Drill, Baby, Drill” and will instead prioritize hedging contracts to lock in revenue. Companies are wary of being caught off guard by another false start in global crude markets and will not spend heavily on new drilling without … Read more
Summary Brent and WTI benchmarks down more than 3% US President Trump accuses both sides of violating ceasefire Analysts see less risk to Middle East oil supplies (Reuters) – Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, … Read more
Enbridge Inc. and Energy Transfer LP are gauging interest in increased pipeline capacity in Illinois to help rising Canadian oil sands production reach more markets in the Midwest and the US Gulf Coast. The Southern Illinois Connector project would transport up to 200,000 barrels of crude a day by reconfiguring and upgrading existing systems and … Read more
Canada and the United States have a chance to strike a new economic and defense relationship but nothing is assured, Canadian Prime Minister Mark Carney said on Monday. Last Monday, Carney said he had agreed with U.S. President Donald Trump that their two nations should try to wrap up talks on a new deal within … Read more
The war between Israel and Iran has raised concerns that Iran could retaliate by trying to close the Strait of Hormuz, the world’s most important oil chokepoint due to the large volumes of crude that pass through it every day. The U.S. military’s strike on three sites in Iran over the weekend has raised questions … Read more
The United States assesses that Iran could carry out retaliatory attacks targeting American forces in the Middle East soon, although the U.S. is still seeking a diplomatic resolution that would see Tehran forgo any attack, two U.S. officials said on Monday. One of the officials, who spoke to Reuters on condition of anonymity, said Iran’s … Read more
U.S. President Donald Trump expressed a desire on Monday to see oil prices kept down amid fears that the aftermath of the attacks on Iran’s nuclear facilities could cause them to spike. “Everyone, keep oil prices down, I’m watching! You’re playing into the hands of the enemy, don’t do it,” Trump wrote in all caps … Read more
Oil majors Eni, BP, and Total Energies operating in Iraqi oilfields have evacuated a number of their foreign personnel, Iraq’s state-run Basra Oil Company said in a statement on Monday.However, oil operations in Iraq’s southern oilfields have not been affected, with exports averaging 3.32 million barrels per day, two oil officials told Reuters. The measures … Read more
The amount of natural gas flowing to U.S. liquefied natural gas (LNG) company Cheniere Energy’s Sabine Pass export plant in Louisiana was on track to rise to a three-week high on Monday, according to data from financial firm LSEG. Energy traders said that expected increase in gas flows and a notice from Cheniere that the … Read more
Iran’s supreme leader sent his foreign minister to Moscow on Monday to ask President Vladimir Putin for more help from Russia after the biggest U.S. military action against the Islamic Republic since the 1979 revolution over the weekend. U.S. President Donald Trump and Israel have publicly speculated about killing Supreme Leader Ayatollah Ali Khamenei and … Read more
(Reuters) – Goldman Sachs flagged risks to global energy supply amid concerns over a potential disruption in the Strait of Hormuz that would lead to significant spikes in oil and natural gas prices, the bank said in a note dated Sunday. The bank estimated Brent crude could briefly peak at $110 per barrel if oil flows through the critical … Read more
Oil prices climbed to their highest in five months on Monday as fears grew over what conflict in the Middle East could mean for supplies. Summary Brent, WTI up 1% in volatile session Prices touched five-month high before turning negative, then recovering No oil supply disruption yet from US attack on Iran Fears Iran could … Read more
In a bid to defuse the conflict over Iran’s nuclear program, foreign ministers from Europe’s top three powers hurried to meet their Iranian counterpart on Friday in Geneva. Those hopes collapsed on Saturday when U.S. President Donald Trump ordered airstrikes on Iran’s three main nuclear sites, in support of Israel’s military campaign.“It’s irrelevant to … Read more
(Reuters) – Oil prices jumped on Monday to their highest since January as Washington’s weekend move to join Israel in attacking Iran’s nuclear facilities stoked supply worries. Brent crude futures rose $1.88 or 2.44% at $78.89 a barrel as of 1122 GMT. U.S. West Texas Intermediate crude advanced $1.87 or 2.53% at $75.71. Both contracts … Read more
Iran’s top security body must make the final decision on whether to close the Strait of Hormuz, Iranian TV said on Sunday, after parliament reportedly backed the measure in response to U.S. strikes on several of Tehran’s nuclear sites.Iran has in the past threatened to close the strait but has never followed through on the … Read more
The Shell-led LNG Canada project has produced the first liquefied natural gas for export from its facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Sunday. “At 4 a.m. local time LNG Canada started producing its first LNG,” one of the sources told Reuters. The facility is … Read more
(The opinions expressed here are those of the author, a columnist for Reuters.)*US strikes on Iran spur fear of disruption to Middle East oil exports *Iran able to block the Strait of Hormuz, has tried in the past *Disruptions likely to be met by swift response from US Navy By Ron Bousso LONDON, June 22 … Read more
U.S. President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes overnight, in a major new escalation of conflict in the Middle East as Tehran vowed to reserve all options to defend itself.In Israel, which triggered the crisis by attacking Iran’s nuclear and military sites on June 13, retaliatory Iranian missile fire … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
HOUSTON, June 20 (Reuters) – Marathon Petroleum continued assessing damage on Friday to the shut residual hydrotreating unit (RHU) at its 631,000-barrel-per-day Galveston Bay Refinery in Texas City, Texas, from a June 14 fire, said people familiar with plant operations. The assessment began after the fire on the 64,000-bpd RHU was extinguished on the night … Read more
Summary Oil futures rise on the week US imposes new Iran-related sanctions amid diplomatic efforts US oil and natural gas rig count falls for eighth straight week, first time since September 2023 EU abandons proposal to lower Russian oil price cap (Reuters) – Oil prices settled down on Friday as the U.S. imposed new Iran-related … Read more
By Andrew Chung Biden’s EPA let California set tougher emissions standards Supreme Court limited EPA regulatory powers in prior cases Justice Kavanaugh writes Supreme Court’s 7-2 ruling WASHINGTON, June 20 (Reuters) – The U.S. Supreme Court sided on Friday with fuel producers that had opposed California’s standards for vehicle emissions and electric cars under a … Read more
By Georgina Mccartney Hedging activity spikes as producers lock in higher prices US crude futures jump after Israel strikes Iran Oil producers need $65 a barrel on average to profitably drill HOUSTON, June 20 (Reuters) – Israel’s surprise attack on Iran last week had oil prices spiking which sent U.S. producers scrambling to lock in … Read more
By Nate Raymond Court finds EPA’s climate analysis arbitrary, sends rule back for review Environmental groups argue EPA used outdated study on emissions Judge Katsas dissents, calls rule deeply flawed June 20 (Reuters) – A federal appeals court declined to throw out the U.S. Environmental Protection Agency’s renewable fuel standards for 2023 to 2025 on … Read more
U.S. refinery crude oil processing capacity grew by nearly 40,000 barrels per day in 2024 to 18.4 million bpd, the U.S. Energy Information Administration said on Friday. Motiva Enterprises’ Port Arthur, Texas, plant became the largest single refinery by capacity at 640,500 bpd, passing Marathon Petroleum’s Galveston Bay Refinery in Texas City, Texas, according to … Read more
June 20 (Reuters) – The U.S. Treasury Department on Friday extended a general license protecting Venezuela-owned refiner Citgo Petroleum from creditors through December 20, the department’s website showed, opens new tab. Washington has protected the Houston-based company from creditors in recent years even amid a court-organized auction of shares in its parent company, PDV Holding. … Read more
By Alisa Odenheimer, Eltaf Najafizada, Akayla Gardner, and Samy Adghirni Talks aimed at de-escalating the week-long war between Israel and Iran got under way in Geneva on Friday after US President Donald Trump signaled he would give diplomacy a chance before deciding whether to intervene militarily. Iranian Foreign Minister Abbas Araghchi is meeting counterparts from … Read more
By Michael Nienaber, Suzanne Lynch, and Kamil Kowalcze The European Union shelved a plan for a stricter price cap on Russian oil exports over concerns that the US won’t back tougher sanctions due to rising crude prices. The EU has proposed lowering the cap to $45 per barrel from the current $60, but oil’s surge … Read more
The reactor building at the Bushehr nuclear power plant in Bushehr, Iran, in a handout image supplied by the Iran International Photo Agency. Photographer: Iran International Photo Agency/Getty Images President Vladimir Putin said Russia sought and received assurances from Israel and the US that they’d ensure the safety of Russian staff working at Iran’s nuclear … Read more
By Andrew Mills and Marwa Rashad Qatar warns of risks to global gas supply A shutdown of Qatari production could cut 20% of global supply Asian LNG prices have risen by 11% on supply disruption concerns DOHA/LONDON, June 20 (Reuters) – Qatar held crisis talks this week with energy majors after Israeli strikes on Iran’s … Read more
By Parisa Hafezi, Crispian Balmer and Jana Choukeir Israel says it struck surface-to-air missile batteries in southwest Iran IAEA chief Grossi warns against attacks on nuclear facilities UN Secretary-General Guterres says conflict could ignite a fire nobody can control Russia and China call for an immediate de-escalation DUBAI/JERUSALEM, June 20 (Reuters) – Iran said on … Read more
By Georgina Mccartney HOUSTON, June 20 (Reuters) – Oil prices slipped on Friday as the U.S. imposed new Iran-related sanctions marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Donald Trump said he might take two weeks to decide U.S. involvement in the Israel-Iran conflict. Brent crude futures were … Read more
U.S. natural gas futures slipped on Friday but headed for its best week in more than a month, steered by forecasts for hotter weather that should boost the amount of gas power generators burn to keep air conditioners humming. Gas futures for July delivery on the New York Mercantile Exchange fell 2 cents, or 0.5%, … Read more
Canada’s Woodfibre liquefied natural gas project looks to be operational by 2028, Erin O’Brien, assistant deputy minister at Canada’s department of natural resources, said at an energy conference in Tokyo on Friday.O’Brien added that the project is poised to be the world’s first net-zero LNG facility. (Reporting by Yuka Obayashi in Tokyo and Emily Chow … Read more
Bloomberg Albert and Gordon Huddleston, part of the H.L. Hunt family, are in advanced talks to sell Aethon Energy Management’s assets to Mitsubishi Corp. for nearly $8 billion. The potential deal would mark a milestone for the father-son duo and their family’s legacy in the oil industry, which spans over a century and began with … Read more
U.S. and Chinese purchases for strategic oil reserves are expected to offset any potential global surplus, keeping oil prices in check, the head of the Russian oil producer Gazprom Neft said on Friday. The eight members of OPEC+, which groups OPEC and other producers led by Russia, are unwinding voluntary production cuts and have agreed … Read more
Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel/Iran tensions flare-up. Although relatively contained, the rise has not gone unnoticed just three years after Russia’s invasion of Ukraine triggered a surge in energy prices that ramped up global inflation and sparked aggressive … Read more
(Reuters) – Oil prices fell on Friday, but remained on course for a third consecutive weekly rise, after the White House delayed a decision on U.S. involvement in the Israel-Iran conflict. Brent crude futures fell $1.89, or 2.4%, to $76.96 a barrel by 1000 GMT. They were still set to gain nearly 4% on the … Read more
(Reuters) – U.S. crude oil stockpiles fell sharply last week, posting their largest decline in a year, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 11.5 million barrels to 420.9 million barrels in the week ending June 13, the EIA said, compared with analysts’ expectations in … Read more
June 19 (Reuters) – An escalation of the Iran-Israeli hostilities could keep Brent oil prices trading about 15% to 20% above pre-conflict levels if the war disrupts 1.1 million barrels per day (bpd) of Iranian oil exports, analysts at Citibank said on Thursday. “This implies Brent prices should be in the $75 to $78/bbl range,” … Read more
(Reuters) – JP Morgan believes that a Strait of Hormuz closure would likely trigger a sustained oil price shock that will reverberate through global macro developments, the bank said in a note. It said that in the most extreme case of a broader regional conflagration that includes the closure of Hormuz, it estimates oil prices … Read more
By Robert Harvey Iran’s crude exports averaging 2.2 million bpd this week, Kpler says Tankers are loading one-by-one at Kharg Island Floating storage is moving close to China to shield buyers from potential disruptions LONDON, June 19 (Reuters) – Iran is maintaining crude oil supply by loading tankers one at a time and moving floating … Read more
Russia, the United States and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia’s investment envoy Kirill Dmitriev told Reuters. Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East … Read more
Summary Chevron looking to sell refinery stake amid global restructuring Refinery partner PetroChina has first right of refusal on stake Chevron also gauging interest to sell other Asia assets Stake value estimated in $300 million to $500 million range SINGAPORE, (Reuters) – U.S. oil major Chevron has sought non-binding bids for the sale of its 50% … Read more
By Naureen S Malik and Mark Chediak Downed power lines following Hurricane Beryl in July 2024. Photographer: Mark Felix/Bloomberg Houston’s electric utility is confident significant grid investments will prevent a repeat of widespread blackouts that occurred last summer following Hurricane Beryl. CenterPoint Energy Inc. is integrating artificial intelligence to predict tree growth, using light detection … Read more
Saudi Energy Minister Prince Abdulaziz bin Salman, asked if the kingdom and Russia would step in to replace any potential loss of Iranian oil, said on Thursday that “we only react to realities”. The prince, speaking at an economic forum in St Petersburg, added that OPEC+ has been a reliable organisation.
Summary Brent and WTI benchmarks up more than $1 Trump unpredictability keeps investors on edge US crude stockpiles fall sharply (Reuters) – Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump’s stance on the conflict kept investors on edge. Brent crude futures rose $1.06, … Read more
Shell Plc has contingency plans in case the conflict between Israel and Iran disrupts flows from the region, warning that a potential blockage of the Strait of Hormuz could deliver a substantial shock. About a quarter of the world’s oil trade passes through the Strait of Hormuz, which links the Persian Gulf to the Indian … Read more
Following the rise in Brent prices to $76-77 per barrel, Goldman Sachs estimates a geopolitical risk premium of around $10 per barrel, the bank said in a note on Wednesday. While its base case is that Brent declines to around $60/bbl in Q4 assuming no supply disruptions, Goldman said the $10/bbl premium appears justified in … Read more
Commonwealth LNG said on Wednesday it has received a final order from the Federal Energy Regulatory Commission authorizing its 9.5 million tonnes per annum liquefied natural gas export project on the Calcasieu Ship Channel in Louisiana. The FERC final order follows a conditional non-free trade agreement export authorization granted by the U.S. Department of Energy, … Read more
By Anna Shiryaevskaya and Verity Ratcliffe The Golden Pass LNG terminal under construction in Sabine Pass, Texas. Photographer: Callaghan O’Hare/Bloomberg A new breed of investors is expanding into liquefied natural gas, one of the world’s hottest commodities, offering billions of dollars for new projects and squeezing out established players. With financial firepower at their disposal … Read more
MILAN, June 18 (Reuters) – The CEO of Italian energy company Eni (ENI.MI) said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely. About a fifth of the world’s total oil consumption passes through the Strait, which lies between Oman and … Read more
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday. The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in … Read more
Developments in the Iran-Israel conflict in the next three to five days will be critical to global energy markets even though oil and gas supplies from the Gulf have not yet been disrupted, oil historian Daniel Yergin said on Wednesday. Iran and Israel launched new missile strikes at each other on Wednesday as the air … Read more
Energy majors are pouring money into gas exploration and production in Malaysia and Indonesia to meet rising power demand from growing populations and a proliferation of data centres in the region. The wave of investments come as European majors pivot back to more profitable conventional fuels as countries embark on different energy transition paths, while … Read more
By Kevin Crowley Chevron Corp. made its first foray into lithium with two acreage deals in northeast Texas and southwest Arkansas aimed at building a domestic “commercial scale” business. Chevron acquired 125,000 net acres from TerraVolta Resources LLC and East Texas Natural Resources LLC in the Smackover Formation, an underground rock formation that holds high … Read more
By Valerie Volcovici WASHINGTON, June 17 (Reuters) – A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers. The finance committee proposed the change to the so-called 45Q tax … Read more
Nine in 10 current EV drivers indicated they would consider a similar purchase for their next vehicle Bloomberg News Electric cars are losing their appeal for new drivers in Western nations, even as existing owners report increasing satisfaction with their battery-powered vehicles, according to a survey conducted by Shell Plc. The findings show that high upfront cost … Read more
HOUSTON, (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today that it has executed definitive agreements with Keyera Corp. (TSX: KEY) (“Keyera”) pursuant to which Plains will sell substantially all of its NGL business to Keyera for a total cash consideration of approximately $5.15 Billion CAD ($3.75 … Read more
(Reuters) – ADNOC chief Sultan al-Jaber said on Tuesday the state oil company of the United Arab Emirates was looking to grow its U.S. energy investments six-fold to $440 billion in the next 10 years. “For us, the United States is not just a priority; it is an investment imperative,” Jaber told an audience at … Read more
Summary Trump’s bill proposes ending wind and solar incentives by 2028 Renewable projects like solar, wind, and batteries face shutdown risk Republican lawmakers from Utah, Alaska, N. Carolina, Kansas at odds over the rollbacks Red states capture 75% of IRA clean energy investments Utah clean energy investments total $3 bln, with $10 bln in announced … Read more
Summary Oil recovers early losses to extend previous session’s 4% gain Market fears potential Straight of Hormuz closure, analysts say Middle East conflict complicates Fed interest rate decision (Reuters) – Oil prices steadied on Wednesday, recovering early losses to register moderate gains after the previous session’s 4% advance as markets weighed up the chance of … Read more
By Allison Lampert and Oliver Griffin Global aviation sector strives for net zero emissions by 2050 Sustainable aviation fuel made from ethanol seen as one option Brazil ethanol producers fear US interference in UN’s SAF rules MONTREAL/SAO PAULO June 17 (Rtrs) – The U.S. is expected to object this month to a recommendation at the … Read more
By Mariana Durao and Gabriel Diniz Tavares Camila Borges, a representative for Exxon Mobil Corp., presents a bid during a public session of the Agencia Nacional do Petroleo (ANP) oil concession offer in Rio de Janeiro on June 17. Photographer: Dado Galdieri/Bloomberg Petrobras, Exxon Mobil Corp. and Chevron Corp. won exploration rights in Brazil’s Equatorial … Read more
The Senate’s tax bill would boost baseload electricity — including nuclear and geothermal power — while slashing incentives for intermittent sources. By Mark Chediak A cooling tower at a nuclear power plant in Middletown, Pennsylvania, in 2024. Photographer: Heather Khalifa/Bloomberg Senate Republicans would use their version of Donald Trump’s massive tax and spending bill to … Read more
(Reuters) – Military strikes between Iran and Israel have prompted concern about potential damage and disruption to the region’s important oil and gas fields and infrastructure. Below are details about these sites and about how they have been affected so far: SOUTH PARS GAS FIELD Israel struck an installation at the South Pars offshore gas … Read more
(Reuters) – The Mexican association that groups major global oil services companies warned that it is going through an “unprecedented crisis” due to the lack of payments from the state-owned oil company Pemex, the world’s most indebted energy company. In a letter sent to President Claudia Sheinbaum and released on Monday afternoon, the association warned … Read more
(Reuters) – Critical energy infrastructure in Israel and Iran has not escaped unscathed from the first few days of the countries’ escalated conflict. Worst-case scenarios have yet to be realized, but the war is already having a notable impact on energy production and exports in both countries. Benchmark Brent crude oil prices jumped 7% to … Read more
By Ka Sing Chan HONG KONG, June 17 (Reuters) – Beijing has far more at stake in Iran besides just oil. China has not only benefited from importing heavily discounted Iranian crude, it has inched up its strategic infrastructure investments into the country since the duo signed a $400 billion pact in 2021. If the … Read more
PetroChina International, the trading arm of the Chinese oil major, says it is interested in North American liquefied natural gas supplies as it seeks to reduce trading risk by seeking flexibility in supply deals, said a company executive on Tuesday. “If I look at our portfolio today, I think we’re slightly overweight on duration. I … Read more
Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged during conflict between Iran and Israel, but there were no injuries to crew or spillage reported.With Iran and Israel firing missiles at each other since Friday, interference has disrupted navigation systems near the vital sea route … Read more
(Reuters) – U.S. solar stocks dropped in premarket trading on Tuesday after a Senate panel proposed a full phase-out of solar and wind energy tax credits by 2028, as part of changes suggested to President Donald Trump’s sweeping tax-cut and spending bill. Solar inverter maker Enphase Energy was among the biggest decliners on the S&P … Read more
Summary IEA forecasts oil demand peak at 105.6 million bpd by 2029 China’s oil demand to peak in 2027 due to EV growth US demand boosted by lower gasoline prices, slower EV adoption IEA sharply cuts prediction for US EV adoption in 2030 LONDON, June 17 (Reuters) – Global oil demand will keep growing until … Read more
Adnoc’s bid for Santos shows oil producers are going after LNG to counter declining demand and war. By David Fickling What’s an oil producer to do when it sees its core product under threat from declining demand and a war-torn neighborhood? Just ask Abu Dhabi National Oil Co. The $19 billion all-cash bid for Australian gas … Read more
By Julian Lee The proximity to land leaves vessels open to attack from shore-based missiles or interception by patrol boats and helicopters.Photographer: Karim Sahib/AFP/Getty Images The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles around … Read more
By Lucia Kassai and David Marino The surge in oil futures spurred by the initial missile attacks in the Middle East last week triggered a wave of hedging by producers seeking to lock in the higher prices, keeping some traders up late into the night. AEGIS Hedging Solutions LLC, a Woodlands, Texas-based firm that helps … Read more
HOUSTON, June 17, 2025 /PRNewswire/ — Commonwealth LNG (“Commonwealth”) today identified PETRONAS LNG Ltd. (“PETRONAS”), a subsidiary of Malaysia’s national oil and gas company, as the major Asian energy company referenced in the company’s May 5 announcement of a buyer to purchase 1 million tonnes per annum (MTPA) of LNG for 20 years from Commonwealth’s 9.5 MTPA facility … Read more
Summary Brent and WTI benchmarks up more than 2% War risk continues to underpin market IEA global oil supply forecast revised upwards (Reuters) – Oil prices were driven higher on Tuesday by the Iran-Israel conflict, though major oil and gas infrastructure and flows have so far been spared from substantial impact. Brent crude futures gained … Read more
(Reuters) – In a surprise move, Canadian Prime Minister Mark Carney said on Monday he had agreed with U.S. President Donald Trump that their two nations should try to wrap up a new economic and security deal within 30 days. The announcement came only a few hours after Canadian officials said the two sides still … Read more
WASHINGTON, June 16 (Reuters) – The U.S. Senate tax committee proposed a full phase-out of solar and wind energy tax credits by 2028, but extended the incentive to 2036 for hydropower, nuclear and geothermal energy, which are favored by President Donald Trump’s administration, according to a draft bill circulated on Monday. The draft released by … Read more
June 16 (Reuters) – The Republican governor of South Carolina appealed to the Trump administration on Monday to leave his state out of an impending plan to increase offshore oil and gas production. The letter comes as the administration wraps up a 45-day request for public input into a federal offshore oil and gas leasing … Read more
By Lucia Kassai Shell Plc’s former head of oil trading in the US was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit that shines a light on compensation inside the oil major’s lucrative trading unit. John Dimech alleges that even though his unit’s profits doubled in 2020, his … Read more
By Clyde Russell LAUNCESTON, Australia, June 16 (Reuters) – When tensions rise in the Middle East, it can be helpful to look at what is not happening as much as what is. In the crude oil market, this means focusing on the fact that so far not a single barrel of crude oil supply has … Read more
June 16 (Reuters) – Mitsubishi Corp (8058.T) is in talks to acquire the U.S. shale production and pipeline assets of Aethon Energy Management for roughly $8 billion, a person familiar with the matter said on Monday. The deal, should it be struck, would give the Japanese conglomerate a substantial natural gas operation adjacent to the … Read more
By Kate Abnett LUXEMBOURG, June 16 (Reuters) – Hungary and Slovakia on Monday opposed a planned European Union ban on Russian gas imports, though Brussels is expected to propose the law on Tuesday, which could pass without their approval. The European Commission aims to ban EU Russian gas and liquefied natural gas (LNG) imports by … Read more
By Nate Raymond Federal court friendlier venue for companies in such cases Appeal involved suits by Plaquemines and Cameron parishes June 16 (Reuters) – The U.S. Supreme Court agreed on Monday to hear a bid by Chevron (CVX.N), Exxon Mobil (XOM.N) and other oil and gas companies to have lawsuits brought by two Louisiana localities … Read more
More pressure must be exerted on Russia to secure a ceasefire in Ukraine urging the G7 nations to ramp up sanctions to achieve that goal, European Commission President Ursula von der Leyen said on Sunday.Leaders of the world’s largest industrial nations are meeting in Canada’s Rockies with European countries seeking to keep the war in … Read more
The importance of oil and gas can’t be underestimated at times when conflicts occur, something that was currently being seen, the head of Saudi oil giant Aramco told an energy conference on Monday. Aramco CEO Amin Nasser delivered his speech to the Energy Asia Conference in Kuala Lumpur by a video link. Oil prices jumped … Read more
U.S. Energy Secretary Chris Wright said on Friday he and his team are working with the White House’s National Security Council to monitor the situation in Middle East and any potential impacts to global energy supply. Wright said on X, after Israel’s strikes on Iran’s nuclear sites and Iran’s response, that President Donald Trump’s policy … Read more
The 51st G7 summit, the 57th annual meeting of the organization G7, is being held from 16 to 17 June 2025 in Kananaskis, Alberta, Canada. This is the 2nd G7 summit to be held in Kananaskis since the 28th G8 summit in 2002. Leaders at the summit Mark Carney will chair the 51st G7 summit. The 2025 summit will be the first summit … Read more
Bloomberg NRG Energy Inc. is working on deals to power US data centers “all over the country” and will reveal details with second-quarter results, according to the top executive of the independent generator. These are huge, complicated deals and it’s sensitive to figure out when to announce them, Chief Executive Officer Larry Coben said on Bloomberg TV. Data … Read more
Australian oil and gas producer Santos said on Monday it intended to support an $18.7 billion takeover bid from an international consortium led by Abu Dhabi’s National Oil Company (ADNOC). ADNOC, through its investment arm XRG, with Abu Dhabi Development Holding Company (ADQ) and private equity firm Carlyle has offered $5.76 (A$8.89) per Santos share, … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row to the lowest since November 2021, 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 … Read more
Oil prices gain as traders fear Iran could try to disrupt supplies Summary Brent, WTI surged more than $4 at open before trimming gains Iranian missiles strike Israel’s Tel Aviv and Haifa on Monday Trump says he hopes Israel and Iran can reach a ceasefire LONDON, June 16 (Reuters) – Oil prices edged down on … Read more
(Reuters) – OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026. In a monthly report, the Organization of the Petroleum Exporting Countries … Read more
Summary Saudi Arabia, UAE the only OPEC+ members that can raise output Global spare capacity may be as low as 3 million bpd Global supply cushion roughly equals Iranian output Iran pledges to retaliate for Israeli strikes (Reuters) – Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply … Read more
Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict. Call options grant the holder a right to buy futures contract at the preset price and date, and a rise … Read more
(Reuters) – U.S. natural gas futures climbed about 3% on Friday, tracking gains in oil prices after Israel launched strikes against Iran, raising worries the conflict could disrupt Middle Eastern oil and gas supplies. U.S. crude futures jumped $4.94, or 7.3%, to settle at $72.98 a barrel, their highest close since February. Gas futures for … Read more
(Reuters) – The West’s energy watchdog said on Friday it was ready to release oil stocks should the market experience shortages following Israel’s attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market. The International Energy Agency, representing oil consumers, and the Organization of the Petroleum … Read more
Israel carried out strikes on Iran on Friday, targeting its nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon. The National Iranian Oil Refining and Distribution Company said refining facilities and oil storage did not sustain … Read more
(Reuters) – U.S. President Donald Trump on Thursday said he would not fire Federal Reserve Chair Jerome Powell, adding that he “may have to force something” as part of his ongoing push for the central bank to lower rates. “Raise your rates. You don’t have to keep them up here. If it’s going to go … Read more
By Ron Bousso (The opinions expressed here are those of the author, a columnist for Reuters.) Israel strikes Iran, Iran retaliates Tehran could opt to target Strait of Hormuz, a chokepoint for oil shipping Saudi Arabia, UAE, have sought to bypass Hormuz with pipelines (Reuters) – LONDON, June 13 – Israel’s strikes on Iran on … Read more
(Reuters) – Israel launched widescale strikes against Iran on Friday, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran, which has denied such intentions, has in the past threatened to close the Strait of Hormuz for traffic … Read more
Summary Oil gains of up to 14% were largest intraday move since 2022 Iran’s nuclear facility in Natanz damaged in Israeli attack No impact to oil flows in the region so far -analysts Israeli attacks kill key Iranian military commanders Trump urges Iran to make a deal over its nuclear programme (Reuters) – Oil prices … Read more
(Reuters) – U.S. ultra-low sulfur diesel futures hit the highest level since February, outpacing gains in oil and gasoline as analysts warned that diesel supply is the most exposed to the conflict in the Middle East. Israel on Friday launched the biggest ever direct attack on Iran and said the huge wave of airstrikes was … Read more
By Kevin Crowley and Kailey Leinz US Energy Secretary Chris Wright Photographer: Pete Kiehart/Bloomberg US Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency. Much will depend on oil prices and whether producers will follow through on pledges … Read more
By Erwin Seba Oil gains of up to 14% were largest intraday move since 2022 Iran’s nuclear facility in Natanz damaged in Israeli attack No impact to oil flows in the region so far -analysts Israeli attacks kill key Iranian military commanders Trump urges Iran to make a deal over its nuclear programme HOUSTON, June … Read more
(Reuters) – The Paris-based International Energy Agency is actively monitoring the impact of clashes between Israel and Iran situation on oil markets, Executive Director Fatih Birol said on Friday. “IEA oil security system has over 1.2 billion barrels of emergency stocks”, Birol said in a post on X. Oil prices jumped more than 7% on … Read more
By Heidi Taksdal Skjeseth An offshore oil drilling platform in Norway. Photographer: Carina Johansen/Bloomberg Of all the world’s sovereign wealth funds, Norway’s is one of the most unusual. These giant, state-linked investment vehicles tend to pick and choose what assets they hold to manage risk, maximize returns and further national strategic interests. Not so with … Read more
It’s clear that a boom is following the bust, and the timing couldn’t be worse for the Saudi-led oil cartel. By Javier Blas Moving right along. Photographer: Mauro Pimentel/AFP/Getty Images The Brazilian coffee and oil industries have something in common. Espresso connoisseurs know the country’s coffee production follows a natural biennial cycle, alternating periods of … Read more
(Reuters) – U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday. “I don’t like – the … Read more
U.S. liquefied natural gas producer NextDecade said on Thursday that its units have finalized contracts with Bechtel Energy to construct train 4 and train 5 at its Rio Grande LNG facility, with a combined value of about $9 billion. Under engineering, procurement, and construction (EPC) contracts, NextDecade agreed to pay Bechtel about $4.77 billion under … Read more
Oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that could disrupt oil supplies. Brent crude futures rose $3.91, or 5.64%, to $73.27 a barrel by 0146 GMT, the highest since April … Read more
(The opinions expressed here are those of the author, a columnist for Reuters)*Section 899 proposes up to 20% tax on foreign investors’ income *Proposal is part of President Trump’s signature tax bill *The tax could deal a hefty blow to European oil giants’ profits By Ron Bousso LONDON, June 12 – A proposed U.S. tax … Read more
By Jonathan Randles Sunnova Energy International Inc. won court approval to start drawing on a new $90 million bankruptcy loan, funding that will help keep the rooftop solar company afloat while it sells its business in Chapter 11. During a Thursday court hearing, Judge Alfredo Perez authorized Sunnova to make an initial $15 million draw … Read more
June 12 (Reuters) – The New York State Public Service Commission approved 29 infrastructure projects worth $636.2 million, enabling 642 megawatts of electrification upgrades, the commission said on Thursday. These projects were proposed by Consolidated Edison (ED.N), Niagara Mohawk Power Corporation, New York State Electric & Gas Corporation (NYSEG), and Rochester Gas and Electric Corporation … Read more
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said. G7 country leaders are due to meet on June 15-17 in Canada where they will … Read more
Foreign energy firms continue operating normally in Iraq, a senior Iraqi official told Reuters on Thursday, after U.S. President Trump said U.S. personnel were being moved out of the Middle East because “it could be a dangerous place”.The Iraqi oil ministry did not receive any notification from operators regarding staff reductions, added the official, who … Read more
JP Morgan downplayed geopolitical concerns on Thursday and maintained its base case forecast for oil prices to stay in the low-to-mid $60s through 2025 and $60 in 2026, but said certain worst-case scenarios could send prices surging to double those levels. U.S. President Donald Trump said on Wednesday the United States was moving personnel out … Read more
HOUSTON–(BUSINESS WIRE)–Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Halliburton (NYSE: HAL) jointly developed a new process that enables closed-loop, feedback-driven completions in Colorado. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. The capability enhances the previous implementation of … Read more
(Reuters) – Renewable energy sources like wind and solar power are needed to meet rapidly growing energy demand in the United States amid near-term obstacles to increasing natural gas capacity, NextEra <NEE.N> CEO John Ketchum said on Tuesday. Competition and high costs to obtain gas turbines, a construction labor shortage, and the costs associated with … Read more
U.S. natural gas output and demand will both rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.9 bcfd in 2025 and 106.4 bcfd in … Read more
(Reuters) – U.S. crude stocks fell last week as refining activity picked up, driving gasoline and distillate inventories higher, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 3.6 million barrels to 432.4 million barrels in the week ended June 6, the EIA said, compared with analysts’ expectations in a Reuters poll … Read more
Summary Oil prices ease from more than two-month peak Market focusing on Middle East tension, US-Iran talks US, Iran officials to meet on Sunday in Oman (Reuters) – Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a U.S. decision to move personnel from the Middle East ahead … Read more
Chris Wright isn’t just rolling back Biden-era policies, he’s intent on resetting expectations. By Jennifer A Dlouhy Call it “the great energy reset.” Trump administration officials increasingly consider the ongoing surge in electricity demand — and the clamor for economic development tied to it — as an opportunity to shift the paradigm around developing the … Read more
Alberta Premier Danielle Smith said on Wednesday the province is working to present Prime Minister Mark Carney with a proponent and route for a potential new crude pipeline from Alberta to the Port of Prince Rupert in British Columbia. Smith said the pipeline would be built in tandem with the Pathways Alliance carbon capture and … Read more
The system—with an endowment second only to Harvard’s—is diversifying into wind and solar energy at a fraught time for renewables. By Janet Lorin A crypto data center in Pyote, Texas, on land leased from the University of Texas System. Photographer: Jordan Vonderhaar for Bloomberg Markets Scores of wind turbines, each as tall as a 50-story … Read more
By Amanda Stephenson Canada aims to diversify exports amid US trade tensions Carney government seeks projects to boost Canada’s energy status CALGARY, June 10 (Reuters) – The U.S. relies on Canadian oil imports, despite comments to the contrary by U.S. President Donald Trump, Cenovus Energy (CVE.TO) CEO said on Tuesday. Trump has threatened on-again, off-again … Read more
(Reuters) – Shell, the world’s largest trader of liquefied natural gas, will add up to 12 million metric tons of additional capacity between now and the end of the decade from projects under construction, a top executive said on Wednesday. “(There is) up to 12 million tons of additional (LNG) capacity that we’re adding between … Read more
Summary Markets cautious on US-China trade talks outcome Rising supplies remain a key focus Weekly EIA crude and fuel inventory report due at 1430 GMT (Reuters) – Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support. Brent … Read more
There’s no peak in global oil demand on the horizon and it will take trillions in investment in the coming decades to meet that need, the secretary-general of the Organization of Petroleum Exporting Countries said Tuesday. Primary energy demand is forecast to rise by 24 per cent between now and 2050, surpassing 120 million barrels … Read more
Cheniere Energy, the largest liquefied natural gas exporter in the U.S., has applied to the Federal Energy Regulatory Commission for permission to expand its Sabine Pass plant, according to a FERC document. Cheniere filed a joint application, dated June 6, to FERC for authorization to construct and operate the Sabine Pass Stage 5 Expansion Project, … Read more
By Will Wade US data centers are rapidly driving up demand for power, with the official forecast for electricity consumption next year almost doubling in the past month. Total power usage in the US is expected to climb 2.15% in 2026, spurred largely by a 5% spike from commercial users because of the expansion of … Read more
By Ari Natter and Jennifer A Dlouhy The Trump administration will propose scrapping Biden-era climate mandates requiring the nation’s power plants to curb planet-warming greenhouse gas emissions as soon as Wednesday, according to people familiar with the matter. The Environmental Protection Agency is also set to advance a plan for unwinding limits on mercury and … Read more
Oil demand growth will remain robust over the next two and a half decades as the world population grows, OPEC Secretary General Haitham Al Ghais said on Tuesday. The organization expects a 24% increase in the world’s energy needs between now and 2050, with oil demand surpassing 120 million barrels per day over that time … Read more
WASHINGTON, June 10 (Reuters) – The U.S. Energy Department’s loan office should fund oil and gas infrastructure, a White House aide said on Tuesday, as President Donald Trump’s administration moves away from supporting projects designed to curb climate change. “One of the big problems is, in the past the … Loan Program Office has been … Read more
By Mia Gindis and David Wethe The US sees domestic crude production declining next year for the first time since 2021 in a blow to US President Donald Trump’s push for American energy dominance. Output is now expected to slip to 13.37 million barrels a day in 2026 from about 13.42 million barrels a day … Read more
By Scott Disavino US and China enter second day of talks in London Saudi crude exports to China set to fall slightly Upcoming: US oil inventory data from API and EIA NEW YORK, June 10 (Reuters) – Oil prices held near a seven-week high on Tuesday as the market awaited direction from trade talks between … Read more
WASHINGTON, June 10 (Reuters) – The U.S. Senate should make changes to House budget reconciliation bill provisions that phase out clean-energy tax credits, including easing start-date requirements, Republican Senator John Curtis of Utah said on Tuesday. Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the clean-energy … Read more
Shares are down about 27 per cent in 2025, making it the weakest performer of the so-called Magnificent Seven stocks Bloomberg News Tesla Inc. received a pair of downgrades on Monday, with analysts warning that Elon Musk’s electric-vehicle company is facing a highly uncertain outlook, especially on the political front. The stock fell 1.1 per cent in … Read more
By Josh Sisco, Silla Brush, and Madlin Mekelburg Coal on barges in Pittsburgh. Photographer: Justin Merriman/Bloomberg The world’s largest asset managers urged a federal judge in Texas to dismiss a lawsuit brought by Republican state attorneys general claiming they colluded to reduce coal output, in a case that threatens how US firms oversee trillions of … Read more
In the energy sector, equipment reliability is not just a maintenance goal—it’s a business imperative. As pressure mounts to optimize production while reducing downtime and risk, operators are increasingly turning to advanced monitoring technologies to stay ahead of mechanical issues. One of the most impactful of these is vibration monitoring, particularly when applied to turbomachinery … Read more
By Lisa Baertlein Summary Fees are part of U.S. effort to counter China dominance on the high seas LNG export license suspension penalty removed Vehicle carrier fee changed to $14 per ton from $150 per car capacity Vehicle carriers in U.S. Maritime Security Program exempt (Reuters) – The U.S. Trade Representative softened fee proposals for non-U.S.-built … Read more
The U.S. Environmental Protection Agency on Monday proposed approving Texas’ application to oversee its own permitting for projects to inject carbon dioxide underground, a move long sought by that state’s regulators and oil and gas companies with projects in the wings. EPA Administrator Lee Zeldin said Texas is best positioned to protect its drinking water … Read more
Summary New wastewater permitting rules to raise costs for Texas producers Water disposal costs to rise 20-30% in Delaware formation – B3 Insights Costly new infrastructure, permit delays to hit small operators most (Reuters) – New guidelines on permitting for wastewater disposal wells in Texas are threatening to drive oil producers’ costs higher as companies … Read more
Summary Brent, WTI extend gains from previous day U.S. and China head into second day of talks in London Saudi Arabia’s crude exports to China set to inch down (Reuters) – Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia’s crude supply to China is set … Read more
By Josh Saul The developer of a New Jersey offshore wind farm designed to power more than 700,000 homes has pulled the plug on the project, the latest setback for a sector whose prospects have worsened under the Trump administration. “This filing marks the closing of a chapter,” Atlantic Shores Offshore Wind Chief Executive Officer … Read more
Kirkland hit the top of the legal advisory rankings for United States energy deals by value for the first time in 2022 Bloomberg News Join the conversation Kirkland & Ellis spent a decade building a billion dollar-plus energy and infrastructure business and becoming the top legal adviser for United States oil and gas deals. It was perfectly placed to … Read more
By Alex Lawler OPEC+ is accelerating its plan to unwind output cuts Saudi Arabia accounted for biggest output increase Estimates on UAE and Iraq output are wide-ranging LONDON, June 9 (Reuters) – OPEC oil output rose in May by less than the volume planned, a Reuters survey found, as Iraq made further cuts to compensate … Read more
(Reuters) – Argentina’s mergers and acquisitions market could grow significantly in the coming years if President Javier Milei’s economic reforms continue, Juan Tripier, director of M&A and corporate finance at PricewaterhouseCoopers (PwC) Argentina, told Reuters. Investors have shown renewed interest in Argentina following Milei’s measures, which include sharp reductions in inflation and public spending, a … Read more
By Liz Hampton opec Hello Power Up readers! Oil prices are steady to kick off the week ahead of U.S.-China trade talks in London on Monday. Any trade deal between the two countries could support the global economic outlook, boosting demand for commodities like oil. Brent crude futures were at $66.58 a barrel, up 11 … Read more
By Mitchell Ferman When engineers prepare to drill for oil, they know the spot deep underground where the well must end and can choose their starting point, but there are many possible routes in between. Optimizing that subsurface path — evaluating geological opportunities and challenges to ensure a successful job — has been a time-consuming … Read more
California’s fuel imports rose to the highest in four years in May as refiners turned to historical trading partners in Asia and tapped some unusual routes to make up for shortages in the No.2 U.S. oil consumer state, according to shipping data and traders. The rise in shipments to California offers an early look at … Read more
Description: MCOT is a novel multiphase oil well tester algorithm which enables the calculation of an unseparated emulsion’s oil, water and gas components over certain ranges of WC and GVF flow regimes. The use of a GLCC bulk degasser greatly expands MCOT’s GFV operationing range. Benefits: Lower cost, smaller footprint, low weight, multiphase meter, … Read more
June 9 (Reuters) – Baker Hughes said on Monday it will sell its precision sensors and instrumentation (PSI) product line to aerospace and defense parts manufacturer Crane for $1.15 billion, as the oilfield services provider looks to optimize its portfolio. CEO Lorenzo Simonelli has been reshaping Baker Hughes to adapt to the global energy transition, shedding non-core … Read more
Ron Bousso Summary EU share of renewables in power generation rose to 47% in 2024 EU requires $1.4 trillion in grid investment by 2040, report says Ratio of investments in renewables and grids has dropped in recent years, IEA says LONDON, June 9 – Europe’s ambition to develop cheap, clean energy has recently received a … Read more
Crude prices have fallen as tariffs threaten to slow the global economy By Nayla Razzouk Global oil investments are expected to drop six per cent in 2025, in the first such decline in a decade excluding the year of the COVID-19 slump, according to the International Energy Agency. “This decline in oil investment is driven … Read more
Summary Trade group cites higher costs from Trump’s tariffs New US solar capacity in 2030 seen down 10% from 2025 Proposed end of clean energy tax credits could slam market more (Reuters) – New U.S. solar energy installations are expected to fall over the next five years as the industry grapples with a shift in … Read more
By Reuters (Reuters) – Sunnova Energy said on Sunday it had filed for Chapter 11 bankruptcy protection in the United States, as the residential solar panel installer buckled under the pressure of mounting debt and weakening demand. Shares were down 36.4% at 14 cents in premarket trading. Sunnova filed for protection in the Bankruptcy Court for … Read more
Summary Refiners shop around as OPEC producers pump more US light, sweet crude faces competition from Kazakh CPC blend Guyana, Brazil could boost crude exports to Europe Producers face uncertainty due to economic slowdown concerns (Reuters) – Rising OPEC+ supplies and new streams of oil coming online globally are increasing options for European and Asian … Read more
Comes in the face of market uncertainty over federal support of clean energy Bloomberg News Solar Mosaic LLC, a provider of home solar loans backed by Jared Kushner’s investment firm, is planning to file for bankruptcy in the face of market uncertainty over federal support of clean energy, according to people familiar with the matter. The Oakland, California-based company recently … Read more
A senior Taiwanese official said on Saturday he had this week visited the site of a potentially enormous new liquified natural gas (LNG) project in Alaska that the Trump administration has been pushing hard to allies in Asia as a supply option. Energy developer Glenfarne had said on Tuesday that 50 firms had formally expressed … Read more
By David Shepardson GM, Stellantis have paid significant fuel economy penalties in recent years Senators say proposal would save automakers $200 million Proposal is latest move in Washington to make it easier to sell gas-guzzlers WASHINGTON, June 6 (Reuters) – The Transportation Department paved the way for looser U.S fuel economy standards on Friday by … Read more
Summary US and China hold trade talks in London on Monday Potential trade deal could boost oil demand China’s crude imports hit four-month low in May (Reuters) – Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
Summary CEO warns of ‘a concerning increase in serious near-misses’ in internal video Tells staff to double down on safety regardless of challenges Chevron laying off up to 20% of workforce Investigation into Angola fire underway (Reuters) – Chevron CEO Mike Wirth told employees they needed to reinforce safety standards after a growing number of … Read more
WASHINGTON, June 6 (Reuters) – The U.S. Interior Department approved a plan by Signal Peak Energy to expand coal mining, providing exports for Japan and South Korea, the agency said on Friday, as it responded to President Donald Trump’s energy emergency directives. The approval authorizes the Montana-based coal company to recover 22.8 million metric tons … Read more
(Reuters) – The U.S. in recent days suspended licenses for nuclear equipment suppliers to sell to China’s power plants, according to four people familiar with the matter, as the two countries engage in a damaging trade war. The suspensions were issued by the U.S. Department of Commerce, the people said, and affect export licenses for … Read more
Summary Brent, WTI poised to finish the week higher U.S. jobs report shows unemployment steady at 4.2% Trade negotiations continue with China U.S. oil, gas rigs hit lowest level since November 2021 HOUSTON, June 6 (Reuters) – Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after … Read more
By Christine Dobby The terminus for the Coastal GasLink natural gas pipeline is seen at the LNG Canada export terminal under construction in Kitimat, British Columbia, in 2022. Photographer: Darryl Dyck/The Canadian Press/AP Images Pipe(line) Dreams It’s a weird year when formerly mundane events are now super-charged with significance. BT — Before Trump — the … Read more
June 6 (Reuters) – HSBC expects OPEC+ to accelerate supply hikes in August and September, which is likely to raise downside risks to the bank’s $65 per barrel Brent forecast from the fourth quarter of 2025, it said in a research note on Friday. The bank expects OPEC+ to implement two substantial production increases in … Read more
Musk called for Trump’s impeachment and insinuated Trump was involved in the files related to disgraced New York financier Jeffrey Epstein By Akayla Gardner, Josh Wingrove, Kate Sullivan and Derek Wallbank U.S. President Donald Trump and Tesla CEO Elon Musk speak to the press as they stand next to a Tesla vehicle on the South … Read more
By Eamon Farhat Britain is relying on a renewables expansion that is too slow to meet the booming power needs of data centers and risks missing its 2030 decarbonization targets as a result. Regardless of whether the nation’s data center buildout maintains its current momentum or accelerates, increasing electricity demand won’t allow it to meet … Read more
By Nicholas Lua Ethane terminal pipelines and other infrastructure stands inside the Sunoco Logistics Marcus Hook Industrial Complex in Marcus Hook, Pennsylvania, U.S., on Friday, April 8, 2016. U.S. production of ethane, a key feedstock for petrochemical manufacturing, is expected to increase to 1.4 million barrels per day by 2017 as more facilities come online, … Read more
By Nichola Groom Budget bill risks a 40% drop in home solar installs Would end tax credits for solar leasing companies, homeowners Change could hurt manufacturers that supply residential solar Solar firms urge Senate to restore leasing credit before the bill becomes law June 5 (Reuters) – A last-minute tweak to the Republican budget bill … Read more
More than 30,000 people from 100 countries are expected to descend on the white-collar heart of Canada’s oilpatch next week for the Global Energy Show, which is to kick off with a keynote address from the head of the Organization of the Petroleum Exporting Countries. OPEC secretary-general Haitham al-Ghais is set to deliver remarks on … Read more
(Reuters) – Airlines need to reach long-term agreements to buy bigger quantities of sustainable aviation fuel if they want to boost global volumes of the lower-emission fuel required for industry climate targets, a Bayer executive said on Tuesday. Airline members of the International Air Transport Association are sticking to a target of net zero emissions by 2050 … Read more
Musk has lashed out at the tax bill, describing it as a budget-busting ‘disgusting abomination’ By Erik Wasson Elon Musk is on a mission to block United States President Donald Trump’s tax bill after he tried — and failed — to convince Republican lawmakers to preserve valuable tax credits for electric vehicles in the legislation, … Read more
By Timothy Gardner WASHINGTON, June 5 (Reuters) – A coalition of nearly 250 companies and business and labor groups on Thursday urged top U.S. Republican senators to preserve a credit for the emerging hydrogen fuel industry as they hash out President Donald Trump’s tax and spending bill. Oil and gas lobbying group the American Petroleum … Read more
By Robert Tuttle Emissions at a facility in the Athabasca oil sands near Fort McMurray, Alberta. Photographer: Ben Nelms/Bloomberg Canada’s oil sands industry reduced its emissions per barrel for the sixth straight year in 2023, even as one growing portion of the sector moved in the opposite direction, according to new Alberta government data released … Read more
The CEO of a company seeking to build a liquefied natural gas terminal near Philadelphia told Reuters on Wednesday he met officials at the White House this week to “provide intelligence” about the project in the works for years despite local opposition. Penn America Energy Holdings wants to export 7.2 million tons a year of … Read more
(Reuters) – Oil prices steadied on Friday and were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies. Brent crude futures fell 9 cents, or 0.1%, to $65.25 a barrel … Read more
By Salma El Wardany, Anna Shiryaevskaya, and Ruth Liao Egypt has indicated that it plans to in the coming week finalize some purchases of liquefied natural gas for delivery over the next few years, as the country deepens its dependence on imports. The government is in the final process to strike deals with as many … Read more
By Ram Anand Workers at a Petroliam Nasional Bhd. site in Johor, Malaysia. Photographer: Ore Huiying/Bloomberg Petronas, Malaysia’s state-owned oil and gas company, will cut about 10% of its workforce in a firm-wide restructuring as it looks to reduce costs due to falling crude prices. The company will reduce headcount by more than 5,000 people, … Read more
The current version of President Donald Trump’s tax and spending bill would reduce the amount of renewable energy capacity added in the US over the next decade, resulting in 10% less wind, solar, and storage capacity by 2035. Summary by Bloomberg AI The bill would particularly impact wind power, with new capacity shrinking by 35% … Read more
A key data release may underline how the US oil industry is reining in production growth in response to lower prices. Are we close to peak shale production? In the weeks since OPEC+ members agreed to ramp up output, the mood in the US oil business has shifted rapidly. At an industry gathering this week in … Read more
(Reuters) – A surge in clean energy spending is expected to drive a record $3.3 trillion (2.89 trillion euros) in global energy investment in 2025, despite economic uncertainty and geopolitical tensions, the International Energy Agency (IEA) said on Thursday. Clean energy technologies, including renewables, nuclear, and energy storage, are set to attract $2.2 trillion in … Read more
Ron Bousso Summary Trump administration seeks licence for ethane exports to China China accounts for 46% of US ethane exports Ethane is used to produce plastics LONDON, June 5 – The Trump administration’s latest efforts to curb U.S. petrochemical exports to China could end up hurting the U.S. energy sector just as much, or more, … Read more
By Gavin Maguire LITTLETON, Colorado, June 4 (Reuters) – U.S. power producers have lifted output from both fossil fuels and clean energy sources to new highs so far in 2025, on the back of steadily rising energy demand from data centers, businesses and households. Average retail electricity prices have risen in tow, and are hovering … Read more
Summary US gasoline, distillate stocks post big weekly builds Saudi Arabia cuts prices for Asian crude buyers to 2-month low Bearish economic outlook weighs on oil prices, analysts say LONDON, June 5 (Reuters) – Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in U.S. gasoline and … Read more
(Reuters) – Canadian Natural Resources has restarted its Jackfish 1 oil sands site in northern Alberta after determining wildfires in the region are a safe distance away. The company said its operations will ramp up over the next several days, targeting full production of approximately 36,500 bpd by June 6. Canadian Natural evacuated non-essential workers … Read more
(Reuters) – U.S. crude oil stockpiles fell last week as oil refiners ramped up production with the start of the summer driving season, while fuel inventories rose amid weaker demand, data from the Energy Information Administration showed on Wednesday. Crude inventories fell by 4.3 million barrels to 436.1 million barrels in the week ended May … Read more
(Reuters) – Saudi Arabia, the world’s biggest oil exporter, cut its prices for Asian crude buyers close to the lowest level in four years on Wednesday, in what the market sees as the country’s attempt to regain market share. Saudi Arabia has pushed OPEC+ this year to raise its output targets ahead of schedule. OPEC+ … Read more
By Naureen S Malik and Mark Chediak The rapid development of data centers connected to the largest US electric grid raised costs by $9.4 billion, an expense that consumers from Illinois to Washington, D.C., will see reflected in their utility bills starting this month. Overall costs rose by 180%, with the growing energy needs of … Read more
The state again looks to cut incentives for home users in a push to curb soaring electricity rates. By Mark Chediak A solar system atop a San Francisco housing development. Panel buyers would lose some incentives under a new proposal. Photographer: David Paul Morris/Bloomberg California prides itself as a champion of solar power. It helped … Read more
By Nate Raymond (Reuters) – Fishing companies and offshore wind opponents filed a lawsuit on Tuesday challenging the Trump administration’s decision to reverse course and allow construction to resume on Empire Wind, a $5 billion wind farm project off New York’s coast. Protect Our Coast New Jersey, Clean Ocean Action, ACK for Whales and 12 … Read more
The company may also consider selling a minority stake in the business, depending on valuation Bloomberg News Petroliam Nasional Bhd. is considering options for its Canadian company formerly known as Progress Energy Resources Corp., including a sale, according to people familiar with the matter. Petronas, as the Malaysian state energy firm is known, is working with a … Read more
Summary OPEC+ supply rises weigh on sentiment – Rystad analyst Persistent tariff tensions stalks market Upside potential to oil prices limited – Saxo Bank analyst (Reuters) – Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude … Read more
Wildfires burning in Canada’s oil-producing province of Alberta have reduced the country’s daily crude production by about 7%. Here is a tally of affected oil production sites so far: CENOVUS ENERGY – CHRISTINA LAKE SITE: Oil sands producer Cenovus evacuated non-essential workers from its Christina Lake site south of Fort McMurray, Alberta on May 29 and … Read more
Stargate’s first AI data center, planned to be completed next year, will require enough electricity to support 300,000 homes, but securing that power isn’t as simple as plugging into the grid. Summary by Bloomberg AI The venture is relying on small, single cycle natural gas turbines to power the Texas megafactory, a technology that’s largely … Read more
(Reuters) – U.S. liquefied natural gas output fell in May due to plant outages and maintenance at the country’s largest export facility, preliminary LSEG ship tracking data show. The U.S. is the world’s largest LNG exporter and monthly changes in production can impact global LNG prices. In May the U.S. exported 8.9 million metric tons … Read more
By Alex Longley Oil inventories have risen sharply across the world in recent weeks, a sign of the pressure that higher output from OPEC+ could place on the global crude market as the year progresses. Crude oil stockpiles globally rose by about 170 million barrels in the past 100 days, according to Kayrros, which monitors … Read more
Alaska LNG can deliver LNG into Asia at a lower cost than Henry Hub pricing from the U.S. Gulf Coast ANCHORAGE, Alaska & NEW YORK–(BUSINESS WIRE)–#Alaska–Glenfarne Alaska LNG, LLC (“Glenfarne”), a subsidiary of Glenfarne Group, LLC and majority owner and lead developer of Alaska LNG, a joint venture with the State of Alaska’s Alaska Gasline … Read more
Pumpjacks in the Permian Basin area in Texas.Photographer: Justin Hamel/Bloomberg Gift this article In this Article Diamondback Energy Inc 140.99 2.47% Follow Viper Energy Inc 40.83 2.14% Follow Sitio Royalties Corp 19.71 13.80% Follow How easy or hard was it to use Bloomberg.com today? Share feedback Have a confidential tip for our reporters?Get in Touch … Read more
By Amy Stillman, Scott Squires, and Andrea Navarro Carlos Slim Photographer: Luis Antonio Rojas/Bloomberg The transformation of Mexico’s richest person into its most important oil baron came about slowly, almost subtly. Carlos Slim built up a stake in Talos Energy Inc. before flipping it for the company’s Mexican unit. There was a 2023 deal for … Read more
By Will Wade and Riley Griffin The Clinton Power Station in Clinton, Illinois. Photographer: John Dixon/The News-Gazette/AP Photo Constellation Energy Corp. agreed to sell power from an Illinois nuclear plant to Meta Platforms Inc. as artificial intelligence sends power demand soaring. The parent company of Facebook, Instagram and WhatsApp signed a 20-year contract to buy … Read more
By Ron Bousso BP’s net debt reached $27 billion by end of Q1 CEO aims to reduce net debt to $14-$18 billion by 2027 Shares have underperformed rivals since strategy reset in February LONDON, June 3 – BP has jumped from crisis to crisis in recent years, severely eroding the British firm’s stature as one … Read more
Mark Carney suggests building a new pipeline to ship more oil to foreign markets, tied to billions in green investments to reduce the industry’s environmental footprint. Summary by Bloomberg AI Alberta Premier Danielle Smith proposes a “grand bargain” that includes rapid approval of a new pipeline alongside large investments from Canadian oil sands companies into … Read more
(Reuters) – President Donald Trump’s budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers. The reserve, created in 2000 by former President Bill Clinton, holds enough for roughly 10 days of heating homes. It … Read more
(Reuters Breakingviews) – Wael Sawan must feel like it’s Groundhog Day. In recent weeks Shell’s chief executive has been fielding one question over and over again: whether he’s considering merging his $198 billion group with struggling UK rival BP. Drill down into whether a swoop for the $77 billion oil major makes any sense, and Sawan’s lack … Read more
Venezuela’s oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA’s customers and partners to … Read more
MIDLAND, Texas, June 03, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), and Sitio Royalties Corp. (NYSE:STR) (“Sitio”) today announced that they have entered into a definitive agreement under which Viper will acquire Sitio in an all-equity transaction valued at approximately $4.1 billion, … Read more
Summary Global refining margins hit a 14-month high in May Capacity closures in Europe, US, have tightened fuel supply Margins also boosted by summer peak fuel demand, relatively low stocks (Reuters) – Refiners across the globe are reaping unexpected profits from producing key fuels in recent weeks, offering an ailing sector respite before an anticipated … Read more
My Power Hour discussion with Representatives Chip Roy and Josh Brecheen By Alex Epstein I invited Representatives Chip Roy and Josh Brecheen for a discussion about how they defeated a hoard of subsidy-seeking lobbyists to cut off new solar and wind subsidies in the “Big Beautiful Bill.” I had the opportunity to help out with … Read more
Goldman Sachs anticipates the eight country OPEC+ oil group will implement a final 0.41 million barrels per day (mb/d) production increase in August, the bank said in a note dated Sunday. “Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown … Read more
June 2 (Reuters) – Baker Hughes (BKR.O) will sell 65% of its surface pressure control business to a unit of equipment maker Cactus (WHD.N) for $344.5 million, as the oilfield services provider focuses on its core businesses amid volatile oil prices. The companies will form a joint venture to hold the business, they said on … Read more
(Reuters) – Wildfires burning in Canada’s oil-producing province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country’s overall crude oil output, according to Reuters calculations. At least two thermal oil sands operators south of the industry hub of Fort McMurray evacuated workers from their … Read more
(Reuters) – U.S. natural gas futures jumped about 8% to a three-week high on Monday on a drop in output forecasts for warmer weather and higher demand this week than previously expected. Analysts said gas prices also gained some support from a 5% increase in U.S. oil futures after OPEC+ kept its output increase unchanged. … Read more
Summary Iran set to reject US nuclear proposal US dollar weakens on fresh tariff threats OPEC+ to raise output by 411,000 bpd in July US crude inventories likely fell last week LONDON, June 3 (Reuters) – Oil steadied on Tuesday, supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran … Read more
The Trump administration is planning to repeal curbs on oil drilling in the National Petroleum Reserve-Alaska, which holds an estimated 8.7 billion barrels of recoverable oil. Summary by Bloomberg AI The measure would open up new opportunities for oil and gas development in the 23 million acre reserve, responding to a directive Trump issued after … Read more
By Ahmad Ghaddar, Dmitry Zhdannikov and Alex Lawler Saudi Arabia wanted to further speed up oil hikes Russia suggested hikes shall pause Sources say tensions not critical for now For OPEC+ unwinding its cuts, see Explainer LONDON, June 2 (Reuters) – Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on … Read more
(Reuters) – Prime Minister Mark Carney, seeking to reduce Canada’s economic ties to the United States, on Monday met the heads of the 10 provinces as part of a push to slash the time needed to approve mining and energy projects. It can take a decade or more for a mine or a pipeline to … Read more
The real increase in output will likely be smaller than the headline figure, with perhaps only half reaching the market. By Julian Lee Oil ministers from OPEC+ members agreed on another big increase in production targets for July. But is there room for those barrels without crashing prices? A third straight boost of 411,000 barrels a day will … Read more
(Reuters) – Russian energy giant Gazprom’s average daily natural gas supplies to Europe via the TurkStream undersea pipeline increased by 10.3% in May from a month earlier, Reuters calculations showed on Monday. Turkey is the only transit route left for Russian gas to Europe after Ukraine chose not to extend a five-year transit deal with … Read more
U.S. regulators gave Venture Global permission on Friday to proceed with some construction activities at its proposed CP2 LNG facility in Louisiana, according to a Federal Energy Regulatory Commission document. Venture Global is proposing to build a 20 million metric tons per annum plant at Calcasieu Pass. FERC approved the plant’s entire construction last week. … Read more
By Valerie Volcovici WASHINGTON, May 30 (Reuters) – The U.S. Department of the Interior said on Friday it was implementing emergency permitting procedures to accelerate reviews of geothermal energy projects as part of President Donald Trump’s energy agenda. The projects that will be fast-tracked include three in Nevada led by Ormat (ORA.N), which received funding … Read more
In the age of AI, how can you use technology to digitize land records, shorten project timelines, reduce costs, and improve accuracy? Join us on June 11 to learn how advanced AI technologies are being applied to modernize land records management. Michelle Uzick, Manager of Land Records Services at Pandell, and Dean Ruston, Senior Account … Read more
By Blake Ericson & Elizabeth McGurk In today’s energy landscape, methane emissions reduction has become a defining challenge. Driven by rising expectations from regulators, investors, and global markets, energy operators are under pressure to provide concrete and credible data—not just estimates. According to the International Energy Agency (IEA), methane emissions from fossil fuel operations are … Read more
Prime Minister Mark Carney sat down with oil and gas executives in Calgary Sunday to discuss partnerships and to get their input for his plans to make Canada an energy superpower. Carney, in his first visit to Calgary since being sworn in as prime minister, held a closed door roundtable with more than two dozen … Read more
Summary Oil trades more than 3% higher after 1% drop last week OPEC+ to raise output by 411,000 bpd in July Group had been expected to discuss bigger increase (Reuters) – Oil prices jumped by about 3% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous … Read more
By Scott Disavino May 30 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row to the lowest since November 2021, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. It was the … Read more
Summary Eight OPEC+ members met online OPEC+ cites steady economic outlook, healthy market fundamentals (Reuters) – OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned. Eight … Read more
Summary Brent and WTI down over 1% this week OPEC+ could discuss bigger July output rise at Saturday meeting Trade uncertainty continues after US appeals court decision (Reuters) – U.S. crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures … Read more
At least for now, the allure of cheaper gasoline appears to be outweighing concerns consumers may have about the economy. By Nathan Risser More Americans hit the road last Memorial Day weekend than a year ago. Photographer: David Paul Morris/Bloomberg The driving season in the US officially began Monday with the Memorial Day weekend. The … Read more
By Timothy Gardner WASHINGTON, May 30 (Reuters) – The U.S. has axed awards to 24 green energy projects issued during President Joe Biden’s administration that totaled more than $3.7 billion, including one at an Exxon refinery complex in Texas, the Energy Department said on Friday. The administration of President Donald Trump has said it is … Read more
U.S. crude oil output rose to a monthly record high in March, while demand for oil products declined to the lowest in a year, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday. U.S. crude oil output rose to 13.49 million barrels per day in March, up from 13.16 million … Read more
By Aaron Weinman and Chunzi Xu Brookfield Asset Management Ltd. is lining up approximately $3 billion in debt financing to support its purchase of Colonial Enterprises, which operates the Colonial Pipeline in the US, according to people familiar with the matter. Morgan Stanley is leading the financing and a deal could emerge in the leveraged … Read more
By Lucia Kassai US drillers pumped a record amount of oil in March, but the final number came in lower than government figures previously indicated. Total liquids production rose to an all-time high of 20.8 million barrels a day in March, up 3.1% from the previous month, the Energy Information Administration said Friday. The number, … Read more
By Dmitry Zhdannikov, Olesya Astakhova and Ahmad Ghaddar OPEC+ may discuss hike larger than 411,000 bpd, sources say Eight OPEC+ members to meet online on Saturday at 0900 GMT Kazakhstan has informed OPEC it won’t cut output For an EXPLAINER on OPEC+ output cuts, click here LONDON/MOSCOW, May 30 (Reuters) – OPEC+ may discuss an … Read more
Shale producer EOG Resources said on Friday it would acquire U.S. oil and gas firm Encino Acquisition Partners for $5.6 billion, including debt, to bolster its Utica assets. The deal signed with Canada Pension Plan Investment Board (CPP) and Encino Energy will give EOG access to additional 675,000 net core acres and expand its multi-basin … Read more
HOUSTON, May 30, 2025 /PRNewswire/ — EOG Resources, Inc. (EOG) today announced a definitive agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP or Encino) for $5.6 billion, inclusive of EAP’s net debt. EOG currently expects to fund the acquisition through $3.5 billion of debt … Read more
Summary Two VLGCs wait to load ethane for China -Kpler, LSEG 13 tankers due to load ethane for China in June -Kpler Enterprise warns ethane, butane exports to China could fall (Reuters) – Chinese purchases of U.S. ethane, a key petrochemical feedstock, face fresh uncertainty after the Commerce Department told exporters to seek licences to … Read more
North Dakota has extended its policy on how long producers can leave wells uncompleted after drilling, a move that is expected to help drillers cope with weak oil prices, the state’s Department of Mineral Resources said on Thursday. Oil producers around the country have announced plans to drop rigs and delay completing wells as U.S. … Read more
U.S. energy company Williams Cos said on Thursday it was working with federal and state regulators to revive two previously canceled natural gas pipelines from Pennsylvania to New York. The pipelines are the Northeast Supply Enhancement (NESE) from Pennsylvania to New Jersey and New York and the Constitution Pipeline from Pennsylvania to New York. Williams … Read more
(Reuters) – U.S. crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years, the Energy Information Administration said on Thursday. Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations … Read more
(The opinions expressed here are those of the author, a columnist for Reuters.)*US drillers slow down operations following oil price drop *US oil output growth set to slow in 2025 *OPEC will need to deepen price war to significantly impact US output By Ron Bousso LONDON, May 29 – Oil drillers in the U.S. shale … Read more
By Grant Smith Saudi Arabia and its partners have discussed another large output hike, even as prices slide and demand wavers. Saudi Energy Minister Prince Abdulaziz bin Salman, who has recently doubled down on a radical OPEC strategy shift. Photographer: Vladimir Simicek/AFP via Getty Images OPEC+ looks set to push more oil onto a fragile … Read more
By Sybilla Gross and Yongchang Chin Goldman Sachs Group Inc. touted gold and oil as hedges against inflation in long-term portfolios, citing the appeal of bullion as a haven amid concerns over US institutional credibility and crude’s ability to protect against supply shocks. Analysts including Daan Struyven said investors with so-called 60/40 portfolios — an … Read more
Summary Brent projected to average $66.98 per barrel in 2025 WTI to average at $63.35 per barrel in 2025 For table of crude price forecasts, click (Reuters) – Analysts have revised down their oil price forecasts for the third consecutive month as swelling OPEC+ supply and lingering uncertainty around the impact of trade disputes on … Read more
Summary Brent and WTI down 0.5% this week OPEC+ likely to raise July output at Saturday meeting (Reuters) – Oil prices were stable on Friday, but on track for a second consecutive weekly decline, pressured by expectations of another OPEC+ output hike and uncertainty about U.S. tariffs after the latest legal twist kept them in place. … Read more
By law, Musk’s status as a temporary government official was set to run out as soon as May 30 By Gregory Korte, Jennifer A. Dlouhy and Dana Hull Billionaire Elon Musk said Wednesday that his time as formal adviser to United States President Donald Trump is coming to a close, raising questions about the future … Read more
(Reuters) – U.S. energy company Williams Cos said on Thursday it was working with federal and state regulators to revive two previously canceled natural gas pipelines from Pennsylvania to New York. The pipelines are the Northeast Supply Enhancement (NESE) from Pennsylvania to New Jersey and New York and the Constitution Pipeline from Pennsylvania to New … Read more
HOUSTON–(BUSINESS WIRE)–NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that it has executed a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA) with JERA for offtake from Train 5 at the Rio Grande LNG Facility. Under the terms of the SPA, JERA will purchase 2.0 million tonnes per annum (MTPA) of … Read more
Who knew the three judges at the rather obscure United States Court of International Trade had the power to spark a rally in global stock markets and shove the dollar higher against its safe-haven peers? Early in the Asian trading day, news broke the court had declared President Donald Trump’s April 2 tariffs to be … Read more
(Reuters) – ADNOC Drilling will acquire a 70% stake in oil services firm SLB’s onshore rig business in Oman and Kuwait for up to $112 million, creating a joint venture it seeks to double in the next year, its chief financial officer said on Thursday. The acquisition, expected to close in the first quarter of … Read more
By Curtis Williams HOUSTON, May 28 (Reuters) – Natural gas flows to a Freeport liquefied natural gas (LNG) export plant in Texas declined on Wednesday, likely leading to a reduction in LNG output, two sources said. Freeport is the third largest LNG export facility in the U.S. and has helped the country remain the world’s … Read more
By Sheila Dang HOUSTON, May 28 (Reuters) – Chevron (CVX.N) shareholders voted against three stockholder proposals during the U.S. oil producer’s annual meeting on Wednesday, including one calling for a report on the company’s human rights practices, while larger rival Exxon Mobil (XOM.N) faced no investor resolutions for the first time in decades. There have … Read more
By Gavin Maguire LITTLETON, Colorado, May 28 (Reuters) – U.S. President Donald Trump’s sweeping tax and spending bill calls for drastic cuts to clean energy tax credits that have been major drivers of the boom seen in utility-scale renewable power and battery capacity over the past three years or so. The bill was passed by … Read more
Oil prices rose on Thursday after a U.S. court blocked most of President Donald Trump’s tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July. Brent crude futures climbed 78 cents, or 1.2%, to $65.68 a barrel. … Read more
Chevron will lay off nearly 800 employees in Texas, according to a notice on Wednesday to the Texas Workforce Commission, part of the U.S. oil producer’s plan to cut up to 20% of its global workforce by the end of 2026. The job cuts will be in Midland County, where Chevron has large operations in … Read more
The vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court, dealing a major blow to a pillar of his economic agenda. A panel of three judges at the US Court of International Trade in Manhattan issued a unanimous ruling Wednesday which sided with Democratic-led states and small businesses that accused … Read more
Narrow authorization received by Chevron allows it to preserve assets, staff PDVSA expected to continue overseeing oilfield workers PDVSA also taking over sales of crude produced by joint ventures May 28 (Reuters) – Chevron (CVX.N) has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to … Read more
By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler OPEC+ met online on Wednesday Eight OPEC+ members to meet on Saturday to decide on July output For an EXPLAINER on OPEC+ output cuts, click here LONDON/MOSCOW, May 28 (Reuters) – OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production, … Read more
By Nicole Jao OPEC+ keeps output policy unchanged Eight OPEC+ members expected to agree to output boost Saturday Goldman Sachs sees OPEC+ keeping output steady after July hike Chevron’s Venezuelan oil curbs, Canadian wildfires limit price downside NEW YORK, May 28 (Reuters) – Oil prices gained more than 1% on Wednesday on supply concerns as … Read more
U.S. President Donald Trump’s envoy, Keith Kellogg, on Wednesday scolded a top Russian official for stoking fears of World War Three after Trump warned President Vladimir Putin was “playing with fire” over Ukraine. As Russian forces advanced in Ukraine, Trump, in a post on Truth Social, said that Putin was playing with fire and cautioned … Read more
Australia’s Environment Minister has given preliminary approval to extend the life of the North West Shelf LNG plant to 2070, with conditions, potentially creating billions of dollars in new drilling opportunities. Summary by Bloomberg AI The decision has raised questions about the nation’s climate agenda, as the plant is one of Australia’s biggest polluters, and … Read more
(Reuters) – OPEC+ oil producers have three layers of output cuts in place after agreeing the first cutback in 2022. This year, eight OPEC+ members have started to raise production and unwind the third and most recent tranche of cuts. The 22-member OPEC+ will hold an online meeting on Wednesday, which is not expected to … Read more
May 28 (Reuters) – Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso , it said on Wednesday. The sale is expected to take place in the last quarter of this year, at a price of 149.19 euros ($168.82) per Esso … Read more
By Mrinalika Roy Uranium market recovery expected after Trump signs new US nuclear energy orders Analysts foresee long-term uranium supply confidence and increased contracting activity May 27 (Reuters) – President Donald Trump’s latest orders seeking to revitalize the U.S. nuclear energy industry could pull the uranium market out of its current lull and boost investor … Read more
The Trump administration has issued a narrow authorization for U.S. oil producer Chevron to keep assets in Venezuela, including its stakes in oil joint ventures with state company PDVSA, two sources with knowledge of the decision said on Tuesday. The guidelines, whose terms are similar to those in a U.S. license held by Chevron between … Read more
Summary OPEC+ grouping meets Wednesday Eight OPEC+ members expected to boost output on Saturday Goldman Sachs sees OPEC+ keeping output steady after July hike Canadian wildfires, Chevron’s Venezuelan oil curbs limit price downside (Reuters) – Oil prices inched up on Wednesday, with the U.S. barring Chevron from exporting crude from Venezuela and production shut-ins from Canada, … Read more
HOUSTON–(BUSINESS WIRE)–Cheniere Energy, Inc. (“Cheniere”) (NYSE: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (“Cheniere Marketing”), has entered into a long-term Integrated Production Marketing (“IPM”) gas supply agreement with Canadian Natural Resources Limited. Under the IPM agreement, a subsidiary of Canadian Natural Resources Limited has agreed to sell 140,000 MMBtu per day of natural gas … Read more
Summary Full OPEC+ meeting takes place on Wednesday Eight OPEC+ members meet on Saturday to decide on July output Wednesday’s meeting scheduled to begin at 1300 GMT, sources say (Reuters) – OPEC+ may discuss issues around its baselines for 2027 production at its meeting on Wednesday, two delegates from the group said, while separate talks … Read more
By Marianna Parraga HOUSTON, May 27 (Reuters) – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved … Read more
By Ahmad Ghaddar, Alex Lawler and Yousef Saba Full OPEC+ meeting takes place on Wednesday Eight OPEC+ members meet on Saturday to decide on July output UAE says OPEC+ must be mindful of rising oil demand For an EXPLAINER on OPEC+ output cuts, click here LONDON/DUBAI, May 27 (Reuters) – OPEC+ is likely to agree … Read more
Alaska LNG Strategic Partner Process Also Launched ANCHORAGE, Alaska & NEW YORK–(BUSINESS WIRE)–Glenfarne Alaska LNG, LLC (“Glenfarne”), a subsidiary of Glenfarne Group, LLC, and majority owner and lead developer of Alaska LNG, a joint venture with the State of Alaska’s Alaska Gasline Development Corporation, has selected Worley to undertake additional engineering and prepare a final … Read more
Tesla has been reeling from protests and boycotts over Musk wading into politics, but it also faces other factors The Associated Press Tesla’s monthly sales in Europe plunge by half, signalling Musk backlash runs deep Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday. … Read more
Saudi Arabia has been cranking up oil refining operations to capture strong profit margins, helping the kingdom offset revenue lost from declining crude prices and exports. The world’s top oil exporter has in recent years invested heavily in expanding and modernizing its refining and petrochemical capacity at home and overseas to meet growing demand for … Read more
The governor pledged to work with the natural gas industry and Trump, but new infrastructure faces formidable obstacles. Last week’s agreement allowing construction to resume on a wind farm off the New York coast was another bit of quid pro quo from US President Donald Trump. His administration agreed to lift a stop-work order that threatened to sink Equinor … Read more
(Reuters) – Norwegian oil and gas investments are expected to hit a record this year, and to decline next year, a statistics office survey of industry players showed on Tuesday. The country’s biggest business sector expects to invest 269.1 billion crowns ($26.62 billion) in 2025, up from a 253.8 billion crowns estimate in February and compared to … Read more
Summary EU seeks mutually beneficial trade deal with Washington U.S. demands unilateral concessions to cut goods trade deficit EU Commission says leaders’ call has given new impetus to talks (Reuters) – The European Union may have won a reprieve from U.S. President Donald Trump’s threatened 50% tariffs, but it remains unclear how the bloc will square its push for a … Read more
(Reuters) – Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase their output at a meeting later this week. Brent crude futures were up 26 cents, or 0.4%, at $65 a barrel by 0920 GMT, while U.S. West Texas Intermediate (WTI) crude rose 25 cents, … Read more
South Africa has offered to buy liquefied natural gas from the United States over a 10-year period as part of proposals to secure a trade deal, according to a ministerial statement posted on the South African government news agency website. The document, signed by Minister in the Presidency Khumbudzo Ntshavheni and posted late on Sunday, … Read more
(Reuters) – Asia’s imports of liquefied natural gas stagnated in May while Europe’s continued to ease as demand in both of the world’s top-importing regions entered the seasonal slump between winter and summer peaks. Imports of the super-chilled fuel to Asia are on track to reach 22.53 million metric tons in May, up from 21.89 … Read more
Last week, Republicans were planning to keep the vast majority of the trillion-dollar IRA subsidies, including grid-destroying solar/wind subsidies. Fortunately, a few energy freedom fighters saved us By Alex Epstein Last week, Republicans were planning to keep the vast majority of the trillion-dollar IRA subsidies, including grid-destroying solar/wind subsidies. (I sounded the alarm here.) Fortunately, the … Read more
By Robert Tuttle Oil storage containers and pipelines at the Hardisty terminal in Hardisty, Alberta Photographer: Jason Franson/Bloomberg A boom in sales of drilling rights in western Canada’s oil heartland of Alberta is fading as US President Donald Trump’s trade war and OPEC+ production increases hammer crude prices. The average price paid to lease oil … Read more
Summary Trump signs executive orders seeking to boost U.S. nuclear production Order directs nuclear regulatory agency to rule on new licenses within 18 months Department of Defense expected to have a prominent role in ordering reactors and installing them on military bases (Reuters) – U.S. President Donald Trump on Friday ordered the nation’s independent nuclear … Read more
(Reuters) – South Africa has offered to buy liquefied natural gas from the United States over a 10-year period as part of proposals to secure a trade deal, according to a ministerial statement posted on the South African government news agency website. The document, signed by Minister in the Presidency Khumbudzo Ntshavheni and posted late … Read more
U.S. President Donald Trump said Vladimir Putin had “gone absolutely CRAZY” by unleashing the largest aerial attack of the war on Ukraine and said he was considering more sanctions on Moscow, but he also scolded Ukrainian President Volodymyr Zelenskiy. “Something has happened to him. He has gone absolutely CRAZY!” Trump said of the Russian president … Read more
By Simon Jessop LONDON, May 23 (Reuters) – U.S. government support for a “baseless” case alleging asset managers conspired to reduce competition in the coal sector risks undermining its goal of energy independence, BlackRock (BLK.N), the world’s biggest asset manager, said on Friday. The U.S. Department of Justice and Federal Trade Commission on Thursday filed … Read more
The rapid growth of electric vehicles (EVs) is reshaping the energy landscape, creating both challenges and opportunities for utility companies. As EV adoption surges across the U.S., utilities are on the front lines of enabling the infrastructure needed to support the transition. But they don’t have to do it alone. Click here to learn more … Read more
Summary Trump raises prospect of more sanctions on Moscow OPEC+ could agree further increase in output US public holiday likely to limit trade on Monday (Reuters) – Oil prices rose on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hit … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row, bringing the count to the lowest since November 2021, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
Summary Trump administration offers encouragement for pipeline builds Some large energy projects commissioned since November Pressure remains on greenfield growth from low oil prices, tariffs Many firms find buying pipeline assets a more economical way to grow NEW YORK, May 23 (Reuters) – President Donald Trump’s pro-energy policies were meant to speed the construction of … Read more
An oil sands mining facility near Fort McKay, Alberta. Canada’s new energy minister, Tim Hodgson, prioritizes building carbon-capture systems for the oil sands and increasing crude and natural gas exports. Summary by Bloomberg AI Hodgson emphasizes the need for responsible oil production, infrastructure development, and diversification of energy exports beyond the US, highlighting the Pathways … Read more
(Reuters) – Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices. Aramco is the world’s largest oil-producing company and the main source of Saudi state revenue. The firm will slash dividend payouts by nearly … Read more
Oil gains on short-covering, nuclear talks Summary Higher tariffs could hit oil demand growth, analysts say Brent and WTI down more than 2% this week Market braces for another OPEC+ output increase in July (Reuters) – Oil prices gained on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend amid worries … Read more
U.S. regulators have given Venture Global permission to proceed with construction of its CP2 LNG plant in Louisiana, a FERC document showed on Friday.The decision follows a final environmental study that shows the 28 million metric tons per annum plant is in the public interest. (Reporting by Curtis Williams in Houston; Editing by Chris Reese)
By Sheila Dang Arbitration tribunal under ICC to analyze dispute in confidential hearing in London Chevron acquisition of Hess hangs in the balance Resolution expected by end of third quarter, faster than typical ICC arbitration HOUSTON, May 23 (Reuters) – Top U.S. oil producer Exxon Mobil (XOM.N) and Hess (HES.N) will meet face-to-face on Monday … Read more
May 23 (Reuters) – U.S. Energy Secretary Chris Wright said that President Donald Trump will sign executive orders on Friday aimed at boosting nuclear power. Reuters reported on Thursday that Trump would sign orders that aim to jumpstart the nuclear energy industry by easing the regulatory process on approvals for new reactors and strengthening fuel … Read more
(Reuters) – Saudi oil giant Aramco is seeking investors in infrastructure, including pipelines, for its $100 billion Jafurah gas project, two people familiar with the matter told Reuters. The Jafurah project is key to Saudi Aramco’s ambitions to become a major global player in natural gas and to boost its gas production capacity by 60% … Read more
By Akshat Rathi and Sommer Saadi “We are coming out of a phase of extreme growth,” co-founder Jan Wurzbacher said on the Zero podcast, as the startup focuses on cost cutting amid unfavorable market conditions. Scientists are clear that meeting climate goals means ending carbon pollution and drawing down excess CO2 from the air. That’s … Read more
By Ewa Krukowska, Alberto Nardelli, and Anna Shiryaevskaya A gas receiving compressor station for the Nord Stream 2 pipeline in Lubmin, Germany. Photographer: Krisztian Bocsi/Bloomberg The European Union is nearing a decision to include the Nord Stream 2 gas pipelines linking Germany and Russia in a fresh proposal of sanctions against Moscow amid persistent rumors … Read more
While production is set to stop by the end of next month, efforts to identify a purchaser for the plant remain ongoing Northvolt AB will stop making cells at its last remaining factory in northern Sweden at the end of June, marking the demise of what was once Europe’s best hope of a homegrown battery … Read more
Energy major Shell expects several traditional LNG exporter nations to turn into net importers, driving demand for the super chilled fuel and potentially easing concerns that the industry faces oversupply from a raft of planned new projects. Cederic Cremers, Shell’s executive vice president for LNG, told Reuters that Indonesia, Malaysia, and Algeria are likely to … Read more
A geothermal power plant is seen in the distance through geological mudpots atop the San Andreas Fault in Calipatria, California (Reuters) – Geothermal energy in the Great Basin of Nevada and adjoining states could produce electricity equivalent to 10% of the current U.S. power supply, the U.S. Geological Survey said on Thursday. The projected 10% … Read more
Summary Energy, Interior secretaries to host June 2 event in Alaska Officials from Taiwan, South Korea, Japan invited Trump pushing allies to invest in long-delayed project (Reuters) – The U.S. has invited officials from Japan, South Korea and Taiwan to Alaska to discuss projects including a vast gas pipeline, two people familiar with the planning … Read more
Wastewater disposal in the Permian Basin is boosting pressure underground, threatening to hinder oil production By Kevin Crowley and David Wethe Produced water gushes out of the ground a geyser in Toyah, Texas, on Wednesday, Oct. 2, 2024 in Toyah, Texas. Photographer: Elizabeth Conley/Houston Chronicle/ Getty Images Texas regulators are warning that wastewater from fracking … Read more
The subsidized energy lobby used “framing” to win Republican negotiations before they even started. But it’s not too late to reframe the negotiation, starting from real IRA termination. By Alex Epstein The expectation: the Republican trifecta would terminate the vast majority of IRA subsidies When the Inflation Reduction Act (IRA) passed 3 years ago, no … Read more
By Vallari Srivastava May 22 (Reuters) – Shares of U.S. solar companies fell sharply on Thursday after the House of Representatives advanced President Donald Trump’s sweeping tax and spending bill, which may end numerous green-energy subsidies that have supported the renewable energy sector. Sunrun (RUN.O) led the market rout, with shares falling nearly 41% in … Read more
U.S. natural gas futures climbed about 2% on Friday ahead of the long U.S. Memorial Day holiday weekend on a drop in output so far this month and forecasts for hotter-than-normal weather this summer that should boost the amount of gas power generators burn to keep air conditioners humming. Gas futures for June delivery on … Read more
Summary Brent, WTI down 2% on the week Market braces for another OPEC+ output hike in July Iranian nuclear deal talks in focus, fifth round on Friday (Reuters) – Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by rising expectations … Read more
Summary Venture Global could top Cheniere to become largest US LNG company Producing at higher rates than initially expected Plans to sell additional volumes on long-term contracts (Reuters) – Venture Global is poised to become the largest U.S. liquefied natural gas company by next year if it proceeds with its CP2 project in Louisiana and … Read more
U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. This month, OPEC+ agreed to accelerate … Read more
(Reuters) – A European official said the United States was “not convinced” about lowering the Group of Seven nations (G7) price cap on Russian crude oil. The EU proposed revising the cap down to an indicative level of $50 a barrel from the current $60 a barrel. During the G7 finance ministers meeting, the official … Read more
(Reuters) – Italy fully supports European Union efforts to stop Russian gas imports into the bloc by 2027, the country’s energy minister told reporters on Thursday, adding any decisions by Rome to boost LNG imports from the U.S. were up to private buyers. Italy last year imported a small quantity of Russian gas which was … Read more
(Reuters) – Bond vigilantes continued to stalk global debt markets on Thursday, also keeping the dollar and stocks subdued, as the U.S. House of Representatives passed President Donald Trump’s “big beautiful” tax bill by a single vote. Wall Street looked set to open fractionally higher having tumbled on Wednesday after the previous day’s limp U.S. … Read more
By Andres Gonzalez BP hired Goldman Sachs to sell Castrol, sources say BP is under investor pressure, sources say BP has tapped potential private equity, strategic investors, sources say Company is working on more divestments, partial sale renewables LONDON, May 22(Reuters) – BP (BP.L) has kicked off the sale of its more than a century-old … Read more
By Yongchang Chin and Crayton Harrison US Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.’s operations in the sanctioned nation. The US oil giant has … Read more
By Arno Schuetze Deutsche Bank AG won’t move ahead with a plan to add restrictions on financing oil and gas, as it assesses the legal risks of doing so, according to its chief executive. “The legal environment has changed, and we are currently analysing this in detail in order to minimise potential risks for the … Read more
(Reuters) – Israel will receive a “devastating and decisive response” if it attacks Iran, Tehran’s Revolutionary Guards said on Thursday, days after CNN reported U.S. intelligence suggesting Israel was making preparations to strike Iranian nuclear facilities. “They are trying to frighten us with war but are miscalculating as they are unaware of the powerful popular … Read more
(Reuters) – OPEC+ members are discussing whether to agree on another large production increase at their meeting on June 1, Bloomberg News reported on Thursday. An output hike of 411,000 barrels a day (bpd) for July is among the options under discussion, although no final agreement has yet been reached, the report said, citing delegates.
Blackstone’s data center plans may affect TXNM acquisition approval TXNM’s sale agreement follows rising electricity demand from AI data centers New Energy Economy to scrutinize Blackstone’s handling of data centers NEW YORK, May 21 (Reuters) – Blackstone Infrastructure’s (BX.N) plans for data centers in New Mexico will be a deciding factor in whether stakeholders … Read more
May 21 (Reuters) – A new federal assessment has identified significant undiscovered, technically recoverable oil and gas resources in parts of Wyoming, Utah and Colorado, the U.S. Interior Department said on Wednesday. WHY IT’S IMPORTANT The resources identified by the U.S. Geological Survey in what is known as the Mowry Composite Total Petroleum System could … Read more
A rendering of Equinor’s Empire Wind project Photographer: Eirik Hamre Clausen/Equinor The Trump administration’s surprise reversal of an order to halt a $5 billion wind energy project off the coast of New York offered some respite to a beleaguered industry whose future in the US has been in doubt. Denmark’s Orsted AS jumped as … Read more
A shareholder advocacy group says reviving a liquefied natural gas export project in Quebec’s Saguenay region would be costly and likely unprofitable. Investors for Paris Compliance says demand for LNG in Europe dropped by 18 per cent between 2022 and 2024, and Canadian exports would have a hard time competing in Asian markets. A report … Read more
(Reuters) – If there is a law of unintended consequences, then a good example is how commodity markets are adjusting to both the realities and the perceived threats of the tariff war launched by U.S. President Donald Trump. Trump’s trade and tariff measures have forced commodity producers, traders and buyers to re-think long-established relationships, adapt … Read more
You’re invited to join Presto Geosystems for a live, 1-hour webinar to explore how the GEOWEB® Soil Stabilization System can strengthen infrastructure resilience for your road, highway, and bridge projects. Webinar Description Infrastructure development for highways and road corridors faces many challenges when it comes to project design and construction. Building asphalt or concrete roadways … Read more
Founded in 2009, Climeworks constructed a pilot plant in Iceland in 2021 followed by a larger version that began operations in 2024 and is still being built out. Photographer: Heida Helgadottir/Bloomberg Climeworks AG is laying off 106 people, as startups that aim to reverse global warming face a reckoning with the US government slashing … Read more
Summary OPEC in pursuit of market share, says Onyx analyst A 411,000 bpd increase likely, RBC Capital analyst says U.S. crude inventories rise unexpectedly (Reuters) – Oil prices fell more than 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. … Read more
(Reuters) – Producers are pushing ahead with liquefied natural gas projects, banking on urbanisation and the technology sector to drive global power demand and outweigh such challenges as potential oversupply, rising project costs, and tariff uncertainty. LNG is widely seen as a transition fuel on the path to net-zero emissions. Governments worldwide are also prioritising … Read more
(Reuters) – U.S. crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline, distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in … Read more
By Svea Herbst-Bayliss and David French Phillips shareholders elect two of activist investor’s nominees Oil refiner also sees two of its nominated directors elected Analysts say vote means some change but no big mandate for transformation Elliott had never had a US based proxy fight go to a vote NEW YORK, May 21 (Reuters) – … Read more
(Reuters) – Iraq’s oil minister said that the federal government has reservations about energy agreements signed by the semi-autonomous Kurdistan region, after Iraqi Kurdish Prime Minister Masrour Barzani oversaw the signing of two deals with U.S. companies worth a combined $110 billion over their lifetimes. “Agreements and contracts like this should be signed by the … Read more
By Shirin Ghaffary, Brody Ford, and Emily Chang OpenAI, Oracle and SoftBank hope that the site in Texas is the first of many across the US. The future home of the first Stargate site in Abilene, Texas. Photographer: Bobby Scheidemann for Bloomberg Businessweek Trucks carrying concrete and electrical wiring plod over red clay, weaving in … Read more
China has been the driving force in the global gas market for much of the past decade. Photographer: Dimas Ardian/Bloomberg Global gas giants are betting the current lull in Chinese demand is temporary, and that the country will underpin their multibillion-dollar investments for years to come. China’s gas imports have fallen in 2025, a decline … Read more
Saudi Arabia’s crude exports in March fell to 5.754 million barrels per day (bpd) from 6.547 million bpd in February, official data showed on Wednesday. The world’s largest oil exporter’s crude output for March was at 8.957 million bpd, up from 8.947 million bpd in February. Saudi refineries’ crude throughput was at 2.944 million bpd … Read more
Summary Cheap LFP batteries drive rapid energy storage growth Storage demand for grid transitions expanding exponentially Trend likely to accelerate pivot away from nickel and cobalt (Reuters) – When Fidra Energy acquired a 55-acre (22-hectare) patch of northern England countryside in 2023, its plan to transform it into a 1.45 gigawatt energy storage facility – … Read more
Summary Previous OPEC+ attempts to slow shale oil failed US firms run out of easy fields, costs rise (Reuters) – Behind OPEC+’s plan to ramp up oil output and punish over-producing allies, group leaders Saudi Arabia and Russia are pushing a second objective: taking on U.S. shale production to win back market share from the United States. … Read more
An expected stronger hurricane season than average raises the risk of weather-related production outages in the U.S. oil industry, the U.S. Energy Information Administration said on Tuesday. WHY IT MATTERS A large portion of U.S. oil production and the bulk of the country’s refineries are in areas prone to hurricanes along the U.S. Gulf Coast. … Read more
(Reuters) – With electricity demand in the United States set to hit record highs over the next two years, utilities are doubling down on assets that can boost their power generation capacity while shedding others to fund their massive spending plans. The U.S. utilities sector – which includes electric, gas and water utilities – has … Read more
(Reuters) – U.S. natural gas futures soared about 10% on Tuesday on a decline in daily output, forecasts for more demand next week, long-term forecasts for a hotter-than-normal summer and what some analysts called a technical bounce. Gas prices fell about 7% and closed below the 200-day moving average on Monday, which some analysts said … Read more
U.S. shale oil output will flatten out if prices remain where they are now and will start to decline with prices in the $50s per barrel, the CEO of ConocoPhillips said on Tuesday in the latest prediction that oil’s slump could curb U.S. supply. The comments from Conoco CEO Ryan Lance come as forecasters including … Read more
The U.S. Department of Energy will begin approving or rejecting pending applications for permits for liquefied natural gas exports to countries without any free trade agreement with the U.S., the agency said on Monday, after releasing a final study on the impact of further exports. In 2024, U.S. President Joe Biden’s administration paused such approvals … Read more
Summary US intelligence suggests Israel plans to strike Iran, CNN says US-Iran nuclear talks show little progress (Reuters) – Oil prices rose more than 1% on Wednesday after reports that Israel could be preparing to strike Iranian nuclear facilities raised fears of a supply disruption in the Middle East. Brent futures rose 79 cents, or … Read more
Ukrainian Foreign Minister Andriy Sybiha called on Tuesday for the Group of Seven advanced economies to reduce its price cap on Russian seaborne oil to $30 per barrel. The current G7 price cap is $60 per barrel. “The oil price cap, from our point of view, our position, (the) reasonable price cap (is) 30 dollars,” … Read more
(Reuters) – Dealmaking in the U.S. oil patch has slowed to a crawl in 2025, with the activity expected to stay muted for the rest of the year, as some prolific buyers focus on squeezing out value from their past acquisitions, while others curb their appetite for takeovers due to weak oil prices and trade … Read more
Summary Crude prices soften as OPEC+ accelerates output hikes High-sulphur fuel oil cracks hit record highs recently SINGAPORE, May 20 (Reuters) – Saudi Arabia is expected to burn more crude oil for power generation this summer than last as it ramps up output after OPEC+ eases supply controls and as fuel oil has become costly, … Read more
(Reuters) – Iraqi Kurdistan announced deals worth $110 billion over their lifetime with U.S. firms HKN Energy and WesternZagros on Tuesday, drawing swift opposition from Baghdad’s oil ministry which deemed them “null and void”. Prime Minister Masrour Barzani announced the deals in a speech in Washington, a day after they were flagged by an adviser … Read more
Summary Equinor resumes work on Empire Wind Had been halted by interior secretary in April Compromise on wind and suspended gas pipeline reached (Reuters) – The Trump administration has lifted a month-old stop-work order on Empire Wind, a $5 billion wind farm project off the coast of New York, in a compromise with the state … Read more
(Reuters Breakingviews) – A sprawling global network of silicon has sprung up to power artificial intelligence. Housed within data centers, these chips demand vast sums of electricity to crunch the numbers behind the likes of ChatGPT. Yet both technology giants and energy utilities are incentivized to pad projections for how many of these facilities need … Read more
U.S. natural gas futures fell about 7% to a three-week low on Monday on a small increase in output over the last few days even though pipeline maintenance curtailed some gas flows from the Permian Basin in West Texas. That pipeline work in Texas trapped some gas in the Permian shale and caused spot prices … Read more
Bypass Road AB, Canada Project Background A project owner was faced with rehabilitating and upgrading an existing energy access road to handle the rigors of a new plant expansion and commissioning. The energy plant, located south of Conklin, required improvements to the 11.5 km (7.1 mile) bypass road, which originally served as a secondary access … Read more
The European Union will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said. “This is something which we flagged from the Commission’s side in the context of the 18th … Read more
(Reuters) – Oil prices steadied on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China’s economy. Brent futures for July slipped 7 cents, or 0.1%, to $64.75 a barrel by 0947 GMT. June U.S. West Texas Intermediate crude futures , which … Read more
Summary US seeks to triple LNG export capacity by 2030 Trump’s 25% steel, aluminum tariffs boost construction costs Cheniere, Venture Global among those seen approving new plants HOUSTON, May 16 (Reuters) – Woodside Energy’s decision last month to proceed with its Louisiana LNG export facility was the first of over 90 million tonnes of new LNG shipping … Read more
TotalEnergies SE reached a 20-year deal to buy liquefied natural gas from an export terminal being developed in Western Canada, bolstering the French energy major’s global portfolio of the fuel. The agreement calls for Total to purchase 2 million metric tons a year from the Ksi Lisims project in British Columbia, proposed by Western LNG, according … Read more
Companies are adding capacity at comparative bargains to satisfy AI’s thirst for energy. If there was any lingering doubt about whether gas-fired generation plants are the hottest targets in the US power system, the recent flurry of deals likely extinguished it. NRG Energy Inc. grabbed attention May 12 by agreeing to pay $12 billion, including debt, … Read more
Goldman Sachs said on Sunday it is retaining a cautious outlook on oil prices, as pressure from likely elevated Iranian supply and higher OECD commercial inventories will offset support from stronger global GDP growth. “We are maintaining our Brent/WTI oil price forecasts of $60/56 ($4 below the forwards) for the remainder of 2025 and $56/52 … Read more
By Ron Bousso Summary Chinese independent refineries accounted for 77% of Iran 2024 exports Iranian imports are discounted, offering profits uplift Removal of sanctions will undermine teapots’ business model LONDON, May 19 – The possible lifting of U.S. sanctions on Iran’s oil exports could deal a fatal blow to independent Chinese refineries that have thrived by … Read more
May 19 (Reuters Breakingviews) – Elliott Investment Management’s next big move at BP is installing board leadership it likes. The U.S. activist, which now holds 5% of the struggling $78 billion oil major, understandably wants a swift replacement for departing Chair Helge Lund. While suitable candidates aren’t exactly abundant, some exist. The sooner a new … Read more
(Reuters) – A joint venture project developing the first marine fuel facility for liquefied natural gas in the U.S. Gulf Coast has secured final permits and construction is expected to begin later this year, executives involved said on Monday. The global shipping industry has been looking for fuel solutions to cut carbon emissions, with LNG … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third week in a row for the first time since mid April, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
(Reuters) – Blackstone Infrastructure will acquire utility company TXNM Energy in an $11.5 billion deal, including debt, as the investment firm bets on rising U.S. electricity demand and a shift to cleaner energy sources. Shares of TXNM rose 9.2% to $57.75 in premarket trading after the New Mexico-based utility said on Monday the all-cash deal from … Read more
By Alex Lawler Summary Companies US credit rating cut by Moody’s China’s retail sales disappoint Iran-US nuclear talks in focus LONDON, May 19 (Reuters) – Oil slipped on Monday, weighed down by Moody’s downgrade of the U.S. sovereign credit rating and official data that showed slowing growth in China’s industrial output and retail sales. Both developments raised concerns … Read more
Tarco is a boutique Engineering firm known for delivering highly integrated, value-driven projects. With a long history project execution through to commissioning, we understand the value of a well-documented and well-planned project. We provide multi-discipline engineering—including automation and SCADA—along with field construction, commissioning, and start-up services. Over thousand of projects, we’ve looked to add value … Read more
By Timothy Gardner WASHINGTON, May 15 (Reuters) – The Trump administration said on Thursday it will audit some $15 billion in grants to power grid and manufacturing supply chain projects awarded during the Biden administration. President Donald Trump has championed domestic production of oil, natural gas and coal while halting construction of an offshore wind … Read more
Summary Brent, WTI rise after more than 2% drop in previous session Brent and WTI post second straight weekly gains Focus on Iran nuclear deal IEA hikes supply growth forecast, eyes surplus this year and next (Reuters) – Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, … Read more
Projected searing temperatures across the U.S. and the proliferation of data centers are expected to send electricity consumption to a four-year high this summer, testing the grid and pushing up power prices, the Federal Energy Regulatory Commission said on Thursday. A shrinking pool of around-the-clock power plants, which are retiring to make way for cleaner … Read more
By Kate Abnett BRUSSELS, May 16 (Reuters) – The European Commission will next month propose legal measures to fully phase out the EU’s Russian gas imports by the end of 2027, and ban spot contracts with Russia by the end of this year. Here’s how that could work. HOW WILL THE EU BAN RUSSIAN GAS? … Read more
Utility Vistra said on Thursday it would acquire seven natural gas generation facilities, with a combined capacity of nearly 2,600 megawatt, from Lotus Infrastructure Partners for $1.9 billion, as it looks to meet growing power demand. The deal includes five combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, New England, … Read more
China has emerged as the top customer for Canadian oil shipped on the expanded Trans Mountain pipeline, ship tracking data showed, as a U.S. trade war has shifted crude flows in the year since the pipeline started operating. China’s new interest in Canadian oil comes as U.S. President Donald Trump’s trade war has strained relations … Read more
More clarity needed to complete closure of activities, experts say Some firms willing to sacrifice exports if they can preserve joint venture stakes Chevron not giving up on convincing Trump that presence in Venezuela key for energy security May 15 (Reuters) – U.S. oil producer Chevron Corp (CVX.N) and several European companies are in talks … Read more
(Reuters) – Canadian oil and gas producer Strathcona said late Thursday it plans to launch a C$5.93 billion ($4.25 billion) hostile takeover bid for rival MEG Energy, aiming to create one of the country’s largest oil sands companies. The all-cash-and-stock unsolicited offer would combine two of Canada’s largest pure-play thermal oil sands operators, and make Strathcona … Read more
A House committee wants to compensate some energy companies if the government derails their projects. By Liam Denning Pick a side. Photographer: Brandon Bell/Getty Images North America The legislating of energy policy in Washington has become so volatile that some folks want to sell insurance against it. Those folks happen to be the politicians in … Read more
Nothing suggests that a repetition of 2020’s plunge is imminent. By Javier Blas Prospecting. Photographer: Jordan Vonderhaar/Bloomberg The chain-smoking protagonist of Landman, the American television drama series about the Texas oil industry, puts it better than anyone else: “You want oil to live above 60, but below 90,” says the fictional Tommy Norris. “Seventy-eight dollars … Read more
By Nichola Groom Bill would scrap 30% tax credit for homeowners with solar panels Rooftop solar companies employ more than 100,000 workers Many top residential solar markets are in Republican states May 15 (Reuters) – Companies that put solar panels on U.S. homes say a Republican budget bill advanced in Congress this week would deal … Read more
Summary Brent, WTI rise after more than 2% drop in previous session Both post second weekly gain in a row Focus on Iran nuclear deal IEA hikes supply growth forecast, eyes surplus this year and next (Reuters) – Oil prices edged up on Friday, heading for a second consecutive weekly gain on easing U.S.-China trade … Read more
(Reuters) – The middle section of the U.S. and Canada could have a shortfall of electricity this summer if higher-than-normal forecasted temperatures drive up demand as a changing mix of power supplies increases reliability risks, the organization overseeing the area’s grid said on Wednesday. Electricity demand in the United States and Canada has grown by … Read more
Summary UAE says value of energy investments in US to rise five-fold US firms to invest $60 billion in UAE energy projects Trump says making progress on UAE’s $1.4 trillion pledge DUBAI, May 16 (Reuters) – The United Arab Emirates plans to increase the value of its energy investments in the United States to … Read more
By Robert Harvey and Enes Tunagur Hikes 2025 global supply growth forecast by 380,000 bpd Oil demand growth to slow to 650,000 bpd in rest of year Expects lower oil prices to hit US shale oil output growth Revises up 2025 total demand forecast LONDON, May 15 (Reuters) – World oil supply will rise more … Read more
By Brian Platt, Thomas Seal, and Robert Tuttle Enbridge Inc. plans to sell a stake in a natural gas pipeline system in British Columbia to Indigenous communities in a deal that will be financially backed by the Canadian government. The government will provide a C$400 million ($286 million) loan guarantee to support a partnership of … Read more
By Robert Tuttle and Geoffrey Morgan Canadian oil tycoon Adam Waterous’s Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer. Strathcona is disposing of gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion). The largest … Read more
By Stephanie Kelly and Jarrett Renshaw About 161 applications await decisions Action will affect market for renewable fuel credits Big Oil, Farm Belt anticipate 2026 biofuel blending requirements NEW YORK, May 15 (Reuters) – The Trump administration plans to rule quickly on dozens of small U.S. refineries’ pending applications for exemptions from biofuel-blending requirements, the … Read more
The Trump administration will shrink the time it takes to review potential land parcels on federal lands for oil and gas development by about half, to six months, the Interior Department said. WHY IT’S IMPORTANT The move to streamline the oil and gas leasing process aligns with President Donald Trump’s energy dominance agenda, which aims … Read more
By Naureen S Malik Paul Segal Photographer: LS Power LS Power bet on buying and building natural gas power plants at a time when some analysts considered them almost relics, doomed to be sidelined by solar and wind. Now, utilities see gas-fired plants as essential to meeting a surge of electricity demand from new data … Read more
Summary IEA adjusts 2025 global demand growth forecast higher by 20,000 bpd IEA hiked 2025 global supply growth forecast by 380,000 bpd IEA sees lower oil prices hitting U.S. shale oil output growth IEA sees global demand growing slower for rest of this year (Reuters) – The International Energy Agency (IEA) said on Thursday that … Read more
Panasonic’s decision not to expand battery production capacity has been validated by slower global demand for electric vehicles. The company is preparing to start production at a second US-based factory in Kansas, but has frozen plans for a third plant, and may benefit from having US factories as Tesla and others seek to reduce … Read more
Goldman Sachs sees upside risk to its Brent and WTI oil price forecast in 2025 and 2026 from recent trade de-escalation, it said in a note on Tuesday. The bank estimates around $3-4 per barrel of upside risk to its Brent and WTI oil price forecast of $60/bbl and $56/bbl respectively for the rest of … Read more
By Leen Al-Rashdan and Julie Johnsson A Qatar Airways aircraft at Hamad International Airport in Doha. Photographer: Christopher Pike/Bloomberg A year after Boeing Co. went through a deep executive shakeup and prolonged existential crisis, the US planemaker just rode to its biggest-ever aircraft order, propelled by a powerful endorsement from President Donald Trump. Chief Executive … Read more
Summary OPEC+ strategy helps lower oil prices at time of concerns over tariffs Trump reaffirms US ties with Saudi in lavish visit to kingdom Saudi oil exports to the US have declined in recent decades Summary OPEC+ strategy helps lower oil prices at time of concerns over tariffs Trump reaffirms US ties with Saudi in … Read more
Summary Trump says US close to securing Iran nuclear deal US crude stockpiles rose last week IEA slightly upgrades 2025 oil demand growth forecast (Reuters) – Oil prices fell by about $2 on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions easing, while a surprise build in U.S. crude oil … Read more
The proposal would eliminate popular tax credits for electric vehicles and home solar. By Ari Natter and Mark Chediak Workers install solar panels on a home in San Francisco. Photographer: Michaela Vatcheva/Bloomberg House Republicans released their first stab at a bill to extend President Donald Trump’s tax cuts, which would help pay for them by … Read more
(Reuters) – Saudi Aramco unveiled 34 preliminary deals with major U.S. companies on Wednesday, potentially worth up to $90 billion in one of its broadest pushes to deepen commercial ties with the United States. The agreements underscore Saudi Arabia’s efforts to strengthen its energy partnerships and attract foreign investment as it looks to balance oil … Read more
(Reuters) – Kazakhstan’s oil production fell 3% from March to 1.82 million barrels per day (bpd) in April, but was again above the country’s OPEC+ quota, according to an industry source familiar with the statistics, and Reuters calculations. Kazakhstan’s output has become the main point of contention inside OPEC+, with group leader Saudi Arabia demanding … Read more
By Andrea Jaramillo Pumpjacks in Colombia. Photographer: Nicolo Filippo Rosso/Bloomberg Colombia’s oil and gas association urged authorities to take “urgent action” after a surge in sabotage attacks on critical energy infrastructure. A group broke in and set fire to the Quifa field facilities in Meta province in central Colombia on Monday, the association known as … Read more
Summary • API data shows stock build last week • Demand-side pessimism eases, though caution lingers • U.S. EIA weekly inventory report due today (Reuters) – Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside OPEC+. Brent crude … Read more
Four years ago, Saudi Crown Prince Mohammed bin Salman struggled to get an audience with then-President Joe Biden, who said he wanted to make the Gulf country a pariah after its leader allegedly ordered the murder of a Washington-based journalist. On Tuesday, President Donald Trump lavished effusive praise on Saudi’s de facto ruler, calling him … Read more
Bloomberg Prime Minister Mark Carney will consider altering environmental regulations to facilitate investment in major projects in Canada, including oil and gas pipelines. Carney’s plan involves using domestic oil and gas production to displace imports, increasing exports, and playing a major role in nuclear and hydroelectricity, and possibly carbon capture and storage technology. Carney declined … Read more
By Kalea Hall DETROIT, May 13 (Reuters) – General Motors (GM.N) and battery partner LG Energy Solution (373220.KS) are planning to start commercial production of lower-cost cells for future electric vehicles at a U.S. facility starting in 2028, the companies said on Tuesday. The cells will have a lithium manganese-rich (LMR) chemistry, which GM says … Read more
(Reuters) – NRG Energy said on Monday it would acquire power generation assets from energy infrastructure investment firm LS Power in a cash-and-stock deal valued at $12 billion, as the U.S. utility banks on industrial customers driving electricity demand across the country. Shares of NRG Energy rose more than 6% in premarket trade. According to … Read more
(Reuters) – The U.S. Department of Energy on Monday proposed to eliminate or change more than 40 regulations and programs to align them with President Donald Trump’s efforts to relax federal rules and gut diversity initiatives. The moves will save U.S. taxpayers $11 billion, the agency said in a statement, calling it the first step … Read more
May 13 (Reuters) – Commodities giant Glencore (GLEN.L) finalised a deal to buy 2 million tonnes per annum (mtpa) of LNG from Commonwealth’s export facility in Louisiana, along with equivalent natural gas supply from Kimmeridge Texas Gas, the companies said on Tuesday. WHY IT’S IMPORTANT The 20-year agreement, which was initially announced last year as … Read more
By Tanay Dhumal and Curtis Williams Venture Global entire Plaquemines plant to produce LNG by end of 2025 Company plans to sell 550 LNG cargoes from CP2 project before moving to commercial operations Venture Global stock price soars almost 10% trading May 13 (Reuters) – Venture Global LNG (VG.N) shares jumped nearly 11% on Tuesday … Read more
(Reuters) – Canadian Prime Minister Mark Carney, who won an election last month promising to stand up to U.S. President Donald Trump, unveiled a new cabinet on Tuesday that he said would help define a new relationship with the United States. Carney cut the number of ministers to 29 from the 39 under former Prime … Read more
The U.S. on Tuesday imposed sanctions on a shipping network it says has sent millions of barrels of Iranian oil to China, the State Department said, days after Iran and U.S. negotiators concluded a fourth round of nuclear talks in Oman. The sale of the oil helped fund Iranian weapons and attacks by the Houthi … Read more
Kayne Anderson has closed its third energy income fund with $2.25 billion of total capital committed, the investment firm said, far exceeding an initial target as investors show renewed appetite for oil and gas assets. The fund, Kayne Private Energy Income Fund III, will invest in high-quality private companies focused on producing oil and natural … Read more
Maintaining Momentum into Second Quarter 2025 and Remain on Track to Achieve Full Year 2025 Guidance Closed Maverick Acquisition Continuing to Execute our Strategy as the PDP Champion Returned Over $59 million to Shareholders Through Dividends and Repurchases Year to Date BIRMINGHAM, Ala., May 12, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC, NYSE: … Read more
Midland, Texas, May 12, 2025 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended March 31, 2025. The Company also raised the high-end of its full-year 2025 … Read more
FORT WORTH, Texas, May 12, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced amended financial and operating results for the quarter ended March 31, 2025, provided an updated 2025 development outlook and increased production guidance. Please note that in the Unaudited Condensed Consolidated Statements of Cash Flows table, … Read more
Company Reaffirms Full-Year Capital Investment and Production Outlook TULSA, OK, May 12, 2025 (GLOBE NEWSWIRE) — Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today reported first-quarter 2025 financial and operating results. Supplemental slides have been posted to the Company’s website and can be found at www.vitalenergy.com. A conference call to discuss results is … Read more
Governor Gavin Newsom’s latest outreach to the Golden State’s oil companies may be too late to arrest a steady decline in gasoline production. By Nathan Risser Californians are accustomed to paying the highest gasoline prices in the US. That trend likely will continue because of the state’s reliance on a dwindling fleet of oil refineries. … Read more
(Reuters) – Colorado’s highest court on Monday rejected efforts by ExxonMobil and Suncor Energy to dismiss a lawsuit by the city of Boulder seeking to hold the fossil fuel companies responsible for climate change. The Colorado Supreme Court in a 5-2 decision said federal law did not block Boulder and its surrounding county from claiming … Read more
A U.S. House committee released a budget proposal that includes more than $1.5 billion to replenish and maintain the Strategic Petroleum Reserve, and cancels a congressionally mandated sale, following huge sales from the facility in 2022. The proposal from the House Energy and Commerce Committee released late on Sunday contains $1.32 billion to purchase oil … Read more
The move by the United States and China to reduce import tariffs on each other and negotiate has been broadly welcomed by markets, but the de-escalation will do very little to restore the trade in energy commodities. The truce between the world’s two largest economies will see the United States lower its tariffs on imports … Read more
Summary • Markets cautious on US-China tariff relief • Increasing OPEC+ supply weighs on prices • Fuel demand and refining margins stable (Reuters) – Oil prices rose on Tuesday but gains were capped by rising supplies and caution over whether the pause in the U.S.-China trade war will lead to a longer-term deal. Brent crude … Read more
By Ari Natter House Republicans are proposing to eliminate a tax credit for electric vehicles and phase out incentives to develop clean-energy projects to help pay for President Donald Trump’s massive tax package. The incentives put in place by former President Joe Biden’s signature climate law have been ripe targets for lawmakers looking for trillions … Read more
By Clyde Russell LAUNCESTON, Australia, May 12 (Reuters) – China’s imports of crude oil edged into positive territory for the first months of the year, but rather than a sign of improving fuel demand, the recovery is more about rising inventories. The world’s biggest crude importer recorded arrivals of 11.69 million barrels per day (bpd) … Read more
By David Carnevali, Ryan Gould, and Dinesh Nair Blackstone Inc. is in talks to acquire TXNM Energy Inc., the owner of New Mexico’s largest utility, according to people familiar with the matter. The private equity firm’s infrastructure arm, Blackstone Infrastructure Partners, has emerged as the likeliest buyer of TXNM after other suitors dropped out of … Read more
Iran is preparing for a visit by Russian President Vladimir Putin, Iran’s government spokesperson Fatemeh Mohajerani was quoted by Russia’s state RIA news agency as saying on Monday. “Putin’s trip to Tehran is currently being worked out, preparations are underway,” Mohajerani was quoted as saying by RIA. There was no immediate comment from the Kremlin. … Read more
It’s good for the planet and good for farmers, yet sustainable aviation fuel is struggling to gain momentum with the Trump administration. By Kim Chipman A sample of sustainable aviation fuel produced at Neste Oyj’s refinery in Singapore. Photographer: Lauryn Ishak/Bloomberg Today, reporter Kim Chipman unpacks the challenges in boosting US production of sustainable aviation … Read more
Join us for an insightful webinar designed specifically for land management professionals, featuring our guest speaker Matt Kopycinski, Manager Land Services from EY. We’ll delve into the evolving landscape of land management. This session will provide valuable knowledge and practical advice to help you stay ahead in this dynamic field. Key Topics: Industry Trends Challenges … Read more
Summary • US and China agree to 90-day on pause on tariffs • Deal raises hopes of an end to trade war • Oil extends gains after 4% rise last week (Reuters) – Oil prices jumped by about 4% on Monday after the U.S. and China said they would ease some of their tariff measures, … Read more
(Reuters) – Top U.S. oilfield service firms have signaled a challenging period ahead as a recent slide in oil prices pushes producers to temper their drilling activity and rethink their budgets. SLB, Halliburton, and Baker Hughes all flagged cautious customer spending in their first-quarter reports, citing a lack of visibility, especially in North America. Higher … Read more
Fifteen state attorneys general sued U.S. President Donald Trump on Friday to try to block his national energy emergency, which the states said is an unlawful effort to disregard regulations and fast-track permitting for oil and gas development. The Democratic state attorneys general, including those from California, Washington and New York, said using emergency … Read more
By Verity Ratcliffe, Dinesh Nair, and Anthony Di Paola Oman is looking to sell a stake in natural gas assets valued at about $8 billion, according to people familiar with the plan, as the sultanate seeks to raise cash to shore up its state finances and fund investments. State-owned firm Energy Development Oman SAOC is … Read more
U.S. President Donald Trump said on Friday an 80% tariff on Chinese goods “seems right,” suggesting for the first time a specific alternative to the 145% levies he has imposed on Chinese imports ahead of closely watched weekend talks between the two countries. U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, 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 578 in the week to May … Read more
(Reuters) – Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, fell to their lowest last month since February 2021, consultancy Enverus said, amid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices. Operators in Texas submitted 570 new drilling permit applications in April, down … Read more
Summary • All eyes on US-China trade talks in Switzerland after US-UK deal • Trump says 80% tariff on China ‘seems right’ • Rising Middle East tensions also support oil prices • OPEC oil output edged lower in April, Reuters survey finds NEW YORK, May 9 (Reuters) – Oil prices settled nearly 2% higher on … Read more
Panasonic shares are up only five per cent since the start of the year, hurt by fears about EV sales and U.S. tariffs By Yuki Furukawa Panasonic Holdings Corp. is slashing headcount by 10,000, or more than 4 per cent, part of a push to cull non-growth operations and boost profitability. The supplier of lithium-ion … Read more
The case for improving our industrial capacity with industrial freedom, not tariffs. By Alex Epstein It’s important to have nuanced conversations about tariffs. Recently I had the opportunity to share my view on Donald Trump Jr.’s podcast, Triggered, which is that there are real problems with our industrial capacity, but the solution is industrial freedom, freer … Read more
(Reuters) – A court in Switzerland said on Friday that Nord Stream 2, part of Russian gas company Gazprom, has reached a debt restructuring agreement with its creditors. The court had set a of May 9 for Switzerland-based Nord Stream 2 to both restructure its debts and pay back small-scale creditors. The court had said … Read more
(Reuters) – U.S. exports of natural gas liquids touched a record high in April, even as a trade war between the U.S. and China cut shipments to the top buyer, ship tracking data showed. The recent trade developments have threatened U.S. exports of natural gas liquids (NGLs), such as ethane, butane and propane, used to … Read more
The Republican-controlled U.S. House of Representatives on Thursday passed a bill to formally change the name of the Gulf of Mexico to the Gulf of America, following President Donald Trump’s executive order, though the measure is unlikely to succeed in the Senate. The House voted 211-206 to change the name of the body of water … Read more
(Reuters) – Enbridge surpassed market estimates for first-quarter profit on Friday, driven by higher earnings from its Mainline system and gas distribution unit, and said that U.S. tariffs were not expected to materially impact its current operations. Canada is the leading supplier of imported oil to the United States, delivering about 4 million barrels per … Read more
Summary • All eyes on May 10 US-China talks in Switzerland • OPEC April oil output edged lower, Reuters survey finds • China’s April exports exceed expectations (Reuters) – Oil prices rose more than 1% on Friday, poised for a weekly gain as trade tensions between top oil consumers China and the United States showed … Read more
(Reuters) – The U.S. Energy Information Administration said on Wednesday that it estimates that the average number of oil wells completed simultaneously within 50 feet of each other in the Lower 48 states has more than doubled over the past decade. The agency said that simultaneous well completion per location had increased from 1-1/2 wells … Read more
(Reuters) – With a frost covering Europe’s energy relations with Russia, officials from Washington and Moscow have held discussions about the U.S. helping to revive Russian gas sales to the continent, eight sources familiar with the talks have told Reuters.Europe slashed its imports of Russian gas following Moscow’s invasion of Ukraine in 2022, a move … Read more
Citigroup must face a revived lawsuit claiming it caused more than $1 billion of losses by orchestrating and concealing a vast fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, a U.S. appeals court ruled on Thursday. A three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami said 30 Oceanografia … Read more
HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced that W.L. (Bill) Bullock, executive vice president and chief financial officer, will retire from ConocoPhillips after 39 years of distinguished service. Andy O’Brien, currently senior vice president, Strategy, Commercial, Sustainability and Technology, will succeed Bill as chief financial officer, effective June 1, 2025. Andy will also retain responsibility for Strategy, … Read more
Reported first-quarter 2025 earnings per share of $2.23 and adjusted earnings per share of $2.09. Generated cash provided by operating activities of $6.1 billion and cash from operations (CFO) of $5.5 billion. Lowered both full-year capital expenditures and adjusted operating cost guidance while maintaining full-year production guidance. Declared second-quarter ordinary dividend of $0.78 per share. … Read more
By Alex Lawler LONDON, May 8 (Reuters) – OPEC oil output edged lower in April despite a scheduled output hike taking effect, a Reuters survey found, led by a cut in Venezuelan supply on renewed U.S. attempts to curb the flows and smaller drops in Iraq and Libya. The Organization of the Petroleum Exporting Countries … Read more
By Gavin Maguire LITTLETON, Colorado, May 8 (Reuters) – Clean energy sources generated the smallest amount of Germany’s electricity in over a decade so far in 2025, dealing a blow to the energy transition momentum of Europe’s largest economy. Electricity generation from clean power sources totalled just under 80 terawatt hours (TWh) during the first … Read more
May 8 (Reuters) – ConocoPhillips (COP.N) beat Wall Street estimates for first-quarter profit on Thursday and said Chief Financial Officer Bill Bullock will retire after nearly four decades with the oil and gas producer. The company’s $22.5 billion acquisition of Marathon Oil in November has boosted ConocoPhillips’ presence in the Permian, Eagle Ford and Bakken … Read more
By Ron Bousso Global refining profit margins above 2024 levels Traders refilling depleted diesel inventories after cold winter Gasoline demand set to rise ahead of summer LONDON, May 8 (Reuters) – Global oil refineries’ strong profit margins signal healthy oil consumption today, a stark contrast with the grim long-term demand outlook. Sentiment in the oil … Read more
Greg Abel holds about US$175 million worth of stock or about 18% of his US$1 billion net worth Warren Buffett’s appointed successor has built a billion-dollar fortune in his time at Berkshire Hathaway Inc. But unlike the legendary investor — or even his friends and early backers who became spectacularly wealthy over his six-decade run … Read more
By Julian Lee and Alex Longley When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter. That’s for two big reasons: Trump’s trade war is driving down economic … Read more
Summary • Crude prices supported by impending US-China talks • Brent prices could drop to $50 if US-Iran deal occurs – Citi LONDON, May 8 (Reuters) – Oil prices rose over 1% on Thursday, buoyed by hopes of a breakthrough in looming trade talks between the United States and China, the world’s two largest oil … Read more
Recent U.S. sanctions on two small Chinese refiners for buying Iranian oil have created difficulties receiving crude and led them to sell product under other names, sources familiar with the matter said, evidence of the disruption that Washington’s stepped-up pressure is inflicting on Tehran’s biggest oil buyer. The targeting of independent refiners, known as teapots, … Read more
It’s been almost 25 years since BP Plc attempted to rebrand itself as “Beyond Petroleum” and adopt a more environmentally friendly image. But with a recent swing away from green energy toward its fossil fuel roots, “Back to Petroleum” might be a more appropriate tag line. The shift comes as BP lags significantly behind its … Read more
(Reuters) – The U.S. Geological Survey (USGS) released an assessment on Wednesday detailing potential undiscovered oil and gas in two formations under much of the U.S. Gulf Coast from Texas to Florida. The assessment found that there are technically recoverable resources of 35.8 trillion cubic feet of natural gas and 28 million barrels of oil … Read more
If Shell acquires BP, it would create a European oil major that could challenge industry leaders Exxon Mobil Corp. and Chevron Corp., with upstream oil and gas production of nearly 5 million barrels of oil equivalent a day. Summary by Bloomberg AI The deal would give Shell dominance in LNG sales, with combined sales jumping … Read more
Ukraine’s parliament ratified a deal with the US over access to the country’s natural resources, lending its full support to attempts by President Volodymyr Zelenskiy to improve ties with Donald Trump. Ukraine and the US reached the accord a week ago after long negotiations that led Washington to drop its insistence on getting back billions of dollars in aid delivered … Read more
Photographer: Anthony Prieto/Bloomberg Crescent Energy Co. is looking to sell its drilling portfolio in areas including the Denver-Julesburg Basin in Colorado to focus on its core acreage in the Eagle Ford and Uinta basins. Summary by Bloomberg AI The divestment could fetch more than $1 billion, but no final decision has been made and Crescent … Read more
(Reuters) – The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil … Read more
(Reuters) – U.S. crude stocks and distillate inventories fell last week, while jet fuel demand rose to a five-year high, the Energy Information Administration (EIA) said on Wednesday. Gasoline inventories rose, stoking concerns among analysts of weak demand ahead of a major driving holiday in the U.S. later this month. Crude inventories fell by 2 … Read more
Summary • CEO blames higher costs, interest rates and execution risks • Q1 core profit above forecasts • British government hopes to revive the project (Reuters) – Orsted will no longer build a major offshore wind farm in Britain, it said on Wednesday, citing a deteriorating global business environment for renewables and dealing a blow … Read more
Summary • Trump claims Russia, Ukraine want peace amid oil price drop • Putin proposes ceasefire for WWII victory anniversary • Trump doubts Russia’s involvement in Nord Stream attack (Reuters) – U.S. President Donald Trump said Moscow and Kyiv want to settle the war in Ukraine and that Russian President Vladimir Putin was more inclined … Read more
Woodside Energy, Australia’s top natural gas producer, said on Tuesday it would seek to sell a further 20%-30% stake in Louisiana LNG, with interest growing in the $17.5 billion project since its final approval last week. Liz Westcott, chief operating officer for Australia, said the planned selldown of Woodside’s wholly owned holding company for the … Read more
Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday. The bank now expects Brent crude to average $60 per barrel for the rest of 2025 and $56/bbl in 2026 down … Read more
U.S. power consumption will hit record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected power demand will rise to 4,205 billion kilowatt hours (kWh) in 2025 and 4,252 billion kWh in 2026, from a record 4,097 billion kWh in 2024. … Read more
(Reuters) – U.S. natural gas futures prices declined on Tuesday on market talk that U.S. liquefied natural gas company Freeport LNG’s export plant in Texas is shut. Officials at Freeport declined to comment. Freeport is one of the most closely watched LNG export plants in the world because the start and stop of its operations … Read more
Summary • U.S.-China to meet over the weekend • U.S. crude stocks seen falling 800,000 barrels in EIA report • API showed U.S. crude, gasoline stocks fell, sources say LONDON, May 7 (Reuters) – Oil prices pared gains on Wednesday but rose for a second session, finding support from positive investor sentiment over U.S.-China trade … Read more
U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to take in more natural gas on Wednesday after shutting on Tuesday, a sign the plant was exiting an outage, according to gas flow data from financial firm LSEG. Officials at Freeport LNG had no comment. In a report to … Read more
By Robert Cyran NEW YORK, May 5 (Reuters Breakingviews) – Oil fields are just as quick to make fortunes as break them. The 1901 Spindletop gusher in Texas jumpstarted the petroleum age, crashing oil prices. A mere two years later, over-extraction drove the field into decline. Sure, today’s industry is far larger and more sophisticated. … Read more
Continued Maintenance Investment to Drive Free Cash Flow; High-Graded Portfolio Bolsters Financial Resiliency Highlights: Generated cash from operating activities of $873 million, Non-GAAP Cash Flow of $1,004 million and Non-GAAP Free Cash Flow of $387 million after capital expenditures of $617 million First quarter oil and condensate production was above the guidance range at 206 thousand barrels per day (“Mbbls/d”) Average … Read more
(Reuters) – Russia’s Vladimir Putin and China’s Xi Jinping will discuss the “most sensitive” issues, including energy cooperation and a proposed Power of Siberia 2 gas pipeline to China, Kremlin aide Yuri Ushakov said on Tuesday. Xi will start an official four-day visit to Moscow on Wednesday and will be among a number of the … Read more
By John Ainger Oil pumping jacks near Almetyevsk, Russia. Photographer: Bloomberg The European Union gave its strongest signal yet that it’s serious about ending five decades of reliance on Russian energy, but a challenging geopolitical environment may derail its plans. The European Commission, the bloc’s executive branch, unveiled a roadmap to finally switch off the … Read more
Oil prices play a crucial role in Russia’s budget and the Russian economy overall, but Russian national interests take precedence above all else, Kremlin spokesman Dmitry Peskov said on Tuesday. Peskov was commenting on remarks by U.S. President Donald Trump, who suggested that President Vladimir Putin might be more inclined to resolve the conflict in … Read more
Chairman after vice chairman Greg Abel takes over as CEO. Summary • Buffett’s decision to give up CEO job ‘a shocker’ • Buffett could serve as mentor, help in acquisitions • Stock price falls 5% though Abel’s ascension was expected (Reuters) – Warren Buffett will stay on as chairman of Berkshire Hathaway after Vice Chairman … Read more
(The opinions expressed here are those of the author, a columnist for Reuters.) * Saudi-led OPEC+ to sharply increase output by June * Riyadh appears willing to enter price war * Signs that oil demand could be hit due to trade wars By Ron Bousso LONDON, May 6 – Saudi Arabia has signalled that it … Read more
(Reuters) – Drivers in California pay higher prices at the pump than any other state in the country due to supply issues, costs from environmental compliance and fuel requirements, and high state taxes and fees, the U.S. Energy Information Administration said on Monday. In March, costs from Californian environmental programs such as Cap-and-Trade and the … Read more
(Reuters) – Commonwealth LNG announced on Monday that it has signed a Sale and Purchase Agreement with a major Asian energy company. Under the 20-year agreement, the buyer will purchase 1 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from Commonwealth’s planned 9.5 mtpa facility in Cameron, Louisiana, the company said. Last week, … Read more
Summary • Brent, WTI both up around 2% after hitting four-year lows in previous session • Rebound comes with some dip buying • Price gains unlikely to sustain under oversupply LONDON, May 6 (Reuters) – Oil gained more than $1 per barrel on Tuesday, rebounding on technical factors and bargain hunting after a decision by … Read more
(Reuters) – The U.S. Gulf of Mexico can continue growing oil output even amid geopolitical volatility not seen in decades, oil and gas industry leaders said on Monday. U.S. President Donald Trump’s global tariff announcements have since last month contributed to a decline in oil prices and fears of an economic downturn, making it more … Read more
MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025. FIRST QUARTER 2025 AND RECENT HIGHLIGHTS Average oil production of 475.9 MBO/d (850.7 MBOE/d) Net cash provided by operating activities of $2.4 billion; Operating Cash … Read more
By Liz Hampton (Reuters) – Hello Power Up readers! Oil futures are down more than 1% today after the Organization of the Petroleum Exporting Countries and allies decided to speed up oil output hikes. This comes after Brent shed more than 8% last week, and U.S. West Texas Intermediate (WTI) fell by 7.5% over the … Read more
HOUSTON, May 5, 2025 /PRNewswire/ — Gretchen Watkins, President, Shell USA since July 1, 2018, will step down, effective July 31, 2025, after seven years in role. Colette Hirstius, currently Executive Vice President, Gulf of America, will take on the responsibility of President, Shell USA, in addition to her current role as Executive Vice President, Gulf of America, effective … Read more
DALLAS, May 5, 2025 /CNW/ — Sunoco LP (NYSE: SUN) (“Sunoco” or the “Partnership”) and Parkland Corporation (TSX: PKI) (“Parkland”) announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt. As part of the … Read more
(Reuters) – Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt, the U.S. fuel supplier said on Monday, in a move the companies said would create the largest independent fuel distributor in the Americas. The deal follows Parkland’s strategic review, initiated in March, following persistent pressure from Simpson … Read more
By Ron Bousso Summary Oil majors warn of worsening global economic conditions Yet most stick to large shareholder return programmes And are borrowing more in order to pay for their expenses (Reuters) – Top oil and gas companies are watching the worsening global economic outlook with trepidation, but they currently appear to be doing little … Read more
Summary • EU wind and solar growth outpace network upgrades • EU grid infrastructure is ageing, more links needed • More energy storage needed to maintain grid stability (Reuters) – Europe’s ageing power grid and lack of energy storage capacity will require trillions of dollars in investments to cope with rising green energy output, increasing … Read more
If there is one thing that is almost certain in the current global crude oil market, it’s that the stated reasons for the OPEC+ group of exporters increasing supply are not the real reasons.The eight OPEC+ countries that are party to voluntary output cuts met on May 3 and decided to ease their curbs again … Read more
(Reuters) – U.S President Donald Trump’s minerals deal with Ukraine is a big symbolic win for both sides. Ukraine gets a long-term commitment for U.S. investment in “a free, sovereign, and secure Ukraine”. The United States gets a stake in Ukraine’s future resource potential. And Trump gets to prove that he is, to quote White … Read more
Summary • OPEC+ says to hike output by 411,000 bpd in June • OPEC+ eyes full unwinding of voluntary output cuts by Oct, sources say • Barclays, ING cut 2025 Brent forecasts LONDON, May 5 (Reuters) – Oil prices fell more than 1% on Monday after OPEC+ decided over the weekend to further speed up … Read more
I Squared Capital is in talks to acquire a majority stake in the Matterhorn Express natural gas pipeline, according to people familiar with the matter. The infrastructure-focused investment firm has been speaking with potential investors that would help fund the potential purchase, the people said. I Squared is buying its position from WhiteWater Midstream, they … Read more
The financial payoff from a new minerals deal between Ukraine and the U.S. is likely to take a decade or longer as investors face many hurdles to getting new mines into production in the war-ravaged country. Developing mines that produce strategically important minerals in countries with established mining sectors such as Canada and Australia can … Read more
Summary Chevron maintains dividend and share buyback strategy despite lower crude prices Production flat year-over-year, impacted by asset sales Chevron’s Q1 oil and gas earnings drop from previous year HOUSTON, May 2 (Reuters) – Chevron on Friday reported first-quarter earnings that met Wall Street estimates, but said it would spend less on share repurchases in the … Read more
Venture Global has raised $3 billion in debt finance towards the construction of its CP2 LNG plant in Louisiana, which would be the largest single liquefied natural gas plant in the U.S., the company said on Thursday. Venture Global is the U.S.’ second-largest LNG exporter and has played a key role in making the country … Read more
Summary Exxon on track to meet annual share repurchase target Lower-cost production in Permian, Guyana helps boost earnings Oil and gas production up from a year ago Shares rise about 1% in pre-market trade HOUSTON, May 2 (Reuters) – Exxon Mobil on Friday beat Wall Street’s estimate for first-quarter profit as higher oil and gas production … Read more
By Sheila Dang and Shadia Nasralla Exxon and Shell maintain buybacks amid oil price slump Chevron and BP reduce buybacks due to market conditions Exxon benefits from Guyana oilfield, Chevron seeks entry HOUSTON/LONDON, May 2 (Reuters) – Big Oil’s first-quarter earnings have shown a clear split in how companies are positioned to weather the downturn … Read more
By Shariq Khan Oil down 8% this week in steepest weekly decline since March OPEC+ moves up meeting to discuss June output plan to May 3 Group to decide whether to accelerate or slow supply hikes Signs of trade-war de-escalation help check oil’s decline NEW YORK, May 2 (Reuters) – Oil prices fell over 1% … Read more
By Scott Disavino May 2 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, … Read more
The U.S. Environmental Protection Agency announced plans on Friday to slash its budget by $300 million in fiscal year 2026, reduce staffing to 1980s levels and dissolve its research and development office as part of a sweeping overhaul of the agency. The reorganization, which will consolidate several key offices, will reflect plans to cut regulatory … Read more
By Amanda Stephenson CALGARY, May 2 (Reuters) – The U.S. Army Corps of Engineers said on Friday it expects to make a decision this fall whether to grant a permit to Enbridge’s (ENB.TO) proposed Great Lakes tunnel for its Line 5 oil pipeline project. The Army Corps, a federal engineering service, released an updated permitting … Read more
By Will Gibson Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter The footprint of energy development continues to occupy less than three per cent of Alberta’s oil sands region, according to a report by the Alberta Biodiversity Monitoring Institute (ABMI). As of 2021, energy projects impacted just 2.6 per cent … Read more
Goldman Sachs on Friday said it expects OPEC+ to announce a second consecutive increase in supply for June on Saturday, due to modest compliance from Kazakhstan, lower-than-expected OECD inventories, and Saudi Arabia’s ability to handle lower oil prices. The Wall Street bank expects the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to … Read more
By Kanupriya Kapoor and Kari Lundgren Equinor ASA agreed to sell its 60% stake in the Peregrino oil and gas project off the Brazilian coast to PRIO SA for $3.5 billion, as the Norwegian energy explorer seeks to streamline international operations. Rio de Janeiro-based PRIO gained. Brazilian firm Prio Tigris Ltda., a subsidiary of PRIO … Read more
(Reuters) – A meeting of eight OPEC+ countries to decide on their plan for oil production policy in June will now take place on Saturday instead of Monday as originally planned, three sources with knowledge of the matter told Reuters on Friday. It was not immediately clear why the meeting was brought forward. The eight … Read more
By David Latona, Emma Pinedo and Pietro Lombardi Power industry had sounded warnings Renewable energy boom makes grids vulnerable Nuclear plant closures add to challenges MADRID, May 2 (Reuters) – Spain suffered several power glitches and industry officials sounded repeated warnings about the instability of its power grid in the build up to its catastrophic … Read more
By Shadia Nasralla Q1 adjusted earnings $5.58 billion above forecast $4.96 billion Will buy back shares worth $3.5 billion in next three months Contrasts with BP that cut buybacks this year CEO says would rather buy back more shares than bid for BP LONDON, May 2 (Reuters) – Shell (SHEL.L) exceeded analyst expectations on Friday, … Read more
By Robert A. Lawson and Matthew D. Mitchell For a moment on April 9, the average U.S. tariff rate leapt to 32 per cent, making American consumers the highest tariffed people in the world. For the next 90 days, the average U.S. tariff rate will be about 25 per cent, which will leave Americans paying … Read more
(Reuters) – U.S. President Donald Trump said all purchases of Iranian oil or petrochemical products must stop and any country or person buying any from the country would be immediately subject to secondary sanctions. “They will not be allowed to do business with the United States of America in any way, shape, or form,” he … Read more
Musk acknowledged during Tesla’s earnings call that there had been “some blowback” over his time leading DOGE Tesla Inc.’s chair denied a report that said board members started a search for a chief executive to succeed Elon Musk, saying directors are “highly confident” in his abilities. The Wall Street Journal reported late Wednesday that unidentified … Read more
President Donald Trump’s administration has sued Hawaii and Michigan to try to stop them from filing lawsuits against major oil companies over the fossil fuel industry’s role in climate change, accusing the Democratic-led states of overreach and imperiling domestic energy production. Neither state has sued yet. Hawaii Governor Josh Green told a local TV station … Read more
By Timothy Gardner, Valerie Volcovici and Leah Douglas Trump proposes $15 billion cuts to renewable energy, carbon capture Cancels $6 billion for EV chargers Unclear how Congress would make cuts to funds already in US law $4.5 billion in USDA cuts includes conservation programs Plan entirely cuts EPA program on environmental justice WASHINGTON, May 2 … Read more
Summary China ‘evaluating’ U.S. proposal to ease trade tensions OPEC+ members to discuss June output plan on May 5 Trump threatens secondary sanctions on Iranian oil buyers (Reuters) – Oil prices fell on Friday as traders squared positions ahead of an OPEC+ meeting and amid some caution about a potential de-escalation of the trade dispute … Read more
(Reuters) – U.S. crude oil stockpiles fell unexpectedly last week on higher export and refinery demand, while gasoline drew down for a ninth straight week, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.7 million barrels to 440.4 million barrels in the week ended April 25, the EIA said, compared with analysts’ … Read more
(Reuters) – The United States in April equaled its record for the largest volume of liquefied natural gas exported as capacity increased with the ramp-up of Venture Global’s Plaquemines plant, LSEG data showed. The U.S. is already the world’s largest exporter of LNG and its capacity is expected to grow 20% in 2025 to 115 … Read more
Summary Power segment profit falls 30% on repairs at Bruce Power nuclear reactor TC Energy announces new gas and nuclear projects worth C$2.4 billion Company’s US-listed shares drop 4% May 1 (Reuters) – Canadian pipeline operator TC Energy on Thursday missed analysts’ estimates for first-quarter profit on weakness in its power and energy solutions business, while … Read more
By Yogi Schulz AI is sweeping through most organizations. It’s out of control, like the Wild West. AI output is showing up in reports and presentations. The Apple App Store and Google Play offer many free AI apps of varying quality. Every AI software vendor provides access to their prompt website. AI output is part … Read more
By Laila Kearney NEW YORK, April 29 (Reuters) – U.S. electric utility Entergy (ETR.N) is looking to expand its nuclear power output by upgrading its existing plants across the U.S. South while it considers advanced nuclear technologies, company executives said on Tuesday. U.S. nuclear power, which is virtually carbon free, has been in high demand … Read more
(Reuters) – Equinor stands to lose billions of dollars on its massive wind power project offshore the state of New York unless U.S. President Donald Trump’s administration reverses a decision to halt the construction, the Norwegian group said on Wednesday. In a blow to the nascent U.S. offshore wind industry, Interior Secretary Doug Burgum said … Read more
(Reuters) – BP’s 440,000-barrel-per-day (bpd) refinery in Whiting, Indiana, shut the reformer unit last weekend, trading sources said. The company did not immediately respond to Reuters’ requests for comment. The Whiting refinery, the largest in the U.S. Midwest, produces a wide range of liquid fuels, including gasoline, diesel and jet fuel. Reporting by Nicole Jao … Read more
Summary Saudi willing to sustain lower prices for longer: sources US economy contracts in first quarter US crude stockpiles fell by 2.7 million barrels last week (Reuters) – Oil prices fell on Thursday, extending a steep decline the previous session due to signs that Saudi Arabia, the world’s largest crude exporter, could raise production and … Read more
(Reuters) – U.S. energy company Expand Energy, the country’s biggest natural gas producer, said on Wednesday it was on track to produce more gas in 2025 and 2026 to meet growing demand for the fuel. Expand executives told analysts on its first quarter earnings call it expected to run about 12 rigs and invest about … Read more
By America Hernandez First quarter adjusted net profit drops 18% versus a year ago All business segments down except LNG Net debt rises to $20.1 billion, up 42% vs a year ago Free cash flow not enough to cover buybacks, dividends (Reuters PARIS, April 30) – Europe’s willingness to buy more liquefied natural gas (LNG) … Read more
(Reuters) – Saudi Arabian officials are briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices, five sources with knowledge of the talks said. This possible shift in Saudi policy could suggest a move toward … Read more
Alberta Premier Danielle Smith challenges Mark Carney to improve the relationship between Alberta and the federal government, citing frustration over policies that “overtly attacked” the province’s economy. Smith demands “meaningful action” to reset the relationship, warning that Albertans will no longer tolerate threats to their industries and resources. The Alberta government will hold a caucus … Read more
Ukraine is ready to sign a natural resources deal with the US, which could bolster Washington’s support for Kyiv by strengthening their economic partnership. The draft agreement, which has been finalized, may be signed as soon as Wednesday and will allow the US privileged access to new investment projects to develop Ukraine’s natural resources. The … Read more
(Reuters Breakingviews) – Elliott Investment Management has a point about BP. Paul Singer’s activist investor group wants the $76 billion oil major, which reported on Tuesday, to cut costs more aggressively. Having allowed key operating expenses to balloon $10 billion since 2019 – or 30% – BP has minimal grounds to push back. Elliott, now BP’s … Read more
Summary Brent projected to average $68.98 per barrel in 2025 WTI to average at $65.08 per barrel in 2025 For table of crude price forecasts, click (Reuters) – A demand outlook clouded by trade disputes between the U.S. and China coupled with OPEC+’s decision to unwind supplies will weigh on oil prices this year, a … Read more
Some power companies have stopped calling the fuel a temporary pathway to renewable energy and are making it central to their long-range plans. By Josh Saul The Gateway Generating Station natural gas-fired power plant in Antioch, California. The fuel’s use is on the rise. Photographer: David Paul Morris/Bloomberg Welcome to our guide to the commodities … Read more
With the increased focus on efficiency and cost savings, it’s important to ensure your travel spend is being used as wisely as possible. With the increased focus on efficiency and cost savings, it’s important to ensure your travel spend is being used as wisely as possible. Make Every Dollar Count While each company and industry … Read more
Summary Brent, WTI down for a third session, hit lowest in over 2 wks Brent down around 15% so far in April China PMI falls sharply as Trump tariffs bite OPEC+ meeting on May 5, market fears another output hike (Reuters) – Oil prices extended declines on Wednesday and were set for their largest monthly … Read more
By Ron Bousso Share of data centres in U.S. power market to more than double by 2030 Natural gas to account for over half of incremental power supply U.S. natural gas production set to peak in early 2030s LONDON, April 29 – The race for AI supremacy could have an unlikely loser: U.S. liquefied natural … Read more
By Julian Lee and Alex Longley When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early April, they had fallen to a four-year low, and ticked up only slightly later in the month. The lower crude … Read more
US oil prices slump over 20% to four-year lows since Jan. 20 Trump’s trade policies muddle US oil outlook, cutting growth forecasts LNG fares better under Trump, with increased export approvals Coal struggles to regain market share despite policy support (Reuters) – Just 100 days into President Donald Trump’s second term, oil prices have slumped over 20% … Read more
By Scott Disavino NEW YORK, April 29 (Reuters) – Oil prices fell about 2% to a two-week low on Tuesday as investors braced for OPEC+ to boost output and worried U.S. President Donald Trump’s tariffs would hit the global economy and slow demand for the fuel. Brent crude futures fell by $1.61, or 2.4%, to … Read more
By Shadia Nasralla Profit of $1.38 billion misses analysts’ $1.53 billion Shares down 3.2% CEO signals option for further spending cuts Share buybacks at bottom of guided range Shares down 4% after results LONDON, April 29 (Reuters) – BP (BP.L) on Tuesday reported a deeper-than-expected 48% drop in net profit to $1.4 billion on weaker … Read more
By Siyi Liu and Florence Tan Tariff waiver eases pressure on Chinese petrochemical firms China’s tariff waiver not publicly announced yet China buys nearly half of US ethane exports SINGAPORE, April 29 (Reuters) – China has waived the 125% tariff on ethane imports from the United States imposed earlier this month, two sources with knowledge … Read more
Summary Electricity restored to most of Spain, Portugal Authorities under pressure to explain Monday’s blackout Spanish schools reopen, public transport restarts Power outage was one of biggest ever seen in Europe MADRID, April 29 (Reuters) – Spain and Portugal switched their power back on after the worst blackout in their history, though authorities offered little explanation … Read more
Canada has 3X US oil reserves but less than 40% the production. Why? Because anti-oil politicians like Mark Carney, who say they’re protecting Earth’s coldest country from global warming, are really punishing Canada with very little global effects. Alex Epstein Canada is squandering the greatest oil opportunity on Earth Canada has the greatest oil opportunity … Read more
HOUSTON– (BUSINESS WIRE) –Woodside has made a final investment decision to develop the three-train, 16.5 million tonne per annum (Mtpa) Louisiana LNG development. Woodside is targeting first LNG in 2029. Development of Louisiana LNG will position Woodside as a global LNG powerhouse, enabling the company to deliver approximately 24 Mtpa from its global LNG portfolio … Read more
Summary Germany’s RWE holds three offshore wind leases in U.S. waters RWE said last month it had pared back U.S. activity to minimum CEO cites ‘political developments’ (Reuters) – One of the world’s top offshore wind developers, Germany’s RWE, has stopped work on its U.S. projects for now in light of recent moves against the … Read more
(Reuters) – Oil fell on Tuesday to near a two-week low as investors lowered their demand growth expectations due to the trade war between the United States and China, the world’s two biggest economies. Brent crude futures fell by $1.22, or 1.85%, to $64.64 per barrel by 1119 GMT. U.S. West Texas Intermediate crude fell … Read more
By Maciej Martewicz The US wants central and eastern European countries to join its path of “energy freedom” instead of following the wider region’s transition to a net zero economy, Energy Secretary Chris Wright said in Warsaw. The Energy Secretary told the Three Seas Business Forum — which numerous leaders from the region attended Monday … Read more
(Reuters) – U.S. natural gas futures jumped about 5% to a one-week high on Monday in light trade ahead of the expiration of the front-month contract on forecasts for higher demand this week than previously expected. Earlier in the day, prices slid about 2% to a five-month low on rising output and forecasts for mild … Read more
(Reuters) – Woodside Energy is in talks with an overseas unit of Kuwait Petroleum to sell a stake in its Louisiana liquefied natural gas plant in the U.S., Bloomberg News reported on Monday, citing people with knowledge of the matter. The overseas unit, Kuwait Foreign Petroleum Exploration, is also considering securing LNG supply from the … Read more
(Reuters) – Barclays lowered its Brent crude forecast on Monday by $4 to $70 a barrel for 2025 and set its 2026 estimate at $62/b, citing “a rocky road ahead for fundamentals” amid escalating trade tensions and OPEC+’s pivot in its production strategy. Despite oil market fundamentals evolving “significantly better than expected” in early 2025, … Read more
MOSCOW, April 28 (Reuters) – Greek shipowners are returning to Russia’s Urals oil market as the price slides below the Western price cap of $60 per barrel, allowing them to provide transport and insurance services while complying with sanctions, three trading sources said. The price cap introduced by the Group of Seven countries does not … Read more
Power outage hits Spain, Portugal and briefly France Authorities try to establish what caused the outage Outage paralyses transport and delays flights MADRID/LISBON, April 28 (Reuters) – A huge power outage hit large parts of Spain and Portugal on Monday, paralysing traffic, grounding flights, trapping people in elevators and leaving power operators scrambling to restore … Read more
U.S. Energy Secretary Chris Wright and Polish Prime Minister Donald Tusk shake hands on the day of a signing agreement related to the construction of Poland’s first nuclear power station at the Chancellery of the Prime Minister, in Warsaw, Poland, April 28, 2025. REUTERS/Kacper Pempel WARSAW, April 28 (Reuters) – U.S. liquefied natural gas supplies … Read more
Summary JERA say may consider Alaska as a potential LNG supplier Japanese firms wary of commitments amid high costs, sources say Japanese delegation heads to US this week for more tariff talks (Reuters) – JERA, Japan’s top power generator, may consider Alaska as a potential source of liquefied natural gas (LNG) supply, an executive said … Read more
By Gavin Maguire (Reuters) – Louisiana has long been overshadowed by its more showy neighbour Texas, which boasts a larger economy and population and has for decades wielded greater sway among policymakers in Washington DC and on the world stage. But the Bayou State is staging a revival that could see it emerge as the more … Read more
(Reuters) – The Trump administration on Wednesday said it would implement an emergency permitting process for energy and mining projects on federal lands, slashing approval times that typically take months or years to at most 28 days. The U.S. Department of the Interior move is in response to President Donald Trump’s national energy emergency declaration, which … Read more
Upstream and midstream operators strive for more accurate land asset analysis using overlapping manual and digital processes. This can require a considerable amount of time to manage the data. Poor data management directly affects your time management and operational costs. In fact, it’s commonly reported by land teams that many high-level staff are having to … Read more
A senior South Korean government official ruled out on Monday that Seoul would agree to a trade package with Washington by the time the country holds a presidential election on June 3, and flagged challenges to reaching a deal even before early July. The countries last week agreed to craft a trade package aimed at … Read more
(Reuters) – Oil prices were stable on Monday as investors weighed up uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, as well as the prospect of OPEC+ raising supply. Brent crude futures were down 13 cents, or 0.19%, at $66.74 a barrel, as of 0902 … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since February, 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, rose by two to … Read more
A natural gas facility in Kitimat, British Columbia.Photographer: Jennifer Gauthier/Bloomberg Drillers in Canada’s energy heartland of Alberta are shifting their focus to natural gas as the global trade war and an OPEC+ plan to increase output hammer crude prices. The number of licenses for new gas wells issued in the first quarter rose 26% from the … Read more
Summary Investors fear weak oil prices could reduce stock buybacks Exxon and Chevron expected to post first quarter profit rise Chevron may cut buybacks if oil prices remain low, analysts say HOUSTON, April 28 (Reuters) – When Exxon Mobil and Chevron report first-quarter results this week, investors will be focused on how falling oil prices have increased … Read more
All the IRA “tax credits” are subsidies for inferior, often totally unprofitable forms of energy. By Alex Epstein Congress’s new budget should eliminate all IRA “tax credits” because: They are subsidies They promote inferior energy They raise energy costs They make energy unreliable They increase our debt They make our economy less productive They don’t … Read more
Weak oil prices, limited shale acreage to hit energy M&A in 2025, Enverus says HOUSTON, April 23 (Reuters) – The U.S. upstream oil and gas M&A market is bracing for the most challenging conditions since the COVID-19 pandemic as oil prices slump and prime acreage dries up, analytics firm Enverus said on Wednesday, even though … Read more
By Christine Dobby Laurent Ferreira. Photographer: Neal Rockwell/Bloomberg National Bank of Canada’s chief executive officer called for a “complete overhaul” of the country’s economic and industrial policies just days before Canadians are set to vote in the federal election. Laurent Ferreira, who has led the Montreal-based bank since 2021, said Thursday that the biggest risk … Read more
(Reuters) – Lyondell Basell Industries permanently shut its 263,776 barrel-per-day (bpd) Houston refinery in February, said Peter Vanacker, the company’s chief executive during a Friday conference call. Reuters reported on Feb. 7 the company completed the shutdown of the refinery. Lyondell first announced plans in 2023 to shut the refinery, which has been in operation … Read more
Energy Secretary Chris Wright reassured US oil companies that the turmoil from President Donald Trump’s trade war is short-term and the administration supports increased crude output. Wright predicted that the uncertainty will last only “a few more weeks” and that the administration is focused on making it cheaper and easier to pump crude and natural … Read more
Summary Brent, WTI down, erasing gains following tariff uncertainty Both contracts set for weekly declines OPEC+ to consider another accelerated oil output hike for June NEW YORK, April 25 (Reuters) – Oil prices edged higher on Friday but posted a weekly decline, under pressure from market expectations of oversupply and uncertainty around tariff talks between … Read more
The World Bank’s steering committee on Friday endorsed the lender’s plans to explore options to expand energy access, including potential financing for nuclear energy, in a move in line with directives to broaden energy financing by U.S. President Donald Trump’s administration. A statement from the World Bank and International Monetary Fund joint Development Committee called … Read more
(Reuters) – Activist investor Elliott Investment Management wants oil major BP to replace its strategy chief and create separate units for upstream and downstream activities to improve accountability, a source familiar with the situation said on Friday. Elliott holds a stake of a little more than 5% in BP, the strategy, sustainability and ventures arm … Read more
(Reuters) – Phillips 66 reported a bigger-than-expected loss for the first quarter on Friday, hurt by lower refining margins amid widespread maintenance and turnaround activities across the U.S. refining sector. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. However, this scheduled downtime … Read more
Summary SLB joins rivals Halliburton and Baker Hughes in flagging caution Latin America revenue dips 10%, driven by a sharp decline in drilling in Mexico North America revenue rises 8% April 25 (Reuters) – Top oilfield services provider SLB missed estimates for first-quarter profit on Friday, as weaker Latin American demand dragged on its international business, … Read more
HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstrong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced the results of the successful flow testing of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos … Read more
THE WOODLANDS, Texas, April 24, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided updated guidance for the second quarter of 2025, which included reaffirming its previous outlook for oil and total sales volumes despite a significant reduction in the Company’s capital spending guidance, which was lowered in … Read more
By Grant Smith Ed Miliband during the International Summit on the Future of Energy Security in London. Photographer: Chris J. Ratcliffe/Bloomberg At this week’s flagship international summit on energy security, the clashing visions of the US and its allies were on full display. Beginning with the event’s hosts — the International Energy Agency and the … Read more
(Reuters) – President Donald Trump’s energy security council plans to host a summit in Alaska in early June, when it hopes Japanese and South Korean officials will announce commitments to the Alaska LNG project, a source familiar with the matter said on Thursday. Trump has touted the $44 billion Alaska liquefied natural gas project, which … Read more
(Reuters) – Morgan Stanley Infrastructure Partners is exploring the sale of its majority stake in Brazos Midstream II, with a deal expected to value its holding at more than $2 billion including debt, three people familiar with the matter said. Brazos moves natural gas, natural gas liquids and oil from the wellheads of five Texas … Read more
Summary Brent, WTI erase earlier gains following tariff uncertainty Both contracts set for weekly declines OPEC+ to consider another accelerated oil output increase for June LONDON, April 25 (Reuters) – Oil prices fell on Friday and were set for a weekly decline of over 2% on the back of oversupply concerns and uncertainty around tariff … Read more
Summary Private operators face heightened risks amid current economic conditions U.S. crude prices tumble to multi-year lows amid trade war Trump’s steel tariffs drive up costs Demand for fracking services falls as oil prices decline (Reuters) – Some small U.S. shale producers are putting the brakes on oil drilling as crude prices sink to multi-year … Read more
(Reuters) – The U.S. Interior Department said on Thursday it has implemented new guidelines for allowable pressure differences in a certain type of oil drilling in part of the Gulf of Mexico, changes it expects can boost U.S. oil output. President Donald Trump’s new Energy Dominance Council led by Interior Secretary Doug Burgum is looking … Read more
(Reuters) – The European Commission will in the next two weeks present a roadmap on how it intends to phase out all imports of Russian fossil fuels, its President Ursula von der Leyen said at an energy event in London on Thursday. The European Commission has pledged to quit Russian fossil fuels by 2027 in … Read more
(Reuters) – Germany’s domestic gas production fell 2.3% to 4.2 billion cubic metres in 2024 while oil output was stable at 1.6 million metric tons, industry association BVEG said on Thursday. The BVEG companies achieved a turnover of 2.4 billion euros ($2.7 billion) from their German production activities, down from 3 billion euros a year … Read more
(Reuters) – Valero Energy reported a first-quarter loss compared with a year-ago profit on Thursday, weighed down by lower refining margins and around $1 billion in impairment charges related to its West Coast assets. Excluding asset impairment loss, the second-largest U.S. refiner by capacity posted an adjusted profit of 89 cents per share, beating tempered expectations … Read more
By Arathy Somasekhar and Mrinalika Roy Baker Hughes sees 2025 upstream capex down by high-single digits Warns of tariff cost impact, working to raise domestic sourcing LNG technologies and equipment seen as bright spot for Baker HOUSTON, April 23 (Reuters) – U.S. oilfield service provider Baker Hughes (BKR.O) on Wednesday forecast steeper drops in spending … Read more
By Nicole Jao Investors keep focus on impact from Trump’s sweeping tariffs Analysts expect top refiners to report lower Q1 profits Earnings under pressure due to heavy maintenance, unplanned outages in Q1 Refining margins showed signs of improvement Trade wars dent refined product demand outloook NEW YORK, April 23 (Reuters) – Investors are expecting top … Read more
By Arathy Somasekhar Marketing of the ships indicates Chevron will not load all cargoes this month One Venezuelan crude cargo still pending return Vessels chartered by Vitol, Reliance and Maurel & Prom departing on schedule HOUSTON, April 23 (Reuters) – Some tankers Chevron had chartered to move crude from Venezuela to the United States this … Read more
An unusual consensus around energy policy has emerged in the campaign ahead of Canada’s April 28 election, with the two main candidates both promising to fast track energy projects to diversify oil exports away from the United States. U.S. President Donald Trump’s tariff threats and talk of annexing Canada as the 51st state sparked a … Read more
Summary Potential accelerated OPEC+ output increases weighs on market Kazakhstan to prioritise national interest in oil output US-China trade war could halve China’s oil demand growth (Reuters) – Oil prices recovered some losses on Thursday, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and U.S.-Iran nuclear talks. … Read more
By Ruth Liao Liquefied natural gas traders can make a better profit from selling US LNG cargoes in Asia than offering the fuel in Europe, an opportunity that opened up for the first time in seven months, according to data from analytics firm Spark Commodities. The US-to-Asia arbitrage window emerged following a series of production … Read more
CALGARY, Alberta, April 23, 2025 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This … Read more
With new machines from Ford, GM and others, Tesla’s share of the US EV market has slid. By Kyle Stock When Artie R. Williams decided it was time to kick his gas habit, he narrowed his search to three options: the Cadillac Optiq, a Porsche Macan EV and the Polestar 3. — none of which … Read more
By Weilun Soon The US’s campaign to impose “maximum pressure” on Iran’s economy now includes the Islamic Republic’s liquefied petroleum gas exports, as Washington broadens its focus beyond crude oil. The Treasury Department on Tuesday sanctioned Iranian national Seyed Asadoollah Emamjomeh, who’s known to ship liquefied petroleum gas and crude oil from the country to … Read more
(Reuters) – U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, while both gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories rose by 244,000 barrels to 443.1 million barrels in the week ended April 18, the EIA said, compared with analysts’ expectations in a … Read more
(Reuters) – U.S. natural gas futures have fallen from a 26-month high hit last month in part due to investor worries that slower economic growth could reduce the amount of gas needed to power data centers and artificial intelligence (AI) in coming years. Analysts have warned that the fallout from U.S. President Donald Trump’s on-again … Read more
(Reuters) – The U.S. upstream oil and gas M&A market is bracing for the most challenging conditions since the COVID-19 pandemic as oil prices slump and prime acreage dries up, analytics firm Enverus said on Wednesday, even though dealmaking jumped last quarter to the second-best start to the year since 2018. The expected downturn in … Read more
Woodside Energy, Australia’s top gas producer, said on Wednesday it was assessing the impact of U.S. tariffs and other trade measures on its Louisiana liquefied natural gas plant project as it inches towards a final go-ahead. Woodside acquired the project, formerly called Driftwood, from Tellurian for $1.2 billion last year to position itself as … Read more
(Reuters) – U.S. oilfield technology firm Baker Hughes on Tuesday flagged a potential impact on its annual core profit of between $100 million and $200 million due to tariffs. U.S. President Donald Trump’s trade policy has heightened uncertainty in the energy industry, as the ensuing trade war is expected to curb global economic growth and, … Read more
(Reuters) – Willie Phillips, a Democratic commissioner on the U.S. Federal Energy Regulatory Commission, resigned on Tuesday, opening the way for President Donald Trump to nominate another member who would give the five-member panel a Republican majority. The resignation of Phillips, whose term had been set to go through June 30, 2026, allows Trump to … Read more
Halliburton reported lower first-quarter profit on Tuesday, as a slowdown in North American drilling activity weighed on demand and the oilfield services provider recorded a $356 million pre-tax charge.The company’s shares fell 4% in premarket trading following the results. Halliburton is the first of the Big Three U.S. oilfield services provider to report earnings as … Read more
By Timothy Gardner WASHINGTON, April 22 (Reuters) – A Michigan nuclear reactor hoping to be the first in the United States to restart after permanent closure has received about 10% of $1.52 billion in U.S. financing approved during former President Joe Biden’s term, the Energy Department said on Tuesday. The department’s Loan Programs Office approved … Read more
Below is an op-ed from Jacqueline Peterson, PhD, Chief External Affairs Strategist at Kathairos Solutions, exploring why oil and gas producers continue advancing methane mitigation—driven by technology, corporate strategy, and global market demands, regardless of shifting regulations. At CERAWeek 2025, the narrative couldn’t have been more different than the year prior. Gone were the conversations about hydrogen, … Read more
Summary U.S. President Trump softens tone on China and Powell Brent crude benchmark hits highest in almost three weeks Official U.S. crude stocks data at 1430 GMT (Reuters) – Oil prices rose on Wednesday after a fresh round of U.S. sanctions on Iran, a drop in U.S. crude stocks and a softer tone from U.S. … Read more
ConocoPhillips, a top U.S. oil and gas producer, plans to cut staff, the company said on Tuesday, amid a broad push to rein in costs and streamline operations after its $23 billion buyout of rival Marathon Oil. The job cuts are the latest sign of pain in the oil and gas industry, which is facing … Read more
(Reuters) – North Dakota oil prices are near breakeven levels, the state’s oil and gas regulator said on Tuesday, as a global trade war has stoked concerns of a recession and roiled energy markets. North Dakota is the third largest oil-producing state in the U.S., but its maturing oilfields require a higher oil price to … Read more
By Shadia Nasralla April 22 (Reuters) – Activist investor Elliott Management has urged BP (BP.L) to boost its free cash flow to $20 billion by 2027 from around $8 billion last year through significant spending cuts and cost reductions, a source familiar with the situation said on Tuesday. Elliott has increased its stake in BP … Read more
(Reuters) – EQT said on Tuesday it plans to acquire the upstream and midstream assets of Olympus Energy in a deal valued at $1.8 billion. The company also beat first-quarter profit estimates on Tuesday, benefiting from higher natural gas prices. The company reported an adjusted profit of $1.18 per share, for the quarter ended March … Read more
** Shares of oil and gas producer Devon Energy rise 3.7% to $30.57 premarket ** Company says it plans to boost its annual free cash flow by $1 billion by the end of 2026 ** “The $1 billion savings is significantly above our expectations and the $300-$500 million range we think investors anticipated” – RBC … Read more
(The opinions expressed here are those of the author, a columnist for Reuters.) *Europe relies heavily on natural gas imports *Surge in LNG production to keep global prices low in coming years *Government reserves would act as critical buffer in case of supply disruption By Ron Bousso April 22 – European governments may have a … Read more
HIGHLIGHTS Targeting $1 billion in annual pre-tax free cash flow improvements Business optimization plan underway to improve margins and capital efficiency Plan includes improvements to base production performance, midstream commercial terms and corporate costs Expected to be completed by the end of 2026, with 30 percent achieved by year-end 2025 OKLAHOMA CITY, April 22, 2025 … Read more
Saudi Arabia’s crude exports in February rose to 6.547 million barrels per day (bpd) from 6.073 million bpd in January, official data showed on Tuesday. The world’s largest oil exporter’s crude output for February was at 8.947 million bpd, up from 8.917 mln bpd in January. Saudi refineries’ crude throughput was at 2.621 million … Read more
(Reuters) – Increasing purchases of U.S. natural gas and oil is a focus of Taiwan’s tariff talks with the United States, President Lai Ching-te said on Tuesday. Lai has pledged to seek a zero tariff regime with the United States and buy more from and invest more in the country, as he seeks to head … Read more
By Elizabeth Elkin Richard KinderPhotographer: Aaron M. Sprecher/Bloomberg Kinder Morgan Inc. billionaire co-founder Rich Kinder has shrugged off concerns in the US natural gas industry over the impact of tariffs on exports, and that demand forecasts related to artificial intelligence may be too optimistic. Kinder said his company still sees a surge demand from AI … Read more
By Nichola Groom and Valerie Volcovici Summary • Administration moves to rapidly slash regulations through new executive orders • EPA opens door to exemptions for air, water rules while formally undertakes deregulation process • Environmental groups ready to launch legal defense of clean air, water rules (Reuters) – U.S. environmental groups say they are hiring … Read more
By Jorge Valero and Ewa Krukowska The European Union’s imminent release of a road map for phasing out Russian fossil fuel purchases will signal to companies that they should source more liquefied natural gas from the US, according to European Council President Antonio Costa. The 27-nations bloc is scheduled to unveil its plan for winding … Read more
Tariffs target major firms like Jinko Solar and Trina Solar Tariffs range from 6.1% to 3,403.96% International Trade Commission to vote on industry harm in June April 21 (Reuters) – U.S. trade officials finalized tariff levels on solar cells and panels from Southeast Asia, a key step toward wrapping up a year-old trade case brought … Read more
Summary • Economic concerns remain owing to US tariffs and monetary policy • US-Iran nuclear talks could boost oil supply • US oil stockpiles expected to have fallen last week, poll shows (Reuters) – Oil prices rose on Tuesday as investors took advantage of the previous day’s losses to cover short positions, though concerns persist … Read more
(Reuters) – U.S. natural gas futures dropped about 7% to a five-month low on Monday on record output and forecasts for milder weather and lower demand over the next two weeks than previously expected. Gas futures for May delivery on the New York Mercantile Exchange fell 22.9 cents, or 7.1%, to settle at $3.016 per … Read more
(Reuters) – Asian governments are looking to buy more U.S. oil and gas as they scramble to lower their trade surplus with Washington in hopes of easing their tariff burdens under President Donald Trump’s sweeping new import duties. Many Asian countries run large trade surpluses with the United States and are also major energy importers. … Read more
By Stephanie Kelly Concerns about US tariff effects pressure oil prices US, Iran begin drawing up framework for nuclear deal Markets eye April PMI data this week NEW YORK, April 21 (Reuters) – Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained … Read more
April 21 (Reuters) – Oil and gas group Shell (SHEL.L) plans to complete a marine survey at Venezuela’s offshore Dragon gas field before a U.S.-set May deadline to wind down all licenses related to energy projects in the country, sources close to the preparations said. Colombia-flagged survey vessel Dona Jose II arrived in U.S.-sanctioned Venezuela … Read more
U.S. stock indexes fell and the dollar index slid to a three-year low on Monday as U.S. President Donald Trump’s continued attacks on the Federal Reserve chair and the bank’s monetary policy rattled investors.Safe-haven gold prices hit another record high, while the Swiss franc also rose. Benchmark U.S. Treasury yields edged higher. Trump on Monday … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) announced today that it started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America. Ballymore, the latest in a series of Chevron projects to start up in the past year, represents another step towards the company’s goal to produce 300,000 net barrels per day … Read more
Republican lawmakers working to extend U.S. President Donald Trump’s tax cuts legislation are facing a clean-energy conundrum back home, as major clean energy investments in their districts are at odds with Trump’s skepticism of the industry. Eleven of the 26 Republicans on the House of Representatives’ tax-writing Ways & Means committee, who are now crafting … Read more
The U.S. Interior Department on Friday said it would begin taking public input for a new five-year offshore oil and gas leasing program that could include new zones in the Arctic and elsewhere to maximize energy development. President Donald Trump has ordered government agencies to identify ways to increase already record high U.S. oil and … Read more
Summary • Concessions awarded in 2019, part of effort to become energy hub • Chevron says it remains committed to working with Egypt • Ministry spokesperson gives assurances over summer gas supply CAIRO, April 18 (Reuters) – A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas … Read more
*U.S. shale drillers slowing activity *IEA lowers US oil production forecasts for 2025 *Companies will likely delay new large project approvals By Ron Bousso Nimble U.S. oil producers are responding quickly to the economic turmoil sparked by President Donald Trump’s trade war by slowing down drilling activity, while larger companies are rethinking big-ticket projects. This … Read more
Summary • Concerns about US tariff effects pressure oil prices • US, Iran begin drawing up framework for nuclear deal • Markets eye April PMI data this week (Reuters) – Oil prices fell more than 2% on Monday on signs of progress in talks between the U.S. and Iran while investors remained concerned about economic … Read more
The European Union is looking at ways to make it easier for U.S. gas exports to comply with its methane emissions rules, as the bloc attempts to avert a trade war with U.S. President Donald Trump, three sources familiar with the matter told Reuters. The European Commission is working on its offer for trade negotiations … Read more
By Nicole Jao Trump expressed optimism about reaching a trade deal with Europe US issues new sanctions on Chinese importers of Iranian oil Iraq, Kazakhstan, others to cut output further in OPEC plan NEW YORK, April 17 (Reuters) – Oil prices settled more than 3% higher on Thursday, supported by hopes for a trade deal … Read more
Results next week will likely provide a peek into how the world’s top three oilfield services companies are navigating the uncertainty fueled by the on-again, off-again U.S. tariffs, as well as a recent slide in oil prices. President Donald Trump promised to increase U.S. oil and gas production, campaigning on the motto of “drill baby … Read more
By Sophie Austin SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom sued the Trump administration on Wednesday, challenging the president’s authority to impose sweeping tariffs that have set off a global trade war. The lawsuit argues that President Donald Trump’s use of the International Emergency Economic Powers Act to impose tariffs on Mexico, Canada and … Read more
~ Announces Timing of First Quarter Earnings Conference Call ~ THE WOODLANDS, Texas, April 18, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided an operational update, including first quarter 2025 oil sales volumes above the high end of the Company’s guidance range and total sales volumes … Read more
HOUSTON–(BUSINESS WIRE)–Woodside has signed LNG sale and purchase agreements with Uniper for the supply of 1.0 million tonnes per annum (Mtpa) from Louisiana LNG LLC and up to 1.0 Mtpa from its global portfolio (Woodside Energy Trading Singapore Pty. Ltd.), demonstrating ongoing strong demand for LNG globally. Woodside CEO Meg O’Neill said these agreements represent … Read more
By Scott Disavino April 17 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Thursday. The oil and gas rig count, an early indicator of future output, rose … Read more
By Nichola Groom (Reuters) – The Trump administration’s decision to halt construction of Equinor’s (EQNR.OL) Empire Wind 1 farm off the coast of New York late on Wednesday sent shockwaves through the offshore wind industry, raising concerns that fully-permitted developments representing billions in investment are not safe. U.S. President Donald Trump had campaigned on a … Read more
By Marianna Parraga Judge Stark inclined to accept court officer’s recommendation Starting with low bid would make it difficult to approach $7 bln-$8 bln value for Citgo Contrarian’s pact with bondholders could complicate topping period HOUSTON, April 17 (Reuters) – A U.S. court is expected to confirm or reject in coming days a $3.7 billion … Read more
By Ross Kerber April 17 (Reuters) – U.S. energy regulators gave BlackRock (BLK.N) renewed permission to own major stakes in public utility companies on Thursday, a win for the world’s top asset manager over politically-charged concerns that it wields too much influence. The decision by the U.S. Federal Energy Regulatory Commission included a concurring opinion … Read more
(Reuters) – Norway’s Equinor will halt offshore construction of its Empire Wind I project in New York state, following a stop-work order from U.S. Interior Secretary Doug Burgum, the company said on Thursday. The sudden order marks a major blow for the company and the nascent U.S. offshore wind industry, which previously enjoyed substantial support … Read more
(Reuters) – U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 515,000 barrels to 442.9 million barrels in the week ended April 11, the EIA said, compared with analysts’ expectations in a Reuters poll for a 507,000-barrel rise. Crude stocks at … Read more
(Reuters) – Valero said it has recorded a $1.1 billion pre-tax impairment related to its California refineries and notified state regulators of its intent to idle, restructure, or cease operations at its Benicia refinery by the end of April 2026. The move comes as refiners face growing regulatory and cost pressures in California, where the … Read more
By Vallari Srivastava Kinder Morgan narrowly misses first-quarter profit estimates Expects tariffs impact to be roughly 1% of the total project costs Remains bullish on natural gas demand April 16 (Reuters) – U.S. pipeline and terminal operator Kinder Morgan (KMI.N) left its annual profit forecast unchanged on Wednesday, as it continued to bank on demand … Read more
Chinese refiners are importing record amounts of Canadian crude after slashing purchases of U.S. oil Chinese refiners are importing record amounts of Canadian crude after slashing purchases of United States oil by roughly 90 per cent amid escalating trade tensions. A pipeline expansion in Western Canada that opened less than a year ago has presented … Read more
(Reuters) – BP Plc will begin loading its first shipment of liquefied natural gas from Venture Global’s Calcasieu Pass plant in Louisiana on Wednesday, according to LSEG data. The BP-chartered vessel British Mentor was about to dock at the Calcasieu Pass port. It is the first cargo BP is receiving from the export facility under … Read more
(Reuters) – The U.S. Army Corps of Engineers on Wednesday granted Enbridge’s proposed tunnel for its Line 5 pipeline national energy emergency status, fast-tracking a key federal permitting process. President Donald Trump had ordered the Army Corps to issue permits enabling the filling of wetlands and dredging or building in waterways as part of the … Read more
Summary • US issues new sanctions on Chinese importers of Iranian oil • Iraq, Kazakhstan, others to cut output further in OPEC plan • US data shows higher crude stocks and a stock draw in refined products (Reuters) – Oil prices rose to the highest in two weeks on Thursday after the United States imposed … Read more
MIDLAND, Texas, April 16, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) provided an operational update for the first quarter of 2025. The Company is releasing this information to provide flexibility to opportunistically continue its stock repurchase program given the current market volatility. FIRST QUARTER 2025 HIGHLIGHTS Average production of 475.9 … Read more
(Reuters) – The U.S. government’s energy statistics arm is set to lose dozens of employees after the Trump administration’s latest round of resignation offers, putting at risk some of the most closely watched energy reports globally, five sources told Reuters. The U.S. Energy Information Administration publishes weekly, monthly and annual data that includes figures on … Read more
(Reuters) – The Mexican government has halted U.S. fuel imports sent into the country by road, as it cracks down on illegal deals, three sources familiar with the matter said on Tuesday. Trucks carrying gasoline and diesel to Mexico from the U.S. Gulf Coast refining hub are not being permitted to cross the Texas border … Read more
CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) has safely restarted the Keystone Pipeline (Keystone) after receiving regulatory approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), following South Bow’s response to an oil release at Milepost 171 (MP-171) of Keystone on April … Read more
Venture Global LNG has begun commercial operations at its Calcasieu Pass plant in Louisiana, more than three years after it first produced liquefied natural gas, the company said on Tuesday. The move to commercial operations means the Arlington-headquartered company has brought an end to the extended commission of the plant which resulted in its customers … Read more
(Reuters) – A federal appeals court on Tuesday rejected a challenge by environmental groups to a decision by Democratic former President Joe Biden’s administration approving exports from a planned $39 billion liquefied natural gas project in Alaska. A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit held the U.S. … Read more
By Scott Disavino Output to peak at 119.0 bcfd in 2032 vs 103.6 bcfd record high in 2023 Demand to peak at 92.4 bcfd in 2032 vs 90.5 bcfd record in 2024 LNG exports to peak at 26.8 bcfd in 2040 vs 11.9 bcfd record in 2024 April 15 (Reuters) – U.S. natural gas output … Read more
South Korea’s vice industry minister Choe Nam-ho is planning to travel soon to Alaska as part of working-level negotiations between the United States and South Korea over Alaska’s liquefied natural gas (LNG) project, Yonhap news agency reported on Tuesday. Still, no decision has been made on whether South Korea will join the project and whether … Read more
Canadian power producer Capital Power Corp said on Monday it would buy two natural-gas fired power plant operators located in the PJM market for about $2.2 billion. The deal comes at a time when electricity prices are rapidly increasing in PJM, the United States’ biggest power market, and as demand for electricity continues to increase … Read more
GEORGETOWN, April 15 (Reuters) – A consortium led by U.S. Exxon Mobil (XOM.N) is about to begin the installation of its fourth floating oil production facility in Guyana, the South American country’s maritime regulator said in a notice on Tuesday. The floating production storage and offloading (FPSO) facility ‘One Guyana,’ built by SBM Offshore (SBMO.AS) … Read more
Summary • Global trade tensions and uncertainty dominate sentiment • Chinese quarterly GDP growth beats expectations (Reuters) – Oil prices rose 1% on Wednesday, reversing early losses as the market took a bullish view on China’s stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade … Read more
By Shariq Khan Forecast shows US shale oil boom fading after 20 years US oil output to peak at 14 million bpd in 2027, EIA says Production to fall rapidly from 2030 through 2050 US oil demand to cap post-pandemic gains next year US oil demand will not surpass 2019 levels or 2005 record NEW … Read more
Summary • IEA cuts 2025 demand growth forecast by about 300,000 bpd • Sees further slowdown in demand growth next year • Joins OPEC in cutting oil demand view • Trims U.S. oil output forecast for 2025 (Reuters) – Global oil demand will grow much more slowly than expected this year and U.S. production increases … Read more
US Energy Secretary Chris Wright believes the oil market selloff is overblown and expects American crude producers to keep increasing production. Wright thinks the long-term growth trajectory for oil demand remains unchanged and expects US oil production to grow, despite recent benchmark domestic crude futures falling 16%. Wright predicts the US will expand output by … Read more
China is set to increase its imports of Russian liquefied natural gas (LNG) this year, its ambassador to Russia said on Tuesday.“I know for sure that there are a lot of buyers. So many buyers are asking the embassy to help establish contacts with Russian suppliers, I think there will definitely be more (imports),” the … Read more
HSBC revised down its Brent crude price forecast on Tuesday, citing rising trade tensions and an expected reduction in global oil demand.The bank cut its Brent price forecast to $68.5 per barrel for 2025 and $65 per barrel for 2026. It also trimmed its global demand growth to 0.7 million barrel per day (mbd) for … Read more
(Reuters) – Indonesia will propose increasing its imports of crude oil and liquefied petroleum gas from the United States by around $10 billion as part of its tariff negotiations, energy minister Bahlil Lahadalia told local media on Tuesday. Indonesian officials are set to leave for Washington later on Tuesday for negotiations over proposed U.S. trade … Read more
Summary • Oil price drop seen hitting exporters disproportionately • Angola faced a margin call after bond market rout • Nigeria’s carry trade stops being attractive on oil fall • Gulf exporters likely to weather pressure better thanks to reserves, lower debt (Reuters) – A steep drop in crude oil prices largely due to U.S. … Read more
• Summary • Pakistan mulling U.S. crude purchases to address tariffs • Pakistan faces 29% tariffs under Trump policies • Crude purchase would reduce trade imbalance with U.S. (Reuters) – Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher U.S. tariffs, according … Read more
Summary • Trump administration provides busy tariff news flow • IEA slashes oil demand forecast for this year and next • China imports more Iranian crude oil (Reuters) – Oil prices inched down on Tuesday after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by U.S. … Read more
April 14 (Reuters) – The CEO of the largest U.S. power grid, PJM Interconnection, will leave his post at the end of the year, the organization said on Monday. Manu Asthana, who has led the PJM for more than five years, steps down at a time of rising electricity prices in the country’s biggest power … Read more
April 14 (Reuters) – JP Morgan on Monday lowered its oil price forecasts for 2025 and next year, citing higher production from OPEC+ and weaker demand. The bank cut its 2025 Brent price forecast to $66 per barrel from $73 and its 2026 target to $58 from $61. It lowered the 2025 WTI price outlook … Read more
(Reuters) – Pipeline operator South Bow said Monday it is keeping an eye on inclement weather before proceeding with a planned controlled restart of its Keystone oil pipeline system. The Calgary, Canada-based company had previously indicated it was targeting Tuesday for full service restoration on the Keystone pipeline, which has been shut down since last … Read more
(Reuters) – U.S. natural gas futures fell about 6% to a nine-week low on Monday on record output over the weekend and forecasts for less demand next week than previously expected. Gas futures for May delivery on the New York Mercantile Exchange fell 20.2 cents, or 5.7%, to settle at $3.325 per million British thermal … Read more
(Reuters) – A vessel chartered by Chevron carrying some 500,000 barrels of Venezuelan oil is about to complete the discharge of the cargo at a Venezuelan port, according to shipping data and a source, following state company PDVSA’s order to return the crude amid payment uncertainty related to U.S. sanctions. At least nine tankers Chevron … Read more
(Reuters) – President Donald Trump said on Monday he believes Iran is intentionally delaying a nuclear deal with the United States and that it must abandon any drive for a nuclear weapon or face a possible military strike on Tehran’s atomic facilities. “I think they’re tapping us along,” Trump told reporters after U.S. special envoy … Read more
By Matthew Martin Energy prices are set to be lower under the current US administration than in the prior one, according to US Energy Secretary Chris Wright. “Under President Trump’s leadership in the next four years we’ll almost certainly see lower average energy prices than we saw in the last four years of the previous … Read more
By America Hernandez, Riham Alkousaa and Marwa Rashad French, German firms open to modest return of Gazprom’s gas Trump has made US LNG a politically loaded commodity EU aims to quit Russian gas by 2027, has no detailed plan on how Arbitrations against Gazprom complicate supply resumption PARIS/BERLIN, April 14 (Reuters) – More than three … Read more
NICOSIA, April 14 (Reuters) – An exploration drill by ExxonMobil (XOM.N) offshore Cyprus has failed to find commercial quantities of natural gas, the island’s energy ministry said on Monday. Drilling operations had been completed at the Elektra-1 well in Block 5 of the exclusive economic zone (EEZ) of Cyprus, it said. “Well data and preliminary … Read more
(Reuters) – The European Commission will announce a more detailed strategy to phase out Russian oil and gas imports next month, it said on Monday, after twice delaying the plan. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow’s 2022 invasion of Ukraine, but the Commission has delayed publishing … Read more
By Liz Hampton (Reuters) – Hello Power Up readers! Oil futures are back up to start the week on some U.S. tariff exclusions, and after Chinese data showed a sharp rebound in crude imports during March. U.S. President Donald Trump on Friday granted exclusion from levies on smartphones, computers and some other electronics from China. … Read more
(Reuters) – Energy Transfer, the pipeline company developing a liquefied natural gas (LNG) export facility in Louisiana, is asking federal regulators to extend the deadline by three years for construction of its plant. Energy Transfer’s Lake Charles project is expected to benefit from President Donald Trump’s attempt to unleash American energy by supporting oil, gas … Read more
South Bow plans to restart the Keystone pipeline by Tuesday, April 15, the company said on Saturday, after it shut the key conduit for the flow of Canadian oil to the U.S. due to an oil spill in North Dakota. South Bow still needs written approval from the U.S. Pipeline and Hazardous Materials Safety Administration … Read more
U.S. liquefied natural gas (LNG) producer NextDecade said on Monday it has signed a 20-year deal to supply France’s TotalEnergies with 1.5 million tonnes per annum (MTPA) from its Rio Grande facility’s planned fourth liquefaction facility, or train. NextDecade has so far contracted a total of 4.6 MTPA of LNG from Train 4 on a … Read more
TC Energy said late last week it had completed repairs to a section of the ANR Pipeline system shut down near Fennville, Michigan, because of a leak, causing a natural gas outage in the region. “Natural gas service has now been restored to Michigan Gas Utilities, the local distribution company,” the company said in a statement … Read more
Sufficient commercial agreements in place to support a positive Final Investment Decision on Train 4 HOUSTON–(BUSINESS WIRE)–NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that TotalEnergies (Total) (NYSE: TTE) has exercised its LNG purchase option with respect to Train 4 at the Rio Grande LNG Facility, and subsidiaries of both companies have executed a long-term … Read more
Goldman Sachs expects oil prices to decline through the end of this year and next year because of the rising risk of a recession and higher supply from the OPEC+ group. The bank expects Brent and WTI oil prices to edge down, averaging $63 and $59 a barrel, respectively, for the remainder of 2025, and … Read more
Summary • Cuts 2025, 2026 demand growth forecasts by 150,000 bpd each • First cut in 2025 forecast since December, OPEC data shows Kazakhstan further boosts production in March (Reuters) – OPEC cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for … Read more
The United States and Saudi Arabia will sign a preliminary agreement to cooperate over the kingdom’s ambitions to develop a civil nuclear industry, U.S. Energy Secretary Chris Wright told reporters in the Saudi capital Riyadh on Sunday. Wright, who had met with Saudi Energy Minister Prince Abdulaziz bin Salman earlier on Sunday, said Riyadh and … Read more
Summary Oil at $55 a barrel, down from $78 before Trump inauguration US oil rig count expected to drop if crude stays below $60 Tariffs will hike costs for steel and oil-drilling gear Reuters) – President Donald Trump moved on his first day in office to increase U.S. oil and gas production, but the country’s … Read more
A look at the day ahead in European and global markets from Wayne Cole So the “reciprocal” tariffs are off smartphones and some electronics, but maybe only for a while as they could get their own special tariff once the White House has completed a study of the global supply chain. Or something.Indeed, Trump on … Read more
Summary • China’s crude oil imports rebounded in March, data shows • OPEC dowgrades its 2025 global oil demand growth forecast • Goldman Sachs sees Brent averaging $63 for rest of 2025 LONDON, April 14 (Reuters) – Oil prices rose more than 1% on Monday after U.S. exclusions on some tariffs and Chinese data showing … Read more
April 14 – BP has made an oil discovery at the Far South field in the U.S. Gulf of Mexico, it said on Monday, as the energy major seeks to grow production under a strategy reset announced earlier this year. The exploration well was drilled in Green Canyon Block 584 about 120 miles (193.12 km) … Read more
By Scott Disavino April 11 (Reuters) – U.S. energy firms this week cut oil rigs by the most in a week since June 2023, lowering the total oil and natural gas rig count for a third consecutive week, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and … Read more
Summary • PDVSA cancels authorizations for Chevron-chartered ships • Chevron awaits paperwork for cargo return to Venezuelan ports (Reuters) – At least two vessels carrying Venezuelan crude chartered by Chevron are stalled due to state oil company PDVSA canceling their export authorizations, according to shipping data and sources, as the government had no certainty of … Read more
(Reuters) – As the dust settles after a bruising week eased by U.S. President Donald Trump’s tariff pause, the takeaway from global investors is loud and clear: market turbulence is here to stay. In a stunning reversal on Wednesday, Trump said he would temporarily lower the hefty duties newly imposed on dozens of countries while … Read more
(Reuters) – U.S. natural gas output and demand will both rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Thursday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 105.3 bcfd in 2025 and 107.1 … Read more
By Erwin Seba China imposes 125% tariff on US goods, escalating trade war EIA lowers global economic growth and oil demand forecasts April 11 (Reuters) – Brent and West Texas Intermediate crude climbed more than $1 on Friday after U.S. Energy Secretary Chris Wright said the United States could end Iran’s oil exports as part … Read more
The pain, said Shuntaro Takeuchi, was 10 out of 10. Not in the portfolio of Japanese stocks he runs out of Palo Alto, California, but in his appendix. It would have to come out, just as his colleagues at Matthews Asia were on a phone call to chart the $7 billion asset manager’s path through … Read more
More than 2,600 U.S. Department of Energy staffers have opted to take the Trump administration’s second round of resignation offers, two sources said on Thursday, with offices on power grid stability and loans for high-tech energy projects hit hard. The number is more … Read more
(Reuters) – The U.S. Federal Trade Commission took a step toward potentially reversing bans on certain oil executives joining the boards of Chevron and Exxon Mobil that the Biden administration made a condition that allowed them to acquire two other oil producers. Exxon, which acquired Pioneer Natural Resources last year, had agreed to bar former … Read more
BC is set to launch LNG exports within weeks, marking a major push to diversify Canada’s energy markets amid growing US trade uncertainty By Margareta Dovgal LNG Canada’s $40-billion plant is but weeks away from shipping its first export cargo. The destination has not been named, but the plant near Kitimat is in final testing … Read more
By Andy Home LONDON, April 10 (Reuters) – As U.S. President Donald Trump turns up the tariff heat on China, Beijing is targeting ever more of the United States’ critical material supply chains. Weird and wonderful metals such as antimony, gallium and germanium have already been sucked into the escalating trade war with China restricting … Read more
(Reuters) – President Donald Trump wants Iran to know that there will be “all hell to pay” if it does not abandon its nuclear program, his press secretary told reporters on Friday ahead of talks on Saturday between U.S. and Iranian delegations. White House press secretary Karoline Leavitt said Trump’s “ultimate objective is to ensure … Read more
For nearly a century, the ENTELEC Association has been the trusted resource for the energy sector, uniting OT and IT professionals to drive efficiency, innovation, and seamless operations. As a member-driven organization, ENTELEC is dedicated to delivering technical education, industry training, and cutting-edge solutions that empower professionals at every level. Solving Today’s Challenges with Tomorrow’s … Read more
By Yousef Saba US aims to halt Iran’s oil exports amid nuclear tensions Iranian oil exports remain stable despite US pressure Wright predicts oil supply, demand growth under Trump’s policies ABU DHABI, April 11 (Reuters) – U.S. Energy Secretary Chris Wright said on Friday that the United States could stop Iran’s oil exports as part … Read more
(Reuters) – At least two vessels carrying Venezuelan crude chartered by Chevron are now stalled in Venezuelan waters due to state oil company PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member’s buyers, two sources with knowledge of the matter said on Friday. The U.S. oil producer awaits customs … Read more
(Reuters) – Abu Dhabi state oil company ADNOC is considering a bid for natural gas assets of investment firm Aethon Energy Management that could potentially be worth about $9 billion, Bloomberg News reported on Friday, citing people familiar with the matter. ADNOC has done a string of acquisitions in gas and chemicals, which along with … Read more
(Reuters) – GAIL India Ltd issued a tender on Friday to buy an up to 26% stake in a liquefied natural gas project in the United States combined with a 15-year gas import deal, aiding New Delhi’s efforts to narrow its trade surplus with Washington. India is racing to become one of the first to … Read more
Summary • Brazil plans extra auction for offshore oil areas • Kuwait to tap international debt market for first time since 2017 • Russia’s economy expected to contract further from oil price decline • Saudi Arabia stands ready for policies to keep fiscal position strong: spokesperson April 11 (Reuters) – Oil-dependent governments are coming under … Read more
(Reuters) – The Trump administration said on Thursday that it will no longer require environmental impact statements for oil and gas leases across the U.S. West, in a step toward lifting green hurdles to drilling that environmental groups will likely challenge in court. The Interior Department said in a release that it will no longer … Read more
(Reuters) – Recent developments in global trade policy are set to lower global oil and fuel demand growth through 2026, the U.S. Energy Information Administration (EIA) said on Thursday in its monthly short-term energy outlook report. The U.S. Department of Energy’s statistical arm cut its annual U.S. and global oil demand growth forecasts for both … Read more
(Reuters) – Venture Global Inc is about to start selling liquefied natural gas cargoes from a Louisiana export terminal to long-term customers rather than to the highest global bidder, but it plans to employ the controversial but lucrative practice at a new and bigger terminal that it is starting up. On April 15, Venture Global … Read more
(Reuters) – Oil prices fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world’s largest economies, will crush crude consumption as their dispute curtails economic growth. Brent futures fell 31 cents, 0.5%, to $63.02 a barrel by 0153 GMT, while … Read more
Venezuela’s national assembly on Thursday passed a decree proposed by President Nicolas Maduro’s government to declare a state of economic emergency in response to U.S. sanctions and tariffs. In March, the administration of U.S. President Donald Trump began suspending authorizations for oil companies operating with Venezuela’s state-owned PDVSA and imposed secondary tariffs on crude oil … Read more
(Reuters) – U.S. power consumption will hit new record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook (STEO) on Thursday. EIA projected power demand will rise to 4,201 billion kilowatt hours (kWh) in 2025 and 4,244 billion kWh in 2026, from a record 4,097 billion kWh … Read more
(Reuters) – South Bow on Thursday said it had recovered about 700 barrels of oil from a leak on the Keystone Pipeline earlier this week in North Dakota, which has shut the key conduit for Canadian oil exports to the U.S. since Tuesday. South Bow, owner and operator of the 4,327-km (2,689-mile) pipeline, is still … Read more
(Reuters) – Kazakhstan has been in talks with oil producers about reducing output, which has been above the country’s OPEC+ quota, Interfax news agency reported on Thursday citing the energy ministry. Kazakhstan has been pumping oil above the limit agreed by the Organization of the Petroleum Exporting Countries and its allies led by Russia for … Read more
By Ron Bousso US ratcheting up pressure on Tehran over nuclear programme China bought 77% of Iran’s oil in 2024, valued at $29 billion China could use Iran trade in negotiation with US (Reuters) – The deepening trade war between the United States and China could significantly undermine President Donald Trump’s “maximum pressure” campaign against … Read more
Taiwan is planning a surge in US purchases over the next decade that would triple the share of American liquefied natural gas in the island’s mix. State-operated entities could buy goods worth $200 billion from the US over the next 10 years, Minister of Economic Affairs Kuo Jyh-Huei said Thursday, according to a report from Taipei-based … Read more
Texas installed 4 gigawatts of battery capacity last year, surpassing California’s pace for the first time. Big batteries in Texas are addressing issues on the electric grid, storing excess wind and solar power and meeting surging demand from new residents and electric vehicles. The growth of battery storage in Texas is threatened by tariffs on … Read more
Summary • Electricity customers hope to cut wait times to connect to grid • The first time AI will be used to manage grid connections • US power demand jumps as Big Tech rolls out data centers for AI (Reuters) – Alphabet Inc’s Google unit is partnering with the largest electrical grid operator in North … Read more
Amid the market carnage and turmoil created by U.S. President Donald Trump’s chaotic global tariff roll out and retreat, there are likely some clear trends that will emerge. One of these is that countries seeking to cut a deal with Trump will try to purchase more U.S. goods in order to lower their trade surpluses … Read more
Climate activist shareholder group Follow This said on Thursday a lack of investor appetite has forced it to suspend its nearly decade-long campaign seeking stronger commitments from major oil and gas producers to emission cuts. The Dutch group started filing climate resolutions at shareholder meetings in 2016, reaching shareholder support in subsequent years of 80% … Read more
US shale oil producers are feeling aggrieved due to President Trump’s trade war, which has led to a market rout and plummeting oil prices. The industry, which heavily supported Trump’s election campaign, is in shock over the rapid decline in oil prices, with many executives expressing frustration and alarm. If oil prices continue to fall, … Read more
MANSFIELD, S.D. (AP) — Jared Bossly was planting soybeans one spring night in 2023 on his 2,000-acre farm in South Dakota when he spotted a sheriff’s vehicle parked at the corner of his property. He had a hunch it wasn’t a social visit. “I’m like, ‘Well, I doubt he’s just being a friendly neighbor, giving … Read more
April 9 (Reuters) – U.S. shale firm Occidental Petroleum (OXY.N) said on Wednesday the prices it received for oil and gas production during the first quarter were higher than in the preceding three months. Benchmark Brent crude prices averaged $74.98 a barrel during the first quarter, up 1.3% from the prior quarter, while U.S. natural … Read more
Summary • Oil drops, reversing some gains from volatile prior session • Trump announces 90-day freeze for dozens of countries • But duties raised to 125% on Chinese imports • Analysts warn of risks to oil demand on trade war escalation (Reuters) – Oil prices retreated 2% on Thursday as fears of a deepening U.S.-China … Read more
Mubadala Energy, an arm of one of Abu Dhabi’s sovereign wealth funds, signed a deal on Thursday with energy investor Kimmeridge that will give it stakes in gas assets in the United States, marking its entry into the market as part of its growth plans. The deal to buy 24.1% of Kimmeridge’s SoTex HoldCo will … Read more
U.S. pipeline operator Energy Transfer said on Wednesday it entered into a nonbinding agreement with MidOcean Energy to jointly develop the Lake Charles LNG export facility in Louisiana. MidOcean will pay for 30% of the construction costs of the facility and receive 30% of the LNG production, or roughly 5.0 million metric tonnes per annum … Read more
*Chevron’s triple-frac cuts well completion time by 25% *Technique reduces costs per well by 12% *Triple-frac requires 60% more water and sand per day By Sheila Dang2 HOUSTON, April 9 – U.S. oil major Chevron plans to increase the use of a technique that allows it to fracture subterranean rock in three wells at a … Read more
U.S. natural gas futures jumped about 10% on Wednesday, rising along with Wall Street and other energy prices after U.S. President Donald Trump said he would temporarily lower new tariffs on many countries, even as he raised them further on imports from China. Gas prices also gained support from a decline in output in recent … Read more
By Skylar Woodhouse and Josh Wingrove President Donald Trump announced a 90-day pause on higher tariffs that hit dozens of trade partners after midnight, while raising duties on China to 125%. The president’s about-face came roughly 13 hours after high duties on 56 nations and the European Union took effect, fueling market turmoil and stoking … Read more
By Nicole Jao Trump authorizes 90-day pause on tariffs for most countries, raises China tariff rate to 125% China imposes additional tariffs on US goods US crude oil stockpiles rose last week, EIA says NEW YORK, April 9 (Reuters) – Oil prices climbed more than 4% on Wednesday, bouncing back from four-year lows earlier in … Read more
By Ron Bousso Saudi Arabia losing patience with OPEC+ non-compliance Trump tariffs offer Riyadh opportunity Saudi would prefer to avoid protracted market share war LONDON, April 9 – President Donald Trump’s global trade war has created tumult in the oil market that Saudi Arabia did not seek, but can turn to its advantage even if … Read more
MANSFIELD, S.D. (AP) — The company behind a proposed pipeline that would transport carbon dioxide emissions from ethanol plants across five Midwest states and store it underground in North Dakota filed hundreds of lawsuits against landowners in recent years, an analysis by Lee Enterprises and The Associated Press found. This litigation was concentrated in South … Read more
(Reuters) – A plunge in oil prices below $60 per barrel due to an escalating trade war may trigger anxiety across the U.S. oil patch, likely forcing companies to double down on measures including cuts to share buybacks and capital expenditures, analysts have said. Brent crude and West Texas Intermediate (WTI) futures slid to their … Read more
*Light US crude requires a different configuration at refineries *Changing refinery setup can be a lengthy and expensive process *Running different crude types impacts refinery yields, margin By Arathy Somasekhar U.S. refiners are not planning to make big-ticket investments to process more domestic crude and less oil from top suppliers Canada and Mexico, industry sources … Read more
Oh…Happy Liberation Week! I think I finally understand what Liberation Day stood for. The liberation of all of my savings from me. Hooray! I didn’t want it anyway… Now, on to our regularly scheduled programming. Yesterday the API reported that crude oil and refined products both saw a net draw on stock levels, showing a … Read more
(Reuters) – U.S. crude oil stockpiles rose last week as imports increased and exports fell to their lowest since January, while gasoline and distillate inventories drew down, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.6 million barrels to 442.3 million barrels in the week ended April 4, the EIA said, compared … Read more
The owner of the Keystone pipeline says a segment that ruptured in North Dakota has been isolated and the oil spill has been contained.
Calgary-based South Bow Corp. said Wednesday it estimates 3,500 barrels were released, equivalent to more than 556…
Oil and gas firm APA said on Wednesday it curtailed about 8 million cubic feet per day of U.S. natural gas production and 500 barrels per day of U.S. natural gas liquids production in the first quarter in response to weak prices. In January, APA said it reduced production by about 23,500 barrels of oil … Read more
By Shariq Khan and Georgina Mccartney Canadian crude oil discount to US oil widened after shutdown South Bow stock tumbled to lowest since October Amount of spill is not known yet, pipeline to be shut until at least Wednesday NEW YORK/HOUSTON, April 8 (Reuters) – The Keystone oil pipeline from Canada to the United States … Read more
April 8 (Reuters) – A prominent energy research firm slashed its five-year outlook for new U.S. wind energy projects by 40% on Tuesday, citing Trump administration policies and concerns about the economy. Wood Mackenzie expects the United States to install 45.1 gigawatts of wind, both onshore and offshore, through 2029. It had originally forecast installations … Read more
Oil prices fell to a four-year low on Wednesday in its worst five-day losing streak in three years, while several commodities, including base metals, tumbled as the trade war between China and the U.S. is set to intensify. Stocks in Asia extended a slide on Wall Street as U.S. President Donald Trump looked set to … Read more
By David Wethe A top executive at Diamondback Energy Inc. called on President Donald Trump’s administration to explain how the global trade war will help shale producers, a rare instance of public pushback from a US oil boss. “This administration better have a plan @SecretaryWright,” Kaes Van’t Hof, president of Diamondback, said April 6 in … Read more
Russia, the world’s second biggest oil exporter, said on Wednesday that Ukraine continued to strike Russian energy infrastructure on a daily basis, in violation of a U.S.-brokered 30-day moratorium on strikes on energy infrastructure. Ukraine and Russia agreed on March 18 to stop attacking each other’s energy facilities, although President Vladimir Putin declined to endorse … Read more
The S&P 500 closed below 5,000 points for the first time in almost a year, reversing a strong morning rally as hopes faded for any imminent U.S. delays or concessions on tariffs ahead of a midnight deadline. The benchmark index fell 1.6% on Tuesday marking a $5.8 trillion loss in market value since President Donald … Read more
U.S. Energy Secretary Chris Wright on Wednesday will launch a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a U.S. official to the de facto leader of the OPEC oil producer group, a source familiar with the matter told Reuters. The trip, which will also include visits … Read more
Summary Brent, WTI down as much as 4% US imposes 104% tariff on imports from China US crude stockpiles fell last week, industry data shows (Reuters) – Oil prices fell for a fifth day on Wednesday to their lowest since February 2021 after U.S. President Donald Trump’s “reciprocal” tariffs took effect, including a 104% duty … Read more
Global markets were pummelled on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China took effect, and a savage selloff in U.S. bonds sparked fears that foreign funds were fleeing U.S. assets. This week has brought crisis-era volatility to markets, wiping off trillions of dollars in value from stocks and hitting commodities and … Read more
By Georgina Mccartney Oil prices settle down more than $1 a barrel Downside risks remain as US, China escalate tariff conflict Goldman Sachs says Brent, WTI could hit $62 and $58, respectively, by December 2025 Trump says US and Iran will hold nuclear talks in Oman HOUSTON, April 8 (Reuters) – Oil prices settled down … Read more
By Georgina Mccartney Oil prices settle down more than $1 a barrel Downside risks remain as US, China escalate tariff conflict Goldman Sachs says Brent, WTI could hit $62 and $58, respectively, by December 2025 Trump says US and Iran will hold nuclear talks in Oman HOUSTON, April 8 (Reuters) – Oil prices settled down … Read more
By Jarrett Renshaw, Timothy Gardner and Trevor Hunnicutt US power demand rising from artificial intelligence Coal’s share of power generation less than 20% from 50% in 2000 Orders to direct coal leasing plans on US lands WASHINGTON, April 8 (Reuters) – U.S. President Donald Trump signed executive orders on Tuesday that aim to boost coal … Read more
(Reuters) – The CEOs of two Canadian oil and gas producers said on Tuesday they are seeking to avoid making rash decisions, as global oil prices hover around four-year lows and recession fears grow. Doug Bartole, CEO of Calgary-based InPlay Oil, said his company does not foresee reducing production or capital spending in the short … Read more
(Reuters) – Germany has looked to liquefied natural gas (LNG) imports to replace piped Russian gas since Moscow’s invasion of Ukraine in 2022. Its first move has been to deploy floating storage regasification units (FSRUs) to receive seaborne LNG, while longer term it plans shore-based regasification terminals and facilities to import and produce ammonia and … Read more
(Reuters) – U.S. liquefied natural gas producer NextDecade said on Tuesday it had signed an agreement with a subsidiary of Saudi Aramco to supply the superchilled gas from its Rio Grande facility for 20 years. As part of the deal, the Aramco subsidiary will purchase 1.2 million tonnes per annum of LNG from Train 4 … Read more
Chinese buyers of LNG are re-selling U.S.-sourced cargoes as tit-for-tat tariffs drive up import costs, and the trend is set to accelerate as new multi-year supply deals kick in this month and domestic demand weakens, traders and analysts say. Beijing, which imposed 15% tariffs on U.S. LNG imports in early February, on Friday slapped reciprocal … Read more
Mexico has been speaking to private sector companies about increasing fracking to reduce its reliance on U.S. gas amid heightened trade tensions between the two countries, the Financial Times reported on Tuesday. Imports, which are almost entirely from the United States, meet 72% of the total demand for natural gas consumed in Mexico. Any policy … Read more
(Reuters) – Goldman Sachs forecast that Brent and WTI crude prices would be at $62 a barrel and $58 by December 2025 and at $55 and $51 by December 2026, respectively, under two assumptions. The bank, in a note dated April 7, said that the first assumption is the U.S. economy avoids a recession given … Read more
(Reuters) – U.S. President Donald Trump will sign executive orders on Tuesday aimed at boosting the nation’s coal industry, two sources familiar with the matter told Reuters. Trump, a Republican who campaigned on a promise to increase U.S. energy output and has sought to roll back energy and environmental regulations since taking office January 20, … Read more
Summary • Benchmark Brent crude oil has neared four-year lows • Oil revenue made up 62% of state budget last year • Kingdom and sovereign fund need more debt, analysts say • Oil giant Aramco, long-time cash cow, slashing 2025 dividends DUBAI, April 8 (Reuters) – Saudi Arabia, with its wealth linked inextricably to oil … Read more
By Shariq Khan NEW YORK, April 7 (Reuters) – The U.S. Energy Information Administration said on Monday it is delaying publication of the “Short-Term Energy Outlook” (STEO) report, amid a plunge in oil prices to near four-year lows over growing concerns of a global recession. The report, scheduled for Tuesday, April 8, will now be … Read more
As the leading oil and gas producer in Colorado’s Denver-Julesburg (DJ) Basin, Chevron continues to set industry benchmarks in methane emission reduction through its commitment to technological innovation and environmental stewardship. A key milestone in Chevron’s sustainability journey is its collaboration with Kathairos Solutions, an industry leader in well site methane elimination technology. Chevron’s extensive … Read more
Summary • Equities rebound supports crude oil prices • Downside risks remain as US and China escalate tariff conflict • Trump says US and Iran will hold nuclear talks in Oman (Reuters) – Oil prices steadied on Tuesday but remained near four-year lows as a recovery in equity markets was outweighed by recession fears exacerbated … Read more
WASHINGTON, April 7 (Reuters) – U.S. President Donald Trump said on Monday said selling energy to the European Union would be a key focus as his administration seeks to eliminate a trade deficit with the bloc. “The European Union’s been very bad to us,” Trump told reporters at the White House, accusing European nations of … Read more
Poilievre also announces he will approve LNG Canada’s Phase II, plus at least 9 other projects that are waiting for the go-ahead. Terrace, BC – Conservative Leader Pierre Poilievre announced that he will create a new ‘One and Done’ rule for resource projects: a one-stop shop, with one simple application and one environmental review. Poilievre also announced … Read more
(Reuters) – Major stock indexes fell again in volatile trading on Monday as U.S. President Donald Trump said he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States, while the dollar and bond yields rose. Also, the White House denied a report that Trump … Read more
By Elizabeth Hampton (Reuters) – Hello Power Up readers! Markets are continuing to spiral downward as U.S. President Donald Trump’s trade war stokes growing concerns of a recession. The S&P 500 extended its fall, nearing bear territory, and Goldman Sachs on Monday forecast a 45% chance of a recession in the United States next month. … Read more
(Reuters) – The Kremlin said on Monday that Russia would do everything necessary to insulate the world’s second largest crude exporter from a global “economic storm” which has sown extreme turbulence in oil markets and raised concerns of a recession. Brent futures fell $1.61, or 2.5%, to $63.97 per barrel, and have fallen 15% over … Read more
(Reuters) – OPEC oil output fell in March ahead of a scheduled output hike, a Reuters survey found, as Nigeria curbed deliveries to domestic refineries and Iranian and Venezuelan supply dropped on renewed U.S. attempts to curb the flows. The Organization of the Petroleum Exporting Countries pumped 26.63 million barrels per day last month, down … Read more
Goldman Sachs revised down its annual average price forecasts again for Brent and WTI crude in 2026, citing increased recession risks and the possibility of higher-than-expected OPEC+ supply. In a note dated April 6, the bank cut its 2026 average price forecast by $4 for Brent to $58 a barrel and WTI to $55. The … Read more
April 7 (Reuters) – Exxon Mobil CEO Darren Woods’ pay package for 2024 rose 19.3% to $44.1 million, a regulatory filing by the U.S. oil major on Monday showed. Woods’ base salary was about $1.96 million, with the majority of his pay package based on variable factors, including a $4.5 million bonus and $26.8 million … Read more
Researchers see negative impacts across the board, but some countries and industries are far more exposed. Solar and onshore wind should fare better. One set of US President Donald Trump’s tariffs went into effect on Saturday. The rest are due to begin Wednesday. Stock markets around the world have taken a nosedive, with some indices cratering even … Read more
Summary U.S. accounted for 62% of China LPG, ethane imports in 2024 While China accounted for a third of U.S. LPG, ethane exports Trade war likely to lead to sharp drop in shipments LONDON, April 7 – The often overlooked yet rapidly expanding petrochemical feedstock trade between the United States and China could become one … Read more
(Reuters) – Shell lowered its first-quarter liquefied natural gas (LNG) production outlook in a trading update on Monday, citing the impact of bad weather in Australia, before it publishes results on May 2. The British company guided for LNG output to reach between 6.4 million and 6.8 million metric tons, down from a previous forecast … Read more
Summary • Utilities face challenges predicting future power demand for data centers • Tech companies seek multiple bids, complicating demand forecasts • Rising costs and AI advancements may reduce future power needs NEW YORK, April 7 (Reuters) – U.S. electric utilities are fielding massive requests for new power capacity as Big Tech scours the country … Read more
(Reuters) – Energy firms have slowed construction of offshore wind farms in the U.S. for various reasons in recent years, including, most recently, opposition from U.S. President Donald Trump’s administration. Offshore wind was a key pillar of former President Joe Biden’s promise that fighting climate change will create jobs and invigorate the economy. In 2023 … Read more
Stock markets in the Gulf fell sharply on Sunday as U.S. President Donald Trump’s drastic trade tariffs and countermeasures from China stoked fears of a trade war and the prospect of a global recession.China’s finance ministry said on Friday it will impose additional 34% tariffs on all U.S. goods from April 10 as a countermeasure … Read more
Tariff-stunned markets face another week of potential tariff turmoil, with fallout from President Donald Trump’s sweeping import levies keeping investors on edge after the worst week for U.S. stocks since the onset of the coronavirus crisis five years ago. Investors will look for signs the stock market may be close to at least a short-term … Read more
Data is only valuable if it can be accessed, transformed, and understood. This is especially true in the energy sector, where data collection, processing, and operational improvements have long been core practices. From advanced process control to high-fidelity digital twins built using thermodynamic models, the industry has continuously leveraged technical ingenuity to overcome operational challenges. … Read more
(Reuters) – Chevron was ordered to pay $740 million to restore damages the oil and gas major caused to southeast Louisiana’s coastal wetlands, the Associated Press reported on Friday. The ruling — delivered by a jury — awarded $575 million for land loss compensation, $161 million to compensate for contamination and $8 million for abandoned … Read more
Summary • Saudi Arabia seeks to punish cheaters – three sources • Oil falls 8% below $65 per barrel, lowest since 2021 • Move revives memories of oil price wars of 2014, 2020 • Production hike, oil price drop to appease Trump (Reuters) – Saudi Arabia’s anger at Kazakhstan and other over producing nations was … Read more
The survey was taken in the same week U.S. President Donald Trump escalated a global trade war A man wearing an “I love Canadian pipelines” shirt applauds during a pro-pipeline gathering in downtown Vancouver, Tuesday, June 18, 2019. Photo by THE CANADIAN PRESS/Jonathan Hayward More than three in four Canadians would support publicly funding an … Read more
Reuters) – The Panama Canal has authorized the opening of a bidding process for a new pipeline that will transport liquefied petroleum gas (LPG) across the interoceanic waterway, its authority said on Friday. Since Panama’s Supreme Court last year ruled the return of areas near the canal to its administration, the planning of projects to … Read more
Summary • Brent and WTI hit lowest since April 2021 • Goldman Sachs, Citi cut oil price forecasts • Saudi crude prices for Asian buyers reduced to four-month low (Reuters) – Oil prices extended losses on Monday, falling 3% as escalating trade tensions between the United States and China stoked fears of a recession that … Read more
(Reuters) – U.S. oilfield service firms are bracing for a hit as President Donald Trump’s tariffs throw supply chains into disarray and tumbling oil prices set the stage for a drop in drilling activity, analysts and financial firms said on Friday. Financial services firm Morningstar lowered its fair value estimates for the big three oilfield … Read more
(Reuters) – U.S. energy firms this week cut the total number of rigs operating for a second week in a row, even as the number of oil rigs rose to the highest since June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early … Read more
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) continued to narrow on Friday, dipping into sub-$9 territory as global oil prices fell to pandemic levels. WCS for May delivery in Hardisty, Alberta, settled at $8.90 a barrel under WTI, according to brokerage CalRock, after … Read more
Global stock markets extended their recent rout on Friday, with S&P 500 companies wiping out $5 trillion in stock market value since U.S. President Donald Trump unveiled sweeping tariffs on Wednesday, while investors fled to the safety of government bonds.The Nasdaq confirmed it was in a bear market, ending more than 20% below its record … Read more
Summary • Brent closes at lowest since August 2021 • Oil posts biggest weekly decline since 2023 • China announces retaliatory tariffs on US • OPEC+ unexpectedly speeds up oil output hikes • Russian court rules not to suspend Caspian pipeline export terminal (Reuters) – Oil prices plunged 7% on Friday to settle at their … Read more
(Reuters) – U.S. natural gas futures dropped about 7% to a five-week low on Friday on a decline in daily liquefied natural gas (LNG) exports and forecasts for mild weather and lower demand over the next two weeks than previously expected. That price drop occurred despite a decline in output so far this month. Gas … Read more
The U.S. Energy Department has identified thousands of staffers it has deemed as non-essential, including at its office that manages the country’s nuclear weapons arsenal, who would not be protected in a second round of cuts, an Associated Press report said on Friday. More than 8,500 staffers across the department and 500 positions at the … Read more
(Reuters) – Shares of U.S. refiners fell to two-year lows on Friday in the wake of U.S. President Trump’s announcement of new tariffs, as fears of slower oil and fuel demand and weakening refining margins rattled investors. Top refiners Marathon Petroleum, Valero Energy and Phillips 66 have shed more than $20 billion in market capitalization … Read more
The US has imported about 80% of modules from four Southeast Asian countries that face big new levies. Workers install solar panels on the roof of a home in San Francisco, California.Photographer: Michaela Vatcheva/Bloomberg By Josh Saul, Shoko Oda, and Jennifer A Dlouhy America’s solar industry has a strategy for dulling US tariffs: hoard. Developers … Read more
By Emma Sanchez and David Wethe Shale-oil companies are taking some of the harder lumps on Wall Street as crude prices tumble and President Donald Trump’s trade war runs headlong into his goal to turbocharge US energy production. The S&P 500 Energy Index is down more than 15% since the president announced the sweeping tariffs … Read more
CERNOBBIO, Italy, April 4 (Reuters) – Oil majors are suffering after eight OPEC+ countries unexpectedly agreed to increase oil output in May, while tariffs imposed by U.S. administration had a muted effect on the sector, Eni’s (ENI.MI) top executive Francesco Gattei said on Friday. He added that energy groups could react to the possibility of … Read more
By Shadia Nasralla Lund oversaw BP’s 2020 plan to slash oil, gas output Company veered back towards oil and gas this year Elliott, shareholders had discussed potential leadership changes April 4 (Reuters) – BP (BP.L) Chair Helge Lund intends to step down “likely during 2026”, the energy group said on Friday amid a campaign by … Read more
By Mohi Narayan (Reuters) – Sweeping new U.S. import tariffs threaten to further erode demand for global petrochemical producers and accelerate capacity cuts in an industry plagued by weak margins, industry officials and analysts said. Tariffs announced by President Donald Trump on Wednesday are expected to drive up prices for goods such as electronics, appliances … Read more
Brookfield Infrastructure Partners is buying Colonial Pipeline, the largest U.S. fuel transportation system, in a deal valued at about $9 billion, including debt, the company said on Thursday. The deal to acquire all assets of Colonial Enterprises, including Colonial Pipeline, is expected to close in the second half of 2025. Colonial’s pipeline system stretches over … Read more
Goldman Sachs lowered its forecast for Brent crude’s average price this year by 5.5% to $69 a barrel and for WTI prices by 4.3% to $66, citing the risks of higher OPEC+ supply and the global trade war triggering a recession. The Wall Street brokerage also chopped its 2026 average price forecast for Brent by … Read more
U.S. liquefied natural gas developer Venture Global exported 29 cargoes from its Plaquemines facility in Louisiana during the first quarter of 2025, the company said in a regulatory filing on Thursday. Venture Global realized an average fixed liquefaction fee of $7.26 per million British thermal units (mmBtu) from the Plaquemines plant, it said in the … Read more
By Timothy Gardner (Reuters) – The administration of President Donald Trump said on Thursday it has identified 16 potential sites on U.S. Department of Energy lands where data centers and power plants supporting the boom in artificial intelligence can be developed. WHY IT’S IMPORTANT Rapid growth in AI is leading to the first boom in … Read more
Summary • Brent and WTI set for lowest close since April 2021 • China announces retaliatory tariffs on US • Oil set for biggest weekly decline since 2023 • OPEC+ output increase exacerbates losses LONDON, April 4 (Reuters) – Oil prices plunged by 8% on Friday, heading for their lowest close since the midst of … Read more
Elliott Investment Management said on Thursday that Phillips 66’s stock price could nearly double to $200 if the oil refiner sells or spins off its midstream business and puts more focus on refining and enhances oversight.The activist investor, which owns a $2.5 billion stake in the company, also slimmed down to four the number of … Read more
Almost unnoticed in the sweeping new import tariffs announced by U.S. President Donald Trump is that energy commodities have been excluded. The baseline of 10% on all imports to the United States, and higher for many major trading partners, won’t apply to crude oil, natural gas and refined products, the White House said on Wednesday. … Read more
Major U.S. stock indexes registered their biggest daily percentage drops since 2020 on Thursday and the dollar weakened as U.S. President Donald Trump’s drastic trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen. S&P 500 companies lost a combined $2.4 trillion in stock market … Read more
Summary • Brent, WTI down more than 7% • Trump to impose 10% minimum tariff on most import goods • Imports of oil, gas, refined products exempted from new tariffs • OPEC+ to bring more oil to market in May than previously planned HOUSTON, April 3 (Reuters) – Oil prices swooned on Thursday to settle … Read more
By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler Eight OPEC+ members to hike output by 411,000 bpd in MayOil market had expected May hike of 135,000 bpd Decision may force compliance laggards to step up, analyst says Trump has called on OPEC to lower oil prices LONDON/MOSCOW, April 3 (Reuters) – Eight OPEC+ countries unexpectedly … Read more
(Reuters) – Russia said on Thursday that threats of military strikes against its ally Iran were unacceptable and warned that attacking the Islamic Republic could lead to potentially catastrophic results if nuclear installations were bombed. U.S. President Donald Trump threatened Iran on Sunday with bombing and secondary tariffs if Tehran did not come to an … Read more
European Commission President Ursula von der Leyen described U.S. President Donald Trump’s universal tariffs as a major blow to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed. Von der Leyen said the EU was already finalising a first package of tariffs on up … Read more
Summary Oil, gas exempt from Trump’s import tariffs US remains dominant in global energy markets Countries may increase US energy purchases to offset tariffs LONDON, April 3 – President Donald Trump’s reveal of sweeping import tariffs further darkened the outlook for the global economy and left many questions unanswered. But amid all the policy fog, … Read more
U.S. President Donald Trump announced a slew of reciprocal tariffs on trading partners on Wednesday, the latest in a series of extensive duties imposed since his return to the White House earlier this year. The U.S. will now impose a 10% baseline tariff on all imports to the country effective April 5 and higher duties … Read more
Summary • Brent, WTI sink by 6% • Trump to impose 10% minimum tariff on most import goods • Imports of oil, gas, refined products exempted from new tariffs • OPEC+ to bring back more oil to market in May than previously planned LONDON, April 3 (Reuters) – Oil prices fell 6% on Thursday as … Read more
By Amanda Stephenson Construction cost overruns boosted fees for shipping oil on line Regulators will hold hearing on whether higher costs are fair Potential US tariffs may still boost Trans-Mountain’s appeal CALGARY, April 2 (Reuters) – Canada’s Trans Mountain oil pipeline has downgraded forecasts for the amount of oil expected to flow through its system … Read more
By Bernard Condon Original: financialpost.com/pmn/tesla-sales-drop-13-in-first-quarter-as-elon-musk-backlash-aging-models-hurt-demand Tesla sales fell 13 per cent in the first three months of the year, another sign that Elon Musk’s once high-flying electric car company is struggling to attract buyers. The double-digit drop is likely due to a combination of factors, including its aging lineup, competition from rivals and a backlash … Read more
(Reuters) – U.S. crude oil and distillate inventories rose while gasoline inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 6.2 million barrels to 439.8 million barrels in the week ending March 28, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel draw. … Read more
Karen McKee to Retire After 34 years of Service Matt Crocker Appointed President, ExxonMobil Product Solutions Company and Vice President, Exxon Mobil Corporation SPRING, Texas–(BUSINESS WIRE)–ExxonMobil (NYSE: XOM) today announced Karen T. McKee, president of ExxonMobil Product Solutions Company and vice president Exxon Mobil Corporation, will retire effective May 1, 2025. The Board of Directors has … Read more
Authors: Leonard Herchen & Yuchen Wang Overview The energy market has remained resilient despite recent shifts in trade policies. While tariffs on Canadian crude and broad-based Chinese imports have introduced new considerations for operational costs and international supply routes, overall price movements have remained within typical volatility ranges. Market fundamentals continue to play a dominant … Read more
A huge natural gas-powered data center that will serve the growing demands of artificial intelligence is being planned for the site of a former coal-fired power plant in Pennsylvania. The 3,200-acre (1,295-hectare) data center campus, located about 50 miles east of Pittsburgh, will be developed at the location of Homer City Generation, previously the state’s … Read more
(Reuters) – Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes, two delegates told Reuters. Record Kazakh output has angered several other members of the group, including top producer … Read more
Summary • Concerns remain over how tariffs will be implemented • Some analysts warn of bearish impact on oil prices • Markets also await news on secondary tariffs on Russian oil April 2 (Reuters) – Oil prices extended losses on Wednesday, pressured by fears that U.S. reciprocal tariffs due to be announced at 2000 GMT … Read more
MIDLAND, Texas, April 01, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today announced that it has completed its previously announced acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”). About Diamondback Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, … Read more
Most of Canada’s oil reserves are in Alberta, along with a majority of natural gas reserves. Alberta is the beating heart of the Canadian energy economy. JOCK FINLAYSON By any measure, Alberta is an energy powerhouse — within Canada, but also on a global scale. In 2023, it produced 85% of Canada’s oil and three-fifths … Read more
WASHINGTON — Democrats in the U.S. Senate are moving forward on a resolution to block sweeping tariffs targeting Canada as President Donald Trump presses Republican lawmakers to continue backing his trade agenda. Sen. Tim Kaine plans to force a vote on Trump’s use of the International Economic Emergency Powers Act, also called IEEPA, to declare … Read more
(Reuters) – U.S. crude oil production fell by 305,000 barrels per day to 13.15 million bpd in January, the lowest level since February 2024, data from the U.S. Energy Information Administration showed on Monday. That was the biggest decline in monthly U.S. oil output since January 2024, the data showed. The EIA also lowered its … Read more
(Reuters) – ConocoPhillips is exploring the sale of oil and gas assets in Oklahoma that it inherited from its $22.5 billion takeover of Marathon Oil last year, people familiar with the matter said. The energy producer has hired investment bank Moelis & Co to run the sale process for the assets, the sources said, adding … Read more
U.S. natural gas prices are already up by around 80% from a year ago, but are due for a fresh jolt from the knock-on effects of the latest round of trade tariffs imposed by the U.S. government on goods entering the country. Regardless of how and when the new tariffs kick in, the U.S. gas … Read more
The U.S. is slated on Wednesday to rescind a policy issued by the administration of former President Joe Biden that requires liquefied natural gas, or LNG, projects to export within seven years of receiving regulatory approval. The LNG industry had pushed the administration of President Donald Trump to rescind the policy statement issued in April … Read more
By Ron Bousso Trump threatens secondary tariffs on Russia, Iran oil exports Tariffs on Venezuela have been effective Market struggles to price in Trump’s threats (Reuters) LONDON, April 1 – Oil diplomacy could become a hallmark of Donald Trump’s second term in office, if the last few weeks are any guide, but energy markets have … Read more
(Reuters) – The U.S. exported a record amount of liquefied natural gas (LNG) in March, selling more than 9 million metric tons (MT) of the superchilled gas, according to preliminary data from LSEG. The U.S. is already the world’s largest exporter of LNG and President Donald Trump has promised to unleash American energy by declaring … Read more
Sempra plans to sell some natural gas assets, including a Mexican fuel distributor and a minority stake in its liquefied natural gas business, to “simplify the company’s portfolio” and support growth for its Texas and California utilities. Summary by Bloomberg AI The move is part of a trend among US power companies to raise capital … Read more
President Donald Trump promised on the campaign trail to lower energy costs for consumers by increasing US oil and gas production. He’s continued with that refrain in office. “As you’ve heard me say many times, we have more liquid gold under our feet than any nation on Earth,” he said during his address to a joint session … Read more
Summary • Market weighs near-term supply risks, tariff concerns • Reuters poll indicates lower U.S. crude inventories (Reuters) – Oil prices steadied near five-week highs on Tuesday as threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and attack Iran countered worries about the impact of a trade war on global … Read more
Stellantis sold 5.5 million vehicles last year, including roughly 2.6 million in Europe, and generated sales of €156.9 billion Bloomberg News Stellantis NV’s strategy to make more hybrids is causing manufacturing delays in Europe because the automaker can’t source enough parts. This month the company produced 20,000 fewer vehicles than expected as it didn’t have … Read more
** As Q1 draws to a close, energy looked set to come out the top performer among the S&P 500’s major industry sectors for the quarter, with a ~9% gain for the period ** Energy, up 0.7% on Mon, is also among the best-performing sectors of the day, outperforming the broader market, with the S&P … Read more
(Reuters) – Brookfield Asset Management is putting the final touches on a deal to acquire Colonial Pipeline, the largest U.S. fuel transportation system, for more than $9 billion including debt, people familiar with the matter said on Monday. The New York-based asset manager has emerged as the winner of the auction process, which the five … Read more
(Reuters) – U.S. President Donald Trump’s threat to impose secondary tariffs of 25% to 50% on buyers of Russian crude oil is just crazy and bold enough to perhaps achieve his stated aim of a ceasefire in Ukraine. What matters now is the reaction of the other three key players to this latest move by … Read more
HOUSTON–(BUSINESS WIRE) – Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (“Chevron”) (NYSE: CVX), announced that it has closed on a transaction to sell a 70% interest in its East Texas gas assets to an affiliate of TG Natural Resources LLC (“TGNR”), a company indirectly owned by Tokyo Gas Co., Ltd. (“Tokyo Gas”) and Castleton … Read more
U.S. authorities have notified Spanish oil company Repsol that its license to export oil from Venezuela is to be revoked, a company spokesperson said on Monday, while Spain’s foreign minister promised to defend Repsol’s interests. President Donald Trump’s administration told Repsol it had until May 27 to wind down its operations in the Southern American … Read more
Poilievre will create the ‘Canada First’ National Energy Corridor to rapidly approve & build the infrastructure we need to end our energy dependence on America so we can stand up to Trump from a position of strength. Saint John, NB — Conservative Leader Pierre Poilievre announced today he will create a ‘Canada First’ National Energy Corridor … Read more
The “Buy Canadian” movement is sending new ripples of concern through the executive offices of U.S.-based consumer companies that banked on selling their products on Canadian retail shelves. California-based diaper maker Parasol Co had been working since January with a distributor to expand the sale of its diapers and baby wipes to new retailers in … Read more
Summary • Trump, mad at Putin, threatens tariffs on buyers of Russian oil • Market would look for OPEC response to any drop in Russian supply, analysts say (Reuters) – Oil markets rose on Monday after U.S. President Donald Trump threatened to hit buyers of Russian oil with tariffs, although gains were muted as traders … Read more
Summary • Oil prices steady, reversing earlier session losses • Trump warns imposing secondary tariffs on Russian oil buyers • Trump threatens Iran with bombing along with further tariffs March 31 (Reuters) – Oil prices held steady on Monday as investors adopted a cautious, wait-and-see stance after U.S. President Donald Trump threatened to impose secondary … Read more
The U.S. government has notified foreign partners of Venezuela’s state oil company PDVSA of the imminent cancellation of authorizations that allow them to export Venezuelan oil and byproducts, sources close to the decision by President Donald Trump’s administration said on Saturday. In recent years, former President Joe Biden’s administration granted the authorizations to secure Venezuelan … Read more
Most investors knew things could turn turbulent this year given U.S. President Donald Trump’s return to power in the world’s biggest economy and financial market, but few predicted the kind of a rodeo ride it has been so far. Scan the surface and world stocks are almost where they started the year, while volatility gauges … Read more
The Federal Energy Regulatory Commission issued a preliminary decision on Friday supporting environmental approval for NextDecade’s Rio Grande LNG project in southern Texas. In August, a Washington, D.C. Circuit court quashed the regulator’s approval for the plant at the Port of Brownsville, Texas, saying it failed to issue a supplemental Environmental Impact Statement on … Read more
U.S. President Donald Trump threatened Iran on Sunday with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear program. In Trump’s first remarks since Iran rejected direct negotiations with Washington last week, he told NBC News that U.S. and Iranian officials were talking, but did not elaborate. … Read more
U.S. President Donald Trump said on Sunday he was “pissed off” at Russian President Vladimir Putin and will impose secondary tariffs of 25% to 50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine. Trump told NBC News he was angry after Putin last week … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, 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 one to 592 in … Read more
Next week, the UN votes on an ocean carbon tax that would spike the price of many consumer goods. The Trump administration must not allow this Biden climate policy to quietly take effect. By Alex Epstein Next week, the UN votes on an ocean carbon tax that would spike the price of food, fuel, and … Read more
Summary • U.S. LNG capacity could double in the next decade • Investment firms signal future growth in Haynesville with new funds • Operators cautious due to past price volatility and high breakeven costs HOUSTON, March 28 (Reuters) – U.S. natural gas producers and investment firms are gearing up for more activity in Louisiana’s Haynesville … Read more
By Shariq Khan and Georgina Mccartney Slowest Permian oil output growth forecast since pandemic Permian slowdown in contrast to Trump’s ‘drill, baby, drill’ mantra Gas and water output rises as the field ages, increasing costs Gas-to-oil ratio rises as gas output up eight-fold in past decade Water-to-oil ratio already high at Permian’s core, even higher … Read more
Upstream oil companies ramped up hiring in February, the Texas Independent Producers and Royalty Owners Association (TIPRO) said on Friday, marking the second straight month of growth. WHY IT’S IMPORTANT Hiring in the upstream sector, which includes activities related to drilling and producing oil, can serve as an indicator of the health of the oil … Read more
A federal district judge ruled against the Biden administration’s sale of oil and gas drilling rights in the Gulf of Mexico, citing insufficient analysis of the sale’s potential effects on the climate and endangered whales. Summary by Bloomberg AI The judge directed additional arguments on the best remedy, which could include invalidating leases sold in … Read more
(Reuters) – U.S. natural gas futures climbed about 3% to a one-week high on Friday on record flows to liquefied natural gas export plants and a decline in daily output. On its first day as the front month, gas futures for May delivery on the New York Mercantile Exchange rose 11.5 cents, or 2.9%, to … Read more
Summary • US set to impose reciprocal tariffs on wide range of imports • Weekly gains due to US pressure on Venezuela, Iran • Q2 seen tighter than previously forecast – analyst (Reuters) – Oil prices fell on Friday on worries that U.S. tariff wars could spark a global recession, but gained for a third … Read more
Oilfield service providers will face modest hits to earnings from U.S. President Donald Trump’s decision to impose tariffs on steel imports, Liberty Energy Chief Executive Ron Gusek said on Thursday. Trump imposed 25% tariffs on steel and aluminum on March 12, and more could be coming April 2. A Dallas Federal Reserve survey on Wednesday … Read more
By Tim Boersma and Gautam Jain March 28 – The Trump administration’s broad policy goal of achieving “energy dominance” may run into headwinds in the country’s largest export market, the European Union, due to new methane regulations. While European Commission President Ursula von der Leyen has indicated that the EU may be willing to import … Read more
Glenfarne, Alaska Gasline Development Corporation Sign Binding, Definitive Project Development Agreements Enhancing Momentum For The Project Alaska LNG Pipeline Final Investment Decision Anticipated in 2025 ANCHORAGE, Alaska & NEW YORK–(BUSINESS WIRE)–Today, Glenfarne Alaska LNG, LLC, an affiliate of Glenfarne Group, LLC, (together as ”Glenfarne”), and the Alaska Gasline Development Corporation (“AGDC”) signed definitive agreements for … Read more
(Reuters) – Russia accused Ukraine on Friday of attacking its energy facilities despite a moratorium on such strikes, saying a key piece of gas infrastructure in the town of Sudzha had been practically destroyed. A Ukrainian official said it was Russia that attacked the gas transit point in Sudzha. Reuters could not independently confirm which … Read more
(Reuters) – Tehran would strike U.S. bases in the region if Washington follows through on its warning of military consequences for Iran in the absence of a new nuclear deal, the speaker of the Iranian parliament said on Friday. U.S. President Donald Trump said earlier this month that he had sent a letter to Iran’s … Read more
5 answers AlexAI gave to user questions this week. By Alex Epstein Significant advances in LLMs plus the great work of my AI team are making my AI, AlexAI, better than ever. Here are 5 answers AlexAI gave to user questions this week. Want to ask AlexAI a question, have a discussion with him, or have him help … Read more
• Indian companies in talks with US companies for long-term LNG deals • India also looks to boost import of ethane, propane, butane • US second biggest LNG supplier to India NEW DELHI, March 28 (Reuters) – India is considering a proposal to scrap import tax on U.S. liquefied natural gas (LNG) to boost … Read more
• Biggest short position in Shell since 2016, FCA data shows • Elliott pushes for more change at BP • Elliott also has a short position in TotalEnergies (Reuters) – U.S. activist hedge fund Elliott Management, currently campaigning for more change at BP its capacity as a BP shareholder, has taken a big short position … Read more
By Ron Bousso Oil majors cut spending, boost shareholder returns amid uncertainty Exxon Mobil bucks trend with increased spending, production plans Peak demand narrative persists despite geopolitical energy shocks LONDON, March 26 – Top oil and gas companies are losing confidence in the outlook for their core businesses. Recent strategy updates by leading European and … Read more
By Jarrett Renshaw Trump administration asks Big Oil and Farm Belt to come to a consensus on biofuel policy Two meetings held so far, with consensus to seek higher biomass-based diesel volumes Other key issues still under discussion NEW YORK, March 27 (Reuters) – U.S. President Donald Trump’s administration has asked oil and biofuels producers … Read more
Tesla has boasted about its U.S. credentials, saying in a post on X that its models ‘are the most American-made cars’ Bloomberg News Donald Trump’s planned tariffs on auto imports will hurt carmakers around the world and push up prices for United States consumers. Among the many losers, one winner stands out: Elon Musk’s Tesla … Read more
Summary • Brent, WTI up over 2% this week • Support from Washington pressure on Venezuela, Iran • U.S. tariff war continues to weigh on prices (Reuters) – Oil prices were set for a third weekly gain on Friday as the U.S. ramped up pressure on Venezuela and Iran, though worries over whether Washington’s tariff … Read more
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COMMENTARY: Where the Fight Against Energy Subsidies Stands – Alex Epstein