In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is … Read more
MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a … Read more
By Georgina Mccartney and Liz Hampton Brent jumped 5% on Tuesday after Iran attacked Israel US output to hit record 13.49 million bpd by year’s end Global crude supplies not yet disrupted by Middle East war OPEC is set to start raising output later this year HOUSTON/DENVER, Oct 2 (Reuters) – The oil industry and … Read more
By Alex Lawler, Ahmad Ghaddar, Maha El Dahan and Olesya Astakhova OPEC+ JMMC met on Wednesday, kept output policy unchanged Compliance with cuts by Iraq and Kazakhstan under scrutiny LONDON/DUBAI, Oct 2 (Reuters) – A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, … Read more
By Sourasis Bose Oct 2 (Reuters) – U.S. energy companies’ shares gained on Wednesday as crude oil prices climbed 3% on worries over an escalation in tensions in the Middle East after Israel and the U.S. vowed to respond to Iran’s missile attack on its arch foe. Israeli Prime Minister Benjamin Netanyahu promised that Iran … Read more
CALGARY — The coming boom in artificial intelligence represents both a threat and an opportunity for the clean energy transition, market experts suggest. No longer purely in the realm of the tech sector, AI has in recent years become an energy industry issue. The expected rapid rollout of the energy-hungry data centres needed to power … Read more
Europe likely to require more LNG imports next year: report IEA sees gas consumption in Europe dropping slightly this year Global demand for natural gas will hit an all-time high next year as competition for seaborne fuel intensifies between Asia and Europe, according to the International Energy Agency. After a drop in imports this year, … Read more
Vladimir Putin’s ambition to triple exports by 2030 looks like a stretch, and that bodes well for Washington. Vladimir Putin’s strategy to expand liquefied natural gas exports hinges on finding buyers willing to circumvent US sanctions. So far, that’s proven a challenge. Key to the Russian president’s plans is the vast Arctic LNG 2 plant, which started … Read more
Oct 3 (Reuters) – Enbridge said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by BP. The pipelines are expected to be operational by 2029 and would cost $700 million, the Canadian firm said. The crude oil … Read more
(Reuters) – Four electricity transmission projects serving the U.S. southwest, southeast and New England will get $1.5 billion in public funding to improve the grid’s resilience and connect customers with clean energy, the government said on Thursday. The funds for the second phase of the Transmission Facilitation Program come from a 2021 bipartisan infrastructure law … Read more
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s … Read more
Oilfield-service costs for US shale drillers are expected to rebound in 2025, clawing back some of this year’s drop, as explorers expand the hunt for natural gas and extend sideways wells, according to industry consultant Enverus. This year’s reduction in drilling and fracking, combined with the push to max out efficiencies, are seen lowering per-well … Read more
Oil prices climb on prospects of wider Middle East war Summary Supply worries heightened by intensifying conflict U.S. oil stocks unexpectedly rise OPEC+ capacity could cushion Iranian supply shock Oct 3 (Reuters) – Oil prices rose on Thursday on investor concern that a widening Middle East conflict could disrupt crude oil flows from the region, … Read more
EQT Corp said on Tuesday it would lay off about 15% of its workforce as part of an “integration process” following its $14 billion acquisition of Equitrans Midstream. This marks the natural gas producer’s biggest job cut since 2019, when it laid off about 23% of its workforce just months after Toby Rice joined the … Read more
U.S. crude oil inventories rose last week as refinery utilization rates fell amid weakening fuel demand, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by … Read more
The oil industry and markets have had a muted reaction to growing conflict in the Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+ prepares to lift production. The global oil benchmark Brent jumped 5% on Tuesday after Iran, a key producer and member of the … Read more
Summary New PM Ishiba waters down tone against nuclear power in Japan Japan to continue with nuclear power plant restarts, new METI minister Muto says Japan to use renewable energy to its maximum, METI minister says (Reuters) – Japan plans to continue safely restarting nuclear power plants and will use as much renewable energy as … Read more
(Reuters) – The Kremlin said on Wednesday it could not confirm a report that Russia’s energy minister had put forward a proposal to nationalize the energy sector. Russian authorities have repeatedly said they have no plans to de-privatize large companies, including oil and gas producers. On Tuesday, a Telegram channel called EJ, citing unnamed sources, … Read more
(Reuters) – Final investment decisions for hydrogen projects have doubled over the last 12 months, dominated by China, but installed capacity and demand are low as the industry faces uncertainty, the International Energy Agency (IEA) said in a report on Wednesday. The investment decisions represent a five-fold increase of current low-emission hydrogen production by 2030, … Read more
(Reuters) – U.S. shale producer Diamondback Energy raised its third-quarter production forecast on Tuesday to reflect its $26 billion acquisition of Endeavor Energy. The Texas-based company completed its acquisition of Endeavor Energy last month, making it the third-largest oil and gas producer in the top U.S. shale region, the Permian Basin, putting it just behind industry giants Exxon … Read more
Summary Minister makes comments hours before OPEC+ committee meets Says many moving factors in short term including geopolitics Comments echo those of Russia’s Novak on Monday Says OPEC+ sacrificed more than other producers (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a noble job of balancing the oil … Read more
Summary OPEC+ joint ministerial monitoring committee meets on Wednesday Unlikely to change production agreement, two sources say Compliance with cuts by Iraq and Kazakhstan under scrutiny (Reuters) – An OPEC+ ministerial panel scheduled to meet on Wednesday is unlikely to recommend any changes to policy, allowing the group to start gradually increasing production from December, … Read more
By: Blake Ericson, Martha Maier, and Bryan Vining How does OTM-45 work for PFAS testing? The EPA introduced OTM-45 in 2021 as a benchmark for PFAS stack testing and as a starting point for future PFAS stack testing standards. OTM-45 identifies and determines concentrations in mass per unit gas volume sampled of specific PFAS compounds … Read more
Oklahama City, OK – Kimray, a longstanding leader in energy control solutions, and Kathairos, a trailblazer of emissions abatement technology, announced a strategic partnership aimed at providing scalable zero-emissions solutions to oil and gas operators. Together, Kimray and Kathairos are powering two critical processes of our time – energy production and energy decarbonization. Their collaboration … 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
By Jonathan Stempel Berkshire Hathaway Energy repurchasing Scott family stake Berkshire stake in energy unit will rise to 100% from 92% Analysts expected buyout, price appears lower than forecast Oct 1 (Reuters) – Berkshire Hathaway (BRKa.N) will take full ownership of Berkshire Hathaway Energy, after the unit of Warren Buffett’s conglomerate agreed to acquire the … Read more
(Reuters) – U.S. shale oil and gas executives are moving to electric rigs and fracking to reduce diesel emissions but grid infrastructure and cost challenges are hurdles, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly energy survey. The survey of Texas, Louisiana and New Mexico executives also revealed third-quarter oil and … Read more
Summary Oil prices rise on fears over Middle East supply disruptions Iran fires over 180 missiles on Israel, says attack is over Israel and the U.S. vow retaliation against Tehran OPEC+ panel meets later on Wednesday LONDON, Oct 2 (Reuters) – Oil prices climbed more than 2% on Wednesday on rising concerns that Middle East … Read more
By Ron Bousso Oil majors paid shareholders $272 bln last year Lower oil prices, refining margins to curb profits Some companies to borrow, others to cut payouts, analysts say LONDON, Oct 1 (Reuters) – Major energy companies are set to borrow billions to maintain shareholder payouts or cut the rate of share repurchases in the … Read more
Pipeline is moving about 0.3 bcf per day into Transco Permian has long struggled with not enough pipeline capacity Matterhorn Express Pipeline has begun transporting natural gas into Williams Cos.’s Transco pipeline, a long-awaited addition to midstream infrastructure serving the Permian Basin. Matterhorn is moving about 0.3 billion cubic feet per day into Transco, an established pipeline … Read more
Company delays payout as it seeks agreement with debtholders Second LNG export cargo is heading to Europe, firm says Shares of New Fortress Energy Inc. plunged as much as 16% after the US-based natural gas provider delayed its dividend payment. The company founded by Wes Edens said its previously declared dividend of $0.10 a share will be delayed until it … Read more
(Reuters) – Britain will become the first G7 country to end coal-fired power production on Monday with the closure of its last plant, Uniper’s Ratcliffe-on-Soar in England’s Midlands. It will end over 140 years of coal power in Britain. In 2015 Britain announced plans to close coal plants within the next decade as part of wider … Read more
Summary Platts added U.S. crude to benchmark last year Thomson Reuters competes with Platts in assessing prices Rerouting could influence price, analysts say (Reuters) – Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises … Read more
By Sabrina Willmer Signage stands above the entrance to a Siemens AG gas turbine factory in Berlin, Germany (Bloomberg) — A US subsidiary of Siemens Energy AG agreed to pay $104 million to resolve a criminal investigation into misappropriating confidential information from competitors to win a bidding process. The US Justice Department accused Siemens of “illicitly … Read more
Bloomberg News Ford Motor Co. is offering free home chargers and installation to buyers of its electric vehicles in a bid to boost sales and overcome range anxiety among mainstream car shoppers. The incentive program will begin Tuesday and run through the end of the year, Ford officials said in a briefing with reporters. It’s available on the … Read more
Only 3% of crude oil and 1% of natural gas production in the Gulf of Mexico remained shut down in the aftermath of Hurricane Helene, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. Currently, energy producers are left with 59,000 barrels per day of oil production and nearly 17 million cubic … Read more
(Reuters) – Hedge funds sold U.S. energy company stocks at the fastest pace in five years and the sector was the most sold on Goldman Sachs’ prime brokerage trading desk last week, the bank said in a note sent to clients on Friday and seen by Reuters on Monday. A short bet profits as asset … Read more
The U.S. Federal Trade Commission allowed Chevron’s $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron’s board. The FTC’s order leaves Exxon Mobil’s challenge to the deal, which is expected to stretch deep into next year, as its final hurdle. The proposed merger included a Chevron … Read more
Summary OPEC+ panel meets on Oct. 2 Additional oil supply expected in December Softer Chinese PMI data casts doubts over demand Escalating Middle East conflict a growing concern (Reuters) – Oil prices edged lower on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East … Read more
(Reuters) – The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday. The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million … Read more
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