Summary • Tariffs on Venezuelan oil buyers remain supportive of prices • Markets mixed on impact of Trump auto tariffs • Prices seen unlikely to return to early 2025 highs, some analysts say (Reuters) – Oil prices were steady on Thursday as markets assessed new U.S. tariffs, while concerns about global supply kept prices near … Read more
Shell CEO Wael Sawan says the company will continue to look for potential acquisitions, but warns of the risks of pursuing a major deal. Summary by Bloomberg AI Sawan expects smaller-scale, bolt-on acquisitions centered around upstream production, and says the company is always looking at dealmaking prospects in Europe and beyond. Summary by Bloomberg AI … Read more
(Reuters) – The Army Corps of Engineers will complete as soon as next week its revised list of energy projects that could be fast-tracked under President Donald Trump’s declaration of a national energy emergency, a U.S. Army Corps official told Reuters. The Army Corps, a federal engineering service with permitting authority over projects involving wetlands … Read more
(Reuters) – Activity in the U.S. oil and gas sector increased slightly in the first quarter of 2025, but uncertainty and pessimism among companies also rose, a Dallas Fed survey showed on Wednesday. U.S. President Donald Trump has promised to unleash U.S. energy dominance, declaring a national energy emergency on his first day in office. … Read more
(Reuters) – A federal judge in Alaska ruled that former President Joe Biden’s administration lacked the authority to cancel oil and gas leases that had been issued for development within the Arctic National Wildlife Refuge. U.S. District Court Judge Sharon Gleason in Anchorage on Tuesday sided with a state-owned economic development public corporation in Alaska … Read more
(Reuters) – The Kremlin said on Wednesday that Moscow was continuing its intensive contacts with the U.S. and was pleased with how talks with Washington had gone so far after the United States said it had reached separate deals with Ukraine and Russia. The United States reached separate deals on Tuesday with Ukraine and Russia … Read more
(Reuters) – Phillips 66 is expected to nominate two new directors to its board as the proxy fight with activist Elliott Investment Management intensifies, the Wall Street Journal reported on Wednesday citing people familiar with the matter. The refiner is set to disclose four nominees, including the two new ones, in its proxy materials Wednesday … Read more
Mizuho cuts EOG Resources to “neutral” from “outperform”, PT by $8 to $140, still a 9.2% upside to last close Says a key concerns is depth and quality of EOG’s remaining shale inventory, esp in oil-focused basins like Delaware, Eagle Ford Adds cash margins per barrel seems to be declining due to higher cash taxes, … Read more
U.S. power producers emitted over 304 million metric tons of carbon dioxide (CO2) from power generation over the first two months of 2025, which was the highest for that period since 2019, according to data from energy think tank Ember. The emissions tally marked a 9% rise from the same period last year and was … Read more
By Mitchell Ferman Shell Plc’s sprawling in-house trading operation — which includes oil, natural gas and electricity — hasn’t lost money during a single quarter over the last decade, said Chief Executive Officer Wael Sawan. The London-based energy giant keeps a tight lid on information about its trading business for competition reasons, but Sawan provided … Read more
By Bjørn Lomborg Global evidence is clear: Adding more solar and wind to the energy supply pushes up the price of electricity for consumers and businesses. Families in Ontario know this already from their bitter experience: from 2005, the Ontario government began phasing out coal energy and dived headlong into subsidizing wind and solar generation. Those green … Read more
Goldman Sachs on Monday said it expects non-OPEC+ output growth to slow by about 0.3 million barrels per day (mb/d) over a 12-month period for every $10 per barrel decline in oil prices when Brent crude is above $70. The Wall Street bank estimates 2026 non-OPEC+ supply growth to decrease from 1.05 mb/d to … Read more
Mexican state energy company Pemex is actively looking to diversify its market for both motor fuel imports and crude oil exports, the head of its international trading unit PMI said on Tuesday. “If new opportunities in other markets open, we’ll pursue them and are pursuing them,” PMI Chief Executive Officer Margarita Perez said during a … Read more
Summary Brent, WTI trading near three-week highs Trump press on Venezuelan, Iranian oil fans bullish sentiment Russia, Ukraine agree to sea, energy truce Coming up: US EIA data on crude inventories at 1030 EDT (Reuters) – Oil prices edged higher on Wednesday as concerns about tighter global supply grew following the U.S. threat of tariffs … Read more
By Mitchell Ferman and James Herron Shell Plc said it would boost investor returns through the end of this decade by reinforcing its position as the world’s top trader of liquefied natural gas. The London-based energy giant will expand LNG sales, the key driver of profit growth in recent years, by 4% to 5% annually … Read more
This is the kind of integrity we need from industry—and from Congress. By Alex Epstein 28 energy leaders just called for the elimination of all IRA subsidies—even ones that benefit their companies. This is the kind of integrity we need from industry—and from Congress. The full letter is below (PDF here). Please share this with your Congressmen! Dear Chairman … Read more
As talks aimed at ending the war in Ukraine continue, a potential relief in sanctions imposed on Russia, including its vast energy sector, is one of the issues on the agenda. Oil and gas exports are a key revenue source for Moscow and the sector has been subject to Western sanctions since 2014, when Russia … Read more
Geospatial data has become an indispensable tool in land planning for the energy sector. The need for comprehensive, precise, and up-to-date information is paramount. While free sources like Google Maps provide some insights, relying solely on them is risky and may lead to suboptimal decisions. Whitestar by ESG ParcelsHD+ offers access to over 350 data … Read more
Q&A with Mike Verney, executive vice-president, McDaniel & Associates By Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter New analysis commissioned by the Alberta Energy Regulator has increased the province’s natural gas reserves by 440 per cent, bumping Canada into the global top 10. Alberta’s oil reserves … Read more
Alaskan state representatives led by the governor and including energy officials are due to visit South Korea on Tuesday, amid expectations of talks with U.S. allies in Asia to revive a stalled natural gas project touted by President Donald Trump. Governor Mike Dunleavy’s delegation will include officials from the Glanfarne Group that is a … Read more
(Reuters) – U.S. President Donald Trump said on Monday that any country that buys oil or gas from Venezuela will pay a 25% tariff on any trades made with the United States. This “secondary tariff” will take effect on April 2, Trump said in a Truth Social post. Trump said he is imposing the move … Read more
• Brent and WTI up 0.4% after gaining 1% on Trump tariffs • Trump says any country buying Venezuelan oil will face a 25% tariff • OPEC+ likely to raise oil output for a second month in May (Reuters) – Oil prices rose on Tuesday for a fifth day on concerns global supply will tighten … Read more
Natural gas flows to Freeport LNG’s export plant in Texas were set to rise on Tuesday after a lightning strike on a pipeline caused the plant to shut on Monday, data from financial firm LSEG showed. Freeport is one of the most closely watched LNG export plants in the world because the start and … Read more
(Reuters) – U.S. natural gas futures held steady on Monday as record flows to liquefied natural gas (LNG) export plants offset record output and forecasts for milder weather and lower demand over the next two weeks than previously expected. Front-month gas futures for April delivery on the New York Mercantile Exchange held at $3.983 per … Read more
(Reuters) – U.S. and Russian officials began talks in Saudi Arabia on Monday aimed at making progress towards a broad ceasefire in Ukraine with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement. The talks, which followed U.S. negotiations with Ukraine in Saudi Arabia on Sunday, come as U.S. President … Read more
(Reuters) – Russia’s central bank has warned the Kremlin’s policy makers the United States and OPEC have the capacity to flood the oil market and cause a repeat of the prolonged price collapse of the 1980s – which contributed to the downfall of the Soviet Union. The warning came weeks before Russian and U.S. Presidents … Read more
By Steven Globerman What the History of Technological Change Tells Us About the Likely Economic Consequences of Artificial Intelligence Artificial Intelligence (AI) is an emerging General Purpose Technology (GPT). That is, it is an innovation that can be used for many activities across different industries and sectors and can be expected to have a major … Read more
By Irina Slav In 2016, several environmentalist organisations ignited a massive protest against a pipeline project in North Dakota. Some 100,000 people descended on a tiny town in the state, overran it and left it with a bill of $38 million for policing the protests and cleanup. Because they’re environmentalists, you see, and when environmentalists litter, it … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs 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, rose by one to 593 in the week to March … Read more
U.S. oil major Chevron said on Friday its Chairman and Chief Executive Officer Michael Wirth was paid $32.7 million in 2024, according to a filing with the Securities and Exchange Commission. The total compensation received by Wirth represents a 23.4% increase from the prior year. However, the median annual compensation for Chevron employees, in the U.S. … Read more
(Reuters) – The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, the White House said on Friday. The framework will “substantially increase the UAE’s existing investments in the U.S. economy” in AI infrastructure, semiconductors, energy, and manufacturing, … Read more
(Reuters) – Oil prices inched up on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets. Brent crude futures gained 4 cents at $72.2 a barrel by 0735 GMT. U.S. … Read more
Renewable power assets have now become a buyers’ market Wind, solar are still key to meet rising electricity demand Private infrastructure investors are snatching up green bargains in what’s emerged as a buyer’s market for wind, solar and battery projects. The moves follow a a slump in clean-energy stocks, as US President Donald Trump’s call for … Read more
By Georgina Mccartney HOUSTON, March 21 (Reuters) – Oil prices will likely slip this year, the director of North Dakota’s state oil regulator predicted, amid uncertainty surrounding U.S. President Donald Trump’s tariffs on neighboring Canada and Mexico. North Dakota is the third-largest oil producing state in the U.S. U.S. crude futures have been trading below … Read more
U.S. Secretary of the Interior Doug Burgum and U.S. Secretary of Energy Chris Wright speak with members of the media outside of the West Wing of the White House, in Washington, D.C., U.S., March 19, 2025. REUTERS/Kent Nishimura WASHINGTON, March 20 (Reuters) – U.S. Interior Secretary Doug Burgum on Thursday announced steps to open up … Read more
By Jennifer A Dlouhy Oil executives pressed for faster permitting — and didn’t discuss concerns about falling crude prices — during a meeting with President Donald Trump on Wednesday, Interior Secretary Doug Burgum said. The more than hour-long session brought Trump, an unabashed champion of American oil and gas might, face to face with more … Read more
Summary • Benchmarks record highest weekly gains since early January • Fresh US sanctions on Iran include Chinese independent refiner • Prices also supported by latest OPEC+ production plans (Reuters) – Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan … Read more
(Reuters) – The future of Canada’s six-year-old carbon pricing system is on shaky ground after 14 oil and gas CEOs and the political opposition leader this week called for its repeal. Scrapping the system, which aims to reduce pollution by giving heavy industry a financial incentive to cut carbon emissions, however, puts the viability of … Read more
By Sarah Mcfarlane and Shadia Nasralla Elliott, some investors want deeper change at BP, sources say Cost cuts, potential board change among options, sources say BP says it has received ‘widespread support’ from investors March 21(Reuters) – Activist investor Elliott Management has met several large shareholders in BP (BP.L) to try to forge a consensus … Read more
Despite Donald Trump’s push to expand domestic energy infrastructure, building new oil and natural gas pipelines remains difficult Brookfield Asset Management Ltd. is emerging as the front-runner to acquire Colonial Pipeline Co., people familiar with the matter said. The investment firm is seen as the strongest contender after final offers were submitted last week, advancing … Read more
His executive orders supporting digging and drilling may not be enough to revive the beleaguered sector. By Shoko Oda Welcome to Energy Daily, our guide to the commodities markets powering the global economy. Today, reporter Shoko Oda looks at the market realities facing the White House’s love for coal. President Donald Trump is again signaling … Read more
By Alex Lawler and Ahmad Ghaddar New schedule for 7 members to make compensation output cuts Plan represents monthly cuts of between 189,000 and 435,000 bpd Cuts scheduled to last until June 2026 LONDON, March 20 (Reuters) – OPEC+ on Thursday issued a new schedule for seven member nations to make further oil output cuts … Read more
By Pavel Polityuk and Tom Balmforth Trump suggests the U.S. run Ukraine’s nuclear power plants Zelenskiy says leaders only discussed Zaporizhzhia plant Vast nuclear station would need years to come fully online Sources say proposal may be testing ideas as part of peace push KYIV, March 20 (Reuters) – Donald Trump’s idea of U.S. interests … Read more
(Reuters) – Oil prices rose in early Asian trading on Friday, and were set for their second consecutive weekly gains, after fresh U.S. sanctions on Iran and a new OPEC+ plan for seven members to cut output raised bets on tightening supply. Brent crude futures climbed 42 cents, or 0.6%, to $72.40 per barrel by … Read more
New solutions will support remote operations in deepwater fields Technology allows real-time response to evolving well conditions across multiple zones HOUSTON and LONDON, March 20, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday a major, multi-year fully integrated completions systems contract with Petrobras. The award followed an open tender … Read more
Dubai, March 20, 2025 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (“Vantage” or the “Company”) reported a net gain attributable to shareholders of approximately $55.5 million or $4.17 per diluted share for the three months ended December 31, 2024, based on weighted average shares outstanding, as compared to a net loss attributable to shareholders of … Read more
HOUSTON, March 19, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported financial results for the fourth quarter and full-year ended December 31, 2024. Full Year and Q4 2024 Highlights: Epsilon – Full Year 2024 & Q4 2024 2024 2023 Q4 2024 Q3 2024 YoY% QoQ% NRI Production Gas … Read more
Summary • Trump EPA last week rolled back dozens of regulations • EU retains stricter regulations for greenhouse gas emissions • Japan and South Korea also seek emissions data for LNG imports • Satellites still monitor emissions, even if EPA does not (Reuters) – U.S. liquefied natural gas exporters, seeking to meet standards of overseas … Read more
(Reuters) – Oil prices were little changed on Thursday, as a higher-than-expected fuel inventories drawdown in the U.S and renewed tensions in the Middle East countered strength in the dollar. Brent crude futures slipped 11 cents, or 0.16%, to $70.67 a barrel by 1038 GMT, while U.S. West Texas Intermediate crude (WTI) contract for April … Read more
By Devika Krishna Kumar and Ruth Liao Citadel made one of its biggest investments yet in the physical US natural gas market, expanding in one of its most profitable business areas. The hedge fund, led by Ken Griffin, agreed to buy assets from closely held Paloma Natural Gas LLC in a deal valued at about … Read more
(Reuters) – The U.S. Energy Information Administration on Wednesday forecast that Alaska’s annual crude oil production will increase in 2026, a first since 2017 and, if realized, the largest since 2002. The agency in its March 2025 Short-Term Energy Outlook report forecasts Alaska’s crude production to rise by “16,000 barrels per day (bbl/d) in 2026 … Read more
(Reuters) – U.S. natural gas futures jumped about 5% to a one-week high on Wednesday on record flows to liquefied natural gas (LNG) export plants and a second drop in daily output. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 19.5 cents, or 4.8%, to settle at $4.247 per million … Read more
(Reuters) – U.S. President Donald Trump’s administration is set to grant Venture Global LNG conditional approval to export natural gas from a proposed Louisiana facility, which had faced delays under former President Joe Biden, Bloomberg News reported. The Energy Department is set to authorize widespread exports from the company’s CP2 project as soon as Wednesday, … Read more
(Reuters) – U.S. oil producer APA has cut nearly 300 employees globally in January and late February, Bloomberg News reported on Wednesday. The figure amounts to around 10% to 15% of APA’s workforce, the report added, citing the company’s reply to an email. Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber
Here’s how BYD’s Super e-Platform stack up against the competition Chinese automaker BYD Co. is turning heads with claims that it’s developed an electric-vehicle (EV) platform it says will enable drivers to charge an EV in roughly the same time it takes to refuel a gasoline car. From “more features for no more price” and … Read more
Greenpeace must pay a Texas-based pipeline company nearly $667 million in damages for the environmental advocacy group’s role in 2016-2017 protests against the Dakota Access Pipeline in North Dakota, a jury said Wednesday. The verdict in North Dakota state court came after two days of deliberations in a trial where pipeline company Energy Transfer accused … Read more
By Jennifer A Dlouhy and Ari Natter Backers of LNG exports argue that when gas displaces coal as a source of electricity.Photographer: Brandon Bell/Getty Images When the Biden administration stopped approving licenses to export US liquefied natural gas in January of last year, officials said they first needed to determine how those shipments would affect … Read more
(Reuters) – U.S. commercial crude oil imports fell last week by 85,000 barrels per day (bpd) to 5.4 million bpd, the lowest since March 2023, data from the U.S. Energy Information Administration showed on Wednesday. U.S. crude oil imports from top supplier Canada also fell last week to a two year low of 3.1 million … Read more
HOUSTON, March 19, 2025 (GLOBE NEWSWIRE) — Lufkin Industries (“Lufkin”), a global leader in surface production equipment and automation solutions, has announced the sale of its North America Downhole (“NAM Downhole”) business to Q2 Artificial Lift Services (“Q2”), a leading provider of downhole reciprocating pumps. This transaction aligns with Lufkin’s strategic focus on its core … Read more
(Reuters) – U.S. crude stocks rose more than expected even as gasoline and distillate inventories fell last week in a sign of sustained fuel demand, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.7 million barrels to 437 million barrels in the week ended March 14, the EIA said, compared with analysts’ … Read more
(Reuters) – Vladimir Putin has edged closer to his goal of repairing Russia’s relations with the United States and driving a wedge between the U.S. and Europe, while offering only a slim contribution towards Donald Trump’s peace efforts in Ukraine. Before Tuesday’s long phone call between the two presidents, the U.S. side had said it … Read more
Oil company CEOs will meet with President Trump to express gratitude for his support of the industry, but also to caution him about potential negative consequences of his policies. Summary by Bloomberg AI The CEOs are concerned about the impact of low oil prices, trade tariffs, and potential economic declines on their businesses, despite Trump’s … Read more
Summary • Data center disconnections threaten grid stability, regulator says • Grid operators face resistance from data centers on proposals for a fix • Texas incidents highlight risks of sudden disconnections by crypto miners BOSTON, March 19 (Reuters) – Data Center Alley, a 30-square-mile stretch outside Washington D.C. and home to more than 200 data … Read more
(Reuters) – Tariff escalation and high spare capacity skew medium-term risks to Goldman Sachs’ oil price forecast to the downside, the bank said. “While we reduced our Brent forecast range by $5/bbl to $65-80, we expect oil prices to edge up in coming months, and think that market pricing of volatility and of the upside … Read more
Fossil exporters’ status will dwindle from the shift to clean power. By David Fickling The electrons coursing through our grids, turbines and engines are invisible to the human eye, but without them, all the machinery that powers our industrial economy would grind to a halt. Unseen flows of energy drive international relations, too. What’s often … Read more
March 18 (Reuters) – HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday. The bank said that it expects a surplus of 200,000 barrels per day this year, revising its a previous forecast of … Read more
March 18 (Reuters) – Energy company NextDecade (NEXT.O) said on Tuesday that the U.S. Court of Appeals for the District of Columbia had revised its August 2024 judgment against the energy regulator’s order allowing the construction of the company’s LNG project in Texas. NextDecade’s flagship facility has been in development for several years and has … Read more
(Reuters) – Kazakhstan’s energy minister will stand down from his role, the country’s presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets. Almasadam Satkaliyev will become the head of the country’s newly created atomic energy agency, the presidential office said in … Read more
Summary Trump to meet with top oil CEOs in closed-door meeting Industry concerned about falling oil prices, looming trade wars Meeting will mark Trump’s first sit-down with oil and gas leaders since return to White House (Reuters) – U.S. President Donald Trump will host top oil executives at the White House on Wednesday as he charts … Read more
The U.S. Energy Information Administration said on Monday that natural gas pipeline projects completed in 2024 increased the country’s liquefied natural gas (LNG) takeaway capacity by 17.8 billion cubic feet per day (bcfd). Takeaway capacity refers to the maximum amount of gas a pipeline can transport away from a production area or storage facility on … Read more
Summary • Ongoing Middle East turmoil limits oil price declines • API shows weekly US crude stocks rise, fuel inventories fall • US Fed’s interest rate verdict due later in the day (Reuters) – Oil prices edged lower on Wednesday after Russia agreed to U.S. President Donald Trump’s proposal that Moscow and Kyiv temporarily stop … Read more
Trump’s determination to make oil cheaper may have some unintended consequences for gas sales abroad. Bloomberg News Welcome to Energy Daily, Bloomberg’s guide to the commodities markets powering the global economy. Today, US reporter Ruth Liao and Asia Energy Team Leader Stephen Stapczynski look at how the White House’s “drill, baby, drill” policy may have … Read more
Partners Group Holding AG, a Switzerland-based private equity firm, agreed to acquire a portfolio of 11 natural gas power plants in California from Avenue Capital Group. The transaction — comprising the 1.9-gigawatt portfolio and Middle River Power, the operator of the plants — has an enterprise value of $2.2 billion, Partners said in a statement Tuesday. California … Read more
By Travis Fisher and Joshua L Loucks Original: https://travisfisher.substack.com/p/answering-frequently-asked-questions In the budget debate, lawmakers need an accurate score for the IRA Last week, Cato published Policy Analysis No. 992, titled “The Budgetary Cost of the Inflation Reduction Act’s Energy Subsidies: IRA Energy Tax Credits Could Cost $4.7 Trillion by 2050.” This work is significant because the … Read more
Once the United States has imposed tariffs on its major trading partners it could engage in bilateral talks with countries on new trade arrangements, Secretary of State Marco Rubio said on Sunday. U.S. President Donald Trump threatened on Thursday to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a … Read more
(Reuters) – The Kremlin confirmed on Monday that Russian President Vladimir Putin would talk to U.S. President Donald Trump by phone on Tuesday. Trump had said earlier that he planned to speak to Putin on Tuesday and discuss ending the war in Ukraine after what he said had been positive talks between Steve Witkoff, his … Read more
March 14 (Reuters) – Barclays on Friday lowered its 2025 Brent oil price forecast by $9 per barrel to $74 per barrel, citing a softer demand outlook amid elevated economic uncertainty. Brent crude futures were trading around $70 a barrel on Friday, after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude … Read more
China hasn’t imported liquefied natural gas (LNG) from the US for 40 days, the longest time in almost two years, due to Beijing’s 15% tariff on US LNG shipments. Summary by Bloomberg AI Chinese gas buyers are diverting US LNG shipments to Europe and looking to procure supply from Asia-Pacific or the Middle East instead, … Read more
(Reuters) – Oil prices rose more than 1% on Tuesday to their highest levels since the beginning of the month, supported by instability in the Middle East and China’s plans for more economic stimulus. Brent futures climbed 84 cents, or 1.2%, to $71.91 a barrel by 0911 GMT, while U.S. West Texas Intermediate crude futures … Read more
Industry growing uneasy about falling crude prices and tariff uncertainty Bloomberg News President Donald Trump is set to meet with top oil executives at the White House this week as he charts plans to stoke domestic energy production, even as the industry grows uneasy about falling crude prices and tariff uncertainty. The encounter is set … Read more
(Reuters) – U.S. natural gas futures eased to a two-week low on Monday on record output, negative spot prices at the Waha Hub in West Texas and forecasts for the weather to remain mild through the start of April, which should keep the amount of gas utilities pull from storage to heat homes and businesses … Read more
(Reuters) – Talks to revive the Nord Stream gas pipelines to relaunch Russian gas flows to Germany would be “completely the wrong direction” to go, Germany’s economy and energy minister said on Monday. The Nord Stream pipelines are by far the biggest potential route for Russian gas to flow to Europe. The Nord Stream 1 … Read more
Summary • Alaska wants investors for proposed $44 billion LNG pipeline • Japanese firms have yet to commit to Alaska LNG project • Trump’s Japan ambassador says he will pursue LNG commitment (Reuters) – Alaskan state representatives will visit Japan this month to court investors for a natural gas project President Donald Trump says could … Read more
‘We’re Texas-sized as far as gas goes; we’ve got some big numbers’ — Alberta Energy Minister Brian Jean Meghan Potkins Originally Published in Financial Post Here Alberta’s proven natural gas reserves have increased nearly sixfold to 130 trillion cubic feet since they were last assessed, according to a new study, giving Canada’s oilpatch leaders something … Read more
EV maker signals concern over potential retaliatory moves by other countries as a trade war escalates Bloomberg News Tesla Inc. is signalling concern over potential retaliatory moves by other countries as a trade war escalates in the wake of President Donald Trump’s moves to impose tariffs on a wide range of imports. The electric-car maker … Read more
(Reuters) – Chevron is advancing plans to tap into data center power demand, with the oil major recently entering the permitting and engineering phases for multiple U.S. sites to develop the centers and the electricity to supply them, a company executive told Reuters this week. Energy use for U.S. data centers, which are essentially giant … Read more
Summary • US vows to hit Houthis until shipping attacks stop • China retail sales pick up • Trump says he will speak to Putin on Tuesday about Ukraine war (Reuters) – Oil traded higher on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on … Read more
(Reuters) – Williams Cos said on Friday it appreciated U.S. President Donald Trump’s support for its cancelled Constitution natural gas pipeline project through New York, and that it was interested in dusting off the project under the right circumstances. Trump met with New York Governor Kathy Hochul on Friday morning for talks that included potentially … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged, 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, was steady at 592 in the week to March 14.. Baker Hughes … Read more
Summary • Putin suggests changes to US ceasefire idea for Ukraine • IEA says supply to exceed demand by 600,000 bpd in 2025 • US oil rig count up one this week, Baker Hughes says NEW YORK, March 14 (Reuters) – Oil prices rebounded by 1% on Friday to end the week nearly unchanged as … Read more
By Marianna Parraga HOUSTON, March 14 (Reuters) – Brazil’s state-run oil firm Petrobras (PETR4.SA) is in talks with U.S. liquefied natural gas (LNG) suppliers for a long-term import deal, a Petrobras executive said. Brazil is Latin America’s largest oil producer, but consumes more gas than it produces and relies on imports to fill the gap. … Read more
HOUSTON, March 12 (Reuters) – (This March 12 story has been corrected to fix Glenfarne Energy Transition CEO’s name to Brendan Duval from Brian Duval, in paragraph 1) Glenfarne Energy Transition expects to make a final investment decision on its Texas LNG project by December, CEO Brendan Duval said on Wednesday. Glenfarne Energy is developing … Read more
By Randy Thanthong-Knight Mark Carney has been sworn in as Canada’s 24th prime minister, bringing the former central banker to power in the middle of an explosive trade war with the US. The former governor of the Bank of Canada and the Bank of England was officially installed as Canada’s leader at a ceremony in … Read more
18 important deregulatory actions EPA announced yesterday, and why they will make life better for all of us. By Alex Epstein Did the EPA really just take the “Biggest Deregulatory Action in U.S. History”? Arguably, yes. Here are 18 important deregulatory actions EPA announced today, and why they will make life better for all of … Read more
(Reuters) – The United States imposed sanctions on Thursday on Iran’s oil minister Mohsen Paknejad and some Hong Kong-flagged vessels that are part of a shadow fleet that helps disguise Iranian oil shipments, the Treasury Department said. Paknejad “oversees the export of tens of billions of dollars’ worth of Iranian oil and has allocated billions … Read more
By Laila Kearney HOUSTON, March 12 (Reuters) – U.S. wind and solar development still has significant room for expansion to power data centers, particularly in the Midwest wind corridor and sunny southwest, Microsoft Vice President of Energy Bobby Hollis told Reuters at the CERAWeek energy conference in Houston on Wednesday. The quick proliferation of Big … Read more
By Clyde Russell LAUNCESTON, Australia, March 13 (Reuters) – Dial out the noise and focus on the fundamentals is a tactic that may work best for global commodity markets as they navigate the mounting challenges posed by U.S. President Donald Trump’s erratic and inconsistent trade policies. While the media focus on each headline-grabbing announcement and … Read more
Trump’s administration vows to support U.S. drillers But low oil prices threaten activity Energy transition shifts to ‘energy additions’ amid rising demand By Ron Bousso (Reuters) – Donald Trump’s return to the White House caused “animal spirits” to soar in the oil and gas sector, and these vibes were palpable in the halls of the … Read more
By David Wethe and Alix Steel Harold Hamm, the billionaire wildcatter and a major donor to President Donald Trump, has challenged a claim from the new US energy secretary that domestic oil companies could increase production even at prices as low as $50 a barrel. Hamm’s words represent one the first signs of public push-back … Read more
By Ahmad Ghaddar OPEC+ supply targets only cover unrefined crude Increased fuel exports means more oil reaches market than required, analyst says Economic weakness in biggest importer China has curbed demand Exporting refined products gives countries increased global reach LONDON, March 13 (Reuters) – OPEC+ has exported a record amount of refined products, blunting the … Read more
Artificial intelligence is speeding up oil and gas drilling and prompting companies to take a second look at places they had viewed as too difficult or expensive to develop, executives detailed during the CERAWeek conference in Houston. AI took center stage in many sessions at the world’s largest energy gathering. Oil producers are seeking ways … Read more
LONDON, March 14 (Reuters) – Oil prices rebounded on Friday after a more than 1% loss in the previous session, partly due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets. Brent crude futures were up 54 cents, or 0.77%, to … Read more
(Reuters) – Exports of liquefied natural gas from Alaska could begin by 2030 or 2031, Alaska Governor Mike Dunleavy said on Friday. U.S. President Donald Trump talked up the proposed $44 billion Alaska LNG project in his address to Congress last week. The project is expected to deliver about 3.5 billion cubic feet of gas … Read more
Gazprom’s Europe-facing export arm considers selling lavish offices, sources say Down to just a handful of employees, job cuts also approved at headquarters, sources say European buyers cast doubt on return to Russian gas in case of Ukraine peace Russia’s gas exports to China unlikely to replace European market losses March 13 (Reuters) – When … Read more
(Reuters) – Exxon Mobil expects to raise output to 5.4 million barrels of oil equivalent per day in 2030, up from 4.3 million boepd now, the company’s president of upstream said on Wednesday. The production areas that the company is focused on for growth are Guyana, top U.S. oilfield the Permian, and the liquefied natural … Read more
DALLAS, March 12, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced financial and operating results for the fourth quarter and full year 2024, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck on its results, which can be found … Read more
(Reuters) – U.S. tariffs on steel and aluminum imports are poised to escalate costs for the oilfield service companies behind North America’s vast energy industry, as their operations rely heavily on these metals. Steel is essential for everything from the drilling rigs and pipelines to refineries and storage tanks provided by companies such as ChampionX … Read more
By Lucia Kassai TC Energy’s Sur de Texas-Tuxpan pipeline that transports natural gas from Texas to Mexico is expected to ramp up in coming months as the Southeast Gateway conduit starts service on May 1, Chief Executive Officer Francois Poirier said in an interview. Southeast Gateway will deliver gas from the Sur de Texas-Tuxpan line … Read more
(Reuters) – Dealmakers expect 2025 to be a bumper year for mergers and acquisitions in the U.S. power industry, with a voracious appetite for assets as the sector gears up to meet massive demand growth from data centers for artificial intelligence. Record power demand and dizzying projections for electricity consumption for AI have made power … Read more
(Reuters) – U.S. Federal Energy Regulatory Commission Chairman Mark Christie said on Thursday that natural gas-fired power will be crucial to meet rising U.S. electricity demand – a situation that requires a big increase in gas pipeline capacity, as well as new power plants. “We’re going to build combined-cycle gas to meet this load from … Read more
Protests, largely peaceful, have sprouted up at showrooms across the U.S. and Europe in recent weeks President Donald Trump said that protesters who are vandalizing Tesla’s showrooms and charging stations should be considered domestic terrorists. The electric vehicle maker has been rocked by protests and vandalism in recent weeks as chief executive Elon Musk has … Read more
By Ari Natter Donald Trump’s Interior Secretary is making the case that the oil, gas and minerals in the vast federal lands and waters he is charged with overseeing should be viewed as part of “America’s balance sheet” worth trillions of dollars. Secretary Doug Burgum plans to tell thousands of oil and gas executives gathered … Read more
Company once seen as the answer to domestic battery production Northvolt AB filed for bankruptcy in Sweden, bringing to an end a company that was once seen as the future of Europe’s battery production. The Swedish supplier for electric-vehicle manufacturers will see its business and its assets sold by a Swedish court-appointed trustee, according to … Read more
Summary • Macroeconomic concerns stemming from tariffs remain prevalent • Global demand firmer year on year and exceeded expectations, JP Morgan analysts say • Gasoline inventories fall more than expected, EIA data shows (Reuters) – Oil prices were largely steady on Thursday after surging in the previous session on a larger-than-expected draw in U.S. gasoline … Read more
Summary • Layoffs slow permitting for energy projects, affecting Trump’s agenda, officials say • Federal agencies crucial for energy permits face workforce cuts • Permitting delays impact oil and gas states like New Mexico and Alaska WASHINGTON, March 13 (Reuters) – The Trump administration’s mass layoffs of federal workers have slowed the government’s ability to … Read more
(Reuters) – U.S. oil producers will meet with President Donald Trump next week, leading industry group the American Petroleum Institute said on Wednesday. Among the topics for discussion are tariffs, trade and exports of liquefied natural gas, an industry source told Reuters. The API, which counts oil majors ExxonMobil and Chevron as members, helped put … Read more
Record natgas demand since nearly 2010 seen extending to 2025, 2026 Power costs up 35% in past 4 years amid lack of gas pipeline capacity -EQT US LNG capacity will almost double over the next few years NextEra sees 55% jump in power demand in next 20 yrs, 17% of that from AI By Georgina … Read more
Canadian premiers turned a CERAWeek panel into a venting session as measures on steel and aluminum imports take effect. By Millie Munshi and Joe Carroll Welcome to our guide to the energy and commodities powering the economy. This week, we’re coming to you from global oil and gas get-together CERAWeek in Houston, where delegates confront … Read more
(Reuters) – U.S. crude oil stockpiles rose and fuel inventories fell last week as seasonal refinery maintenance season ticked along, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 1.4 million barrels to 435.2 million barrels in the week ended March 7, the EIA said, compared with analysts’ expectations in a Reuters … Read more
U.S. natural gas futures fell more than 5% on Wednesday, driven by record production levels and predictions of milder weather over the next two weeks than previously expected, which could dampen heating demand and enable utilities to draw less gas from storage. Front-month gas futures for April delivery on the New York Mercantile Exchange were … Read more
By Simon Webb HOUSTON, March 11 (Reuters) – The international investment arm of United Arab Emirates state oil company ADNOC will make a significant investment in U.S. natural gas starting in the coming months, ADNOC CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the OPEC+ producer group and one of … Read more
(Reuters) – Market upheaval from U.S. President Donald Trump’s protectionist trade policies has not dampened foreign investment interest in the U.S. energy industry, executives said this week, as they lauded his promise to cut regulations and support fossil fuels. Trump has made energy dominance a pillar of his administration, declaring a national energy emergency on … Read more
By John Stepek Welcome to the award-winning Money Distilled newsletter. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. An under-rated geopolitical revolution Here’s a point that I never tire of making. If you’re a long-suffering reader, you may … Read more
Summary • Companies • SMRs face cost, security, and regulatory challenges • U.S. regulatory framework for SMRs is underdeveloped • HALEU fuel safety and demand growth concerns persist HOUSTON, March 11 (Reuters) – Everyone from the U.S. energy secretary to Big Tech touts small modular nuclear reactors as a potential answer to booming power demand, … Read more
ConocoPhillips CEO Ryan Lance said on Tuesday at the CERAWeek energy conference in Houston that U.S. oil production will plateau later this decade and will stay on the plateau for some time. Reporting by Ron Bousso; Writing by Richard Valdmanis
(Reuters) – U.S. oil and gas producers are unlikely to increase spending this year and output increases will primarily come from improved efficiencies rather than new drilling, Baker Hughes Chief Executive Lorenzo Simonelli said on Monday. The outlook comes as U.S. President Donald Trump’s administration has repeatedly exhorted the industry to “Drill, baby, drill,” to … Read more
Employees and community stakeholders at the Venture Global Plaquemines liquefied natural gas export facility in Port Sulphur, Louisiana.Photographer: Kathleen Flynn/Bloomberg By Bailey Lipschultz The list of companies that have flopped out of the gate when entering public markets has a new king: Venture Global Inc. Shares of the liquefied natural gas exporter have cratered more … Read more
Chris Wright displays a signed order approving an LNG permit extension for the Delfin LNG project.Photographer: F. Carter Smith/Bloomberg By Ari Natter US Energy Secretary Chris Wright extended a permit for a natural gas export project by Delfin LNG LLC. The development off the coast of Louisiana will involve four vessels that’ll produce 13.3 million … Read more
Global oil supply growth is outstripping demand, the CEO of one of the world’s largest oil traders, Gunvor, said on Monday. Oil prices hit a three-year low last week due to slow demand growth in China and concerns about the impact on global economic growth of U.S. President Donald Trump’s protectionist trade policies. “We still … Read more
(Reuters) – The premier of the Canadian province of Ontario said he was suspending plans to impose a 25% surcharge on electricity exports to the United States and would fly to Washington this week for talks with the Trump administration. Doug Ford made his surprise announcement on Tuesday just hours after telling U.S. networks that … Read more
(Reuters) – Oil prices edged up on Wednesday, supported by a weaker dollar, but gains were capped by mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth. Brent futures rose 37 cents, or 0.53%, to $69.93 a barrel at 0951 GMT, while U.S. West Texas Intermediate crude futures … Read more
Summary • Tariffs to increase costs for oilfield services companies • OCTG imports from Canada, Mexico rise amid tariff concerns • Smaller producers face higher costs due to tariff impact March 11 (Reuters) – The proposed U.S. tariffs on steel and aluminum imports are poised to escalate costs for U.S. oilfield services companies, which rely … Read more
By Timothy Gardner SMRs face cost, security, and regulatory challenges U.S. regulatory framework for SMRs is underdeveloped HALEU fuel safety and demand growth concerns persist HOUSTON, March 11 (Reuters) – Everyone from the U.S. energy secretary to Big Tech touts small modular nuclear reactors as a potential answer to booming power demand, but the technology … Read more
(Reuters) – U.S. oil production will peak between 2027 and 2030, Occidental Petroleum Corp CEO Vicki Hollub said on Tuesday at the CERAWeek conference in Houston, Texas. Her outlook follows U.S. President Donald Trump vowing to bolster fossil fuel production in the U.S. and lower prices for consumers. ConocoPhillips CEO Ryan Lance echoed Hollub’s outlook … Read more
President Donald Trump on Tuesday doubled his planned tariff on all steel and aluminum products coming into the United States from Canada, bringing the total to 50%, in response to the province of Ontario placing a 25% tariff on electricity coming into the U.S. Trump said in a post on Truth Social he has instructed … Read more
(Reuters) – Mexico’s state oil company Pemex expects to continue diverting barrels of heavy crude away from U.S. Gulf Coast refiners as its new Olmeca refinery ramps up processing, the head of the company’s trading arm PMI, Margarita Perez, said on Tuesday. Pemex’s decision to prioritize refining over its traditional export markets began around six … Read more
By Kevin Crowley Executives from some of the world’s top oil and gas producers offered full-throated support for President Donald Trump’s “Energy Dominance” on Monday, even as financial markets slumped on broader concerns about his economic agenda. The hallways and sessions on the first day of the annual CERAWeek by S&P Global conference in Houston … Read more
Executives embrace the administration’s tone at Houston’s CERAWeek conference — but views on prices may cause friction down the line. US Energy Secretary Chris Wright said he wants to reverse what he called a “very poor direction in energy policy.”Photographer: Aaron M. Sprecher/Bloomberg By Will Kennedy Welcome to our guide to the commodities markets powering … Read more
Global oil supply growth is outstripping demand, the CEO of one of the world’s largest oil traders, Gunvor, said on Monday. Oil prices hit a three-year low last week due to slow demand growth in China and concerns about the impact on global economic growth of U.S. President Donald Trump’s protectionist trade policies. “We still … Read more
A new scramble for crude oil market share in Asia may be kicking off as top exporters Saudi Arabia and Russia move to boost cargoes to the world’s top importing region. China, the world’s biggest oil importer, is emerging as ground zero for the two exporters, who are ostensibly allies in the wider OPEC+ group … Read more
Fatih Birol, the director of the Paris-based International Energy Agency, said on Monday there is a need for investment in oil and gas fields to support global energy security. The comment puts the energy watchdog for industrialized nations more in line with President Donald Trump’s pro-drilling agenda, after it came under pressure from fossil fuel … Read more
FORT WORTH, Texas, March 10, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter and the year ended December 31, 2024. In addition, HighPeak provided its 2025 guidance and capital budget, as approved by its Board of Directors. Highlights 2024 sales volumes … Read more
Fourth Quarter Results Total revenues of $45.0 million, a 28% year-over-year improvement Net income of $3.5 million and earnings per diluted share of $1.32, an improvement to the prior year period after adjusting for the non-cash benefit of legal settlement from one year ago Adjusted EBITDA of $8.2 million, compared to $2.5 million in the fourth quarter of 2023 … Read more
Business includes approximately 351,000 horsepower, comprised of 316,000 operating horsepower and a 35,000 horsepower backlog of contracted new equipment Aligns with Archrock’s focus on large horsepower compression with blue-chip customers Complements and deepens Archrock’s existing operations in the Permian Basin Expands Archrock’s electric motor drive compression capabilities as customer demand for low carbon solutions continues … Read more
HOUSTON, March 11, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, and NextDecade Corporation (NASDAQ: NEXT) and announced Tuesday that they have entered into a framework agreement whereby NextDecade plans to utilize Baker Hughes’ gas turbine and refrigerant compressor technology (Equipment Packages) and enter into contractual services agreements to perform maintenance … Read more
Blowback against chief executive Elon Musk is also hurting Tesla’s standing in some of the world’s biggest EV markets Bloomberg News Tesla Inc. shares plunged to their worst day in more than four years, extending a slide in 2025 amid growing concerns on Wall Street about demand for the company’s electric cars. Its stock tumbled … Read more
Wall Street ends sharply lower as recession fears loom Summary • S&P 500 down over 8% from Feb 19 all-time high • Nasdaq confirmed 10% correction from its Dec peak last week • S&P 500 P/E moderates but still high vs historical average • Delta Air Lines cuts forecast on growing economic uncertainty • Tesla … Read more
The Panama Canal is exploring the construction of a pipeline to move liquefied petroleum gas (LPG) across the trade passage, canal administrator Ricaurte Vasquez said on Monday, with Japan seen as a top potential client for gas coming from the U.S.WHY IT’S IMPORTANT The canal, one of the world’s busiest maritime trade passages, is looking … Read more
(Reuters) – U.S. Energy Secretary Chris Wright said on Monday that he was pleased with OPEC actions and had no specific requests of the Saudi Arabia-led oil producers group. He said he was happy OPEC was returning barrels to the marketplace and said that more energy was good for the globe. Wright, speaking to reporters … Read more
BlackRock CEO Larry Fink said on Monday that inflation in the United States will be elevated by nationalistic policies, including the deportation of workers. The head of the U.S. investment management company, speaking at the CERAWeek conference in Houston, added that markets are discounting inflation and there will be further cost increases over the next … Read more
Summary • Crude benchmarks Brent, WTI inch higher • Benchmarks closed 1.5% lower in previous session • Dollar index hits four-month low • Concerns over U.S. recession and tariffs limit crude gains March 11 (Reuters) – Oil prices pared earlier losses to rise up during trade on Tuesday, helped by weakness in U.S. dollar, although … Read more
U.S. Energy Secretary Chris Wright said on Monday he was planning to work with Congress on cancelling previously mandated sales from the Strategic Petroleum Reserve as one way to address low stockpiles. Congress has mandated some 100 million barrels in sales from the reserve, the world’s largest emergency stockpile of crude oil, with a 7 … Read more
(Reuters) – U.S. Energy Secretary Chris Wright said on Monday that soaring U.S. power demand growth “is a train wreck waiting to happen,” and requires big investments and regulatory changes to meet. He added, in comments to the CERAWeek conference in Houston, that the administration of President Donald Trump intends to reverse what he called … Read more
The White House’s LNG-powered diplomacy will only expand in Trump’s second term. Ripping up old alliances and turning the post-World War II axis on its head would have been impossible for any previous American president because of the insatiable US thirst for imported energy. But the Trump White House is able to lean on an … Read more
By Charlie Buckley A new bill introduced to the United States House of Representatives would withhold federal funding for any American “operations to invade or seize territory from” Canada, Panama or Greenland — unless Congress agrees to it first, that is. Introduced Thursday by Rhode Island Rep. Seth Magaziner, the No Invading Allies Act would … Read more
(Reuters) – Policymakers and energy executives need to rethink energy transition plans and stop doubling down on elements of the transition that have failed, the CEO of state oil giant Saudi Aramco said on Monday, stressing the need for investment in fossil fuels to meet global demand. The comments from the head of the world’s … Read more
(Reuters) – Chevron would like to see durability in U.S. energy policy rather than swings from one extreme to another, CEO Mike Wirth said on Monday. U.S. President Donald Trump’s first weeks in office during his second term have been marked by a rapid overhaul of government and the reversal of many of the energy … Read more
(Reuters) – The Canadian province of Ontario is imposing a 25% surcharge on electricity exports to New York state, Michigan and Minnesota to protest against U.S. President Donald Trump’s tariffs on Canada, Premier Doug Ford said on Monday. “President Trump’s tariffs are a disaster for the U.S. economy. They’re making life more expensive for American … Read more
Weak crude prices have eroded the incentive to drill for more oil, but LNG is a different story. A Venture Global Inc. LNG export facility in Louisiana, with founders Mike Sabel and Bob Pender, Energy Secretary Chris Wright, Louisiana Governor Jeff Landry and Interior Secretary Doug Burgum. Photographer: Bloomberg By Kevin Crowley Welcome to our … Read more
Alberta Premier Danielle Smith said on Monday that the Canadian province would continue to supply crude oil to the United States but that U.S. President Donald Trump’s tariff threats also underscored the need for new markets. She said U.S. tariffs currently do not apply to Canadian crude oil, but that producers were being required to … Read more
(The opinions expressed here are those of the author, a columnist for Reuters) *Trump tariffs create turmoil in financial markets *Chevron CEO prefers Trump’s orders become legislation for stability *Drop in oil prices threatens U.S. oil production growth By Ron Bousso HOUSTON, March 10 – Energy executives travelling to the U.S. oil capital of Houston for … Read more
CALGARY, AB, March 10, 2025 /CNW/ – Whitecap Resources Inc. (“Whitecap”) (TSX: WCP) and Veren Inc. (“Veren”) (TSX: VRN) (NYSE: VRN) are pleased to announce a strategic combination to create a leading light oil and condensate producer with concentrated assets in the Alberta Montney and Duvernay. The combined company will be the largest Alberta Montney and Duvernay landholder, a prominent light oil producer in Saskatchewan and … Read more
The Trump administration is working on a “market-based” plan to stem the closure of US coal-fired power plants as it seeks to supply more electricity before an expected boom in demand from artificial intelligence, Energy Secretary Chris Wright said. Wright, who also serves as the vice-chair of the White House’s National Energy Dominance Council, declined … Read more
U.S. natural gas prices rose on Friday, setting their best weekly performance in two months, as colder-than-usual weather fueled concerns over supply replenishment ahead of summer when demand typically increases for power generation to run air conditioners. Front-month gas futures for April delivery on the New York Mercantile Exchange were up 9.7 cents, or 2.3%, … Read more
The Trump administration is reviewing offshore wind projects, with different treatment for projects under development versus those that are proposed. Summary by Bloomberg AI The review is considering the “necessity of terminating or amending any existing wind energy leases” and “identifying any legal bases for such removal”. Summary by Bloomberg AI The administration has paused … Read more
Abu Dhabi National Oil Co. is seeking to buy its first natural gas producing fields in the US to deepen its presence in the country. Summary by Bloomberg AI Adnoc’s interest in gas producing assets comes at a time when market-watchers are expecting a slowdown in dealmaking in US upstream assets, particularly in the shale … Read more
Summary • WTI and Brent benchmarks register multiple weekly declines • IEA and OPEC monthly reports expected this week • Saudi Aramco cuts crude prices to Asia LONDON, March 10 (Reuters) – Oil prices held steady on Monday as concern over the impact of U.S. tariff uncertainty and rising output from OPEC+ producers pressured prices … Read more
In one of his first meetings with oil and gas executives since being confirmed as U.S. energy secretary, Chris Wright said he intended to speed up permitting and support the industry, attendees told Reuters. His comments, made at a dinner ahead of the world’s largest energy industry gathering in Houston, were in line with President … Read more
(Reuters) – A push by the United States to end the war in Ukraine has raised questions about how companies might begin to return to the Russian market and how Europe might re-engage with Moscow, including resuming piped natural gas supplies. The Nord Stream pipeline across the Baltic Sea to Germany is by far the … Read more
Summary • OPEC+ has decided to hike output from April • Novak: OPEC+ may reverse the hike decision after April • Kazakhstan says it will cut oil production in next months • CPC exports to be reduced as well (Reuters) – Russia’s Deputy Prime Minister Alexander Novak said on Friday that the OPEC+ group agreed … Read more
The oilsands company will now pay a quarterly dividend of 58.75 cents per share CALGARY — Oil and gas heavyweight Canadian Natural Resources Ltd., fresh off two major deals, says volatility from U.S. tariffs isn’t making it hungrier for more acquisitions. On its fourth-quarter conference call Thursday, an analyst asked Canadian Natural president Scott Stauth … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six 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
Summary • Brent and WTI fall more than 3% over the week • Trade war risks and OPEC+ supply increase weigh on market HOUSTON, March 7 (Reuters) – Oil prices gained on Friday but retreated from session highs after U.S. President Donald Trump threatened sanctions on Russia if it fails to reach a cease-fire with … Read more
The world’s energy industry leaders meet in Houston next week as plummeting oil prices push Big Oil to slash thousands of jobs even as a pro-fossil fuel U.S. administration encourages them to pump more. U.S. President Donald Trump’s first 47 days in office have been marked by a rapid overhaul of government and policy, including … Read more
(Reuters) – The U.S. government is studying ways it could ease sanctions on Russia’s energy sector as part of a broad plan to enable Washington to deliver swift relief if Moscow agrees to end the Ukraine war, according to two sources familiar with the matter. Reuters had reported earlier in the week that the United … Read more
The rapid decline in Tesla’s shares has pushed them into what chart-followers call an oversold zone A slide in Tesla Inc. on Friday is capping off a round trip of epic proportions in the company’s shares. Expectations that the electric-vehicle maker would benefit from chief executive Elon Musk’s close relationship with President Donald Trump made … Read more
By Ari Natter The Trump administration is working on a “market-based” plan to stem the closure of US coal-fired power plants as it seeks to supply more electricity before an expected boom in demand from artificial intelligence, Energy Secretary Chris Wright said. Wright, who also serves as the vice-chair of the White House’s National Energy … Read more
PORT SULPHUR, La. (AP) — The planned expansion of a massive liquefied natural gas facility in southeast Louisiana is a beacon for a U.S. energy policy that doubles down on oil and gas exports under President Donald Trump, two members of his Cabinet told a crowd of cheering workers Thursday. “The prior administration had a … Read more
U.S. Energy Secretary Chris Wright plans to seek up to $20 billion to accomplish President Donald Trump’s goal of refilling the nation’s depleted oil reserve to its maximum capacity, Bloomberg News reported on Friday. Wright told Bloomberg News in an interview that the initiative would restore holdings “just close to the top” to maintain efficient … Read more
By Yogi Schulz Generative artificial intelligence (AI) is sweeping through the oil and natural gas industry. 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 … Read more
Summary Russia launches 67 missiles, almost 200 drones at Ukraine Air assault comes as US cuts aid, intelligence sharing Zelenskiy to visit Saudi Arabia before US-Ukraine talks (Reuters) – Russian forces damaged Ukrainian energy and gas infrastructure overnight in their first major missile attack since the U.S. paused intelligence sharing with Ukraine, piling pressure on … Read more
March 6 (Reuters) – Venture Global’s (VG.N) shares on Thursday slumped to its lowest level since its debut as the LNG producer forecast its 2025 core profit below Wall Street expectations. Shares of the company fell as much as 22.5% to $11.02 in morning trade as it forecast adjusted core profit between $6.8 billion and … Read more
HOUSTON, J (Reuters) – Canada and Mexico are the top sources of U.S. crude imports, together accounting for around one-quarter of the oil U.S. refiners process into fuels such as gasoline and heating oil, according to the U.S. Department of Energy. Below is a list of the top countries that the United States imports crude … Read more
Development of additional US LNG projects currently on hold or in the pre-Final Investment Decision stage would avoid carbon emissions by 2040 equivalent to more than twice the annual emissions from the entire car fleet in Los Angeles County WASHINGTON, March 6, 2025 /PRNewswire/ — The continued development of U.S. liquefied natural gas (LNG) export capacity … Read more
By Brian Platt Prime Minister Justin Trudeau is not open to lifting Canada’s full package of retaliatory tariffs if US President Donald Trump leaves any tariffs on Canada in place, according to a senior Canadian government official. Trudeau’s government is cool to the idea of a “middle ground” settlement in the trade war floated by … Read more
• Brent and WTI on track to fall more than 3% over the week • Trade war risks and OPEC+ supply increase weigh on market • China stimulus could cushion blow from tariffs, analyst says (Reuters) – Oil prices extended gains on Friday, rising more than $1 a barrel, after Russia’s Deputy Prime Minister Alexander … Read more
South Dakota’s governor signed a bill into law Thursday that bans the taking of private property for building carbon dioxide pipelines, a blow to a sprawling Midwest pipeline network that ethanol producers see as key for their future. The new law muddies the waters for Summit Carbon Solutions and the planned $8.9 billion, 2,500-mile (4,023-kilometer) … Read more
By Arathy Somasekhar Cold weather impacts about 1.8 mln barrels of Permian output – analyst Midwest refiners seek Midland crude to cut dependency on Canadian light – analyst U.S., Europe refinery maintenances cut demand at the coast Narrow price differential between WTI Midland and MEH expected to be temporary – analysts to be temporary – … Read more
By: Jason Clemens and Niels Veldhuis Almost all of the coverage and commentary on President Trump’s decision to use executive powers to impose a 25 per cent tariff on exports from Canada (10 per cent on energy) and Mexico, and the retaliatory measures from both countries have rightly focused on economics. There’s an important aspect of this … Read more
PLAQUEMINES PARISH, La.–(BUSINESS WIRE)–Today, Venture Global (NYSE: VG) announced plans for a brownfield expansion at its Plaquemines LNG facility south of New Orleans, Louisiana. Joining Venture Global for the announcement was Secretary of Energy Chris Wright, Secretary of the Interior Doug Burgum, Louisiana Governor Jeff Landry and other federal, state and local officials and stakeholders. … Read more
A Consolidated Edison power plant in New York.Source: Education Images/Getty Images By Arvelisse Bonilla Ramos, Josh Saul, and Augusta Saraiva No one expects New York City living to come cheap. But even as rents soar across the five boroughs and egg prices can top $10 per dozen, residents now face the prospect of another cost … Read more
Canada will continue to be in a trade war with the United States for the foreseeable future, Prime Minister Justin Trudeau said on Thursday, a day after what he called a “colorful” call with President Donald Trump. Trudeau said Canada would continue to engage with senior Trump administration officials about the tariffs, reiterating that his … Read more
Canada’s merchandise trade surplus in January rose to its highest level since May 2022, as both exports and imports surged in the face of tariff threats by the United States.
TD Bank economist Rishi Sondhi says the strength in exports shown in January…
By Laila Kearney US is a net importer of electricity from Canada Northeast US could be hardest hit by energy tariffs on Canada US grid operators are unclear if tariffs apply to power NEW YORK, March 5 (Reuters) – Swelling U.S. power prices may rise even faster in some parts of the country if 10% … Read more
Summary • Trump vows ‘maximum pressure’ to drive Iran oil exports to zero • Under new plan, US allies could stop and inspect tankers at sea • Iran has retaliated at previous attempts to stop oil exports WASHINGTON, March 6 (Reuters) – President Donald Trump’s administration is considering a plan to stop and inspect Iranian … Read more
By Tim Cocks, Francesco Guarascio and Fransiska Nangoy JETP formed to aid transition from coal South Africa, Indonesia, Vietnam and Senegal first beneficiaries US informs South Africa of decision to withdraw March 5 (Reuters) – The United States is withdrawing from the Just Energy Transition Partnership, a collaboration between richer nations to help developing countries … Read more
U.S. President Donald Trump will exempt automakers from his punishing 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules, the White House said on Wednesday, a development that halted at least for now Wall Street’s steepest skid in nearly three months. Trump is also open … Read more
Mexican state company Pemex is in talks with potential buyers in Asia, including China, and Europe, as it seeks alternative markets for its crude after U.S. President Donald Trump imposed tariffs on imports, a senior Mexican government official said. Trump this week implemented 25% tariffs on goods from Mexico and Canada. While Canadian crude won … Read more
WASHINGTON, March 5 (Reuters) – The U.S. Department of Energy said on Wednesday it has approved an extension of a permit for exports of liquefied natural gas from a Golden Pass LNG LLC project, jointly owned by QatarEnergy ExxonMobil (XOM.N), being built in Texas. The approval will grant additional time to begin LNG exports to … Read more
(Reuters) – U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau spoke for about 50 minutes on Wednesday and discussed fentanyl smuggling and trade, said a Canadian source directly familiar with the conversation. Teams from both nations will continue to hold discussions on Wednesday, said the source, who did not give details. U.S. Commerce … Read more
Summary • Brent and WTI recover slightly from multi-year lows • Trump gives automakers temporary tariff exemption • US crude stockpiles rose more than expected last week LONDON, March 6 (Reuters) – Oil prices rose on Thursday, recovering slightly from a multi-year low, though Brent was still below $70 under pressure from trade tariffs between … Read more
Summary • Canadian oil faces 10% tariff, less than for other imports • Canada supplies 50% of US crude imports • Canadian crude discount widens LONDON, March 6 – When U.S. President Donald Trump announced tariffs on Canadian and Mexican imports this week, he gave Canadian energy a modest break, showing “Tariff Man” will engage … Read more
By Matthew D. Mitchell and Meg Tuszynski President Trump’s constructive effort to bolster American economic freedom with his tax and regulatory plans is under threat. Not from Democrats, but from the president himself. That’s because the second chapter of his trade war is likely to undermine all of it. People have more economic freedom when … Read more
(Reuters) – U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau are scheduled to a speak on Wednesday, a day after Trump’s new 25% tariffs on imports from Mexico and Canada took effect, according to a source with knowledge of the matter. The tariff moves, which could upend nearly $2.2 trillion in annual trade, … Read more
(Reuters) – U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending February 28, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.6 million barrels to 433.8 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 341,000-barrel rise. Crude … Read more
(Reuters) – U.S. natural gas futures edged up to a fresh 26-month high on Wednesday on record flows to liquefied natural gas export (LNG) plants and forecasts for higher demand this week than previously expected. Traders said prices also gained support on worries gas exports from Canada to the U.S. could decline due to U.S. … Read more
By Gavin Maguire LITTLETON, Colorado, March 5 (Reuters) – Energy product traders, utilities, investors and business executives are among those scrambling to assess the likely impact of new steep tariffs on the United States’ largest trade partners, which kicked in on Tuesday. New 25% tariffs on imports from Mexico and Canada, along with a doubling … Read more
Is OPEC’s iron grip on the oil markets a thing of the past? Events over the last 24 hours suggest power in the oil market has shifted to Washington from Riyadh – in part because of U.S. President Donald Trump and in part because of longer-term shifts. Trump on Tuesday announced 25% tariffs on imports … Read more
President Trump defended his tariff plan, saying it would raise “trillions and trillions” in revenue and rebalance trading relationships, despite acknowledging it may cause economic pain. Summary by Bloomberg AI Trump’s speech focused on issues like transgender rights, migrant crime, and diversity, equity, and inclusion, with relatively little discussion of … Read more
President Donald Trump touted his administration’s work on a “gigantic natural gas pipeline in Alaska” during his joint address to Congress. Summary by Bloomberg AI The project, which has been planned for decades, aims to transport natural gas across the state and export it overseas, with potential investment from Japan, South Korea, and other nations. … Read more
Phillips 66 is fighting back against activist investor Elliott Investment Management in a letter to shareholders Wednesday. In the letter, which was reviewed by Bloomberg News, the energy company confirmed it met with Elliott earlier this week in New York before the hedge fund forged ahead with nominating candidates to Phillips 66’s board. The activist on Tuesday nominated seven directors, … Read more
Global oil demand will hit a record this year, driven by consumption in Asian countries, particularly China and India. Summary by Bloomberg AI Oil use is set to rise by 1.3 million barrels a day this year to just over 106 million a day, driven by petrochemicals and jet fuel. Summary by Bloomberg AI The … Read more
Bloomberg News US Commerce Secretary Howard Lutnick is signaling there might be some relief from tariffs for Mexico and Canada sooner rather than later. Maybe even today. After two straight days of plunging equity markets as the largest act of American protectionism since the 1930s took hold, Lutnick said he spent all day on the … Read more
(Reuters) – Canadian midstream company Enbridge said on Tuesday that it plans to invest $2.5 billion in its liquids and natural gas systems, with $2 billion allocated to its Mainline network through 2028. The Mainline is North America’s largest crude oil pipeline network and transports light and heavy crude oil, natural gas liquids and refined … Read more
Affects 1.5 million homes in Minnesota, Michigan and New York Bloomberg News Ford has written letters to the governors of those states to inform them of the surcharge, he told reporters at the provincial legislature. “If these tariffs persist, if the Trump administration follows through on any more tariffs, we will immediately apply a 25 … Read more
My testimony for the House Oversight Committee’s hearing on “Leading the Charge: Opportunities to Strengthen America’s Energy Reliability.” By Alex Epstein Below is a video of my spoken testimony and Q&A, along with my prepared remarks, for last week’s House Oversight Committee’s hearing on “Leading the Charge: Opportunities to Strengthen America’s Energy Reliability.” Introduction America … Read more
In the dynamic realm of H2S reporting within the oil and gas sector, the drive for efficiency and accuracy is more crucial than ever. This is where modern web-based tools, like XI Technologies’ RegulatorySuite, are making significant strides. These tools are designed to streamline H2S reporting processes, automating tasks to save time and enhance accuracy. Key … Read more
As the demand for sustainable energy solutions grows, Edmonton Exchanger (EDEX) stands out as a key supplier to the hydrogen and carbon capture industries. As a family-owned company that promotes a family culture, many employees have spent their entire careers at Edmonton Exchanger. This enables the company to develop and maintain its people, directly correlating … Read more
Summary • Brent down 1.4%, WTI declines 1.9% • Brent hovers around $70/bbl after six-month low in previous session • US tariffs escalate trade tensions • Canada, China retaliate against Trump tariffs • OPEC+ to increase output from April March 5 (Reuters) – Oil prices declined for a third day on Wednesday, as investors worried … Read more
(Reuters) – U.S. President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. Chevron will have through April … Read more
(Reuters) – Tariffs on Canadian oil would need to be in place for years before significantly altering the amount of crude the U.S. imports from its northern neighbour, the CEO of Canadian pipeline company Enbridge Inc. said on Tuesday. CEO Greg Ebel told reporters the energy systems of the two countries are too integrated and … Read more
Prime Minister Justin Trudeau told U.S. President Donald Trump on Tuesday that his new tariffs on Canadian imports were “a very dumb thing to do” and said Ottawa was striking back immediately. Trudeau, speaking hours after Trump launched a trade war against Mexico and Canada, said Canada was imposing immediate 25% tariffs on C$30 billion … Read more
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year as lower energy prices now squeeze the kingdom’s multi-trillion-dollar development plans. Already, Saudi’s de facto ruler Crown Prince Mohammed bin Salman has been digging a straight-line city in … Read more
(Reuters) – U.S. President Donald Trump’s new 25% tariffs on imports from Mexico and a 10% tariff on Canadian energy took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, sparking trade wars that could slam economic growth and raise gasoline prices for Americans. Canada and Mexico are the top … Read more
U.S. natural gas futures jumped about 5% to a 26-month high on Tuesday on record flows to liquefied natural gas (LNG) export plants and forecasts for higher demand next week than previously expected. Front-month gas futures for April delivery on the New York Mercantile Exchange were up 18.5 cents, or 4.5%, to $4.307 per million … Read more
U.S. President Donald Trump’s new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.S. trading partners. The tariff actions, which could upend nearly $2.2 trillion in two-way annual U.S. trade went live … Read more
(Reuters) – Shell’s Director of Integrated Gas and Upstream, Zoe Yujnovich, will step down at the end of the month after more than a decade with the oil major, it said on Tuesday. In a move aimed at simplifying its leadership structure, Shell has appointed Cederic Cremers as President of Integrated Gas and Peter Costello … Read more
South Korea, a leading fossil fuel importer, has expressed interest in participating in a $44 billion gas pipeline in Alaska in the form of a joint development between South Korea, the U.S. and Japan, Yonhap News Agency reported on Tuesday. South Korean Industry Minister Ahn Duk-geun indicated interest in joining the Alaska gas project … Read more
The OPEC+ group of crude oil exporters justified their decision to increase production by pointing to “the healthy market fundamentals and the positive market outlook.” They must be looking at a completely different market to the rest of us. OPEC+, which includes the Organization of the Petroleum Exporting Countries, plus Russia and other allies, said … Read more
By Curtis Williams Most U.S. LNG exports in February went to Europe European prices remain elevated, attracting U.S. exports U.S. begins to benefit from Plaquemines LNG export plant startup HOUSTON, March 3 (Reuters) – Europe soaked up most U.S. liquefied natural gas (LNG) exports for the second straight month in February, as cold weather and … Read more
WASHINGTON, March 3, 2025 /PRNewswire/ — With tariffs now on Canadian and Mexican goods and the potential impact on the American economy, the U.S. Conference of Mayors’ (USCM) Executive Committee passed an emergency resolution today urging the Trump administration to protect and promote trade relations with both countries. Mayors stress that tariffs would inflict severe economic … Read more
Summary • OPEC+ to proceed with planned April oil output increase • US tariffs on Mexico, Canada took effect on Tuesday • China announces 10-15% hikes to import levies on US products (Reuters) – Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as … Read more
(Reuters) – U.S. natural gas futures jumped about 7% on Monday on record flows to liquefied natural gas (LNG) export plants and forecasts for higher demand over the next two weeks than previously expected. Traders said that U.S. gas prices also gained support from reports that Germany was not in talks with Russia over a … Read more
(Reuters) – U.S. President Donald Trump is expected to decide on Monday what levels of tariffs he will impose early on Tuesday on Canada and Mexico amid last-minute negotiations over border security and efforts to halt the inflow of fentanyl opioids. Trump has vowed to impose 25% tariffs on all imports from Canada and Mexico, … Read more
BERLIN, March 3 (Reuters) – Germany’s energy independence from Moscow is crucial and it is not in talks with Russia over a “possible pipeline-based supply of Russian gas” via the partly damaged Nord Stream 2 pipeline, the economy ministry said on Monday. The ministry was responding to a weekend report in the Financial Times that … Read more
By Grant Smith, Julian Lee, and Bill Lehane OPEC’s crude production rose to the highest level in more than a year ahead of the group’s planned supply revival, driven by gains in Iraq, Venezuela and the United Arab Emirates. Output increased by 240,000 barrels a day last month to a daily average of 27.35 million … Read more
By Daniel Flatley and Brendan Murray Supply Lines is a daily newsletter that tracks global trade. Sign up here. After promising during his election campaign to put import taxes back at the center of US economic policy, President Donald Trump moved swiftly once back in office, announcing significant new tariffs aimed at America’s trading partners. … Read more
March 3, 2025 Frontier’s SCS Hub, spanning nearly 100,000 acres in Wyoming, will provide open-access CO₂ storage for industrial emitters and ethanol producers using its CO₂-by-rail strategy Baker Hughes will provide key CCS and power generation technologies, including CO₂ compression, well design, and its industrial NovaLT™ gas turbines to support power solutions for data centers … Read more
Even the oil giants that attempted to switch away from fossil fuels are going back to oil and gas. The chief executive of BP Plc oozed confidence as he strode out onto a Houston stage in 2023 to tell an audience of fellow oil executives that he no longer ran an oil company. “I lived in … Read more
US to add 25% levies on Mexican products, most Canadian goods Trump would also double China levy barring last-minute delay President Donald Trump is on the verge of slapping new tariffs on Canada and Mexico while doubling a levy on China, moves that would dramatically expand his push to revive domestic manufacturing, tap new revenues … Read more
HOUSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc (“Superior”) announced the acquisition of Rival Downhole Tools (“Rival”), an industry-leading provider of premium downhole drilling tools. “This acquisition is part of Superior’s ongoing efforts to expand our position in the oilfield services sector by providing technologies that enhance our customers’ efficiencies and reduce … Read more
HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that it has farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco will become operator of the block with a 70% working interest and a 100% paying interest though a commercial carry arrangement and is partnering … Read more
Trump wants rare earth.What are rare earth elements and why are they important? (Reuters) – Rare earth metals are making headlines as demand rises for products from smartphones to wind turbines, and as governments seek secure supply. Here are some basic facts about them: WHAT ARE THEY? Rare earths are a group of 17 elements … Read more
(Reuters) – Shell is considering a potential sale of its chemicals assets in Europe and the United States, the Wall Street Journal reported on Sunday, citing sources familiar with the matter. The energy group has hired Morgan Stanley to conduct a strategic review of its chemicals operations, the report said. Shell and Morgan Stanley declined … Read more
Summary Canada sends 90% of oil exports to US refiners Canadian drilling sector still not recovered from decade of job losses Retaliatory tariffs would raise cost of drilling inputs CALGARY, March 3 (Reuters) – Canada’s oilfield drilling and services sector is already showing signs of slowing due to U.S. President Donald Trump’s threatened tariffs, triggering … Read more
Author: Monica Vavra, Reporting Director, Montrose Environmental Group As environmental regulations continue evolving, new electronic reporting requirements are being introduced for emissions testing of internal combustion engines. Electronic reporting, such as reporting done utilizing the EPA’s Electronic Reporting Tool (ERT), has become an essential part of emissions testing and compliance reporting, ensuring that information is … Read more
At Kathairos Solutions, we specialize in delivering scalable, power-free solutions that help oil and gas producers eliminate methane emissions efficiently and cost-effectively. Our ability to rapidly scale is made possible through our strong partnership with Chart Industries, allowing us to maintain a robust inventory and meet customer demand in under six weeks—a significant advantage over … Read more
• Zelenskiy says he can salvage relationship with Trump • US tariffs on Mexico and Canada to take effect on Tuesday • Chinese manufacturing activity expanded in February LONDON, March 3 (Reuters) – Oil prices were little changed on Monday after registering a monthly loss for the first time since November, while investors await the … Read more
(Reuters) – U.S. crude oil production rose to a record 13.491 million barrels per day in December, up from 13.314 million bpd in November and the prior all-time high of 13.436 million in October, the U.S. Energy Information Administration said in its Petroleum Supply Monthly report on Friday. Product supplied of crude oil and petroleum, … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a fifth week in a row for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one … Read more
Bloomberg News Trump has sought to pressure Zelenskiy into agreeing to let the US benefit from any of Ukraine’s untapped resources, at a time when Washington is seeking to secure supplies of critical minerals. His pursuit has seen him make some huge demands: At one point he wanted the equivalent of $500 billion from rare earths, … Read more
The sector is very much in limbo following a surge in activity during the Biden presidency. By Gabrielle Coppola ‘We Have Work to Do’ Last week, I attended the annual gathering of NaatBaat International, a trade group focused on building a homegrown battery industry in North America. The crowd of startup executives, scientists and consultants was about … Read more
Summary • Brent, WTI head for first monthly drop in three months • Iraq to announce resumption of oil exports from Kurdistan region HOUSTON, Feb 28 (Reuters) – Oil prices fell on Friday and were headed for their first monthly drop since November, as markets watched an Oval Office argument between the U.S. and Ukrainian … Read more
U.S. natural gas futures eased about 1% to a two-week low on Friday on record output and forecasts for milder weather that should keep heating demand low, allowing utilities to pull less gas out of storage. Extreme cold so far this year, however, has already forced energy firms to pull huge amounts of gas out … Read more
(Reuters) – A consortium led by U.S. major Exxon Mobil in Guyana had recovered at the end of January $33.9 billion of the $41.1 billion it has spent at its massive Stabroek offshore block, the country’s Vice President, Bharrat Jagdeo, told Reuters. Since it first found oil in Guyana a decade ago, the Exxon-led group … Read more
At least five leaders at PHMSA took the Trump buyout offer Exodus comes amid Energy Transfer fuel leak in Bucks County More than half of the senior executives at a key US government regulatory body responsible for overseeing safety of the US pipeline system will depart the agency in the next three months, according to … Read more
Bllomberg News Today, reporter Alex Longley looks at the byproducts of oil output that are making it harder to gauge overall supplies. Dig into predictions for global oil production and you’ll see the growing importance of a niche gassy fuel. Since May, the US government’s 2025 estimates for global crude output have been pared back … Read more
Board declares dividend of $0.0625 per common share Company announces the timing of its 2024 year end earnings release and conference call HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today announced that its Board of Directors has declared a dividend of $0.0625 per share of common … Read more
(Reuters) – Lyondell Basell Industries’ will lay off 345 workers, or 86% of the workforce, at its shuttered Houston refinery on April 17, according to a filing with the Texas Workforce Commission. There are around 400 Lyondell employees working at the 263,776 barrel-per-day Houston refinery. About 70% of them are hourly workers represented by the … Read more
By Mark Burton and Kate Sullivan US President Donald Trump is close to striking a deal to grab a share of Ukraine’s natural resources as he pushes for an end to Russia’s three-year war in the country. Listen to the Here’s Why podcast on Apple, Spotify or anywhere you listen. Trump has sought to pressure … Read more
MANDAN, N.D. (AP) — An attorney for a Texas pipeline company said Wednesday that he will prove various Greenpeace entities coordinated delays and disruptions of a controversial oil pipeline’s construction in North Dakota, and defamed the company to its lenders. Attorneys for the Greenpeace defendants told a jury there is no evidence to back up … Read more
(Reuters) – Expand Energy, formerly known as Chesapeake Energy and the biggest natural gas producer in the U.S., said on Thursday it was on track to boost output by more than 5% in 2026 from levels expected in 2025 so long as market conditions warrant such a move. CEO Nick Dell’Osso told analysts during the … Read more
Summary • Brent, WTI head for first monthly drop in three months • Iraq to announce resumption of oil exports from Kurdistan region PDVSA, Chevron may strike agreement to export Venezuelan oil – sources • OPEC+ debating whether to increase supply in April – sources Feb 28 (Reuters) – Oil prices are down over 1% … Read more
Summary Share price underperformed peers Revenues from renewables sector complicated by costs and technical problems Elliott Management stake increased the pressure for strategy change Renewable energy set to grow faster than fossil fuels (Reuters) – BP has returned to its oil and gas roots in a spectacular about-turn following its trailblazing attempt five years ago … Read more
(Reuters) – OPEC+ is debating whether to raise oil output in April as planned or freeze it as its members struggle to read the global supply picture because of fresh U.S. sanctions on Venezuela, Iran and Russia, eight OPEC+ sources said. OPEC+ usually confirms its supply policy one month in advance to have time to … Read more
(Reuters) – Asia’s crude oil imports are off to a weak start in 2025, as top importer China continues to buy less and new sanctions put the brakes on cargoes from the continent’s top supplier Russia. Asia’s imports for the first two months of the year are on track to be 26.17 million barrels per … Read more
Repeal resolution heads next to Trump for his signature Ends incentive to control leaks of potent climate-warming gas By Ari Natter The Senate voted Thursday to repeal a new US fee on climate-warming methane emissions from oil and gas producers, sending the measure to the White House for President Donald Trump’s signature. The repeal, which … Read more
New plants are expected to start up between 2029 and 2032 Energy industry anticipates surge in demand from data centers By Josh Saul GE Vernova Inc., NRG Energy Inc. and Kiewit Corp. agreed to develop up to 5.4 gigawatts of gas-fired power plants, with one NRG executive saying that artificial intelligence is driving an electricity … Read more
(Reuters) – German wind turbine maker Nordex expects continued growth in its U.S. market despite changes to the renewables landscape in the short term, its CEO said after better than expected core earnings. U.S. President Donald Trump suspended offshore leasing for wind power on his first day in office in January, hitting share prices of … Read more
U.S. crude oil stockpiles fell unexpectedly last week as refining activity ticked higher, while gasoline and distillate inventories posted surprise builds, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 2.3 million barrels to 430.2 million barrels in the week ended February 21, the EIA said, compared with analysts’ expectations in a … Read more
By Pierre Briancon BERLIN, Feb 26 (Reuters Breakingviews) – The minerals deal that U.S. President Donald Trump could soon sign with Ukraine may not be the colonial-style asset grab it appears to be. President Volodymyr Zelenskiy can still turn it to his country’s long-term advantage. Giving Washington a piece of Ukraine’s critical minerals and other … Read more
Summary • Brent and WTI gain about 1% • Both benchmarks hit two-month lows in previous session Reuters) – Oil prices rebounded on Thursday as supply concerns resurfaced after U.S. President Donald Trump’s revoked a licence granted to U.S. oil major Chevron to operate in Venezuela. Gains were capped, however, by signs of a potential … Read more
U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns. In a post on Truth Social, Trump said he was “reversing the … Read more
February 26, 2025 CNW 2024 Non-GAAP Free Cash Flow Up Approximately 50% Year-Over-Year Highlights: Full Year 2024 Generated cash from operating activities of $3.7 billion, Non-GAAP Cash Flow of $4.0 billion and Non-GAAP Free Cash Flow of $1.7 billion after capital expenditures of $2.3 billion Produced average total volumes of 585 thousand barrels of oil equivalent per day (“MBOE/d”), including 211 thousand … Read more
Since it first imposed sanctions on Venezuela’s energy sector in 2019, the United States has granted individual licenses to some oil companies that allow them to export the South American country’s oil to specific destinations.Washington had imposed the sanctions over reports by international observers of irregularities in elections that have repeatedly kept President Nicolas Maduro … Read more
U.S. imports of crude oil from Venezuela averaged 222,000 barrels per day (bpd) in the first 11 months of 2024, according to U.S. Energy Information Administration data, making it the fourth largest crude supplier to the United States.While Venezuela’s oil accounted for only 3.5% of total U.S. crude imports in November, it was about 13% … Read more
CALGARY, Feb 26 (Reuters) – The Canadian energy sector has proposed several major oil pipeline projects in the last decade, but only the Trans Mountain expansion project was completed. Here, a look at three other pipelines that never came to be: Energy East – A proposed C$15.7-billion project (US$11.0 billion), Energy East would have carried … Read more
By Stephanie Kelly and Jarrett Renshaw NEW YORK, Feb 24 (Reuters) – The American Petroleum Institute trade group on Monday pressed for a nationwide policy on higher-ethanol blends of gasoline after the President Donald Trump’s administration said on Friday it would move ahead with expanded sales of the product in certain Midwestern states. The U.S. … Read more
MADRID, Feb 20 (Reuters) – Spanish energy company Repsol (REP.MC) cut its 2030 target for green hydrogen production by up to 63%, Chief Executive Josu Jon Imaz said on Thursday, highlighting the challenges of a high-cost industry heavily reliant on subsidies. Repsol now expects to achieve between 0.7 gigawatts (GW) and 1.2 GW of electrolyser … Read more
Environmental chief urges rewrite of 2009 climate finding Measure provides legal foundation for array of climate rules President Donald Trump’s top environmental regulator is recommending the US government scrap its formal conclusion that greenhouse gases endanger the public, a move that would sweep away the legal foundation for regulations limiting planet-warming pollution from power plants, automobiles and … Read more
Weeks of colder-than-expected temperatures are boosting domestic prices for the fuel. Welcome to our guide to the energy and commodities powering the economy. Today, reporter Elizabeth Elkin explores the recent weather-driven rally for US natural gas. Old Man Winter has finally yanked the US natural gas market from the ditch. Record cold has been stoking demand … Read more
Shale producer sees plant providing power to data centers Company also plans to use power for its field operations Diamondback Energy Inc. is in talks to form a power joint venture that would solve some of the shale giant’s own needs in the Permian Basin while also selling electricity to artificial intelligence data centers in West … Read more
BP cuts renewable investment and boosts oil and gas in strategy shift Summary • BP boosts oil and gas investment to $10 bln annually • Cuts transition spending by over $5 billion yearly • Reviewing Castrol, targets $20 billion in divestment (Reuters) – BP (BP.L), opens new tab slashed planned investment in renewable energy and … Read more
The anti-oil and gas policies of the Liberal-NDP government have driven investment away from Canada Summary • Canada sends 90% of oil exports to US refiners • Two east-west pipeline projects canceled in last decade • Overruns pushed Trans-Mountain expansion costs to C$34 bln (Reuters) – The Canadian government would have to play a significant … Read more
Burgum suggests stronger USGS role to analyze the potential Says US public lands hold natural resources worth trillions Doug Burgum speaks during the Conservative Political Action Conference (CPAC) in National Harbor, Maryland, on Feb. 22.Photographer: Kent Nishimura/Bloomberg By Jennifer A Dlouhy Interior Secretary Doug Burgum touted a plan for mapping deposits of oil, gas and … Read more
U.S. oilfield services firm SLB said on Tuesday it now expects its buyout of ChampionX to close by the end of the first quarter or early the second quarter of 2025. SLB is legally permitted to close the all-stock transaction – now worth $5.82 billion – in the U.S., but it has been held up … Read more
Republican U.S. President Donald Trump said on Monday he wanted the Keystone XL Pipeline built and pledged easy regulatory approvals for the project, which was opposed for years by environmentalists before its permit was revoked by the Biden administration. The pipeline was first proposed in 2008 to bring oil from Canada’s Western tar sands to … Read more
Summary • Potential peace deal between Russia and Ukraine weighs on prices • Oil sanctions in focus after talks between U.S. and Russia • Investors await US oil inventory data from EIA (Reuters) – Oil prices held at two-month lows on Wednesday as a potential peace deal between Russia and Ukraine continued to weigh on … Read more
Summary Asia’s economic growth to drive LNG demand increase China and India expand LNG infrastructure amid rising demand US and Qatar to dominate LNG supply by 2035 (Reuters) – Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts … Read more
Keystone XL redux? Trump says he wants defunct oil pipeline back from the dead CALGARY – U.S. President Donald Trump says he’d like to see the Keystone XL pipeline brought back from the dead, garnering an enthusiastic reception from Alberta’s premier but a tepid one from the company spun off from its erstwhile proponent. … Read more
(Reuters) – Chevron said on Monday it would reorganize some of its business structures and reshuffle the leadership team, the latest move by the U.S. energy major to simplify its operations. The company has said it would lay off up to 20% of its global workforce by the end of 2026, as it navigates cost … Read more
(Reuters) – Bank of America expects Brent crude to average $75 per barrel in 2025 and $73 in 2026, citing low global oil inventories, balanced supply and demand, and about 5 million barrels per day of OPEC spare production capacity. The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known … Read more
By Grant Smith The International Energy Agency, the west’s energy watchdog, is considering reviving one of its long-term energy demand scenarios after criticism from US Republican leaders. The IEA’s decision in 2020 to exclude the so-called Current Policies Scenario from its reports prompted accusations that the agency was letting its commitment to net zero climate … Read more
By Jim Warren Greenpeace and the UK environmental group Uplift won a court case in Scotland last month after claiming two new offshore oil projects were unlawfully approved. The ruling blocks Equinor and Shell, from developing the Rosebank field 80 miles west of the Shetland Islands in the Atlantic and the Jackdaw field in the … Read more
Summary • Supply concerns emerge from fresh US sanctions on Iran • Strong global refining margins proving supportive, analysts say • Uncertain demand outlooks cap gains (Reuters) – Oil prices were steady on Tuesday, after a bump the previous day when fresh U.S. sanctions imposed on Iran increased concerns that supply might tighten, as global … Read more
MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included … Read more
MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024. FOURTH QUARTER 2024 HIGHLIGHTS Average production of 475.9 MBO/d (883.4 MBOE/d) Net cash provided by operating activities of $2.3 billion; Operating Cash … Read more
Announces deal to buy National Grid’s U.S. onshore renewables business including solar parks and onshore wind farms By Rachel Morison and William Mathis Brookfield Asset Management Ltd. agreed to spend US$1.7 billion in a deal to expand its U.S. onshore renewables business as the company bets there will be increasing demand for electricity from data … Read more
By Archie Hunter Gas, power and LNG are set to eclipse oil as the biggest driver of commodity trading profits, according to research from McKinsey & Co Inc. “In the last two years they’ve been almost parallel and we definitely see stronger fundamental growth prospects on the power, gas and LNG side going forward,” said … Read more
(Reuters) – U.S. natural gas futures fell more than 5% on Monday, dragged down by forecasts of milder weather and lower heating demand next week than previously anticipated. Front-month gas futures for March delivery on the New York Mercantile Exchange were down 30 cents, or 7.1%, at $3.93 per million British thermal units (mmBtu) at … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced senior leadership changes as part of the company’s efforts to simplify its organizational structure, execute faster and more effectively, and be positioned for stronger long-term competitiveness. The company’s Oil, Products & Gas organization will be consolidated into two segments: Upstream and Downstream, Midstream & Chemicals. Mark Nelson will continue … Read more
(Reuters) – Exxon Mobil’s Australian unit will invest nearly $200 million in the Kipper 1B gas project, alongside its partners Mitsu and Woodside Energy the U.S. oil major said on the company website on Monday. The Australian Competition & Consumer Commission has warned that the east coast could face a gas supply shortage from 2027, … Read more
(Reuters) – U.S. natural gas futures jumped about 6% to a 25-month high on Friday as extreme cold over the past couple of weeks cut output by freezing wells and as gas flows to liquefied natural gas (LNG) export plants hit record highs. In addition, traders noted that colder temperatures than normal so far this … Read more
(Reuters) – Flows of crude oil through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Turkey could restart soon after an almost two-year shutdown. Sources told Reuters that U.S. President Donald Trump’s administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran. But the … Read more
Summary • BP under pressure to boost returns from Elliott Investment Management • Changes to be announced on capital markets day investor update • BP’s shares have underperformed rivals Feb 24 (Reuters) – BP’s chief executive will scrap a target to increase renewable generation 20-fold by 2030, returning the focus to fossil fuels, as part … Read more
(Reuters) – U.S. Interior Secretary and co-chair of a new White House energy council Doug Burgum on Friday called for every U.S. power plant to produce 10-15% more electricity to meet the growing energy needs to expand artificial intelligence across the United States. “Winning the AI arms race doesn’t just take software developers. It takes … Read more
(Reuters) – OPEC and its allies face a tricky dilemma: should they start loosening oil production caps even though the crude supply and demand picture is unlikely to improve in the near future? They may well opt to again delay the crucial moment to keep prices steady, but they increasingly risk losing control of the … Read more
Drillers are ramping up consolidation as the new administration changes US policy toward fossil fuels. By David Wethe Welcome to our guide to the commodities powering the economy. Today, reporter David Wethe examines how the shale industry is responding to the Trump administration’s enthusiasm for fossil fuels. Appetite for deals in the US shale patch … Read more
U.S. President Donald Trump’s administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, eight sources with direct knowledge of the matter told Reuters. An advisor to the Iraqi prime minister denied in a statement there had been a threat of sanctions or pressure on the government … Read more
HOUSTON, Feb. 21, 2025 /CNW/ — Shell Offshore Inc. and Shell Pipeline Company (SPLC), subsidiaries of Shell plc (Shell), have signed an agreement to increase their stake in the Ursa platform in the Gulf of America. This will increase Shell’s working interest (WI) in its operated Ursa platform, pipeline, and associated fields from 45.3884% to a maximum of 61.35%, … Read more
• Iraq-Turkey pipeline expected to resume exports soon • War in Ukraine remains in focus • Russian oil supply will remain curbed by OPEC+ policy (Reuters) – Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports … Read more
Summary • Japan, other Asian buyers look to step up US LNG purchases • Alaska project featured prominently in Trump talks with Japan PM Ishiba, officials say • US stressed Japan’s trade imbalance, maritime security in Ishiba meeting, officials say • Alaska LNG developers seeking investment from firms such as Japan’s Inpex, sources say (Reuters) … Read more
Goldman Sachs said on Friday a proposed 10% U.S. oil tariff could cost foreign producers $10 billion per year, as Canadian and Latin American heavy crudes remain reliant on U.S. refiners due to limited alternative buyers and processing capabilities.President Donald Trump plans to impose a 25% tariff on Mexican crude and a 10% levy on … Read more
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row to the highest level since June, 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 four to 592 in … Read more
Summary • Brent and WTI post weekly decline • Analysts point to media reports on new coronavirus discovery • Analysts view fading risk premium as Gaza ceasefire holds • US crude stocks rose, gasoline and distillates decline, EIA • U.S. energy firms add oil and natural gas rigs, Baker Hughes Kazakh oil output at record … Read more
Travis D. Stice to step down as Chief Executive Officer, effective as of the Company’s 2025 Annual Meeting of Stockholders; will remain as Executive Chairman through the Company’s 2026 Annual Meeting of Stockholders Kaes Van’t Hof, current President, will assume Chief Executive Officer role and will join the Board of Directors effective as of the … Read more
Top U.S. refiners are poised to seek alternative sources for heavy, sour crudes, including running more domestic grades, as they await clarity around U.S. President Donald Trump’s threatened tariffs on imports from the nation’s top crude suppliers Canada and Mexico, executives said. Running more domestic crude, which is predominantly light, sweet shale oil, through U.S. … Read more
By Valerie Volcovici WASHINGTON, Feb 20 (Reuters) – The U.S. Army Corps of Engineers on Thursday said it is revising a list of more than 600 energy and other infrastructure projects it had earmarked to be fast-tracked under President Donald Trump’s declaration of a national energy emergency. The Army Corps, a federal engineering service with … Read more
(Reuters) – U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the Energy Information Administration said on Thursday. Crude inventories rose by 4.6 million barrels to 432.5 million barrels in the week ended February 14, the EIA said, compared with analysts’ expectations … Read more
Guyana has previously been more focused on oil production Fertilizer, alumina, data centers all potential uses of gas By Denis Chabrol Exxon Mobil Corp. outlined plans to increase natural gas production from oil-focused Guyana and is considering options to export the fuel to global markets, country manager Alistair Routledge said Wednesday. Exxon’s developments off the … Read more
Summary • Brent and WTI up 1.5% over the week • US crude stocks rose, gasoline and distillates decline -EIA • Kazakhstan pumped record high oil volumes -industry sources Feb 21 (Reuters) – Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over … Read more
Cheniere wants to take advantage of Trump’s support for LNG Expects to produce up to 90 MTPA of superchilled gas Company’s profits in 2024 fell due to lower LNG prices Feb 20 (Reuters) – U.S. liquefied natural gas exporter Cheniere Energy (LNG.N) plans to aggressively pursue new regulatory permits to expand capacity now that U.S. … Read more
Utility says looser rules to spur new plants, pipelines Firm beats 4Q profit estimates, sees data center demand growth By Mark Chediak President Donald Trump’s drive to loosen permitting requirements and speed up the development of energy resources will allow for Southern Co. to expand its natural gas pipeline network and build new gas plants, … Read more
Cenovus Energy’s Q4 profit falls due to lower prices, weak refining margins Cenovus’ U.S. refining revenues drop amid required turnaround work Canadian energy sector faces uncertainty with U.S. tariffs on imports Feb 20 (Reuters) – Canadian oil and gas producer Cenovus Energy (CVE.TO) anticipates a return this spring to more normal market conditions in the … Read more
Russia and the United States have had their first meeting since the start of the Ukraine war, aimed at restoring relations and preparing the ground for ending the conflict. What is known so far about what was discussed? UKRAINE WAR U.S. President Donald Trump says he wants to quickly end the war. President Vladimir Putin … Read more
(Reuters) – Oil transportation and storage company Sentinel Midstream expects to make a final investment decision on its deepwater oil export project off the Texas coast as soon as it receives a U.S. government license, CEO Jeff Ballard told Reuters. The move comes as U.S. President Donald Trump pushes for faster approvals of projects that … Read more
North Dakota oil production was estimated to be down between 130,000 and 160,000 barrels per day (bpd) as of Thursday morning due to the recent extreme cold and related operational challenges, the state’s pipeline authority said. Associated wellhead natural gas production was estimated to be down 0.37-0.45 billion cubic feet per day, said Justin Kringstad, … Read more
U.S. President Donald Trump on Wednesday said he is going to work with Republicans in Congress to significantly reduce taxes for individuals and companies. “We’re going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime,” … Read more
Japan Petroleum Exploration (Japex) is prioritising investment in oil and gas exploration and production (E&P) through 2030 – revising an earlier plan to aggressively expand its renewables businesses, its president said. “For now, the investment focus will remain on oil and gas exploration and production… as securing a fair return from renewable energy sources such … Read more
U.S. President Donald Trump said on Wednesday his administration would quickly fill up the Strategic Petroleum Reserve, which he criticized his predecessor, former President Joe Biden, for tapping to bring down the price of gasoline.“We’ll fill it up fast,” Trump told a conference in Miami.
BEIJING, Feb 19 (Reuters) – China invested 6.8 trillion yuan ($940 billion) in clean energy in 2024, approaching the $1.12 trillion in global investment in fossil fuels, according to a new analysis for U.K.-based research organisation Carbon Brief. That was despite growth in China’s clean energy investments slowing to 7% from 40% in 2023 amid … Read more
(Reuters) – Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. Brent futures were up 34 cents, or 0.5%, at $76.38 a barrel by 1407 GMT. U.S. West Texas Intermediate crude rose … Read more
MOSCOW, Feb 19 (Reuters) – Russian President Vladimir Putin suggested on Wednesday that a Ukrainian drone attack on the Caspian Pipeline Consortium (CPC) pumping station in southern Russia might have been coordinated with its Western allies. Putin said that he believed Ukraine could not have organised such an attack on its own and was likely … Read more
U.S. natural gas futures jumped about 6% to a one-month high on Wednesday as extreme cold in some parts of the country boosted demand for the fuel for heating and cut output by freezing oil and gas wells. Traders noted prices also gained support as gas flows to liquefied natural gas (LNG) export plants hit … Read more
Two large earthquakes that hit the Permian basin, the top U.S. oilfield, this week have rattled the Texas oil industry and put a fresh spotlight on the water disposal practices that can lead to increases in seismic activity, industry consultants said on Tuesday. A magnitude 5.0 quake struck on Feb. 14, followed by a magnitude … Read more
ANKARA, Feb 19 (Reuters) – Turkey has yet to receive confirmation from Iraq on the resumption of oil flows through the Iraq-Turkey pipeline, Turkish Energy Minister Alparslan Bayraktar told Reuters on Wednesday. Iraq’s oil minister said on Monday that oil exports from the semi-autonomous Kurdistan region will resume next week, resolving a near two-year dispute … Read more
(Reuters) – During an internal town hall meeting last week, roughly 40,000 Chevron employees were shown a video touting the oil giant’s success in Colorado as the largest oil and gas producer in the state. Less than 30 minutes later, executives announced plans to cut up to 20% of the global workforce. Despite progress in … Read more
(Reuters) – U.S. natural gas futures jumped about 6% to a one-month high on Wednesday as extreme cold in some parts of the country boosted demand for the fuel for heating and cut output by freezing oil and gas wells. Traders noted prices also gained support as gas flows to liquefied natural gas (LNG) export … Read more
(Reuters) – U.S. natural gas futures jumped about 8% on Tuesday to a three-week high, as extreme cold in some parts of the country cut output by freezing oil and gas wells, while gas flows to liquefied natural gas (LNG) export plants reached records and forecasters predicted more cold weather and higher heating demand over … Read more
By Ernest Scheyder and Sheila Dang Chevron plans to cut up to 20% of global workforce Executives say business has become overcomplicated, costs rising Some employees say layoffs were expected HOUSTON, Feb 18 (Reuters) – During an internal town hall meeting last week, roughly 40,000 Chevron employees were shown a video touting the oil giant’s … Read more
(Reuters) – The North Dakota Pipeline Authority said oil production was estimated to be down between 120,000 and 150,000 barrels of oil per day, as of Tuesday morning, due to the recent extreme cold and related operations challenges. North Dakota is the third-largest oil-producing state in the United States. Associated wellhead natural gas production was … Read more
(Reuters) – Oil prices edged up on Wednesday, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine. Brent crude futures were up 61 cents, or 0.8%, at $76.45 a barrel by … Read more
(Reuters) – Oil and gas company Diamondback Energy said on Tuesday it would buy certain units of EnCap-backed energy producer Double Eagle in a cash-and-stock deal for about $4.08 billion. The deal would give Diamondback access to about 40,000 net acres in the core of Midland Basin, one of the last large assets in the Permian … Read more
BRASILIA, Brazil (AP) — Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit. The National Council for Energy Policy’s approval came in response to an official invitation in 2023. The … Read more
Three years after it shipped its first LNG cargo, and after a two-year dispute with its customers, Venture Global LNG will begin commercial operations at its Calcasieu Pass plant in Louisiana on April 15, the company said on Monday. Long-term customers including Shell and BP have been notified of the start of commercial operations, the company said. … Read more
** RBC and J.P.Morgan start coverage on U.S. liquefied natural gas (LNG) company Venture Global with a bullish rating ** JPM starts coverage with “overweight” rating and $25 PT; RBC starts coverage with “outperform” and $20 PT ** Shares of VG up at 1.88% at $16.26 premarket ** Both brokerages began coverage following the expiry … Read more
MIDLAND, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today announced that it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of … Read more
Oil producer group OPEC+ is considering pushing back a series of monthly supply increases due to begin in April despite calls from U.S. President Donald Trump to lower prices, Bloomberg News reported on Monday citing delegates.Global oil markets remain too fragile to revive production now, the report cited one delegate as saying, adding that another … Read more
U.S. Energy Secretary Chris Wright on Monday called a pledge to achieve net zero carbon emissions by 2050 a “sinister goal”, and criticized the British government’s attempts to hit clean energy targets. Former President Joe Biden set a target in 2021 for the United States to achieve net-zero emissions by 2050 to help fight climate … Read more
By Tanay Dhumal Feb 18 (Reuters) – Occidental Petroleum (OXY.N) said on Tuesday that it had struck two deals in the current quarter to divest some upstream assets to undisclosed buyers for a total of $1.2 billion, although its current-quarter production forecast fell short of expectations. The transactions, which include Rockies non-operated assets and Permian … Read more
By Jarrett Renshaw and Timothy Gardner (Reuters) – President Donald Trump’s administration said on Friday it has granted a liquefied natural gas export license to Commonwealth LNG in Louisiana, the first approval of exports of the resource after former President Joe Biden paused them early last year. The exports are approved to markets in Asia … Read more
By Timothy Gardner and Valerie Volcovici Layoffs hit nuclear offices in security and Cold War cleanup Some NNSA firings were rescinded, essentials can stay -source Loan Programs Office loses 45 workers, grid office 18 DOE has about 14,000 employees, 95,000 contractors WASHINGTON, Feb 14 (Reuters) – The administration of U.S. President Donald Trump has laid … Read more
Summary Kazakhstan transit volumes could drop by 30%, says Transneft Investors watch for progress in Ukraine-Russia peace talks OPEC+ output plans also in focus (Reuters) – Oil extended gains on Tuesday after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, though prices were kept in check by the prospect of … Read more
U.S. Energy Secretary Chris Wright said on Monday his top priority was for the government to “get out of the way” of the production of oil, gas and coal, adding that a number of approvals for gas projects were in the queue. “Number one (focus) is get out of the way of the production, export … Read more
The scrum to replace Russian supply is sparking bumper premiums for Middle Eastern crude. Bloomberg News Right now in the crude market there are two contrasting stories. For the grades that underpin Brent and West Texas Intermediate futures, things aren’t looking great. Refineries in Europe and the US are entering an annual period of maintenance that acts … Read more
President Donald Trump vowed to complete the long-stalled Constitution Pipeline that would transport natural gas to New York, saying it could slash energy prices in northeastern US states by as much as 70%. “We are going to get this done, and once we start construction, we’re looking at anywhere from nine to 12 months, if you … Read more
Ultra-rich families are flocking to the industry, lured by more stable returns after years of boom-and-bust cycles. Oil rigs in the Permian Basin. Photographer: Sergio Flores/Bloomberg By David Wethe and Benjamin Stupples Once a relatively rare presence in the US oil industry, firms overseeing the assets of ultra-rich families — including the billionaire dynasties of … Read more
By Stephanie Kelly NEW YORK, Feb 13 (Reuters) – U.S. senators reintroduced a bipartisan bill on Thursday that would allow nationwide sales of gasoline with a higher blend of ethanol year-round, a plan that has the support of a leading oil trade group. Senator Deb Fischer, a Republican from Nebraska, introduced the bill with senators … Read more
Tarco Consulting Inc. and MDS Aero Support Corporation have combined their strengths to deliver life-extending turnkey solutions for industrial gas turbine operators. This collaboration addresses key concerns such as age-related degradation, obsolescence, and the growing need for modernization, all while providing advanced solutions to improve the efficiency and reliability of critical equipment. The energy industry … Read more
In the dynamic world of energy production, staying ahead of evolving market needs while maintaining North American Energy Standards Board [NAESB], The Federal Energy Regulatory Commission [FERC], and Canada Energy Regulator [CER] regulatory compliance can be a challenge for pipeline operators. Here are some common hurdles: Regulatory Complexity: The energy sector is heavily regulated, with … Read more
Summary • Benchmarks Brent, WTI flat • CPC oil flows reduced due to drone attack • Peace talks with Russia could impact oil supply • Dollar near two-month low after weak U.S. retail data (Reuters) – Oil prices were little changed Monday, as investors eyed developments on a potential Russia-Ukraine peace deal that could ease … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 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 output, rose by two … Read more
• US reciprocal tariff recommendations expected in April • Ukraine peace talks could pave way for Russia sanctions easing • US can apply maximum economic pressure on Iran, Treasury Secretary says • US oil and natural gas rig count rose for a third week in a row NEW YORK, Feb 14 (Reuters) – Oil prices … Read more
HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) (the “Company”) announced today that the Company has received exemptive relief from the applicable Canadian securities regulatory authorities regarding future filing requirements. The Company became a reporting issuer for Canadian securities law purposes by virtue of the acquisition of Marathon Oil Corporation in November 2024, which made the Company subject to Canadian continuous disclosure … Read more
Company drops reference to emissions goals in earnings release Demand for electricity is surging on data centers, AI boom Duke Energy Corp., one of the biggest US power providers, removed a mention of climate targets in its latest earnings release as the company builds more natural gas plants and reconsiders its coal plans. Duke said … Read more
(Reuters) – Oilfield services provider SLB has named new chief strategy and performance officers, according to a company memo seen by Reuters, the latest steps in a larger reorganization of its global structure. Aparna Raman has been appointed chief strategy and marketing officer, the memo said, effective March 1. Raman was most recently president of … Read more
(Reuters) – Exports of Russia’s liquefied natural gas (LNG) will likely not exceed 67 million metric tons by 2030, falling far short of its 100 million target due to international sanctions, experts said at an industry conference on Friday. Russia has focused on development of LNG, which could be delivered by sea tankers, as its … Read more
(Reuters) – Diamondback Energy is in talks to buy EnCap-backed Double Eagle, a big West Texas energy producer, for more than $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter. Last year, Reuters reported that Double Eagle was exploring a sale of its Permian Basin-based producer in a deal … Read more
Enbridge Inc. reported a profit attributable to common shareholders of $493 million in its fourth quarter, down from $1.73 billion a year earlier. The pipeline company says the profit amounted to 23 cents per share for the quarter ended Dec. 31, down from 81 cents per share in the last three months of 2023. On … Read more
Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim … Read more
Russia will be “reintegrated” into the world economy and the European energy system once a peace deal is achieved and the war ends in Ukraine, Prime Minister Viktor Orban told state radio on Friday. “If the U.S. president comes and creates peace, there is a deal, I think Russia will be reintegrated into the world … Read more
(Reuters) – U.S. natural gas futures climbed about 4% to a two-week high on Thursday on rising flows to liquefied natural gas (LNG) export plants, a drop in daily output and forecasts for cold weather and higher demand over the next two weeks than previously expected. Prices rose despite forecasts for the return of mild … Read more
President Donald Trump said on Thursday the U.S. and India have struck an agreement that includes India importing more U.S. oil and gas to shrink the trade deficit between the two countries. Trump made the comments after a bilateral meeting at the White House with India’s Prime Minister Narendra Modi. (Reporting By Jarrett Renshaw; Editing … Read more
More fuel in the market seen moderating sky-high prices The company will revive effort to invest in a US export plant By Stephen Stapczynski and Rakesh Sharma Gail India Ltd., one of the country’s top liquefied natural gas buyers, expects US President Donald Trump’s goal of increasing energy production to make fuel imports more viable … Read more
Summary • US reciprocal tariff recommendations expected in April • Ukraine peace talks could pave way for Russia sanctions easing • Global oil demand on the rise, says JP Morgan LONDON, Feb 14 (Reuters) – Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and … Read more
By Antony Currie MELBOURNE, Feb 13 (Reuters Breakingviews) – U.S. President Donald Trump says trade wars are easy to win. If so, his 25% tariffs on steel and aluminium imports ought to have big overseas producers like Rio Tinto (RIO.L), (RIO.AX) begging for mercy. Yet shareholders in the $107 billion miner and rivals like BHP … Read more
Feb 13 (Reuters) – PG&E Corp (PCG.N), opens new tab on Thursday raised its adjusted core earnings forecast for 2025, as the power company benefits from lower operating expenses and higher electricity rates. Last month, the California Public Utilities Commission approved another request from the company to raise electricity prices after a series of similar … Read more
Major U.S. electric utility Exelon increased its four-year capital investment plan by 10% to $38 billion, with the bulk of the spending aimed at bolstering and building new transmission lines, executives said on an earnings call on Wednesday. Many U.S. power companies have revised up capex plans over the past year as the proliferation of … Read more
CALGARY, Alberta, Feb. 12, 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. … Read more
HOUSTON, Feb 12 (Reuters) – Chevron (CVX.N), opens new tab will lay off 15% to 20% of its global workforce by the end of 2026, the U.S. oil company said on Wednesday as it seeks to cut costs, simplify its business, and complete a major acquisition. The No. 2 U.S. oil producer has faced production … Read more
MILAN, Feb 12 (Reuters) – Global demand for liquefied natural gas will see a robust rise in the next few years, while gas will likely see a more gradual dynamic and oil may peak at the beginning of the next decade, scenarios published by Shell (SHEL.L), opens new tab showed on Wednesday. The British energy … Read more
(Reuters) – U.S. crude oil inventories rose last week as refinery maintenance continued, while gasoline stockpiles posted a surprise draw, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 4.1 million barrels to 427.9 million barrels in the week ended February 7, the EIA said, compared with analysts’ expectations in a Reuters … Read more
North Dakota oil output fell by an estimated 60,000-90,000 barrels per day on Tuesday due to frigid temperatures and related operational challenges, the state pipeline regulator said in a statement. North Dakota is the third-largest oil-producing state in the country, with November output totaling some 1.221 million bpd, according to the latest data from the … Read more
Summary • Researcher now expects 25 gw of offshore wind by 2030, not 30 gw • Ship builders, steelmakers hit as industry needs fewer vessels • Italy’s Prysmian drops plan for Massachusetts cable factory • GE Vernova scraps deal to make bigger turbine near Albany, NY (Reuters) – Companies that committed to investments in U.S. … Read more
(Reuters) – Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to … Read more
(Reuters) – Oil prices fell more than 1% on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude inventories in the United States. Brent futures were down $1.04 or 1.4%, at $74.14 a barrel by 1303 GMT while U.S. West Texas Intermediate (WTI) crude dropped … Read more
When Elliott Investment Management buys into a company to agitate for change, bankers and lawyers who have faced the hedge fund say executives can expect a strong view on their shortcomings, backed by meticulous research and financial firepower. Now, storied oil giant BP is in Elliott’s sights. The investment firm, which manages $70 billion, has … Read more
Activist investor Elliott Management has disclosed a near 5% stake of about 3.8 billion pounds ($4.75 billion) in BP, making it the oil company’s third-largest shareholder, the Financial Times reported on Thursday, citing people close to the matter. Elliott is trying to push the British oil company to cut spending on renewables and make big … Read more
(Reuters) – Ukraine called on its allies on Wednesday to help it import more natural gas as it moved to increase gas imports by a third to 22.6 million cubic meters following a series of Russian missile attacks on Ukrainian gas facilities. The call came after natural gas production sites owned by Ukraine’s state-run energy … Read more
(Reuters) – OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise … Read more
(Reuters) – Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday. Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added. Speaking alongside Mexican … Read more
By Tom Balmforth U.S. treasury secretary is first Trump official in Kyiv Talks to broach deal on minerals, energy, state firms Ukraine wants to win Trump’s backing for war’s endgame Three-year-old war entering fraught diplomatic phase KYIV, Feb 12 (Reuters) – U.S. Treasury Secretary Scott Bessent visited Kyiv on Wednesday to discuss a critical minerals … Read more
(Reuters) – India’s natural gas consumption is set to jump 60% between 2023 and 2030, doubling the country’s need for liquefied natural gas imports, as domestic output is expected to grow much more slowly than demand, the International Energy Agency said on Tuesday. Rapid urbanisation and industrialisation are set to transform the energy market in … Read more
(Reuters) – Japan’s top power generator JERA expects competition for U.S. liquefied natural gas (LNG) to increase as demand from Asia and Europe rises, its CEO said on Wednesday. “There are many potential buyers. Asian and European buyers are really interested in U.S. energy. So, there are many competitors,” JERA Asia CEO Izumi Kai told … Read more
EIA discrepancy could impact production forecasts and capital efficiency CALGARY, Alberta (Feb. 12, 2025) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing a report that analyzes recent inventories of drilling uncompleted wells (DUCs) and the implications for 2025 budgets. … Read more
(Reuters) – U.S. power consumption will rise to record highs in 2025 and 2026, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. With growing demand from data centers dedicated to artificial intelligence and cryptocurrency and with homes and businesses using more electricity for heat and transportation, EIA projected power … Read more
(Reuters) – U.S. oil production is poised to set a larger record this year than prior estimates, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report. U.S. President Donald Trump has vowed to maximize U.S. oil production even as energy executives have held steadfast on prioritizing capital discipline over … 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 Tuesday. EIA projected dry gas production will rise from 103.1 billion cubic feet per day (bcfd) in 2024 to 104.6 bcfd in 2025 and 107.3 … Read more
Summary • Brent, WTI futures both fall • U.S. crude stockpiles rise by 9.4 million barrels, sources cite API data • Fed’s Powell signals slower rate cuts (Reuters) – Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair … Read more
(Reuters) – Top oilfield services provider SLB is reorganizing certain functions within its business and continuing to reduce its workforce, according to a source familiar with the matter and an internal email seen by Reuters. As part of its reorganization, SLB will create a new performance function, led by a new chief performance officer, it … Read more
Summary • Chevron’s reserve replacement ratio declines to 45%, raising investor concerns • Hess acquisition would boost Chevron’s prospects with Guyana oilfield stake • Exxon and CNOOC challenged Chevron’s bid for Hess in court (Reuters) – Chevron’s oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance … Read more
– Fiscal Q2 Production Up 10% Y/Y to 6,935 Average BOEPD – – Declares Quarterly Dividend of $0.12 for Fiscal Third Quarter 2025 – HOUSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal second quarter ended December … Read more
Katy, Texas, Feb. 11, 2025 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors unaudited financial results for the fourth quarter ended December 31, 2024, Year-End 2024. Key Financial Highlights for Three Months Ended December 31, … Read more
Fuel supply agreement strengthens reliability, lowers costs, and powers growth THE WOODLANDS, Texas, Feb. 11, 2025 /PRNewswire/ — Entergy Texas reached a landmark transportation agreement with Kinder Morgan to secure natural gas supply, supporting the rapid industrial, commercial and residential growth in the region. The arrangement, which was developed in collaboration with Golden Pass LNG, is … Read more
(Reuters) – Texas oil, gas and industrial groups on Tuesday asked the new EPA administrator to speed up Texas’ request to approve carbon capture and storage projects instead of the federal government, to help boost private investment and unleash capture technology. The six groups, including the Texas Oil and Gas Association and the Texas Association … Read more
By Arunima Kumar BP’s annual profit drops to $8.9 bln Elliott’s stake raises pressure for board and strategy changes Q4 profit fell 61%, weakest since 2020 Lower refining margins hit Q4; weak margins expected ahead Feb 11 (Reuters) – BP (BP.L), opens new tab CEO Murray Auchincloss pledged on Tuesday to fundamentally reset the company’s … Read more
Activist Elliott Investment Management has built an over $2.5 billion stake in U.S. oil refiner Phillips 66 and plans to push for operational changes to boost its stock price, the Wall Street Journal reported on Monday. Elliott plans to push Phillips 66 to sell or spin off its big midstream business as it plans to … Read more
At least six Asian economies have expressed interest in buying liquefied natural gas (LNG) to narrow their trade deficit with the United States and fend off tariffs, while others look to expand and diversify supplies. Companies in the U.S., the world’s largest exporter of LNG, are pushing ahead with projects for new or expanded export … Read more
ChampionX expects new U.S. import tariffs on steel and aluminium to drive up equipment costs for oilfield service firms, a company official said on Tuesday. U.S. President Donald Trump raised tariffs on steel and aluminium imports on Monday to a flat 25% “without exceptions or exemptions” in a move he hopes will aid the struggling … Read more
(Reuters) – The United States saw the fourth-largest weekly withdrawal from natural gas storage during mid-January as colder-than-normal temperatures boosted consumption, the U.S. Energy Information Administration (EIA) said on Monday. During the week ending January 24, 2025, stocks fell by 321 billion cubic feet (bcf), which was nearly 70% more than the five-year (2020–24) average … Read more
By Bloomberg News As he tries to reshape US trade ties with the rest of the world, President Donald Trump has unveiled a new tariff threat: He’s pledged to impose a 25% levy on US imports of steel and aluminum, which were valued at almost $50 billion in 2024. While the move is aimed at strengthening domestic … Read more
(Reuters) – U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul. Here’s a summary of the major trade partners it will affect. Steel Roughly a quarter of all … Read more
Summary • Brent, WTI up 0.7% after near 2% rise in prior session • Trump imposes 25% import tariffs on steel, aluminium • Fed to wait until next quarter before rate cut, per Reuters poll LONDON, Feb 11 (Reuters) – Oil prices extended gains on Tuesday amid concerns over Russian and Iranian oil supply and … Read more
Oasis Pipeline will provide gas to CloudBurst Texas campus It’s the pipeline company’s first direct-supply deal in AI Pipeline operator Energy Transfer LP will provide natural gas directly to CloudBurst Data Centers, Inc. as companies prepare for an expected boom in power demand from artificial intelligence. Energy Transfer’s Oasis Pipeline, LP, will provide as much as 450,000 million … Read more
(Reuters) – Decisions made by oil producer group OPEC take a long-term view of the global markets and are aimed at providing price stability, Secretary General Haitham Al Ghais said at the India Energy Week conference on Tuesday. The comments came after U.S. President Donald Trump repeatedly called on the producer group to increase oil … Read more
LNG company’s trading debut flopped despite coming on the heels of the president’s return to power. Bloomberg News Venture Global Inc.’s belly flop of an IPO isn’t just a setback for the liquefied natural gas-exporting upstart. It may be an early indication of the limits of Wall Street’s enthusiasm for President Donald Trump’s grand energy ambitions. … Read more
Reducing crude output has the potential to inflict real pain on US refiners and consumers. By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Canada is in that awkward position where a … Read more
Developers fear the US president may seek to block solar and wind projects. Renewable-energy developers knew US President Donald Trump preferred oil and gas to solar and wind — and long opposed offshore turbines. But they were hoping he wouldn’t throw roadblocks in front of other clean-power projects. After the last week, they’re not so … Read more
HOUSTON, Feb. 07, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2024 results, announced 2025 guidance and provided the following highlights: 2024 Results Fourth-quarter and full-year 2024 Net income attributable to PAA of $36 million and $772 million, respectively, and 2024 Net … Read more
China’s top economic planning agency said on Sunday it was taking steps to scale back subsidies for renewable energy projects after a boom in solar and wind power installations. China broke its own records for new solar installations in 2024 with installed capacity up 45% from the previous year. China now has almost 887 GW … Read more
Heavy Industrial Traffic Damages Roadway In Cold Lake, Alberta, a project site experienced extremely heavy industrial traffic, with 1,200 to 1,500 40-kip axle loads daily. The project owner initially applied a 4-inch (10 cm) lift of cold mix over a prepared subgrade to address persistent maintenance challenges. The cold mix was intended to reduce dust … Read more
Lyondell Basell Industries completed the final shutdown of its 263,776 barrel-per-day Houston refinery, people familiar with plant operations said on Friday. Lyondell began the previously announced shutdown of the refinery on January 27. Lyondell, in an emailed statement on Friday night, declined to discuss the status of the refinery. Some units at the refinery are … Read more
Activist investor Elliott Investment Management has built a stake in oil major BP, a source familiar with the matter told Reuters on Saturday. The source did not provide the size of the stake. U.S.-based Elliott is seeking to boost shareholder value by urging BP to consider transformative measures, Bloomberg News reported earlier on Saturday, calling … Read more
Summary • Trump to announce 25% steel and aluminium tariffs on Monday • China responds with retaliatory tariffs on some US exports • Trump holds talks with Putin to end Ukraine war LONDON, Feb 10 (Reuters) – Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald … Read more
** Bernstein sees a very modest pullback of nearly $5 billion in upstream capex in 2025 ** “We see an upstream sector that returns a bit over half its cash flow while investing a bit under half” – brokerage ** Bernstein says that the supply side has reallocated capital toward downstream, renewables, trading, and cash … Read more
By Tom Balmforth and Olena Harmash ‘Let’s do a deal,’ says Zelenskiy to Trump, offering rare earths Summary • In interview, Ukraine’s Zelenskiy offers mineral partnership to US • Zelenskiy emphasizes need for security guarantees in any deal • Ukrainian president keen to speak to Trump before Putin does Ukraine proposes using its gas storage … Read more
Gas will be stored on coast before being pumped below seabed Technology to trap and bury CO2 remains complex and costly The first ship in a 30 billion-kroner ($2.7 billion) plan to store emissions under the North Sea arrived in Norway as the country seeks to transform nascent carbon-capture technology into a commercial business. The Northern … Read more
From Panama to Canada to China and Europe to India, the US president spreads fear and loathing but wins lots of concessions. By Howard Chua-Eoan Howard Chua-Eoan is a columnist for Bloomberg Opinion covering culture and business. He previously served as Bloomberg Opinion’s international editor and is a former news director at Time magazine. Is … Read more
Trump says Japan will import American gas in ‘record numbers’ Trump, Ishiba meeting aimed at bolstering economic ties Bloomberg News President Donald Trump said that the US and Japan are discussing a pipeline project in Alaska after meeting with the country’s prime minister, Shigeru Ishiba. “We’re talking about a joint venture of some type between Japan and US, … Read more
Large US producers have moved to purchase competitors Energy investors have ‘lost a ton of names’ in past 18 months After a burst of oil and gas M&A deals, demand for new investment targets and buoyant natural-gas prices are helping drive a rebound in IPO activity in the energy industry to start 2025. The largest … 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 July 2024, 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 four … Read more
Summary • Prices supported by new US sanctions on Iran crude exports • Offset by fears that trade tensions will hit demand • Trump also repeating pledge to increase US oil production (Reuters) – Oil prices finished with daily gains on Friday after new sanctions were imposed on Iran’s crude exports but prices were down … Read more
(Reuters) – Prime Minister Justin Trudeau on Friday said U.S. President Donald Trump’s talk about absorbing Canada “is a real thing” and is linked to the country’s rich natural resources, a government source said. Trudeau made the remarks during a closed-door session of business and labor leaders on how best to respond to Trump’s threats … Read more
(Reuters) – Venezuela’s state oil company PDVSA has resumed regular imports of light crude as its own output of medium and light grades dwindles, creating bottlenecks for producing exportable blends, according to company documents and vessel tracking data. U.S.-sanctioned Venezuela and Iran had a swap agreement that allowed PDVSA to import crude and condensate between … Read more
• Chevron expected full capacity of Tengiz expansion by June • Output at Tengiz jumped to 900,000 bpd in early February – data • Kazakhstan frequently overproduces under OPEC+ deal (Reuters) – Chevron is speeding up its expansion of Kazakhstan’s Tengiz oilfield, two sources familiar with the plans told Reuters, raising its output to around … Read more
(Reuters) – Buyout firm TPG’s climate investment arm will acquire Altus Power in an all-cash deal worth $2.2 billion, including the assumption of debt, the companies said in a statement on Thursday. The announcement, confirming a Reuters report from December that TPG Rise Climate was in talks to acquire Altus, sent shares in the company … Read more
(Reuters) – ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, as higher production offset lower realized prices. Benchmark crude prices rose about 4% during the October-December quarter, encouraging companies to drill more. However, ConocoPhillips’ total average realized prices fell 10% to $52.37 per barrel of oil equivalent (boe) in the reported quarter. The … Read more
(Reuters) – U.S. crude oil inventories rose sharply last week as demand softened on ongoing refinery maintenance, the Energy Information Administration (EIA) said on Wednesday. Gasoline stockpiles also rose more than expected, while distillate inventories declined. Crude inventories were up by 8.7 million barrels to 423.8 million barrels in the week ended Jan. 31, the … Read more
(Reuters) – Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday. Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China’s … Read more
(Reuters) – TotalEnergies rejected opportunities to become a long-term customer of Venture Global LNG’s U.S. terminals because it did not trust the company, CEO Patrick Pouyanné told Reuters on Wednesday. Venture Global has become the most valuable U.S. LNG company after a blockbuster initial public offering last month, but has been roiled by legal challenges … Read more
Summary • Beijing slapped 10% tariffs on U.S. crude imports after U.S. levies imposed • U.S. crude export growth stalled in 2024, rising just 0.6% • Medium-sour crude exports to China may stay in U.S. refineries (Reuters) – China’s retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for … Read more
Chinese buyers of US LNG could divert cargoes to Europe China’s share of US LNG offtake set to grow Tit-for-tat tariffs could impact new US LNG projects LONDON, Feb 6 – The burgeoning trade war between the United States and China has caught American gas exporters in the crossfire as they face the prospect of … Read more
(Reuters) – The U.S. Department of Energy will prioritize expanding energy production over achieving net-zero greenhouse gas emissions, according to an order issued on Wednesday by Energy Secretary Chris Wright. The secretarial order is meant to align the department with priorities outlined by President Donald Trump, who has called climate change a hoax and has … Read more
By Karen Braun (Reuters) – A potential trade war between the United States and its two neighbors has been thwarted for now, though the U.S.-China status remains murky after both parties implemented tariffs on Tuesday, their leaders yet to speak with one another as of late afternoon. All four countries occupy significant spots on each … Read more
(Reuters) – Oil prices rose on Friday after new sanctions were imposed on Iran’s crude exports but were on track for a third straight week of decline, hurt by U.S. President Donald Trump’s renewed trade war on China and threats of tariffs on other countries. Brent crude futures were up 51 cents, or 0.7%, at … Read more
Completed the acquisition of Marathon Oil, adding high-quality, low cost of supply inventory adjacent to the company’s leading U.S. unconventional position. Reported fourth-quarter 2024 earnings per share of $1.90 and adjusted earnings per share of $1.98. Delivered 2024 preliminary reserve replacement ratio of 244% and preliminary organic reserve replacement ratio of 123%. Announced planned 2025 return … Read more
(Reuters) – Egypt has signed deals worth about $3 billion with Shell and TotalEnergies to secure 60 cargoes of liquefied natural gas (LNG) to cover demand for 2025, three trading sources told Reuters. The most populous Arab country last year returned to being a of natural gas, buying dozens of cargoes and abandoning plans to … Read more
(Reuters) – TotalEnergies will expand its investment in U.S. liquefied natural gas over the next decade as the French company seeks to cement its position as a major exporter of U.S. LNG, its CEO told Reuters on Wednesday, dismissing fears by American market watchers that more exports could boost U.S. gas prices. In an interview … Read more
Summary Saudi Aramco raised March crude prices for Asian buyers • U.S.-China trade tariffs cloud oil demand outlook • Trump policies make for oil market volatility, analysts say Oil prices edged up on Thursday after Saudi Arabia’s state oil company raised its March crude prices sharply, but the gains barely dented the previous day’s slide … Read more
(Reuters) – OPEC oil output fell in January for a second month, a Reuters survey found, as a drop in exports from Nigeria and Iran offset a rebound from the United Arab Emirates where field maintenance had curbed output in December. The Organization of the Petroleum Exporting Countries pumped 26.53 million barrels per day last … Read more
(Reuters) – U.S. crude oil imports from Mexico fell by 372,000 barrels per day (bpd) to a weekly record low of 149,000 bpd in the week ended Jan. 31, according to data from the U.S. Energy Information Administration’s (EIA) Petroleum Supply Report going back to 2010. That was lower than the prior all-time low for … Read more
(Reuters) – Norway’s Equinor is reducing its ambitions for developing renewable energy capacity by 2030, it said on Wednesday, the latest move by a European energy company to cut green targets as the market for renewables sours. Equinor follows peers BP and Shell, which have trimmed plans to expand in renewable energy, especially offshore wind, … Read more
Administration considering retooling energy loan program Loan program could be revamped to focus on different sectors The Trump administration is exploring legal options to cancel loans issued under a $400 billion program to finance clean-energy technology as it considers overhauling the initiative, according to a person familiar with the matter. The newly installed director of … Read more
(Reuters) – U.S. President Donald Trump on Tuesday plans to restore his “maximum pressure” campaign on Iran in an effort to stop Tehran from obtaining a nuclear weapon and drive its oil exports down to zero, a U.S. official said. The move brings back the tough U.S. policy on Iran that Trump, a Republican, practiced … Read more
(Reuters) – President Donald Trump’s emerging trade war with Beijing poses a new threat to billions of dollars in planned U.S. liquefied natural gas export projects, many of which rely on China as a key buyer, according to analysts, industry sources, and company filings. The threat reflects the double-edged nature of Trump’s protectionist policies, which … Read more
(Reuters) – Canadian pipeline operator Trans Mountain said it expects to see increased interest to ship on its system if the United States slaps tariffs on Canadian oil imports in a month. The pipeline, which can carry up to 890,000 barrels per day of crude from Alberta to Canada’s Pacific Coast, has been about 80% … Read more
(Reuters) – U.S. President Donald Trump will reimpose “maximum pressure” on Iran and drive its oil exports down to zero, a U.S. official said. Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, extracts about 3.3 million barrels of oil per day (bpd), or around 3% of global output. Following are … Read more
(Reuters) – U.S. President Donald Trump will restore his “maximum pressure” campaign on Iran and drive its oil exports down to zero, a U.S. official said on Tuesday. Iran has repeatedly threatened to close the Strait of Hormuz for traffic as a retaliation for Western pressure. That would shut down the region’s trade and lead … Read more
The U.S. Interior Department on Monday unveiled a suite of orders aimed at carrying out President Donald Trump’s agenda to maximize domestic energy and minerals production and slash red tape. In a statement, the agency said Interior Secretary Doug Burgum, the former governor of North Dakota, signed six orders on his first day in office. … Read more
Summary • Brent down 0.87%, WTI down 0.84% • U.S. crude stocks rose by 5 mln barrels in the week to Jan.31 – market sources • Trump clamp-down on Iran may support prices in near term (Reuters) – Oil prices dipped on Wednesday as rising U.S. stockpiles and concern about a new Sino-U.S. trade war … Read more
(Reuters) – Canadian pension fund CPP Investments is weighing strategic options, including a sale or initial public offering, for Encino Acquisition Partners that could value the U.S. oil and natural gas producer at as much as $7 billion, including debt, people familiar with the matter said. The deliberations come as the energy industry is anticipating … Read more
(Reuters) – Venezuela’s oil exports rose 15% to some 867,000 barrels per day in January, driven by an increase in shipments by U.S. major Chevron Corp from its joint ventures with state firm PDVSA, and more cargoes to China, data based on vessel movements showed. The administration of former U.S. President Joe Biden last year … Read more
(Reuters) – U.S. President Donald Trump will restore his “maximum pressure” campaign on Iran and drive its oil exports to zero, a U.S. official said on Tuesday. Such a move would reduce crude supply, boosting oil prices and creating the need for others to pump more. Saudi Arabia and fellow members of the Organization of … Read more
(Reuters) – The trade in crude oil, liquefied natural gas and coal between the United States and China is effectively dead after Beijing responded to President Donald Trump’s tariffs with measures of its own. China, the world’s biggest importer of the three energy commodities, on Tuesday slapped import duties of 15% on U.S. LNG and … Read more
(Reuters) – U.S. natural gas futures fell about 5% on Tuesday as less gas flows to the nation’s liquefied natural gas (LNG) export plants and after President Donald Trump suspended his threat of steep tariffs on Mexico and Canada. That tariff suspension reduced futures prices because roughly 9% of the gas consumed in the United … Read more
Beijing slapped 15% levies on US gas following Trump’s tariffs Chinese buyers poised to resell more of their US supply China Imposes Tariffs on US Goods Amid Trump’s Levies Beijing announced 15% levies on American gas just moments after President Donald Trump imposed a tariff on goods from Beijing. China imported about 6% of its LNG from the US … Read more
Bloomberg News At the first meeting of OPEC+ since Donald Trump called on members to bring down oil prices, the cartel defied the US president. During an online review Monday, the alliance led by Saudi Arabia and Russia chose to maintain its current trajectory on crude production despite Trump’s exhortations. Consequently, OPEC+ is committed to continuing with supply curbs … Read more
China imposed new tariffs on a range of US products moments after President Donald Trump slapped a 10% tariff on goods from Beijing. Here is translated version of the Chinese statement. On February 1, 2025, the US government announced that it would impose a 10% tariff on all Chinese goods exported to the US on … Read more
Summary • US tariffs on China take effect • China counters with 10% tariffs on crude, coal and LNG • Trump pauses tariffs on Mexico, Canada for a month • OPEC+ likely to bring back more supplies in April Feb 4 (Reuters) – Crude prices fell on Tuesday as U.S. tariffs on China took effect … Read more
Japanese trading house Mitsui could consider studying a project to liquefy natural gas in the U.S. state of Alaska, but no decisions have been made yet, Chief Financial Officer Tetsuya Shigeta said on Tuesday. Japan is considering offering support for a $44-billion gas pipeline in Alaska as it seeks to court U.S. President Donald Trump … Read more
U.S. exports of liquefied natural gas (LNG) to Europe jumped in January as cold weather drove up demand and prices for the superchilled gas rose, preliminary data from financial firm LSEG showed. Nearly nine of every ten cargoes leaving the U.S. headed to Europe, while total exports to all countries for the month reached 8.46 … Read more
China is the world’s top energy importer but its purchases from the United States are relatively modest, blunting the impact of Beijing’s move on Tuesday to slap retaliatory tariffs on imports of U.S. crude oil, liquefied natural gas (LNG) and coal. Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on … Read more
The U.S. Senate on Monday confirmed Chris Wright, a fracking executive, to be President Donald Trump’s energy secretary. The vote was 59-38, with seven Democrats and one Independent, who caucuses with Democrats, crossing the aisle. Wright, 60, the CEO of Liberty Energy since 2011, has said he will step down from the company once confirmed. … Read more
(Reuters) – OPEC+ is likely to adhere to current plans to raise output gradually from April when a panel of top ministers meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC to lower prices. Four OPEC+ sources said Monday’s meeting of the Joint Ministerial Monitoring Committee, set … Read more
By Yogi Schulz The oil and natural gas industry refines over 100 million barrels of crude oil daily to produce much more than gasoline. Here’s an overview of how pervasive hydrocarbons are in our economy and how essential hydrocarbons are to the many products we depend on in our modern society. This overview is also … Read more
Feb 3 (Reuters) – Global oil demand will likely be close to current levels in 2040, energy and commodities trader Vitol said in its long-term demand outlook on Monday, with rising consumption later this decade offset by a decline through the late 2030s. The world’s largest independent oil trader expects oil demand – which the … Read more
(Reuters) – OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government’s Energy Information Administration from the sources used to monitor its production and adherence to supply pacts. OPEC+ and Donald Trump clashed repeatedly during his first administration in 2016-2020 when the U.S. President … Read more
(Reuters) – U.S. natural gas futures jumped about 9% on Monday on forecasts for colder weather and higher heating demand next week and worries about supplies from Canada related to U.S. President Donald Trump’s sanctions. In 2024, about 9%, or roughly 8.4 billion cubic feet per day (bcfd) of the gas consumed in the U.S. … Read more
(Reuters) – Saudi Arabia and the United Arab Emirates are seen by Russia as possible venues for a summit between U.S. President Donald Trump and Russian President Vladimir Putin, two Russian sources with knowledge of the discussions told Reuters. Trump has said he will end the war in Ukraine as soon as possible and said … Read more
Bloomberg News President Claudia Sheinbaum said US tariffs on Mexico would be delayed for one month after a conversation with Donald Trump on Monday. “We had a good conversation with Trump,” she said in a post on social media. The Mexican peso erased losses and is up 0.3% on her comments.
Claudia Sheinbaum Bloomberg News President Claudia Sheinbaum said US tariffs on Mexico would be delayed for one month after a conversation with Donald Trump on Monday. “We had a good conversation with Trump,” she said in a post on social media. The Mexican peso erased losses and is up 0.3% on her comments.
(Reuters) – The new tariffs imposed by U.S. President Donald Trump on imports from Canada, Mexico, and China are likely to have a limited near-term impact on global oil and gas prices, Goldman Sachs said in a note on Sunday. “Potential tariff-driven decline in U.S. natural gas imports from Canada is too small to significantly … Read more
(Reuters) – Japan’s industry ministry is aware of a view that expansion of data centres may increase demand for electricity, however, it is difficult yet to predict how demand may change with the appearance of one technology such as DeepSeek, it said by email. In late December, the government released a draft of its basic … Read more
Summary • OPEC panel to meet at 1300 GMT, sources say • Group scheduled to unwind output cuts gradually from April • Oil rises towards $77 as tariffs spark supply disruption fears (Reuters) – OPEC+ is likely to adhere to current plans to raise output gradually from April when a panel of top ministers meets … Read more
HOUSTON, Feb. 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) is pleased to announce a significant milestone in its Côte d’Ivoire Floating Production Storage and Offloading vessel (“FPSO”) Dry Dock Refurbishment Project. In alignment with the project timeline, the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources … Read more
Agreement to focus on creation of 100% ammonia combustion dual fuel with natural gas small-size turbines Ammonia is a low-carbon fuel that can play a critical role in decarbonizing hard-to-abate sector, including marine transportation Collaboration to deliver efficiency comparable to reciprocating engines while minimizing carbon emissions FLORENCE, Italy, Feb. 03, 2025 (GLOBE NEWSWIRE) — … Read more
by Jim Warren News stories about global warming continue to be dominated by the views of the overly alarmed. This is a problem for fans of the petroleum and natural gas industries in the alienated West. That’s because people who are continuously misinformed about climate change by the media are more likely to support … Read more
Complementary production in Canada and the U.S. boosts energy security By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Enbridge’s Cheecham Terminal near Fort McMurray, Alberta is a key oil storage hub that moves light and heavy crude along the Enbridge network. Photo courtesy Enbridge The … Read more
For North American companies, the “wait and see” moment on tariffs is over. U.S. President Donald Trump imposed a 25% levy on goods from Canada and Mexico, along with a 10% tariff on China, in what could be the opening stages of a full-scale trade war likely to create new headaches for executives that have … Read more
Summary US to tax oil imports from Canada at 10% Mexican energy imports to US face 25% charge Canada and Mexico supply a quarter of crude processed by US refineries, says EIA OPEC+ unlikely to alter plans to unwind output cuts gradually, sources say (Reuters) – Oil prices rose on Monday after U.S. President Donald … Read more
Summary • Energy imports from Canada will have 10% duty, Mexican energy tariffs to be 25% • Tariffs mean higher costs for finished fuels like gasoline • US East Coast may have to turn to European fuel imports (Reuters) – U.S. consumers will see higher prices at the gas pump from President Donald Trump’s decision … Read more
Bank CEOs speak with policymakers as trade battle begins People circulate ‘Buy Canada’ lists; hockey fans boo US anthem Canadian government officials and business leaders mounted a crisis response that drew parallels with the Covid pandemic after President Donald Trump signed an order to put 25% tariffs on almost everything the US buys from Canada. Officials arranged … Read more
After weeks of threats, a North American trade war has erupted. Businesses and investors are bracing for the fallout. Donald Trump’s move to invoke an emergency and impose tariffs on Canada, Mexico and China is the most extensive act of protectionism taken by a US president in almost a century. In what may be the … Read more
Summary • Trump orders 10% tariffs on Canadian oil, 25% tariffs on Mexican crude • U.S. refineries face higher costs for heavier crude grades • U.S. refinery earnings already under pressure (Reuters) – U.S. President Donald Trump’s trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against … Read more
Summary • Canada and Mexico slapped with 25% duties; China gets 10% above current tariffs • Trump wants action on stanching flow of fentanyl and migrants to the US • Canadian oil will be taxed at 10%, more oil and gas tariffs expected in mid-February • Canada, Mexico vow retaliatory tariffs, China says it will … Read more
Summary • All 6 regional grid operators to miss July deadline to upgrade equipment • Delays could extend 1-2 years past deadline • Grid operators cite complexity of project, lack of software vendors (Reuters) – U.S. grid operators are asking regulators for more time to meet a federal order to upgrade existing transmission lines with … Read more
Summary • Oil executives offer little optimism that refining business will improve in 2025 • Exxon, Chevron Q4 profits hurt by weak refining sector • Independent refiners face challenges as fuel demand falters in US and China Big Oil executives this week saw little prospect of a near-term improvement in refinery profits after Chevron, Exxon … Read more
Trump eyes Feb. 18 for oil tariffs, expects lower duty for Canada (Reuters) – U.S. President Donald Trump said on Friday he expects his administration to impose tariffs related to oil and gas around Feb. 18 and it could reduce the planned levy on some Canadian crude. The U.S. imports some 4 million barrels per … Read more
Summary • Trump says oil and gas tariffs will come around Feb 18 • Trump says he will probably bring tariffs down to 10% on Canadian oil • Russian sanctions dampen supply prospects • OPEC+ to discuss US output plans on Monday (Reuters) – Oil prices rose in aftermarket trading on Friday as U.S. President … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in eight 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, rose by six to 582 in the week to Jan. … Read more
(Reuters) – U.S. President Donald Trump said on Friday that he will decrease threatened tariffs on Canadian oil to 10%. Trump said that tariffs on oil and gas are likely to take effect on Feb 18. Reporting by Trevor Hunnicutt and Jasper Ward; Editing by Caitlin Webber
(Reuters) – U.S. crude oil production fell by 122,000 barrels per day in November to 13.314 million bpd, down from a monthly record high of 13.436 million bpd in October, the U.S. Energy Information Administration said in its petroleum supply monthly report on Friday. Product supplied of crude oil and petroleum, EIA’s way of measuring … Read more
(Reuters) – Private equity-backed Infinity Natural Resources was valued at $1.30 billion after shares of the oil and natural gas producer rose 10.8% in their debut on the New York Stock Exchange on Friday. The Morgantown, West Virginia-based company’s stock opened at $22.16, above the offer price of $20 apiece. Infinity, backed by buyout firms … Read more
(Reuters) – Canada will respond immediately and forcefully if the United States goes ahead with a threat to impose tariffs, Prime Minister Justin Trudeau said on Friday, warning Canadians that they could be facing tough times. President Donald Trump has set a Saturday deadline to slap a 25% tariff on imports from Canada and Mexico. … Read more
(Reuters) – OPEC+ is unlikely to alter existing plans to raise output gradually when it meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC and its de facto leader Saudi Arabia to bring down prices. The meeting of top ministers from the Organization of the Petroleum Exporting … Read more
Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in Midstream Record … Read more
Canadian oil producer Imperial Oil posted a fall in fourth-quarter profit on Friday, as lower crude prices offset higher production and stronger refinery-capacity utilization.Benchmark crude prices fell 3% in 2024. The company still raised its quarterly dividend by 20% to between 60 and 72 Canadian cents per share. Imperial’s upstream production for the October-December quarter was … Read more
HOUSTON, Jan 31 – U.S. oil producer Chevron used the term “Gulf of America” instead of Gulf of Mexico in its fourth-quarter press release on Friday, a sign of corporate America beginning to implement U.S. President Donald Trump’s order to rename the ocean basin. The name change was part of a flurry of executive orders Trump issued … Read more
DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, … Read more
DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, … Read more
Summary • Global oil demand seen growing by 700,000 to 1.3 mln bpd in 2025 • First upward revision in 2025 Brent price forecast since April (Reuters) – Sluggish demand from China and oversupply worries will keep oil prices anchored below $80 a barrel this year, a Reuters poll showed on Friday, although tougher U.S. … Read more
Summary • Japan considers support for Alaska gas project to forestall trade tensions with US, sources say • Japan doubts pipeline viability but may explore deal if asked by Trump, sources say • Trump and Japan PM Ishiba expected to meet as soon as next week, sources say (Reuters) – Japan is considering offering support … Read more
(Reuters) – Chevron Corp reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020, sending its shares down more than 2%. Chevron CEO Mike Wirth told Reuters the downtrend in refining margins is set to continue this year. The second-largest … Read more
The battery maker’s bankruptcy lawyer argued in a letter to creditors that Chapter 11 processes cover all countries Bloomberg News The steps to recover claims “violate United States federal law and an order from the U.S. Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper … Read more
CEO sees “a foggy picture ahead for 2025” amid sanctions, tariffs and the potential for weaker oil prices. Shell Plc plans to keep spending tight this year after profit fell in the final quarter of 2024. Energy supermajors expected some end-of-year weakness, when oil prices mostly treaded below $75 a barrel following the election of US President … Read more
(Reuters) – Private equity firm NGP Energy Capital Management is exploring a sale of natural gas producer Camino Natural Resources, which may achieve a valuation of around $2 billion including debt, sources familiar with the matter said on Thursday. Among the largest remaining private producers in the Anadarko basin of Oklahoma, Camino covers around 135,000 … Read more
U.S. President Donald Trump on Thursday said he would be moving ahead to put a 25% tariff on imports from Mexico and Canada that would take effect on Feb 1. When asked if the tariffs would include tariffs being impossed on oil imports, Donald Trump responded as follows. “We may or may not. We’re going … Read more
Mexico’s government is looking to speed up plans to double its strategic natural gas storage capacity amid concern that U.S. President Donald Trump could use the country’s dependence on U.S. gas as some form of leverage, three sources familiar with the matter said. Mexico, a net importer of natural gas, has just 2.4 days of … Read more
Summary • Trump tariffs on Canada and Mexico could start this weekend • Unclear if tariffs would exclude oil imports • Russian sanctions dampen supply prospects • OPEC+ to discuss U.S. output plans on Feb 3 (Reuters) – Oil prices were steady on Friday but on course for a weekly decline as markets wait to … Read more
Private equity-backed oil and natural gas producer Infinity Natural Resources on Thursday raised $265 million in its initial public offering in the United States. The company, backed by buyout firms Pearl Energy Investments and NGP, sold 13.5 million shares at $20, within marketed range of $18 and $21. Energy has been a major theme in … Read more
Summary • Exxon’s low production costs boost profits despite lower oil prices • Refining business pressured by increased global fuel supply • Exxon plans $20 billion annual share repurchases through 2026 (Reuters) – Exxon Mobil on Friday beat Wall Street’s estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and … Read more
Dealmaking in the U.S. upstream oil and gas industry hit $105 billion in 2024, the third highest annual total ever, but activity slowed in the second half as buyers found fewer targets to acquire, consultancy Enverus said on Wednesday. Last year’s total deal value fell sharply behind the whopping $192 billion in mergers and acquisitions … Read more
Trump sets his sights on exporting more natural gas overseas Risky plan bets countries will buy US fuel to avoid tariffs Bloomberg News President Donald Trump’s high-stakes bid to use natural gas exports as leverage to expand US influence in Europe and Asia appears to be gaining early traction. Government officials and energy executives from countries … Read more
52-page document details which programs are under review White House is scrutinizing funding as part of overhaul A $400 billion green bank for clean energy projects and a popular consumer tax credit for electric vehicles are among federal programs being scrutinized amid a broader order from the Trump administration for a government-wide spending freeze. The … Read more
With the threat of a Feb. 1 tariff imposition looming, U.S. President Donald Trump’s pick to lead the Commerce Department says Canada could avoid tariffs in the short term if the government addresses border concerns – and those sentiments are being echoed by Newfoundland and Labrador Premier Andrew Furey. Detailing a broader tariff plan … Read more
Baker Hughes to supply power island and liquefaction train systems, and signs multi-year services frame agreement to support phases 1 and 2 of Plaquemines LNG project As a strategic LNG solutions supplier, Baker Hughes to help Venture Global deliver 100+ MTPA of production capacity HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an … Read more
Summary • Investors await Trump’s move on Mexico, Canada tariffs • US crude oil stockpiles up last week • OPEC+ ministerial meeting on Feb. 3 in focus (Reuters) – Oil prices were little changed on Thursday as investors focused on tariffs threatened by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers … Read more
The International Energy Agency’s former oil industry and market chief criticized the agency’s focus on the global energy transition in a report released on Wednesday, and said the IEA should concentrate on oil and gas supplies. The IEA is under fire from the administration of President Donald Trump for a shift in recent years toward … Read more
Energy major Chevron said on Tuesday it has signed an agreement with investment firm Engine No. 1 and GE Vernova to build natural gas-based power plants to run co-located data centers in the U.S. The announcement comes just a week after U.S. President Donald Trump revealed a private sector investment of up to $500 billion … Read more
The European Commission did not propose a ban on Russian liquefied natural gas in its latest package of sanctions because member states raised concerns about first securing alternatives including from the United States, EU diplomats said. “First you have to have a deal because otherwise you will be left without gas from Russia and without … Read more
Mexico’s government is looking to speed up plans to double its strategic natural gas storage capacity amid concern that U.S. President Donald Trump could use the country’s dependence on U.S. gas as some form of leverage, three sources familiar with the matter said. Mexico, a net importer of natural gas, has just 2.4 days of … Read more
U.S. crude stocks rose last week as refinery utilization slipped, the Energy Information Administration (EIA) said on Wednesday, as winter storms sweeping the country hit fuelmakers’ operations and boosted distillates demand. Crude inventories rose by 3.5 million barrels to 415.1 million barrels in the week ended Jan. 24, the EIA said, compared with analysts’ expectations … Read more
(Reuters) – Britain’s competition regulator said on Wednesday it has launched an inquiry into oilfield services company SLB’s proposed $8 billion deal to buy smaller rival ChampionX. The Competition and Markets Authority (CMA) said it is looking at whether the deal, which was announced last April, would raise competition concerns in any UK markets. It … Read more
Summary Valero to kick off Q4 US refiner earnings on Thursday Soft fuel demand continues to weigh on Q4 refining margins US gasoline futures crack spread hit one-year low in December Investors to focus on refiners’ plans to limit impact of Trump’s tariffs (Reuters) – Wall Street is bracing for a sharp decline in U.S. … Read more
Bloomberg News Surplus supply could cap Asian LNG prices a $10/mmbtu PetroVietnam bought cargo for delivery in March; APLNG sold US gas producers could gain Asian market share at the expense of Australian exporters in the long run, as countries running a trade surplus with the US, like Japan and South Korea, are compelled to … Read more
Summary • API data shows rise in weekly US crude and gasoline inventories • Trump plans to impose Feb 1 tariffs on Canada and Mexico • Libya reports normal oil loadings after protests • Saudi and other OPEC+ ministers meet next week (Reuters) – Oil prices edged lower Wednesday on a rise in U.S. crude … Read more
From pipelines to reactors, companies bank on data center boom DeepSeek’s more efficient model threatens growth forecasts Pipeline networks and nuclear startups. Texas landowners and fuel-cell makers. In one brutal blow, DeepSeek has revealed just how many energy-related businesses in the US have been banking on an artificial intelligence boom — and the surge in … Read more
Newly inaugurated U.S. President Donald Trump is pushing to “take back” the Panama Canal, the world’s second busiest interoceanic waterway, spurring concerns that the United States could invade the Central American nation.Trump argues that Panama has broken a pledge of neutrality made when the United States transferred the canal to Panama in 1999, falsely claiming … Read more
Oil and gas producer partners with GE Vernova, Engine No. 1 Chinese AI company DeepSeek throws power forecasts into doubt A power substation near a data center in Ashburn, Virginia. Photographer: Nathan Howard/Bloomberg Chevron Corp. is launching a partnership to develop natural gas-fired power plants next to data centers, a move that will allow it to … Read more
The fallout for Venture Global Inc., in the wake of a troubled initial public offering, accelerated amid a market selloff that sapped $12 billion from its valuation on debut. Shares of the liquefied natural gas exporter tumbled 17% on Monday, bringing its losses to 20% from its $25 apiece offer price last week. The company’s … Read more
Saudi Energy Minister Prince Abdulaziz bin Salman held talks on Monday with his Iraqi and Libyan counterparts, Hayan Abdel-Ghani and Khalifa Abdulsadek, in Riyadh on efforts to support the stability of global energy markets, the Saudi state news agency (SPA) reported. OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and … Read more
(Reuters) – U.S. President Donald Trump suspended new federal offshore wind leasing on his first day back in the Oval Office on Jan. 20, pending an environmental and economic review. On the same day, Danish energy company Orsted, the world’s biggest offshore wind firm, posted another impairment charge on delays to a U.S. offshore project. … Read more
Jan 27 (Reuters) – Southern California Edison, a unit of utility Edison International said on Monday preliminary analysis of data showed a “momentary and expected increase in current” on its energized lines in the Eaton Canyon corridor on Jan. 7 evening. Fire officials have not found SCE to be responsible for the Los Angeles fires. But the … Read more
Trump says he wants universal levy to “protect our country” Trump earlier pledged tariffs on chips, pharma, steel, copper President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of major signals Monday that he’s preparing widespread levies to reshape US supply chains. “I have it … Read more
Summary • Brent up, WTI futures inch up • Protests block loading oil at Libya’s two major ports • China manufacturing activity contracted in January • US set for warmer than normal temperatures (Reuters) – Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising … Read more
Summary • US crude output hits record highs as rig count, frac fleets slip • WTI to average $63/bbl in 2025, oil executives planning for $70-75 • Quarterly land rig day rates to end 2025 at lowest since Q2 2022 • Bankruptcies on the rise as service firms face lower prices, less work (Reuters) – … Read more
Shares of U.S. power, utility and natural gas companies sold off on Monday in some of the biggest recorded one-day drops, as new AI technology from Chinese start-up DeepSeek cast doubt on a projected surge in U.S. electricity demand and tech spending. Power producers were among the biggest winners in the S&P 500 last year … Read more
Donald Trump made liberal use of emergency powers during his first stint as US president and is employing the same playbook this time around. Just hours after being sworn into office for a second term, he declared that the domestic energy landscape and situation at the border with Mexico constitute national emergencies. By designating something … Read more
Lyondell Basell Industries began shuttering its 263,776 barrel-per-day (bpd) Houston refinery on Monday for permanent closure, said people familiar with plant operations.The shutdown of the refinery is expected to be completed by early February as the refinery has only a few days of supply of crude oil on hand, the sources said.
The U.S. energy regulator has reinstated the certificate for Williams Companies’ Transcontinental Gas Pipe Line (Transco) on Friday, the company said on Monday, which would allow the expansion of the project. Last year, a U.S. appeals court said the Federal Energy Regulatory Commission (FERC) should have better assessed the risk of significant greenhouse gas emissions, … Read more
The U.S. Energy Information Administration has forecast higher wholesale power prices for 2025 across the country’s regional markets, except Texas and the Northwest. Wholesale power prices could average $40 per megawatt hour (MWh) this year, rising 7% over 2024, the EIA said in a report on Monday. It forecast the average price of electricity for … Read more
U.S. natural gas futures fell about 7% on Monday on forecasts for much warmer-than-normal weather over the next two weeks than previously expected that should keep heating demand low. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 26 cents, or 6.5%, to $3.767 per million British thermal units (mmBtu) at … Read more
CALGARY, Alberta – GLJ Ltd. (“GLJ”), a global leader in energy resource evaluations and emerging energy service solutions, is pleased to announce key organizational changes that position the company for continued success and innovation. These promotions underscore GLJ’s commitment to leadership excellence, technical expertise, and delivering unmatched value to clients worldwide. Tracy Bellingham promoted … Read more
Diversified Energy Company Plc agreed to acquire Texas-based energy producer Maverick Natural Resources to expand its scale as US President Donald Trump makes higher oil production a key priority. Alabama-based Diversified signed a definitive agreement to acquire Maverick, which is in the portfolio of energy and infrastructure investor EIG, for about $1.28 billion, including the assumption of debt, with payment … Read more
German chancellor Olaf Scholz has welcomed U.S. President Donald Trump’s plans for more oil and gas exports, saying it was “good for Europe and Germany,” German newspaper Handelsblatt reported on Sunday. Scholz said in the interview the move would help in the transition phase towards climate neutrality, which would last until around the middle of … Read more
Obscure laws to be marshaled to build pipelines, power plants ‘God Squad’ to weigh projects that threaten endangered species President Donald Trump’s declaration of an energy emergency opens the door to wield sweeping Cold War-era powers and little-known authorities to fast track pipelines, expand power grids and save struggling coal plants. By invoking the country’s national and … Read more
(Reuters) – Investors are snapping up crude oil futures as a hedge against the risk that U.S. President Donald Trump’s threatened trade tariffs will cause a resurgence in global inflation, adding momentum to a recent rally in oil prices sparked by a tightening of sanctions on Russia. Oil is a popular inflation hedge because energy … Read more
New supplies of liquefied natural gas take time to develop, and significant new capacity will only start kicking in over the coming years, a senior Exxon Mobil Corp. executive said. Demand for LNG is rising as Europe turns to the fuel to help plug gaps after losing the supply of Russian gas piped through Ukraine. Exxon … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row to the lowest since December 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
U.S. President Donald Trump’s possible 25% tariffs on imports from Canada and Mexico could raise U.S. natural gas prices at domestic hubs but seems unlikely to change gas flows significantly, Citi said in a note on Friday.Canadian natural gas exporters are likely to pass on the impact of the proposed tariffs to downstream customers along … Read more
WASHINGTON — Experts say U.S. President Donald Trump’s push for the OPEC+ alliance of oil exporting countries to bring down the cost of oil conflicts with the Republican leader’s own plans to make America energy-dominant. Trump made the comments in a wide-ranging address to the World Economic Forum in Davos, Switzerland on Thursday. He also … Read more
Advanced technologies are reshaping how engineering and construction projects are conceived, designed, and executed. One such transformative technology is mobile 3D scanning. 3D scanning utilizes digital photography and LiDAR (Laser Detection and Ranging) to produce digital, at scale, representations of real-world locations. These tools can tremendously enhance project delivery. Precise, high-resolution 3D models of the … Read more
Winter can be relentless, and when freezing temperatures hit, your operations can be at serious risk. Freeze-ups can lead to costly downtime, lost production, and unexpected challenges for your pneumatic systems. But with Kathairos Solutions’ liquid nitrogen solution, you can keep your operations running smoothly no matter how harsh the conditions get. Here’s why liquid … Read more
Summary • US puts Colombia sanctions threat on hold • Trump policies keep markets nervous • OPEC+ yet to react to Trump call for lower prices (Reuters) – Oil prices edged up on Monday, with traders still on edge despite the U.S. pulling back from initial sanctions threats against Colombia, reducing immediate concern over oil … Read more
Summary • Oil companies seen prioritizing returns over drilling growth • Overall oil and gas production expected to grow 5% this year • Chevron, Exxon expected to report fourth-quarter profit declines HOUSTON, Jan 27 – Wall Street expects U.S. oil and gas companies to keep a lid on spending in 2025 and keep their focus … Read more
Summary • JERA plans to diversify LNG supply by raising US purchases • Monitors US LNG policy sustainability for long-term supply • Aims for balanced energy portfolio with Middle East supply (Reuters) – Japan’s biggest top LNG buyer, JERA, plans to increase its purchases of liquefied natural gas from the United States to diversify its … Read more
The biggest lesson from all this is that Canada must find a way to diversify its trade, especially when it comes to energy. Canada needs to build more pipelines, diversify its customer base, and start acting like a country that is looking out for everyone, not just its own self interest. William Lacey Thanks for … Read more
Order essentially freezes agency with about $50 billion budget Trump has vowed to unravel Biden’s climate-friendly policies The Trump administration has halted spending, loans and other actions at the Energy Department as part of a “comprehensive review” to ensure they align with the president’s priorities, according to a memo from the agency’s acting secretary seen … Read more
Developer no longer interested in oil project killed by Biden Process for Canada-US pipeline would likely have to start over President Donald Trump appears to have opened the door for construction of the Keystone XL pipeline, the controversial oil conduit that even its former developer doesn’t want to build. A Biden administration executive order that revoked Trump’s … Read more
The new president issued a barrage of orders seeking to boost fossil fuels and reverse policies that address global warming. Bloomberg President Donald Trump wasted no time in laying the groundwork for a sweeping anti-climate agenda, signing a series of executive orders just hours after being sworn into office that seek to unravel former President … Read more
Summary • Trump reiterates call on OPEC to bring down oil prices • US president moves to raise US oil output • Trump vows to impose tariffs on European Union, Canada and Mexico • U.S. crude stocks fall by 1 million barrels (Reuters) – Oil prices settled slightly higher on Friday but posted a weekly … Read more
Exxon Mobil says that new LNG supply not easily available now Europe is reluctant to commit to new long-term contracts US President Donald Trump’s plan to quickly sell more liquefied natural gas to the world could face difficulties due to limited supplies this year and reluctance in Europe to commit to long-term deals. “The problem is … Read more
President Donald Trump’s oversight of an increasingly unreliable U.S. power grid requires swift action, he said this week, but there is no easy fix for one of the grid’s most complex and troubled areas: long-distance transmission lines. Trump’s National Energy Emergency declaration and executive orders detail a long list of interconnected problems dogging an electric … Read more
The U.S. dollar slid on Friday and was set for its worst week in over a year after President Donald Trump suggested a softer stance on tariffs against China, adding to uncertainty around the trade policy that kept equity markets on edge. Trump told Fox News in an interview on Thursday evening his recent conversation … Read more
The tepid reception to Venture Global’s ambitious valuation target shows companies need to set realistic expectations when going public, Wall Street analysts said, and could be a signal that the recovery in new offerings may be a cautious one.Touted as the first blockbuster listing of 2025, the LNG exporter was initially aiming for a price … Read more
OPEC+ has yet to react to a call from U.S. President Donald Trump for lower oil prices, with delegates from the group pointing to a plan already in place to start raising oil output from April. Trump on Thursday announced he would be asking Saudi Arabia and the Organization of the Petroleum Exporting Countries to … Read more
LONDON, Jan 24 (Reuters) – Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield in Kazakhstan which will bring its output to around 1% of global crude supply. The expansion is expected to reach full capacity of 260,000 barrels per day by June, lifting overall production … Read more
The unit of Blackstone dedicated to investments in the energy industry has agreed to acquire Potomac Energy Center, the asset manager told Reuters on Thursday, in a deal symbolizing the allure to investors of power plants sited near data centers. Blackstone Energy Transition Partners has agreed to buy the 774-megawatt natural gas-fired power plant in … Read more
Summary • Trump urges Saudi Arabia and OPEC to bring down oil prices • Crude pressured by Trump moves to raise U.S. oil output • Tariffs could dent global demand growth • U.S. crude stocks fall by 1 million barrels (Reuters) – Oil prices edged up on Friday but remained on track for a weekly … Read more
Summary • Venture Global raises $1.75 bln in U.S. IPO • IPO priced at $25 per share vs $23 to $27 marketed range • Third-largest U.S. energy listing since 1995 (Reuters) – Venture Global LNG will debut on public markets on Friday after sharply lowering its IPO valuation to $60.5 billion, but still set to … Read more
By Valerie Volcovici and Sheila Dang Withdrawal from Paris agreement increases regulatory ambiguity, risks US energy firms planning long-term investments in technologies aimed at fighting climate change US oil industry prefers engagement in global climate talks WASHINGTON, Jan 22 (Reuters) – U.S. oil and gas producers are thrilled that President Donald Trump wants to encourage … Read more
Venture Global LNG has raised $1.75 billion after pricing its U.S. initial public offering, the second-largest exporter of liquefied natural gas in the United States said on Thursday. The company priced its offering of 70 million shares at $25 each, a day after cutting the price range to between $23 and $27 apiece and increasing … Read more
ARLINGTON, Va.–(BUSINESS WIRE)–Venture Global, Inc. (“Venture Global”) announced today the pricing of its initial public offering of 70,000,000 shares of its Class A common stock, par value $0.01 (“Class A common stock”) at a public offering price of $25.00 per share. In connection with the offering, Venture Global has granted the underwriters a 30-day option … Read more
By Sheila Dang and Valerie Volcovici Oil companies cautious on Alaska as policy reversals possible US oil production already at record levels Industry seeks long-term certainty beyond executive orders HOUSTON/WASHINGTON, Jan 23 (Reuters) – U.S. oil and gas companies are unlikely to expand development in Alaska and the Arctic following President Donald Trump’s executive order … Read more
By Timothy Gardner Europe trying to reduce dependency on gas from Russia Trump not worried about export effect on domestic gas price Trump says ‘clean coal’ could back up some power plants Jan 23 (Reuters) – President Donald Trump said on Thursday the United States would guarantee supplies of liquefied natural gas to Europe, even … Read more
(Reuters) – U.S. Senate committees on Thursday approved President Donald Trump’s choices to run energy and environmental policy – officials who, if backed by the full Senate, will seek to maximize fossil fuel output and scrap chunks of climate policy. The panel voted 18-2 to approve former North Dakota governor Doug Burgum to lead the … Read more
U.S. crude oil stocks, excluding the Strategic Petroleum Reserve, fell by 1.02 million barrels to 411.66 million barrels in the week ended Jan. 17, the lowest since March 2022, according to U.S. Energy Information Administration data released on Thursday. That was the ninth consecutive weekly drawdown from U.S. crude oil inventories, the longest such streak … Read more
(Reuters) – U.S. President Donald Trump on Thursday said he would demand that interest rates drop immediately, and that other countries should follow suit – marking his first broadside at Federal Reserve monetary policymaking since taking office just three days ago. “With oil prices going down, I’ll demand that interest rates drop immediately, and likewise … Read more
(Reuters) – The United States needs double the energy it has to power rapidly emerging artificial intelligence operations, U.S. President Donald Trump said on Thursday. Trump said he would give emergency declarations to allow companies working on AI to start building plants “almost immediately” given intensive competition with China. “The big problem is we need … Read more
U.S. President Donald Trump on Thursday announced he would be asking Saudi Arabia and OPEC to bring down the cost of oil and said he would be asking Riyadh to increase a planned U.S. investment package to $1 trillion from an initial $600 billion. “If the price came down, the Russia-Ukraine war would end immediately. … Read more
(Reuters) – Malaysia’s Petronas on Thursday said it has officially transferred its contractual right for a cluster of oil and gas fields in the country to a unit of US-based firm ConocoPhillips. The rights relate to the Kebabangan Cluster, a group of oil, condensate, and gas fields in the state of Sabah, Malaysia, which was … Read more
(Reuters) – Natural gas flows to Freeport LNG’s export plant in Texas were set to rise on Thursday after a power problem during a winter storm forced it to shut on Tuesday, data from LSEG and energy traders showed. Freeport is one of the most closely watched LNG export plants in the world because the … Read more
(Reuters) – The European Union is open to discussing purchases of energy and arms from the United States to ward off tariffs that President Donald Trump has threatened to impose on the bloc, EU’s top economy official said on Thursday. Trump has vowed to address a long-running deficit in goods trade with the EU, either … Read more
(Reuters) – President Vladimir Putin has grown increasingly concerned about distortions in Russia’s wartime economy, just as Donald Trump pushes for an end to the Ukraine conflict, five sources with knowledge of the situation told Reuters. Russia’s economy, driven by exports of oil, gas and minerals, grew robustly over the past two years despite multiple … Read more
(Reuters) – U.S. shale producer APA Corp said on Wednesday it curtailed about 23,500 barrels of oil equivalent per day of production in the fourth quarter due to weak commodity prices. U.S. natural gas prices collapsed to multi-year lows in 2024, with prices at the Waha hub in the Permian shale basin in West Texas … Read more
Why risk our relationship with a giant, friendly oil producer that US refiners depend upon? By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. In theory, President Donald Trump’s threat of sweeping tariffs against … Read more
Summary • Recent gains eroded by mixed market drivers, says analyst • Trump tariffs could dampen global oil demand growth • Higher U.S. crude stocks also pressure prices (Reuters) – Oil prices were little changed on Thursday, maintaining almost all of the previous session’s losses on uncertainty over how U.S. President Donald Trump’s proposed tariffs … Read more
By Erwin Seba HOUSTON, Jan 22 (Reuters) – LyondellBasell Industries (LYB.N) will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations. Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said. A Lyondell … Read more
WASHINGTON, Jan 22 (Reuters) – The U.S. has extended the comment period on a federal study of the economic and environmental impacts of the booming liquefied natural gas (LNG) export business after advisers had urged President Donald Trumpto take a patient approach to prevent approvals from getting overturned in court. The U.S. Department of Energy … Read more
An unusually reticent president hasn’t had much to say about sanctions on Russia and Iran’s crude exports since returning to the White House. The detained Eagle S tanker, part of the fleet carrying Russian oil, off Finland this month.Photographer: Roni Rekomaa/Bloomberg By Weilun Soon Welcome to our guide to the energy and commodities powering the … Read more
By Echo Wang, Curtis Williams and David French Company cuts upper valuation guidance to $65 bln from $110 bln Investors balked at long-term sales guidance in IPO prospectus IPO a rare opportunity to buy equity in U.S. LNG exporter Also seen as test of investor faith in Trump pro-energy agenda Jan 22 (Reuters) – Venture … Read more
Citi on Wednesday raised its oil price outlook for 2025 due to geopolitical risks centred on Russia and Iran, but noted prices were likely to ease through the second half of the year. “The oil outlook could see heightened, sustained geopolitical risks in Iran/Russia-Ukraine potentially wipe out the 2025 oil balance surplus, but the Trump … Read more
North Dakota’s oil production was estimated to be down by between 70,000 barrels per day (bpd) to 100,000 bpd due to extreme cold weather and related operational challenges, the state’s pipeline authority said on Wednesday. “Milder winter temperatures have returned in the region, and we anticipate that the majority of the lost production will return … Read more
by Deidra Garyk Dear Cast and Crew of Landman I am writing to express my gratitude for each of you involved in this groundbreaking series. As someone who has spent considerable time working in the oil and gas industry, I want to thank you for the courage you’ve shown in tackling the contentious topic … Read more
Summary • Trump calls US energy supply inadequate and unaffordable • National Emergencies Act unlocks presidential power in 150 statutes • Experts warn that expediting projects could harm environment (Reuters) – U.S. President Donald Trump’s declaration of a national energy emergency to boost drilling and speed up pipeline construction should withstand court challenges but will … Read more
DENVER, Jan. 22, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced all cash sale of substantially all its Uinta assets, located in Utah, to FourPoint Resources, LLC, for approximately $2 billion. “The Uinta sale builds on our track record of unlocking significant value from our non-core assets while focusing our … Read more
NEW YORK, Jan. 22, 2025 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the firm has arranged a $2.3 billion loan to capitalize a 206 megawatt (MW), Build-to-Suit data center development in … Read more
Order for April 1 border review came with Feb. 1 tariff threat Canada prime minister supports ‘dollar-for-dollar’ retaliation By Brian Platt, Thomas Seal, and Robert Tuttle US President Donald Trump is trying to create uncertainty in his trading partners to knock them off-balance and weaken their negotiating position, Canadian Prime Minister Justin Trudeau said. Trump … Read more
By Ruth Liao and Bailey Lipschultz Venture Global Inc. slashed the marketed range for its initial public offering, bringing the potential valuation well below its $110 billion target. The liquefied natural gas exporter is marketing 70 million shares in the offering for $23 to $27 each, a more than 40% drop from the $40 to … Read more
(Reuters) – LNG exporter Venture Global on Wednesday slashed the valuation it was seeking from its U.S. initial public offering to as much as $65.33 billion, significantly lower than the more than $100 billion it had initially aimed. The company also lowered its offer price, effectively increasing the number of shares on sale against the … Read more
(Reuters) – Halliburton on Wednesday warned of softer activity in North America this year even as the oilfield giant beat analysts’ estimates for fourth-quarter profit helped by higher demand for drilling and pressure pumping services in the North Sea and Asia. The tepid outlook echoed that of rival Schlumberger, who flagged a flat 2025 revenue … Read more
Suppliers rush to push out as much oil as possible as it’s more valuable now than in the future Bloomberg News A flood of Canadian oil is heading south to the United States to beat President Donald Trump’s threatened tariffs. Enbridge Inc.’s Mainline, the largest oil export pipeline from Canada to the U.S., will cut the volumes of … Read more
(Reuters) – U.S. President Donald Trump’s return to the White House has been met with both relief and disappointment across world markets as investors try to work out what the next four years will bring. “The approach will be chaotic, unpredictable, spur of the moment and driven by Trump himself,” said Russel Matthews, senior portfolio … Read more
(Reuters) – Infinity Natural Resources is targeting a valuation of up to $1.24 billion in its initial public offering, joining a bunch of energy industry companies that have rushed to list their shares in recent months. The company, which first filed its IPO paperwork in October, said on Tuesday it is aiming to raise up … Read more
(Reuters) – U.S. President Donald Trump has ended the moratorium on new liquefied natural gas export permits imposed by his predecessor Joe Biden in January 2024. Trump targeted the LNG industry with an executive order on the first day, part of a series of planned policy moves to encourage more U.S. energy production. Biden paused … Read more
(Reuters) – The pace of U.S. upstream public-to-public mergers could slow in 2025 from their recent average of five per year along with a fall in deal sizes, according to a report from energy analytics firm Enverus that was released on Tuesday. The consolidation trend in the U.S. energy sector, which triggered deals amounting to … Read more
Summary • Oil benchmarks Brent and WTI stable • Trump discussed a 10% tariff on Chinese goods from Feb. 1 • Rare winter storm impacting US Gulf Coast operations Jan 22 (Reuters) – Oil prices held steady on Wednesday, with traders closely watching President Donald Trump’s proposed tariffs and the potential impact of the national … Read more
(Reuters) – Saudi Arabia’s foreign minister said on Tuesday he did not see Donald Trump’s new administration increasing the risk of an Israel-Iran conflict, addressing an issue the region has feared since the start of Israel’s war in Gaza. Prince Faisal bin Farhan Al Saud also said in Davos that he hoped President Trump’s approach … Read more
AUSTIN, Texas (Jan. 21, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its 2025 Global Energy Outlook, an e-book focused on pivotal North American and international energy landscape trends and opportunities expected this year. Enverus Intelligence® Research (EIR) experts believe the intersection of power and gas will … Read more
Deep freeze threatens transportation and energy across the US Electric grids brace for surging demand as temperatures drop A cold blast gripping the US South threatens to bring record-breaking snowfall to New Orleans and Houston and a deep freeze that endangers oil and natural gas output and electrical grids. Snow and sleet began falling Monday … Read more
Summary • Will wait and see impact of sanctions on Russia tankers • Kingdom takes market balance into account when setting output • Looking to expand LNG position globally (Reuters) – Saudi oil giant Aramco’s Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million … Read more
Summary • Trump says he is considering 25% tariffs on Mexico and Canada from February • President declares sweeping plan to maximise US oil production • U.S. will “probably” stop buying Venezuelan oil, Trump says (Reuters) – Oil prices fell on Tuesday as investors assessed U.S. President Donald Trump’s plans to apply new tariffs later … Read more
(Reuters) – U.S. President Donald Trump issued a flurry of orders within hours of his inauguration on Monday intended to boost the nation’s already record-high oil and gas production and unwind former President Joe Biden’s climate agenda. Here are some of the actions Trump took on his first day: ENERGY EMERGENCY Trump declared a national … Read more
President threatens duty for fentanyl, undocumented migration Trump speaks in first Oval Office comments after inauguration President Donald Trump said he planned to enact previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s two immediate neighbors are allowing the flow of undocumented migrants and drugs … Read more
Orsted sees higher costs on rates, New York wind farm delivery Trump has vowed to impede the growth of US wind industry By Will Mathis Orsted A/S recorded a 12.1 billion-krone ($1.7-billion) hit on its earnings as the costs of offshore wind farms, particularly in the US, keep rising. The setback is the latest in … Read more
President Donald Trump has lifted a moratorium on new US licenses to export liquefied natural gas, making good on a campaign pledge to rescind the measure enacted by his predecessor. The directive, included in a broad executive order on energy, orders the Energy Department to resume reviewing applications for new permits. That was halted by … Read more
President issues raft of orders after taking office Monday Directives underscore commitment to ending Biden-era policies President Donald Trump launched a sweeping overhaul of US energy policy hours after taking office Monday, putting the weight of the federal government behind fossil-fuel production and pulling back from the fight against climate change. Trump initiated the shift in a … Read more
Trump has long criticized turbines as bird-killing eyesores President Donald Trump ordered a broad assault on US offshore wind development Monday, including a freeze in permitting the massive renewable power projects despite warnings from developers it imperiled jobs from coast to coast. Trump also ruled out the sale of new wind leases across all of the nation’s … Read more
Action seen delivering on his vow to unleash American energy Biden had blocked new offshore oil leases in 625 million acres Photographer: Eric Thayer/Bloomberg US President Donald Trump revoked offshore oil and gas leasing bans that effectively blocked drilling in most US coastal waters as he made sweeping moves his first hours in office to unleash American … Read more
(Reuters) – Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his new administration on matters ranging from energy to immigration. Two sources familiar with the planning said more than 100 such orders and directives could be … Read more
Presidential memo stops short of calling for new tariffs Trump’s call for national emergency at Mexico border hits peso By Cecile Gutscher and Isabelle Lee Relief that Donald Trump will hold off from imposing China-specific tariffs on his first day in office propelled US equity futures higher on Monday. The dollar slumped. Trump was sworn … Read more
HOUSTON, Jan 20 (Reuters) – North Dakota’s oil production was estimated to be down by between 125,000 barrels per day (bpd) and 150,000 bpd due to extreme cold weather and related operational challenges, the state’s pipeline authority said on Monday. North Dakota is the third-largest oil-producing state in the country and the impacted production represents … Read more
(Reuters) – U.S. natural gas futures dropped to a near one-week low in holiday-thinned trade on Monday on forecasts of less cold weather starting late January, even as spot rates climbed as frigid cold conditions for most of the U.S. boosted demand for heating. Front-month gas futures for February delivery on the New York Mercantile … Read more
I’ve spent the last 18 months compiling the highest-leverage ways to unleash American energy. Here are the results. By Alex Epstein I’ve spent the last 18 months talking to the some of the smartest energy researchers, lawyers, policymakers, and business leaders about the highest-leverage ways to unleash American energy. Here’s the result: 5 goals, 24 … Read more
Unlike Joe Biden, the incoming president is overtly pro-fossil fuels. But the US oil and gas industry still sees risks ahead. Welcome to our guide to the commodities powering the global economy. Today, senior reporter Jennifer Dlouhy writes about what lies ahead for the US oil and gas industry under Donald Trump. The US will … Read more
Green investments stalled due to policy uncertainty, says BNEF 377,000 tons of blue hydrogen capacity may be online by 2025 The US hydrogen economy will likely rely on natural gas and carbon capture technologies rather than green energy in Donald Trump’s second term, according to BloombergNEF. Billions of dollars of investment have stalled in 2024 waiting for the Biden … Read more
Investors are warming up to the sector with an eye on Big Tech demand. By Liam Denning Let it rip.Photographer: Rebecca Droke /AFP New Yorkers bowing their heads into a cutting wind is typically a bullish sign for natural gas prices, and this January is no exception. The rally extends beyond immediate conditions, though, with … Read more
President-elect to invoke powers on day one: people familiar Actions set to touch full spectrum of the US energy industry Bloomberg News President-elect Donald Trump is poised to invoke emergency powers as part of his plan to unleash domestic energy production while seeking to reverse President Joe Biden’s actions to combat climate change, according to … Read more
Summary • New US sanctions hit near-term supply and ship availability • Trump could relax curbs for accord on Ukraine, analysts say • Israel and Hamas ceasefire helps to keep a lid on prices Jan 20 (Reuters) – Oil prices were steady on Monday as traders awaited U.S. President-elect Donald Trump’s inauguration in the hope … Read more
WASHINGTON — The looming threat of devastating tariffs slapped against Canada hangs over president-elect Donald Trump’s return to the White House Monday. Trump is preparing more than 100 executive orders. It’s unclear what is in the massive package and how many will be signed immediately. Here are five things to watch for out of the … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row to the lowest since December 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, … Read more
(Reuters) – The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system. In a statement, the Fed said it was exiting the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) … Read more
Summary • Biden announced ban on Jan. 6, saying it helps fight climate change • Trump says he will reverse it • Republican-led states joined by trade groups in their lawsuit (Reuters) – A group of Republican-led states filed a lawsuit on Friday challenging a ban announced by outgoing Democratic U.S. President Joe Biden earlier … Read more
The U.S. Federal Trade Commision (FTC) said on Friday it had approved a consent order to resolve antitrust issues concerning Chevron’s $53 billion takeover of Hess. According to the order, John Hess, CEO of the oil and gas producer, will be barred from joining the combined company’s board over allegations that he communicated with oil … Read more
U.S. natural gas demand is on track to reach a record high next week as extreme cold hits the U.S., stressing power grids for a second straight year on the day after the Martin Luther King Jr. Day holiday weekend. Gas futures touched two-year highs this week ahead of the freeze, while spot prices at … Read more
The L.A. wildfires have taken at least 27 lives and destroyed thousands of homes As the smoke clears from devastating Los Angeles wildfires, efforts to clean up the affected areas are being complicated by burnt-out electric and hybrid vehicles and home-battery storage systems. Lithium batteries from Tesla Inc., along with those from other carmakers, have … Read more
As of late Thursday, a few dozen people were at a temporary evacuation centre This image from video shows flames rising after a major fire erupted Thursday afternoon at the Moss Landing Power Plant, located about about 124 kilometres south of San Francisco, Thursday, Jan.16, 2025. Photo by KSBW via AP MOSS LANDING, Calif. — … Read more
HOUSTON/WASHINGTON, Jan 17 (Reuters) – Oilfield service provider SLB (SLB.N), opens new tab on Friday said its current business in Russia still aligns with U.S. sanctions issued this month, but that revenue in the country was declining. The world’s largest oilfield service company is one of the few Western firms to remain in Russia after … Read more
Global energy storage capacity has tripled in recent years, thanks to an industry that barely existed a decade ago. Illustration: Jay Daniel Wright for Bloomberg Businessweek By David R Baker Inside an unmarked stucco building in a Silicon Valley office park, more than 1,000 black metal cabinets, each about the size of a fridge, line … Read more
Reversing Biden’s licensing pause clears DOE to give approvals Several major natural gas export projects could move ahead President-elect Donald Trump has vowed to lift the Biden administration’s moratorium on new permits to export liquefied natural gas on his first day in office next week. The promised reversal is key for a number of US projects hanging … Read more
Summary • Brent up 1.3%, WTI adds 1.7% in the week • Concerns about more supply disruptions as Trump returns to power • Potential halt to Houthi attacks on shipping in focus after Gaza ceasefire deal • US oil rig count falls by two (Reuters) – Oil prices settled lower on Friday but notched their … Read more
By Ernest Scheyder Loan increased due to inflation and bigger lithium deposit Rhyolite Ridge to produce 22,000 metric tons of lithium annually Biden administration confident US lithium needs can be met by by 2030s Shares of ioneer gain more than 15% Jan 17 (Reuters) – The U.S. Department of Energy has finalized a $996 million … Read more
(Reuters) – Oil operators in North Dakota, the third-largest oil producing U.S. state, are operating fewer rigs than last month, the state’s Industrial Commission said on Friday. The rig count has dropped to 31 from 37 in December, said Nathan Anderson, director of the North Dakota Department Of Mineral Resources. Active frac crews remain at … Read more
(Reuters) – U.S. President-elect Donald Trump, after his inauguration on Monday, is expected to swiftly usher in a wide range of tariffs, which could dramatically upend the movement of goods and services in coming years. Trump has made tariffs, which were key to American tax revenue collection in the 19th century, a primary plank of … Read more
(Reuters) – U.S. natural gas futures dropped about 5% on Friday from a two-year high in the prior session on forecasts for milder weather in late January and early February that should cut demand for gas for heating. This weekend, however, extreme cold weather over the Martin Luther King Jr. and Inauguration Day holidays was … Read more
(Reuters) – The International Monetary Fund has lowered its 2025 GDP growth projection for Saudi Arabia to 3.3%, mainly due to extended oil production cuts, it said on Friday in the latest update to its global outlook. It also trimmed its 2024 growth estimate for the Gulf state to 1.4%. In its October Regional Economic … Read more
(Reuters) – A potential increase in U.S. fossil fuels production and liquefied natural gas exports under Donald Trump’s incoming presidency could result in lower fuel prices, benefiting Japan, the head of the country’s utilities federation said on Friday. Trump has made clear he intends to swiftly lift a moratorium on new LNG export permits imposed … Read more
(Reuters) – The Kremlin said on Friday it does not expect the United States to soften its position on sanctions against Russian oil once President-elect Donald Trump takes office, despite his administration’s readiness for dialogue on the Ukraine war. Kremlin spokesman Dmitry Peskov was commenting on remarks by Trump’s choice for Treasury Secretary, Scott Bessent, … Read more
Summary Q4 adjusted profit 92 cents per share vs forecast 90 cents Q4 revenue $9.28 billion vs forecast $9.18 billion Shares up more than 2% in premarket trade (Reuters) – SLB (SLB.N), opens new tab raised its quarterly dividend and accelerated share repurchases on Friday after the oilfield services provider posted better than expected fourth-quarter … Read more
(Reuters) – President-elect Donald Trump’s pick for secretary of the interior, Doug Burgum, will tell lawmakers during his nomination hearing on Thursday that he will vigorously pursue Trump’s goals of maximizing energy production from America’s public lands and waters, calling it key to national security. The comments signal a coming sharp turn in policy after … Read more
Doug Burgum tapped to lead Interior Department, energy council Former governor made his fortune in accounting software Bloomberg News The US risks forfeiting a global competition to dominate artificial intelligence if it doesn’t build more reliable, always-on electricity to supply the industry, President-elect Donald Trump’s pick to lead the Interior Department warned Thursday. Doug Burgum, the … Read more
Summary • Brent up 2.4% so far this week, WTI adds 3.5% • Concerns about more supply disruptions as Trump returns to power • Potential halt to Houthi attacks on shipping in focus after Gaza ceasefire deal (Reuters) – Oil prices rose on Friday, on course for a fourth consecutive week of gains, as the … Read more
‘Previous administrations have viewed energy as a liability’ Chris Wright runs a Colorado fracking services company Bloomberg News Donald Trump’s choice for energy secretary said the US should expand production of fossil fuels along with nuclear power, geothermal and other technologies to make the nation’s energy more reliable and affordable. “The security of our nation … Read more
Doug Burgum tapped to lead Interior Department, energy council Former governor made his fortune in accounting software By Jennifer A Dlouhy The US risks forfeiting a global competition to dominate artificial intelligence if it doesn’t build more reliable, always-on electricity to supply the industry, President-elect Donald Trump’s pick to lead the Interior Department warned Thursday. … Read more
(Reuters) – U.S. Interior Secretary nominee Doug Burgum told lawmakers during his confirmation hearing on Thursday that permitting reform is needed to speed energy projects, particularly to boost power production. “We’ve got to get to work in permitting reform and speeding permitting right now,” he said. “Electricity is at the brink. Our grid is at … Read more
(Reuters) – Shares of Flowco Holdings opened nearly 21% above the initial public offering price in their market debut on Thursday, giving the oilfield services provider a market value of about $2.55 billion. The company’s shares opened at $29 apiece, compared with the IPO price of $24. Hopes of a friendlier regulatory environment for deals … Read more
(Reuters) – U.S. natural gas storage is on track to end the November-March winter withdrawal season at a three-year low of 1.811 trillion cubic feet (tcf) on March 31, 2025, according to analysts’ estimates. That compares with an eight-year high of 2.306 tcf of gas in storage at the end of the winter withdrawal season … Read more
(Reuters) – President-elect Donald Trump’s pick for Treasury Secretary, Scott Bessent, said he “100%” supports raising sanctions on Russian oil producers if the future president requests doing so. Bessent told U.S. senators on the Senate Finance Committee that he believes the Russian sanctions from the Biden administration “were not fulsome enough.” “I think if any … Read more
BP to cut 4,700 staff this year Another 3,000 contractor positions to be cut CEO aims to cuts at least $2 bln in costs by 2026 (Reuters) – BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence … Read more
By Curtis Williams and Jarrett Renshaw HOUSTON, Jan 15 (Reuters) – U.S. President-elect Donald Trump plans to make it easier for some producers of liquefied natural gas (LNG) to seek export permit renewals, according to two sources with knowledge of the plan. Trump will likely include the change in an executive order on LNG that … Read more
(Reuters) – The U.S. Energy Department’s loan office on Thursday announced $22.92 billion in conditional financing for several energy utilities across a dozen states. The financing, if finalized, will come through the energy infrastructure reinvestment program at the department’s Loan Programs Office (LPO) created under President Joe Biden’s signature climate legislation, the Inflation Reduction Act. … Read more
More than 450,000 kilometres of pipelines link Canada and the U.S. – enough to circle the Earth 11 times By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter As U.S. imports of Canadian oil barrel through another new all-time high, leaders on both sides of the border are … Read more
“This time it’s different” is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia’s crude oil exports. Oil prices jumped in the wake of the new measures aimed at preventing Russia from shipping crude using a so-called “dark fleet” of tankers. It does seem strange an industry … Read more
A judge has dismissed New York City’s lawsuit alleging that Exxon Mobil, BP and Shell were liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change. In a decision on Tuesday, state Supreme Court Justice Anar Patel in Manhattan rejected the city’s argument that the oil companies should … Read more
(Reuters) – Flowco Holdings has raised $427.2 million after pricing its U.S. initial public offering above its targeted range, the oilfield services provider said on Wednesday. Flowco priced its offering of 17.8 million shares at $24 each. The company had marketed to list its shares in the range of $21 and $23. Strong equity markets, … Read more
By Shariq Khan Colonial crews still searching for source of suspected gasoline leak in Georgia Line 1 outage duration on par with Colonial shutdown in 2021 due to cyberattack Market impact limited by high stockpiles, refinery output NEW YORK, Jan 15 (Reuters) – Colonial Pipeline’s main U.S. gasoline artery is expected to remain shut through … Read more
By Tom Hals Victims sue Southern California Edison under unique legal doctrine Inverse condemnation allows claims without proving utility’s negligence Wildfires expected to be costliest ever in US Jan 15 (Reuters) – Victims of the Los Angeles wildfires, likely the costliest in U.S. history, are seizing upon a unique California legal doctrine that allows them … Read more
25 policy changes to unleash American energy By Alex Epstein It may seem impossible, but 4 years from now America can have Record oil and gas production Cheap, plentiful, reliable electricity High environmental quality” Low climate danger A nuclear renaissance For well over a year I’ve been working on an Energy Freedom Plan that can … Read more
Summary • Brent, WTI close to six-month highs • U.S. crude stocks fall more than forecast • Demand growth to pick up from India, China festivals (Reuters) – Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on the latest U.S. sanctions on Russia and a larger-than-forecast fall in U.S. … Read more
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 2 million barrels to 412.7 million barrels in the week ending Jan. 10, the EIA said, compared with analysts’ expectations in a Reuters poll for a 992,000-barrel draw. Crude … Read more
(Reuters) – U.S. natural gas futures rose about 1% to a two-year high on Wednesday on forecasts for more frigid weather over the Martin Luther King Jr Day holiday weekend than previously expected, which could freeze gas wells and pipes and boost gas demand for heating to a record high. Front-month gas futures for February … Read more
The latest IEA’s Monthly Oil Statistics report including October 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.1% in October 2024 compared to October 2023. Refinery gross output of total products increased by 1.4% on a year-on-year basis. Net deliveries of total products increased … Read more
The latest IEA’s Monthly Gas Statistics report including October 2024 data shows that for Total OECD: Production of natural gas decreased by 1.0% compared to October 2023. Imports (entries)1 of natural gas remained stable (0.0%) compared to October 2023, and total OECD exports (exits)1 decreased by 0.7% in the same period. Gross consumption of natural … Read more
Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia’s fleet and traders’ demand for ships to load Middle East oil for Asia, industry sources said on Wednesday. On Tuesday, Shell booked three Very Large Crude Carriers, capable of carrying up to 2 million barrels of … Read more
(Reuters) – OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world’s biggest importer of oil. The 2026 forecast is in line with the Organization of the Petroleum Exporting Countries’ … Read more
Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday, to put his stamp on his new presidency on everything from immigration to energy. Two sources familiar with the planning said Trump is preparing a flood of executive orders and directives that could … Read more
By Shariq Khan NEW YORK, Jan 14 (Reuters) – Oil prices will be under pressure in 2025 and 2026 as global production growth outpaces demand, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report. Many analysts expect an oversupplied oil market this year, after demand growth slowed sharply in 2024 … Read more
Shale Slope Erosion Nestled in the foothills of the Canadian Rockies, a coal mining community in British Columbia was dealing with an abundance of shale slopes that had formulated over time. One soft shale slope was degrading due to geomorphic processes, causing scour and erosion to the hillside. This slope is located above a mechanically … Read more
Screw WHAT mess? …the disorganized mess of paper folders, data files, surveys, printed spreadsheets, drawings, pictures, meeting notes, lists of dates, and whatever else makes its way into the stack of documents needed for energy project land assessment, acquisition, and contract management. Trying to find the right information strains your resources, slows projects down, and … Read more
Call For Speakers Thought leaders in upstream and midstream oil & gas, pipelines, renewable energy, and utilities, are invited to speak at a Pandell Leadership Series webinar. Who should apply? You’re an industry expert or innovator with insights to share with the North American energy market. You’re capable of delivering a live webinar presentation on … Read more
(Reuters) – Democratic lawmakers on the U.S. Senate Energy Committee called Tuesday on the panel’s Republican chairman to postpone the confirmation hearing for President-elect Donald Trump’s pick to lead the Department of Energy, citing a paperwork delay. The hearing for Chris Wright is scheduled for Wednesday. Wright plans to step down as CEO and chairman … Read more
Summary • Brent and WTI benchmarks edge higher • OPEC sees 2026 global oil demand growth of 1.43 million bpd • IEA says new US sanctions could disrupt Russian supply • U.S. crude stockpiles fall more than expected, API sources say • EIA expects longer-term supply to outstrip demand Jan 15 (Reuters) – Oil prices … Read more
Summary • Wright believes fossil fuels are key to ending world poverty • Wright supports new small nuclear reactors and geothermal power • Democrats, Wright agree on need for more power transmission WASHINGTON (Reuters) – Chris Wright, President-elect Donald Trump’s pick to head the U.S. Energy Department, will tell U.S. senators in his confirmation hearing … Read more
My new interview with Jordan Peterson On the latest episode of the Jordan Peterson Podcast, I analyze the crucial moment we’re at with American energy policy, and break down my “Energy Freedom Platform” to make the absolute most of this moment. Stream the full interview on Youtube, X, or Spotify, or read the transcript below. Alex Epstein’s influence … Read more
(Reuters) – Colonial Pipeline, the largest U.S. fuel pipeline operator, said on Tuesday that the main artery moving gasoline from the U.S. Gulf Coast to the East Coast has been shut since Monday night due to a potential spill in Paulding County, Georgia. Line 1 was temporarily shut as operator Colonial Pipeline responds to a … Read more
Officials map out how they can respond to Trump trade levies Trade threats to Canada, Mexico signal deeper trade upheaval Donald Trump and his allies are broadening their scope in what threatens to be a more prolonged and unpredictable trade war than during his first presidency. Photographer: Angel Garcia/Bloomberg Donald Trump’s inauguration promises to usher … Read more
By Georgina Mccartney HOUSTON, Jan 14 (Reuters) – Demand to lock in oil and gas prices jumped to a record high on Friday on the AEGIS hedging marketplace, as the harshest U.S. sanctions yet on Russian energy trade sent oil prices to multi-month highs. AEGIS, which says its clients’ business represents about 25-30% of total … Read more
Authors: Devin Lacey, Yuchen Wang Lithium has become a foundational element in the advancement of electrification solutions, powering innovations in electric vehicles (EVs), energy storage systems, and advanced electronics. While its role in electrification and renewable energy deployment is indispensable, the lithium market remains highly volatile, driven by shifting supply-demand dynamics and changing policies. To … Read more
(Reuters) – The liquefied natural gas (LNG) vessels due to load at two newly sanctioned Russian export terminals are set to deliver their cargoes mostly to Europe and also to Asia, shiptracking data showed on Tuesday. The U.S. on Friday imposed its broadest package of sanctions so far targeting Russia’s oil and gas revenues in … Read more
(Reuters) – Russia’s leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping. “The company’s vessels do not belong to the ‘shadow fleet’”, Sovcomflot said. “The sanctions against Sovcomflot are not motivated by violations on the part … Read more
(Reuters) – BP warned on Tuesday that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months. Since taking the helm a year ago, CEO Murray Auchincloss has scaled back the firm’s energy transition strategy in an effort to boost profits … Read more
WASHINGTON (AP) — The Supreme Court said Monday it won’t hear an appeal from oil and gas companies trying to block lawsuits seeking to hold the industry liable for billions of dollars in damage linked to climate change. The order allows the city of Honolulu’s lawsuit against oil and gas companies to proceed. The city’s … Read more
Summary • Norway awards exploration permits to 20 companies • Must drill to uphold oil, gas output, energy minister says • Also prepares for more Arctic exploration • Demonstrators, including Thunberg, protest against move SANDEFJORD, Norway, Jan 14 (Reuters) – Norway on Tuesday awarded stakes in 53 offshore oil and gas exploration licences to 20 … Read more
Province’s leader met with president-elect at Mar-a-Lago Ottawa shouldn’t make ‘empty’ threats to curb exports: Smith Canadians should be prepared to face US tariffs once Donald Trump assumes the presidency next week, with no exemptions for oil, Alberta Premier Danielle Smith warned after meeting the president-elect in Florida. The conservative leader of Canada’s main oil-producing province met with Trump at his … Read more
Summary • VLCC rates for Mideast to China up 39% since Friday • Shipping costs for Russian ESPO Blend to China more than double – S&P Global • Fleet tightness could worsen if shadow fleet seeks new vessels – Kpler (Reuters) – Supertanker freight rates jumped after the U.S. expanded sanctions on Russia’s oil industry, … Read more
Measures mark first serious attempt to restrict the flow of funds into the Kremlin’s war chest. Julian Lee, Bloomberg News Outgoing US President Joe Biden has seized the opportunity of lower oil prices and an impending period of oversupply to ratchet up pressure on Moscow. His parting sanctions on Russia’s energy industry are the first serious attempt to restrict … Read more
(Reuters) – The amount of natural gas flowing to U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to fall to a one-month low on Monday, according to data from financial firm LSEG. Freeport LNG is one of the most closely watched LNG export plants in the world because … Read more
(Reuters) – The U.S. Treasury announced on Friday sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft (SIBN.MM) and Surgutneftegaz (SNGS.MM), to try to curtail Moscow’s ability to fund its war with Ukraine. The sanctions also target over 180 tankers and dozens of oil traders, oilfield service providers, insurance companies and … Read more
Summary • Prices ease after rising close to 10% since the start of the year • Markets eye US data releases this week • Sanctions could take 700,000-800,000 bpd of Russian crude off market, analysts say (Reuters) – Oil prices paused their rally on Tuesday, but remained near four-month highs, with the market’s attention focused … Read more
By Jonathan Saul Around 10% of the global tanker fleet hit by US sanctions Tanker rates rising as non-sanctioned ships in demand China’s Shadong port bans tankers hit by US sanctions – traders LONDON, Jan 13 (Reuters) – At least 65 oil tankers have dropped anchor at multiple locations, including off the coasts of China … Read more
(Reuters) – Southern California Edison, a unit of utility firm Edison International (EIX.N), on Monday was sued on claims that its electrical equipment started one of the major wildfires raging in the Los Angeles area, according to court filings. At least 24 people have died in the fires that began last Tuesday, and more than … Read more
Summary Refiner profits fall as new capacity and normal margins return Gasoline and diesel crack spreads hit lows in December Analysts lower earnings expectations amid weak crack spreads Uncertainty over Trump’s tariffs impacts refiner margins and costs (Reuters) – Investors are souring on the U.S. oil refining sector, citing forecasts for softer fuel demand and … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced Laura Lane will become vice president and Chief Corporate Affairs Officer, effective February 1. Lane will oversee the company’s government affairs, communications, and social investment activities. Lane will be based in Houston and succeed Al Williams, who is retiring in April after 34 years at the company. “Laura’s background … Read more
OKLAHOMA CITY, Jan. 13, 2025 (GLOBE NEWSWIRE) — Devon Energy Corporation (NYSE: DVN) today announced key updates to its executive leadership team. The company promoted John Raines to the position of Senior Vice President, E&P Asset Management and Trey Lowe to the position of Senior Vice President and Chief Technology Officer. “Both John and Trey … Read more
$640 million purchase includes 270 MMcf/d processing plant and rich gas header system strategically located in Williston Basin, North Dakota HOUSTON–(BUSINESS WIRE)–Kinder Morgan, Inc. (NYSE: KMI) today announced that its subsidiary, Hiland Partners Holdings LLC, has agreed to purchase a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC for $640 … Read more
Trump’s tariff threat, and remarks about Canadian sovereignty, have alarmed Canadians across the political spectrum Alberta Premier Danielle Smith visited U.S. president-elect Donald Trump at Mar-a-Lago on Saturday evening and again Sunday morning, as Smith continues her campaign to woo American politicians in the face of tariff threats from the incoming president. “We had a … Read more
The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenues Moscow has used to fund its war with Ukraine. Many of the tankers have been used to ship oil to India and China as western sanctions and … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six 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 5 to 584 in … Read more
(Reuters) – The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia’s oil and gas revenues in an attempt to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal for peace in Ukraine. The move is meant to cut Russia’s oil revenues for the war that … Read more
Venture Global LNG will begin formally pitching investors next week for its highly anticipated initial public offering, with the second-largest U.S. producer of liquefied natural gas aiming to secure a non-diluted valuation of as much as $110 billion, a document seen by Reuters and a person familiar with the matter said on Saturday. It could … Read more
• Brent and WTI prices touch August highs • Wider US sanctions to disrupt Russian supplies • Chinese and Indian refiners seek alternatives to Russian oil (Reuters) – Oil extended gains for a third session on Monday, with Brent crude rising above $80 a barrel to its highest in more than four months, driven by … Read more
(Reuters) President-elect Donald Trump has promised to maximize U.S. oil and natural gas production – already at record highs – in part by clearing away what he deems as unnecessary regulation and bureaucracy. Here are some of the energy-related executive orders Trump could announce during his first days in office, as he seeks to follow … Read more
Bloomberg News U.S. President-elect Donald Trump has justified his threat of 25 per cent tariffs on Canada by pointing to the U.S. trade deficit. Top Canadian economists have a response to that: it’s all because your country wants cheap oil. The U.S. is on track to end 2024 with the largest overall trade deficit in its … Read more
Pipeline CEO plans ahead for imminent change in US leadership Company ships almost 6 million barrels of crude, liquids daily Enbridge Inc. is devising plans to rapidly boost capacity on its US oil pipeline system if the incoming Trump administration succeeds in kicking off a drilling boom. The company sees an opportunity to move “several hundred … Read more
Summary • Brent crude and WTI futures rise over 3% to 3-month high • US announces harshest package of sanctions against Russian oil • Sanctions will hit Russian oil exports – UBS, traders • Extreme cold in US, Europe also boosting oil prices – StoneX New York, Jan 10 (Reuters) – Oil prices rallied nearly … Read more
A federal judge in Texas on Friday said American Airlines violated federal law by basing investment decisions for its employee retirement plan on environmental, social and other non-financial factors. The ruling by U.S. District Judge Reed O’Connor appeared to be the first of its kind amid growing backlash by conservatives to an uptick in socially-conscious … Read more
(Reuters) – The current resilience of the U.S. oil market was key to the White House’s decision to impose significant sanctions on Russia’s energy sector on Friday, a spokesperson for the Biden administration said. The strength of the domestic oil market allowed the administration to change its tactic in trying to hobble Russia’s economy in … Read more
By Jarrett Renshaw and Stephanie Kelly (Reuters) – The U.S. is expected to release by next week a climate model for clean fuel tax credits that will sharply reduce the ability of ethanol producers to access subsidies for production of sustainable aviation fuel, three sources familiar with the matter told Reuters. The exclusion of climate-smart … Read more
(Reuters) – The United States on Friday imposed sanctions on eight Venezuelan officials and increased to $25 million the reward it is offering for the arrest of President Nicolas Maduro on the day of his inauguration to a third term following a disputed election last year. It was the latest in a series of punitive … Read more
OTTAWA, ON – Ontario Premier Doug Ford, as Chair of the Council of the Federation, will lead a joint mission of Canada’s Premiers to Washington, D.C. on February 12, 2025. Premiers will meet with key members of the new Administration, Congress and business leaders to advocate for maintaining strong Canada-U.S. relations by addressing shared issues such as jobs and the economy, energy, critical … Read more
CALGARY, Alberta–(BUSINESS WIRE)–Imperial (TSE: IMO, NYSE American: IMO) announced today that Sherri Evers, currently Senior Vice President, Sustainability, Commercial Development and Product Solutions for Imperial, will become North America Lubes General Manager for Exxon Mobil Corporation, effective March 1, 2025. “On behalf of Imperial, I would like to thank Sherri Evers for her contributions and strong … Read more
Constellation to Acquire Calpine in Stock and Cash Joins Best-in-Class Customer Platforms, Providing Opportunities to Better Serve Customers with a Broader Array of Energy and Sustainability Products Combines Nation’s Premier Nuclear, Natural Gas and Geothermal Fleets to Create Cleanest and Most Reliable Energy Producer, with Coast-to-Coast Presence Immediately and Highly Accretive to Constellation’s EPS and … Read more
(Reuters) – U.S. natural gas futures climbed about 4% to a one-week high on Friday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected and record flows of gas to liquefied natural gas (LNG) export plants. That price increase came despite signs that the amount of gas … Read more
Crude’s advance at the beginning of the year won’t last if producers’ track record is any guide. Today, oil strategist Julian Lee looks at the challenges facing OPEC+ plans to raise output this year. The oil market may not be as oversupplied this year as some forecasters have been suggesting. That doesn’t mean it will … Read more
Indian firms see a major disruption of Russian oil supplies as Washington imposes new sanctions to curb Moscow’s revenues, pushing refiners to scout for crude from the Middle East and the U.S., three Indian refining sources said on Friday. The sources said they understand that the new U.S. sanctions would target more than 180 tankers … Read more
(Reuters) – Wind power provided 20% of the electricity consumed in Europe last year, but the capacity built during the year was less than half of what is needed to meet the European Union’s 2030 energy and climate targets, industry group WindEurope said on Friday. WHY IT’S IMPORTANT Wind has been a growing part of … Read more
Jan 9 (Reuters) – Oil and gas major Shell (SHEL.L) said on Thursday it had started production at the offshore floating facility Whale located in the Gulf of Mexico. The Whale development is operated by Shell, which owns 60% of the project alongside U.S. energy major Chevron (CVX.N), which has a 40% stake. The project … Read more
Summary • Brent crude and WTI rise more than 3% • Brent reaches highest level in over three months • Concerns about tougher sanctions on Russian oil industry weigh on traders (Reuters) – Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply … Read more
(Reuters) – Constellation Energy (CEG.O), opens new tab said on Friday it would buy privately held Calpine Corp, a geothermal and natgas energy company, in a cash-and-stock deal valued at $26.6 billion including debt, sending Constellation’s shares up 8.8%. The deal comes at a time when electricity demand is expected to rise to record highs … Read more
WASHINGTON, Jan 9 (Reuters) – The U.S. Senate energy committee will hold nomination hearings for President-elect Donald Trump’s picks for energy roles on Tuesday and Wednesday next week, the panel’s chairman said on Thursday. The committee will hold a hearing to consider Doug Burgum, Trump’s nominee to be secretary of the interior, on Tuesday, Jan. … Read more
By Gavin Maguire LITTLETON, Colorado, Jan 9 (Reuters) – Texas is dominating the development of renewable energy generation and battery capacity within the United States, and is estimated to have installed nearly 80% more combined solar, wind and battery capacity than the next largest state. The Lone Star state has 42,000 megawatts (MW) of wind … Read more
A unit of French energy company TotalEnergies agreed to pay $5 million to settle claims by U.S. energy regulators that it and some of its traders allegedly manipulated the natural gas market in 2009-2012. The settlement is much smaller than the $214 million the U.S. Federal Energy Regulatory Commission had sought from TotalEnergies’ Total Energies … Read more
By Jarrett Renshaw Jan 9 (Reuters) – President Joe Biden’s administration expects to release short-term guidance on clean fuel tax credits on Friday and leave final decisions to President-elect Donald Trump’s incoming administration, according to two sources familiar with the plan. With the news, biofuel companies and their legislative backers will have to wait to … Read more
Jan 9 (Reuters) – A unit of French energy company TotalEnergies (TTEF.PA) agreed to pay $5 million to settle claims by U.S. energy regulators that it and some of its traders allegedly manipulated the natural gas market in 2009-2012. The settlement is much smaller than the $214 million the U.S. Federal Energy Regulatory Commission had … Read more
MOSCOW, Jan 9 (Reuters) – A court in Switzerland has extended the deadline for Nord Stream 2 AG, a unit of Russia’s Gazprom (GAZP.MM), to restructure its debts to May 9 from Jan. 10, according to a court ruling. It also said that Swiss-registered Nord Stream 2 AG, the operator of the undersea gas pipeline … Read more
By Sethuraman N R Jan 9 (Reuters) – Global energy major BP (BP.L) has pledged to lift oil production by 44% and gas output by 89% from India’s largest field off its west coast, under a decade-long contract, according to block operator Oil and Natural Gas Corp (ONGC.NS) on Thursday. ONGC named BP as its … Read more
Norway exported a record amount of natural gas in 2024 and volumes are expected to stay near this level in the coming years, official data and forecasts showed on Thursday. Norway became Europe’s largest supplier of natural gas following Russia’s invasion of Ukraine in 2022, providing about 30% of all gas imports to the European … Read more
Summary • Analysts expect Jan demand to grow by 1.4 mln bpd • US gasoline and distillates stocks rise more than expected • Saudi Arabia crude oil supply to China to fall in Feb (Reuters) – Oil prices rose slightly on Thursday as investors factored in firm winter fuel demand expectations despite large U.S. fuel … Read more
Gaining despite Wall Street’s dim outlook for oil and gas stocks Bloomberg News Energy is the star sector of the S&P 500 index in the early days of 2025, shaking off two consecutive years when it was a market laggard, and gaining despite Wall Street’s dim outlook for oil and gas stocks. The S&P 500 Energy Index has … 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
There’s no way that Canada’s going to stand by and watch the decimation of our industries Bloomberg News The U.S. doesn’t have easy alternatives to Canadian crude oil, uranium, potash and other critical minerals, Wilkinson said. And he warned that nothing is off the table when it comes to potential Canadian trade retaliation, including export taxes. … Read more
(Reuters) – Chevron is positioned to increase its free cash flow by $6 billion to $8 billion by next year, and reduce expenses by “a couple billion dollars,” said Chevron CEO Michael Wirth on Wednesday. The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects … Read more
(Reuters) – The U.S. Interior Department said on Wednesday that a congressionally mandated oil and gas drilling lease auction in Alaska’s Arctic National Wildlife Refuge received no bids from energy companies. Outgoing President Joe Biden’s administration billed the outcome as proof the 19 million-acre refuge, home to species including polar bears and Porcupine caribou, should … Read more
U.S crude inventories at the country’s flagship storage hub in Cushing, Oklahoma, fell to their lowest in over a decade amid strong refining activity and a year-end tax measure, data from the government’s energy statistics arm showed on Wednesday. Stocks of oil at Cushing fell by 2.5 million barrels last week to about 20 million … Read more
Summary • Alaska challenges limits on leases set for auction in Jan • Says curbs make development ‘impossible or impracticable’ • Governor urges use of ‘vast resources’ available Jan 7 (Reuters) – The U.S. state of Alaska has sued the Biden administration for what it calls violations of a Congressional directive to allow oil and … Read more
(Reuters) – U.S. crude oil imports from Canada rose last week to the highest on record, data from the U.S. Energy Information Administration (EIA) showed on Wednesday, ahead of incoming U.S. president Donald Trump’s plans to tariff imports. U.S. crude oil imports from Canada rose by 689,000 barrels a day in the week ended Jan. … Read more
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts’ expectations in a Reuters poll for a 184,000-barrel draw. Crude stocks … Read more
(Reuters) – U.S. natural gas futures climbed about 4% on Wednesday on forecasts for more heating demand this week than previously expected and a continued decline in output from freezing wells, while extreme cold in the Northeast boosted spot gas prices to their highest since January 2024. Those price increases came ahead of a federal … Read more
(Reuters) – European wind power stocks fell on Wednesday after U.S. President-elect Donald Trump said he would try to ensure that “no windmills” are built on his watch, criticising the sector less than two weeks before he is due to take office. Trump’s latest swipe against the industry raises concerns about how the U.S. wind … Read more
Iran is pushing to recoup 25 million barrels of oil from China that has been stuck for six years in Chinese ports due to sanctions imposed by then-U.S. President Donald Trump, three Iranian and one Chinese source familiar with the matter said. Trump is returning to power on Jan. 20, and analysts say he is … Read more
Developers of new generation capacity in the US face soaring costs and long wait times for turbines. One of the biggest energy stories of last year was the challenge of powering the artificial intelligence boom. Tech companies are putting serious money behind renewables and nuclear on the assumption electricity consumption will soar. But in the immediate future, natural gas is … Read more
(Reuters) – Shell (SHEL.L) trimmed its liquefied natural gas production outlook for the fourth quarter on Wednesday and said oil and gas trading results are expected to be significantly lower than in the previous three months. In a trading update ahead of Jan. 30 full-year results, Shell also said it would take $1.5 billion to $3 … Read more
HOUSTON, Jan. 07, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today three bolt-on acquisitions for an aggregate cash consideration of approximately $670 million net to Plains, the purchase of approximately 18% of its outstanding PAA Series A Preferred Units and a 20% increase … Read more
By Arathy Somasekhar Middle East oil exports to Europe fell 22% in 2024, Kpler data shows US boosts global oil trade share to 9.5% with shale production New refineries and pipelines alter global oil trade dynamics HOUSTON, Jan 7 (Reuters) – The volume of global crude exports in 2024 declined 2%, the first fall since … Read more
Jan 6 (Reuters) – Exxon Mobil (XOM.N) filed a lawsuit on Monday against California Attorney General Rob Bonta and several environmental groups, court records show. The lawsuit filed in the federal court in Beaumont, Texas includes a cause of action sounding in libel or slander, court records show. A copy of the complaint was not … Read more
Summary • Gas appliances linked to health issues, climate change • Republican states counter local gas restrictions with laws (Reuters) – President-Elect Donald Trump is weighing an executive order that seeks to protect gas-powered appliances including stoves and heaters from federal and local regulators who want to phase them out of homes and businesses, two … Read more
Authors: Leonard Herchen & Yuchen Wang Overview: The energy markets in 2025 are undergoing transformative structural changes, highlighted by the operational launch of key infrastructure projects such as LNG Canada. This development significantly enhances Canada’s ability to meet rising global LNG demand while alleviating long-standing supply bottlenecks. At the same time, economic recovery across major … Read more
The prime minister’s resignation marks both the end of a political era and the beginning of a potentially dramatic reshaping of the nation’s economy. By Thomas Seal, Erik Hertzberg, Randy Thanthong-Knight, and Brian Platt Justin Trudeau, Canada’s prime minister, departs after announcing his resignation at a news conference in Ottawa.Photographer: David Kawai/Bloomberg As Justin Trudeau’s … Read more
Summary • WTI, Brent gains limited by US dollar strength • API shows US crude stocks fall 4.02 million barrels, sources say • OPEC production falls in December, Reuters survey shows Jan 8 (Reuters) – Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of … Read more
Summary • Advisers urge patience to avoid legal challenges • Biden’s LNG moratorium delayed key projects • Trump’s team considers extending comment period on LNG study (Reuters) – Advisers to U.S. President-elect Donald Trump are urging him to take a patient approach to restarting approvals for liquefied natural gas export licenses, fearing rapid approvals will … Read more
U.S. natural gas futures fell about 4% on Tuesday on forecasts for less heating demand this week than previously expected and lower output reductions from freezing wells so far this winter than in past years. Energy analysts, however, said spot prices have already soared to their highest levels since last January and noted that futures … Read more
By Chen Aizhu, Siyi Liu and Trixie Sher Li Yap Ships cannot dock, unload or receive shipping services Ban on ports including Qingdao, Rizhao and Yantai May slow imports, push up costs for refiners, traders say SINGAPORE/BEIJING, Jan 7 (Reuters) – Shandong Port Group has banned U.S.-sanctioned tankers from calling into its ports in the … Read more
Oilfield services provider Flowco Holdings on Tuesday said it is seeking a valuation of up to $2 billion in its initial public offering in the United States, aiming to leverage last year’s capital market rebound. The company said it would sell 17.8 million shares at a price range of $21 to $23 per share, potentially … Read more
(Reuters) – Europe’s imports of liquefied natural gas (LNG) surged to an 11-month high in December, but the gain didn’t come at the expense of Asia, which also recorded higher arrivals. A total of 10.89 million metric tons of the super-chilled fuel was imported by Europe in December, up 23% from 8.86 million in November … Read more
By Yogi Schulz We’ve all read about the heated and continuing debate about the effectiveness and cost of solar and wind renewable electricity generation. Some have hyped these technologies as the saviour for the energy transition to address the impact of climate change. Others have challenged their cost, reliability and lifespan. Where do these technologies … Read more
By Timothy Gardner and Nidhi Verma U.S. to announce ‘very substantial package’ of sanctions, source says Russian oil companies, tankers, traders, insurers to be targeted, source says Tankers carrying oil above $60 per barrel price cap to be sanctioned, sources say WASHINGTON/NEW DELHI, Jan 6 (Reuters) – The Biden administration plans to impose more sanctions … Read more
U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence. The U.S. shale industry has witnessed a record-breaking wave of dealmaking in the recent past, as energy companies have rushed … Read more
Summary • Brent and WTI climb • China’s Shandong Port blacklists U.S.-sanctioned oil vessels, traders say • Middle East market strength provides support • Economic data undermine demand hopes Jan 7 (Reuters) – Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent … Read more
Proclamation protects 625 million acres of Pacific, Atlantic Decision complicates any Trump bid to widen offshore drilling President Joe Biden is set to order a ban on new offshore oil and gas development across some 625 million acres of US coastal territory, ruling out the sale of drilling rights in Atlantic and Pacific waters as well as … Read more
By Jan Lopatka Kyiv refused to extend transit deal for Russian gas Cancellation of German levy cuts cost of supplies via Germany Slovakia imports solely from Hungary PRAGUE, Jan 6 (Reuters) – Central European gas flows have adapted to the halt of Russian supplies through Ukraine on Jan. 1, as increased shipments to the region … Read more
(Reuters) – U.S. natural gas futures soared 9% in volatile trade on Monday as winter storms battered the eastern half of the country, causing output to decline as some oil and gas wells and pipes start to freeze. So far, those storms have knocked out power to more than 366,000 homes and businesses from Missouri … Read more
Prime minister has been under pressure to step down for months He has scheduled an announcement for 10:45 a.m. in Ottawa Justin Trudeau will announce his resignation as leader of Canada’s Liberal Party on Monday morning, the Canadian Broadcasting Corp. reported, triggering a contest to replace him as prime minister. Trudeau’s office has scheduled an announcement … Read more
Final rules provide carve-out for existing nuclear power Subsidy has been the subject of intense Washington lobbying The Biden administration loosened some stringent safeguards on a tax credit worth billions of dollars for hydrogen production, after companies argued the rules would stifle domestic manufacturing of the fuel. The tax credit created by President Joe Biden’s … Read more
Summary • Brent and WTI at highest since mid-October • Biden administration plans more sanctions on Russian oil • Saudi Arabia raises February oil prices for Asia (Reuters) – Oil prices steadied at their highest since mid-October as colder weather spurred buying while further support came from expectations of tighter sanctions on Iranian and Russian … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the fourth week in a row, 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, stayed at 589 in the week … Read more
Poilievre says he would ramp up LNG, electricity for US needs Trump has complained about oil-fueled trade gap with Canada Since winning the US election, Donald Trump has taunted Canadian Prime Minister Justin Trudeau by calling him governor of a 51st US state, threatened 25% tariffs, and vented that the US is getting ripped off by its northern neighbor because … Read more
Strategies to avoid the pain of booking accommodations for crews If you’re the person tasked with dispatching crews to projects across the country for your company, you’ve probably experienced the challenges that can arise with workforce travel. The average day for a Travel Manager does not allow much room for error, so finding ways to … Read more
Goldman Sachs on Friday predicted a modest decrease in Iranian crude oil production as a result of expected policy changes and tighter sanctions from the administration of incoming U.S. President Donald Trump. The investment bank’s base case anticipates a 300,000 barrel-per-day (bpd) drop in Iran’s crude supply to 3.25 million bpd by the second quarter … Read more
Bank says it remains committed to helping clients transition Goldman, Wells Fargo have also recently quit climate alliance Morgan Stanley terminated its membership of a major climate-banking group, joining a wave of Wall Street firms that recently quit a global alliance intended to aid the reduction of greenhouse-gas emissions. Morgan Stanley is leaving the Net-Zero Banking … Read more
(Reuters) – U.S. energy executives expect faster permitting times for drilling on federal lands under President-elect Donald Trump, according to a Federal Reserve Bank of Dallas survey released on Thursday. The overall outlook brightened and activity levels increased while uncertainty declined in the final quarter of 2024, according to a December survey of 134 energy … Read more
(Reuters) – Freezing weather and snow storms across the U.S. could cause massive power outages over the next week and boost natural gas demand to its highest levels of the winter, according to energy analysts and reliability coordinators. The bump in demand comes as supplies of gas could drop due to the freezing of oil … Read more
Move above 100-day moving average spurred algorithmic buying Dollar weakness, equity gain helping crude push higher Oil extended a rally that has brought it to the highest in more than two months as shrinking US crude stockpiles and a risk-on tone in broader markets overshadowed signs of a misfiring Chinese economy. West Texas Intermediate climbed for the … Read more
By Marianna Parraga Oil shipments to the U.S. rose 64%, to India up sixfold Crude oil production up 17% in first 11 months of last year HOUSTON, Jan 3 (Reuters) – Venezuela’s oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state … Read more
By Julio Mejía and Elmira Aliakbari As a new year dawns and winter takes hold, it’s worth considering the cost of energy. After a meeting in Italy last spring, the G7 countries (including Canada) pledged to triple renewable energy sources (e.g. wind, solar) globally to ensure an “affordable” energy future. But while direct costs for wind and solar … Read more
(Reuters) – Norway’s Equinor said on Thursday it had secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind power project in the United States. The company expects the total capital investments, including fees for the use of the South Brooklyn Marine Terminal, to be around $5 billion, including … Read more
(Reuters) – U.S. LNG exports reached near record levels in December, rising to 8.5 million metric tonnes (MT) as two new plants started, and driving up full-year shipments 4.5% over 2023, according preliminary data from financial firm LSEG. December’s output was just short of the record monthly export of 8.6 MT recorded in December 2023 … Read more
Summary • Trump says UK making “a very big mistake” • Britain is increasing windfall tax on North Sea energy producers • Government aims to quadruple offshore wind by 2030 (Reuters) – U.S. President-elect Donald Trump called to “open up” the British North Sea and get rid of windmills in a post on his social … Read more
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending December 27, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 1.2 million barrels to 415.6 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel draw. … Read more
Summary • Chinese economic frailties heighten hopes of further stimulus • Federal Reserve interest rate policy also in focus • Colder weather in Europe, U.S. to boost oil demand (Reuters) – Oil prices fell slightly on Friday but remained poised for weekly gains after closing at their highest in more than two months in the … Read more
Order would set permanent protections for some coastal waters Decree to complicate Trump’s plan to boost US crude production President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections during his final weeks in the White House. Biden is set within … Read more
(Reuters) – U.S. natural gas futures edged up about 1% on Thursday on near record flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher heating demand over the next two weeks than previously expected. Also supporting U.S. futures, traders noted that European gas prices climbed to a 13-month high … Read more
WASHINGTON — A new year will bring Donald Trump back to the White House and start a fresh wave of anxiety as America’s closest neighbours prepare for the Republican’s disruptive agenda and looming threats of massive tariffs.
It’s long been tradition …
In 2024, the EU shifted towards a cautious, fossil fuel-inclusive energy strategy amid rising costs and public unrest. In 2024, the European Union’s shift back towards fossil fuels began to solidify in earnest. Over the past few years, Giorgia Meloni has become the Prime Minister of Italy, Geert Wilders’ party is the senior partner … Read more
Record oil production, more Indigenous ownership and inching closer to LNG By Deborah Jaremko It’s likely 2024 will go down in history as a turning point for Canadian energy, despite challenging headwinds from federal government policy. Here’s some of the good news. 10. New carbon capture and storage (CCS) projects to proceed In June, Shell announced it … Read more
Summary • Weaker than expected Chinese data raises hopes of further stimulus • Volumes remain thin on first trading day of the year • Investors await US manufacturing data and oil inventories (Reuters) – Oil prices rose on Thursday as investors returned for the first trading day of the new year with an optimistic eye … Read more
Authors: Shaun Gilday, CPEA, PMP & Kristina Schafer Data centers have become the backbone of modern infrastructure, supporting everything from cloud storage to global communications. However, their reliance on energy-intensive systems, particularly diesel generators and cooling mechanisms, presents unique environmental challenges. Alongside high electricity demands, data centers also require vast amounts of water for cooling, … Read more
Turbomachinery, like any other industrial equipment, starts to degrade with age. Spare parts, expertise, and support become harder to find and come at a high price. Declining performance leads to problems with reliability, resulting in downtime and unplanned outages, inefficiencies, potential safety risks, and of course increased costs and reduced revenues. Companies are then faced … Read more
Delays to US projects, sanctions against Russia curbed supply Exports set to rise in 2025 on new exports from the US, Canada Global liquefied natural gas exports grew at the slowest pace since 2015, threatening to keep prices elevated until new supply comes online to meet rising demand. Annual LNG shipments are set to rise … Read more
U.S. natural gas demand from LNG plants hit a record on Tuesday, the last day of the year, climbing to 15.2 billion cubic feed (bcf) in a sign of a strong year ahead from the startup of two new gas-processing plants, preliminary data from financial firm LSEG showed. U.S. natural gas demand for LNG plants … Read more
Summary • War ends Russia’s dominance of gas supply to Europe • Norway, US, Qatar replace Russian gas • Loss of Russian gas undermined EU’s competitiveness • Slovakia, Austria have alternative supplies • Heating, hot water cut off in breakaway Moldovan region (Reuters) – Russian gas exports via Soviet-era pipelines running through Ukraine came to … Read more
U.S. natural gas futures retreated on Tuesday as traders booked profits, though the market looked set for its biggest annual jump since 2016 fueled by an increase in gas flowing to liquefied natural gas (LNG) export plants on rising overseas demand. Front-month gas futures for February delivery on the New York Mercantile Exchange were 19.1 … Read more
(Reuters) – The U.S. Treasury Department intends to release guidance on how to access tax credits for hydrogen production under the 2022 Inflation Reduction Act later this week, according to two sources familiar with the matter. The long-awaited guidance will provide a pathway for hydrogen produced using nuclear power to access the credits, the sources … Read more
HOUSTON–(BUSINESS WIRE)–Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE: LNG) today announced that liquefied natural gas (“LNG”) was produced for the first time from the first train (“Train 1”) of the Company’s Corpus Christi Stage 3 Liquefaction Project (“CCL Stage 3”). The commissioning process continues, and Cheniere expects substantial completion of Train 1 to be … Read more
The Biden administration made energy and climate a centerpiece of its administration, most notably through the Inflation Reduction Act. At the same time, we’ve seen a boom in US oil and gas production the last four years, alongside the novel use of the Strategic Petroleum Reserve as a price and supply stabilization tool. Meanwhile, investments … Read more
The Biden administration on Monday took steps to protect the Ruby Mountains in northeast Nevada from oil, gas and geothermal development for 20 years. The Interior Department said it had approved an application by the U.S. Forest Service to withdraw 264,442 acres of federal lands in the Ruby Mountains from mineral and geothermal leasing. The … Read more
U.S. oil production rose 260,000 barrels per day (bpd) month-over-month to a record 13.46 million bpd in October as demand surged to the highest levels since the pandemic, data from the U.S. Energy Information Administration showed on Tuesday. U.S. oil output has grown rapidly this year, even as concerns of oversupply have weighed heavily on … Read more
DETROIT, Dec. 31, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced that it has successfully closed on the acquisition of a portfolio of three FERC-regulated natural gas transmission pipelines from ONEOK, Inc. (NYSE: OKE), effective as of 11:59 p.m. CT on Dec. 31, 2024, for a total cash consideration of $1.2 billion. … Read more
THE WOODLANDS, Texas, Dec. 31, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that it has issued its 2024 Sustainability Report (the “2024 Report”), which is available on the Company’s website at www.ringenergy.com under the “Sustainability” tab. The 2024 Report marks the fourth consecutive annual update. It provides comprehensive information … Read more
PITTSBURGH, Dec. 31, 2024 /PRNewswire/ — EQT Corporation (NYSE: EQT) announced today it has closed on the sale of its remaining non-operated natural gas assets in Northeast Pennsylvania to Equinor USA Onshore Properties Inc. and its affiliates. EQT received approximately $1.25 billion in cash proceeds, less closing adjustments, from the sale, which was used to repay outstanding … Read more
Dubai, Dec. 31, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (the “Company”) announces that William L. Thomson will assume the additional role of Chief Operating Officer with effect from 1 January, 2025, reporting directly to Ihab Toma, Chief Executive Officer, and will continue to be based in Vantage’s Dubai office. Mr. Thomson, who is … Read more
Summary • Ukraine gas transit deal expires on Jan. 1 • European gas price reaction is muted • Russia lost EU gas markets to US, Norway, Qatar • EU industrial decline exacerbated by loss of Russian gas (Reuters) – Russian energy company Gazprom said it would pump a reduced volume of gas to Europe via … Read more
Reuters – Oil prices were on track to end 2024 with a second consecutive year of losses, although they rose on the day on Tuesday after data showed China’s manufacturing activity expanded in December. Brent crude futures rose by 54 cents, or 0.73%, to $74.53 a barrel as of 1107 GMT. U.S. West Texas Intermediate … Read more
PITTSBURGH, Dec. 30, 2024 /PRNewswire/ — EQT Corporation (NYSE: EQT) (together with its subsidiaries, “EQT”) announced today that it has closed on the formation and funding of its previously announced midstream joint venture (“JV”) with an affiliate of Blackstone Credit & Insurance (“BXCI”; Blackstone (NYSE: BX)). EQT received $3.5 billion of cash consideration, net of … Read more
Transporting construction and drilling equipment with heavy wheel loads is extremely challenging across soft ground, dense muskeg, or oversaturated clays—conditions typical of the oil sands regions of Athabasca, Peace River, and Cold Lake. These challenges are compounded by extreme winter weather and frozen ground. To make matters even more difficult, limited road-building resources make constructing … Read more
US natural gas futures soared as the weather outlook for January shifted colder, raising demand prospects for the fuel used in heating and power generation. Gas for February delivery rose as much as 20% in New York. That’s the most since the contract started trading 2012. Most-active futures climbed to the highest level in almost a year. … Read more
State-run Indian refiner Bharat Petroleum Corp is buying Middle Eastern crude to make up for less supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said in a recent interview. Indian state refiners, which typically buy Russian oil in the spot market rather than under long-term contract, are unable to procure about … Read more
Russia pumped gas on Monday to European customers via Ukraine for one of the last days before a key transit deal expires at the end of the year, marking the almost complete loss of Russia’s once mighty hold over the European gas market. Supplies of Russian gas via Ukraine are due to stop from the … Read more
(Reuters) – Oil prices edged up on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers. Brent crude futures rose 20 cents to $74.37 a barrel by 1208 GMT. The more … Read more
New York, N.Y., Dec. 30, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today reported its fiscal year end 2024 results and provided a corporate outlook. “Thanks to the support of our shareholders, … Read more
Contract awarded by Bechtel for 2 LNG liquefaction plants, featuring main refrigeration compressors driven by LM6000PF+ gas turbines, and expander-compressors Technology scope supports Phase 1 of major LNG export project in North America, with a total overall permitted capacity of 27.6 million tonnes per annum HOUSTON and LONDON, Dec. 30, 2024 (GLOBE NEWSWIRE) — Baker Hughes … Read more
Artificial intelligence (AI) seems to be permeating everything we do, from the innocuous to the incomprehensibly complex. It’s hard to find an industry that hasn’t identified, and started implementing, ways to supercharge operations and strategy using AI. In the energy industry, AI is beginning to revolutionize software, hardware, and system integration encompassing downstream, midstream, upstream oil and gas among … Read more
by Maureen McCall It’s generally accepted that the launch of Artificial Intelligence (AI) occurred at Dartmouth College in a 1956 AI workshop that brought together leading thinkers in computer science, and information theory to map out future paths for investigation. Workshop participants John McCarthy, Marvin Minsky, Nathaniel Rochester and Claude E. Shannon coined … Read more
Shift to electric vehicles, liquefied natural gas cut usage Europe remains biggest destination for American crude exports US crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and it bought more barrels from other countries including Russia and Iran. Exports of US oil to China … Read more
(Reuters) – New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change … Read more
U.S. energy firms this week operated the same number of oil and natural gas rigs for third week in a row, 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, was unchanged at 589 in the week to Dec. … Read more
Ukraine has received a shipment of U.S. liquefied natural gas for the first time, the Ukrainian president’s chief of staff, Andriy Yermak, said on Saturday. “This is more than just a shipment – it is a strategic step. Despite Russia’s attempts to destroy our energy system during the war, we have achieved yet another victory … Read more
U.S. crude stocks and distillate inventories fell while gasoline inventories rose last week, the Energy Information Administration said on Friday. Crude inventories fell by 4.2 million barrels to 416.8 million barrels in the week ended Dec. 20, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel draw. Crude stocks … Read more
Summary • US crude oil stocks fell 4.2 million barrels last week, EIA says • Analysts polled by Reuters expected 1.9 million-barrel draw • Stimulus measures lift optimism over Chinese economy • Rising Russia-Ukraine tensions raise fears of supply shocks in 2025 (Reuters) – Oil prices settled more than 1% higher on Friday and recorded … Read more
(Reuters) – U.S.-based utility Duke Energy (DUK.N) said on Friday it had filed a plan with the Florida Public Service Commission (FPSC) to recover about $1.1 billion in direct costs associated with the company’s emergency activation and response to hurricanes Debby, Helene and Milton. Severe storms this year forced major U.S. utilities to shut down … Read more
(Reuters) – A plan discussed by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects has broken down without agreement, Bloomberg News reported on Monday. The European Union, UK, the United States and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel … Read more
Forecasting hydrogen’s costs By David R Baker Green hydrogen has been touted by politicians and business leaders alike as a key fuel for a carbon-free future. But it will remain far more expensive than previously thought for decades to come, according to a new estimate from BloombergNEF. Hydrogen companies worldwide are already struggling with canceled projects and sluggish … Read more
U.S. natural gas futures fell more than 5% on Thursday from a near two-year high in holiday-thinned trade as forecasts for less cold conditions in the short term overshadowed support from a rise in the amount of gas flowing to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New … Read more
Summary European majors slow clean energy investments Investors rewarding oil and gas focus New Trump U.S. presidency among big factors in 2025 (Reuters) – Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down – and at times reversing – climate commitments in a shift that … Read more
Summary • China to ramp up fiscal support next year • US crude stocks down 3.2 million barrels, market sources say • Strong dollar caps gains • Coming up: EIA supply report on Friday (Reuters) – Oil rose almost 1% on Friday and was on track for a weekly gain, spurred by expectations of a … Read more
Halting the progress made toward an energy transition is high on the next White House’s agenda. By Liam Denning The energy transition sustained an electoral trauma as 2024 drew to a close. The incoming administration of President-elect Donald Trump promises to undo at least some of the progress made on decarbonization under President Joe Biden. But … Read more
U.S. liquefied natural gas (LNG) company Venture Global LNG’s tanker Venture Bayou, currently stationed at the Plaquemines LNG export plant in Louisiana, is expected to head to Brunsbuttel, Germany and will likely arrive there by Jan. 8, according to LSEG data The U.S. is the world’s largest exporter of the superchilled gas and a key … Read more
On Thursday, the refinery experienced a leak from a pipeline within the tank field, a company spokesperson said. A liquid was released and may have resulted in odors in the area, the spokesperson added. “BP is monitoring air emissions for elevated levels of contaminants that could pose a risk to public health,” the company … Read more
More From Irina Slav I was going to wrap this eventful year with a nice little post of gratitude but, as usual, the news flow has forced me to revise my plans. So much has happened in the last week days failing to report on it would be a real shame. You may want to … Read more
DALLAS, Dec. 26, 2024 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) announced the closing of a comprehensive refinancing of its existing indebtedness on December 24, 2024 (the “Transactions”), providing the Company with capital and liquidity to continue progressing Berry’s corporate strategy: Ensuring capital and liquidity to execute on the Company’s … Read more
U.S. natural gas futures rose on Tuesday to hover near a 23-month high hit in the previous session, on an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants, and forecasts for more cold weather in January leading to increased heating demand than what was previously expected. Front-month gas futures … Read more
Summary • API shows US crude stocks fall 3.2 million barrels, sources say • China to ramp up fiscal support for consumption next year • World Bank raises China’s GDP forecast for 2024, 2025 • Coming up: EIA supply report on Friday (Reuters) – Oil edged higher on Thursday in thin holiday trade driven by … Read more
Russian President Vladimir Putin met Slovak Prime Minister Robert Fico in the Kremlin on Sunday, a rare visit by a European Union leader to Moscow as a contract allowing for Russian gas to transit through Ukraine nears expiry. Ukrainian President Volodymyr Zelenskiy had said on Thursday that Kyiv could consider continued transit of Russian gas, … Read more
Emissions of the gas dropped by 26% in 2023, S&P Global says Decline comes amid Biden rules that face a threat with Trump Methane emissions in the largest US oil basin plunged 26% last year as companies tightened operations and deployed new technology to stop leaks of the potent greenhouse gas, according to a study by S&P … Read more
(Reuters) – Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday. Brent crude futures were up 36 cents, or 0.5%, at $72.9 a barrel, and U.S. West Texas Intermediate crude futures rose 34 cents, also … Read more
Panama’s president rejected Donald Trump’s threat to reimpose US control over the Panama Canal, stating that sovereignty over the waterway is not negotiable. “Every square meter of the Panama Canal and its adjacent zones is part of Panama, and it will continue to be,” José Raúl Mulino said Sunday in a video statement on X, … Read more
Russia-Ukraine gas transit deal expires at end of year Ukraine has refused to extend the agreement Russia willing to continue delivering gas via Ukraine Slovakia says loss of supplies from east would drive up prices MOSCOW, Dec 23 (Reuters) – Russia said on Monday the situation with European countries that buy its gas through a … Read more
U.S. natural gas futures jumped about 5% to a 23-month high on Friday on early forecasts for much colder weather in mid-January that could freeze oil and gas wells and lift spot prices by reducing output as in past years. Also supporting prices was an increase in the amount of gas flowing to liquefied natural … Read more
Reuters – Northern Oil and Gas (NOG.N), opens new tab has made an acquisition offer for Granite Ridge Resources, a smaller U.S. producer with operations in basins including the Permian and Eagle Ford, according to people familiar with the matter. Minneapolis, Minnesota-based Northern has submitted at least two offers for Granite Ridge, the sources said, … Read more
Houston, Texas, Dec. 20, 2024 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL) (“Battalion” or the “Company”) announced today that it has terminated the previously disclosed Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Fury Resources, Inc. (“Buyer” or “Fury”). As of this morning, Fury was not able meet the obligations … Read more
Founders will continue to control company after the listing Arlington-based firm is one of the US’s biggest LNG suppliers Venture Global Inc., one of the biggest suppliers of liquefied natural gas in the US, filed for what could be one of the largest initial public offerings of 2025. The company won’t make public the proposed … Read more
Oil companies see Trump as a staunch ally, but some of his proposals threaten their profits Bloomberg News Republican presidential nominee former U.S. President Donald Trump speaks at a campaign town hall at the Greater Philadelphia Expo Center & Fairgrounds, Oct. 14, 2024, in Oaks, Pa. Photo by AP Photo/Alex Brandon Oil industry heavyweights are lobbying U.S. President-elect … Read more
High expense of production forces developers to scrap plans BP and Orsted are among companies to have ditched proposals A raft of projects to produce green hydrogen, a fuel billed as critical to reaching net zero, have been abandoned this year as expectations for tumbling costs failed to materialize. Governments and major energy companies have … Read more
(Reuters) – It’s been a brutal year to be in the battery metals business. Prices of lithium, nickel and cobalt collapsed in 2023 and have continued grinding steadily lower over the course of 2024. A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite … Read more
By Reuters Summary Trump has threatened to claw back unspent IRA money Electric vehicle rebates, gas emissions under fire Wind, solar may be untouched (Reuters) – President-elect Donald Trump has vowed to repeal Joe Biden’s signature climate bill called the Inflation Reduction Act, which initially aimed at some $400 billion in new spending and tax cuts … Read more
Summary • Renewed hope on rate cuts after a benign inflation reading • Market surplus to drag down oil prices in 2025 (Reuters) – Oil prices stabilised on Monday after losses last week as lower-than-expected U.S. inflation data offset investors’ concerns about a supply surplus next year. Brent crude futures were down by 17 cents, … Read more
Ramping up purchases faces numerous practical constraints, not least the country’s limited supply. There’s no quick fix for incoming President Donald Trump’s demand that European nations buy more American oil and gas. He insisted that the European Union make “large-scale purchases” of US hydrocarbons to “make up their tremendous deficit with the United States” or face “TARIFFS … Read more
By Reuters (Reuters) – U.S. utilities are finally signing concrete supply deals with data-center operators as the artificial-intelligence wave sparks a surge in power demand, paving the way for higher profits in the coming quarters. Data centers are expected to account for 8% of the power generated in the U.S. by 2030, compared with 3% in … Read more
JP Morgan on Thursday forecast Brent oil prices to decline to $73 per barrel in 2025, as it sees a shift in the global oil market from a balance in 2024 to a large 1.2 million barrels per day (bpd) surplus in the coming year. “Assuming that OPEC alliance stays put at current production levels … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the second week in a row, 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, remained at 589 in the week … Read more
Summary Trump says EU has tremendous trade deficit with the US Europe is already buying large chunk of US oil and gas US already exporting all energy it doesn’t consume at home EU says ready to discuss trade ties, including energy Dec 20 (Reuters) – U.S. President-elect Donald Trump said on Friday that the European Union may … Read more
Summary • Benchmark prices ease 2.5% for the week • Dollar on track for third consecutive week of gains • Fed policymakers prepare ground for rate-cut pause in 2025 • Sinopec says China’s crude imports may peak next year • Trump warns EU on tariffs if bloc doesn’t buy more US oil, gas (Reuters) – … Read more
U.S. natural gas futures jumped about 5% to a 23-month high on Friday on early forecasts for much colder weather in mid-January that could freeze oil and gas wells and lift spot prices by reducing output as in past years. Also supporting prices was an increase in the amount of gas flowing to liquefied natural … Read more
(Reuters) – U.S. data center power demand could nearly triple in the next three years, and consume as much as 12% of the country’s electricity, as the industry undergoes an artificial-intelligence transformation, according to an unpublished Department of Energy-backed report seen by Reuters. The Lawrence Berkeley National Laboratory report, which is expected to be released … Read more
(Reuters) – Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former board member and analysts, come ahead … Read more
Trump has threatened blanket tariffs of up to 25% on products from Canada and Mexico The Associated Press NEW YORK — The U.S. increasingly relies on Canadian crude oil to meet domestic demand and that relationship faces potential strain amid the threat of tariffs from U.S. President-elect Donald Trump. More than 50 per cent of crude oil imported … Read more
(Reuters) – The United States issued fresh sanctions on Wednesday on several Russia-based entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, including new measures against the operator of the project. The U.S. State Department said in a statement that it was re-imposing sanctions on a number of entities … Read more
Summary Companies US has become world’s biggest exporter of LNG Natural gas prices in Europe spiked after invasion of Ukraine New LNG export plants seen coming on line next year (Reuters) – Demand for U.S. natural gas to produce liquefied natural gas (LNG) for export this year is headed for its first decline since the … Read more
Summary Benchmark contracts head for weekly loss of nearly 3% Sinopec sees China’s crude imports possibly peaking in 2025 Trump wants EU to buy more US oil, gas or face tariffs LONDON, Dec 20 (Reuters) – Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting … Read more
Project designed to transport up to 1.5 Bcf/d of natural gas benefiting Southeast U.S. markets HOUSTON–(BUSINESS WIRE)–Tennessee Gas Pipeline, L.L.C. (TGP), a subsidiary of Kinder Morgan, Inc. (NYSE: KMI), today announced its decision to proceed with its Mississippi Crossing Project (MSX Project) after securing long-term, binding transportation agreements with customers for all the capacity. “This transformative … Read more
(Bloomberg) The oil market, range-bound for much of the past two months, feels ready for a holiday reset. After a period of tumult in early autumn, volatility ebbed as direct fire between Iran and Israel eased off, and benchmark futures have been locked in a band of about $6. OPEC+’s recent decision to push back … Read more
(Reuters) – Geothermal energy startups are on the upswing with Big Tech companies looking to feed their power-intensive AI data centers, but long-term investments remain uncertain as oil majors double down on natural gas. Meta and Alphabet’s Google are among the tech companies partnering with startups proposing to produce geothermal electricity, to power their data centers. Large … Read more
(Reuters) – The inspector general of the U.S. Department of Energy urged the agency’s loan office to immediately halt issuing billions of dollars in loans to green projects, saying contractors who vet them may be serving both the agency and potential borrowers. The watchdog in an interim report, opens new tab issued late on Tuesday urged the … Read more
(Reuters Breakingviews) – On the face of it, 2025 is shaping up to be a stinker for renewable energy. The planet seems ever further from restricting global warming to a manageable 1.5 degrees Celsius level, and the election of Donald Trump as U.S. president means that the world’s biggest economy will visibly retreat from the … Read more
The US president-elect’s support for tariffs raises concerns about a trade war eroding demand, while others welcome an injection of volatility. The oil traders swarming Miami’s South Beach for three days of holiday drinking, dining and schmoozing were mostly male, mostly White and mostly united in the belief that Donald Trump will champion the industry … Read more
Summary Brent and WTI edge down U.S. Fed outlook for two rate cuts in 2025 stirs demand worries Global oil demand growth running below JP Morgan forecast Dec 19 (Reuters) – Oil prices were fairly steady on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, … Read more
(Reuters) – Oil operators in North Dakota, the third-largest producing state in the U.S., are still bringing some facilities back online after wildfires swept through key oil-producing counties in October, the state’s Industrial Commission said on Wednesday. The outages are limited to isolated production facilities such as well pads, which experienced either local equipment damage … Read more
Study finds more US exports threatens higher global emissions Trump has vowed to end a moratorium on new LNG permits The Biden administration released a key study Tuesday that is likely to complicate President-elect Donald Trump’s plans to quickly approve more exports of liquefied natural gas. The study, which analyzed the economic, environmental and other costs of … Read more
(Reuters) – Australia’s Woodside Energy said on Thursday it had entered into a deal with Chevron to exchange stakes in a number of energy projects, with the U.S. oil and gas giant making a cash payment of up to $400 million to Woodside. Under the terms of the deal, Woodside will acquire Chevron’s stake in … Read more
NEW YORK, Dec 17 (Reuters) – A U.S. government funding bill released on Tuesday included a plan that would allow year-round sales of gasoline with a higher ethanol blend, a major win for the corn and ethanol lobbies. The inclusion would mark a hard-fought victory for the ethanol industry, which has wanted year-round E15 sales … Read more
Summary Guards get around half of Iran’s oil export revenue, sources say China remains top buyer of Iranian oil, including from IRGC Oil trading network set up by late Quds Force boss Qassem Soleimani (Reuters) – Iran’s Revolutionary Guards have tightened their grip on the country’s oil industry and control up to half the exports … Read more
(Reuters) – OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices. OPEC+ pumps about half of the world’s oil and earlier … Read more
Trump followed a similar path during his first term in office with day-one directives meant to advance construction of oil pipelines and aid in deregulation Bloomberg News Donald Trump telegraphed similar ambitions on the campaign trail, vowing to “unleash domestic energy production like never before”. Photo by Alex Brandon/AP Photo files United States president-elect Donald Trump is poised … Read more
(Reuters) – The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits. Biden in January had paused the Department of Energy’s approvals of U.S. LNG exports to big … Read more
(Reuters) – About half of the United States is at increased risk of power supply shortfalls in the next decade that could lead to outages and electricity conservation measures, the North American Electric Reliability Corporation said on Tuesday. As U.S. power consumption rises from AI data centers and the electrification of buildings and transportation, efforts … Read more
Summary Federal Reserve rate outlook in focus API shows weekly US crude stocks fall, sources say EU tightens sanctions on Russian oil shipping To come: US EIA oil stocks data Dec 18 (Reuters) – Oil prices rose slightly on Wednesday as investors stayed cautious ahead of a potential interest rate cut by the U.S. Federal … Read more
By Gavin Maguire (Reuters) – U.S. liquefied natural gas exports are on track to climb to new highs in 2024, as record domestic natural gas production spurred the 10th straight year of volume growth in the lucrative LNG export sector. U.S. LNG shipments for 2024 look set to hit 86.9 million metric tons, according to ship-tracking … Read more
Freeland quits ahead of budget update; LeBlanc replaces her The government ran $44 billion deficit in fiscal year 2023-24 Prime Minister Justin Trudeau’s government ran a deeper deficit than projected and broke a fiscal objective outlined by his finance minister, who resigned the day she was set to unveil new spending and revenue estimates. A C$62 … Read more
A highly anticipated study of liquefied natural gas exports by the Biden administration is expected to stop short of saying the approval of more shipments isn’t in the public interest, according to people familiar with the matter. The study, under way since January, is set to be released as soon as Tuesday, according to the people, … Read more
Kimberly Guilfoyle recently interviewed me on what I think the incoming administration, including some promising new political appointees, can do to unleash American energy. The full video and transcript are below. As a preview, here’s what I view as the top 5 energy policy priorities: Liberate responsible energy development End preferences for intermittent electricity Set … Read more
Summary Oil under pressure on China spending data, profit-taking Market has priced in 25 bp Fed rate cut Impact of new EU sanctions on Russia may be low -analyst LONDON, Dec 17 (Reuters) – Oil prices were down on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. … Read more
Thanks to AI, data centers are popping up across the country. But the climate price for all this energy use is steep. Delivering power to homes and companies is supposed to be a boring and predictable business. While it’s true that the US population has been increasing and electrifying more things as it does, that … Read more
Summary Trump plans to cut EV support, impose tariffs on battery materials Proposals aim to boost U.S. production, redirect funds to national defense Transition team suggests rolling back emissions standards, blocking California’s stricter rules Dec 16 (Reuters) – Incoming U.S. President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles … Read more
(Reuters) – The United States hit North Korea and Russia on Monday with new sanctions that the Treasury Department said targeted Pyongyang’s financial activities and military support to Moscow. The sanctions, which list North Korean banks, generals and other officials as well as Russian oil shipping companies, are the latest U.S. measure aimed at disrupting … Read more
(Reuters) – Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada. Freeland quit just hours before she was due to present a fall economic update to parliament, a document widely expected to show the … Read more
Summary Norway oil, gas firms to invest $25 bln in 2025 Investment forecasts raised since last year Inflation, accelerated development, more drilling drive increase Highest number of exploration wells since 2019 OSLO, Dec 16 (Reuters) – Oil and gas companies operating in Norway expect to invest a record 275 billion Norwegian crowns ($24.68 billion) in … Read more
Dec 16 (Reuters) – Phillips 66 said on Monday it would sell its 25% stake in the Gulf Coast Express pipeline in Texas to an affiliate of ArcLight Capital Partners for $865 million, setting the U.S. refiner on course to exceed its asset sale target. Despite a fall in refining profits, Phillips 66 has opted to … Read more
According to a new report by GlobalData, the global digital twins market is set to hit over $150 billion by 2030. In the early days of the technology, digital twins were used in capital-intensive operations to streamline processes, save money, and control emissions. Since then, companies have seen the benefits of making digital twins of entire operations, including … Read more
‘The Oil Sands are Canada’s Winning Lottery Ticket’ By Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter As Alberta’s oil sands sector reaches a major economic milestone, a new report shows that emissions growth continues to slow. There is a clear “structural break” for the industry where … Read more
Summary Brent and WTI fall by nearly 1% China’s consumer spending data falls short of expectations US Federal Reserve expected to cut interest rates this week Dec 16 (Reuters) – Oil futures dropped from their highest levels in weeks on Monday, pressured by weaker than expected consumer spending in China, the world’s largest oil importer. … Read more
Ottawa and the provinces will respond robustly if the incoming U.S. administration goes ahead with a promise to impose tariffs on imports from Canada, Finance Minister Chrystia Freeland said on Friday. Prime Minister Justin Trudeau, Freeland and the 10 provincial premiers have held two phone calls recently to discuss how best to react if … Read more
EDMONTON — Calgary-based pipeline giant Enbridge says it has cleaned up about 60 per cent of a nearly 265,000-litre oil spill in Wisconsin that was discovered last month. Enbridge says the spill was discovered by an employee conducting a visual inspection of its Line 6 at the Enbridge Cambridge Station, west of Milwaukee, on Nov. … Read more
Reuters Breakingviews – Donald Trump and Mohammed bin Salman each have contradictory objectives in 2025. The U.S. president-elect wants to apply “maximum pressure” on Iran, but won’t want the spike in oil prices that may accompany it. The Saudi crown prince is sick of forgoing oil revenue by pumping 3 million barrels below his 12 … Read more
By Reuters Dec 15 (Reuters) – Teamsters members working at Marathon Petroleum’s Detroit refinery have voted to ratify a seven-year collective bargaining agreement, the company and the union said on Sunday, three months after workers walked off the job. “The process to safely welcome our employees back to the refinery is already in progress,” the Findlay, Ohio-based … Read more
With President-elect Donald Trump’s inauguration less than a month away, the Energy Department is getting clean tech loans finalized. Today’s newsletter looks at who’s getting loans — and how Trump can remake the office. Dude where’s my loan? By Ari Natter and David R. Baker US President Joe Biden’s $400 billion green bank has just weeks to close billions … Read more
It looks easy enough: Ask ChatGPT something, and it responds. But pull back the curtain, and you’ll find that every ChatGPT prompt and Microsoft Copilot task consumes vast resources. Millions of human beings engineering, correcting and training models. Enough terawatt-hours of electricity to power countries. Data center megacampuses around the world. Power line networks and … Read more
By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. To most of us, a power plant is a source of electricity. To Exxon Mobil Corp., it’s a machine that converts natural … Read more
While tariffs can be disruptive in any market, they threaten to be particularly troublesome for a North American energy industry that already largely favors U.S. interestsBloomberg NewsThough U.S. president-elect Donald Trump exempted energy products from tariffs during his previous term, his threat last month said they will apply to “ALL products” from Canada and Mexico. Photo … Read more
(Reuters) – Top U.S. asset managers worried that signing up to an industry climate initiative could make them appear to be working too closely together and draw regulatory scrutiny, according to a report released Friday by a Republican-led U.S. Congressional Committee. The report is the latest released by the panel’s Republican majority as part of … Read more
(Reuters) – U.S. energy firms this week operated the same number of oil and natural gas rigs as they did last week, 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, was unchanged at 589 in the week to … Read more
Venture Global LNG on Friday produced its first liquefied natural gas (LNG) from its Plaquemines plant in Louisiana, the company said in a statement. This marks the first new U.S. plant in two years to produce the super-chilled gas, beating Cheniere Energy’s Corpus Christi midscale expansion project to market. With first production of super-chilled gas … Read more
Summary EU imposes new sanctions on Russia, US weighs more China stimulus expected to support demand U.S. Federal Reserve expected to cut interest rates (Reuters) – Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest … Read more
It looks easy enough: Ask ChatGPT something, and it responds. But pull back the curtain, and you’ll find that every ChatGPT prompt and Microsoft Copilot task consumes vast resources. Millions of human beings engineering, correcting and training models. Enough terawatt-hours of electricity to power countries. Data center megacampuses around the world. Power line networks and … Read more
Summary Brent, WTI both up more than 3% this week EU imposes new sanctions on Russia, US also weighs more China stimulus expected to support demand IEA forecasts a supply surplus in 2025 LONDON, Dec 13 (Reuters) – Oil prices rose more than 1% Friday, heading for their first weekly rise since the end of … Read more
Summary Geothermal energy in its infancy Shale drilling drew opposition from environmental campaigners More than $1 trillion in investment needed (Reuters) – The shale drilling techniques that led to a boom in oil and gas output have also spurred the development of geothermal, which in theory could provide a stable source of power equal to … Read more
The rivalry between Standard Oil descendants is set to boil over as they battle for control of Guyana’s massive patch. The rivalry between Exxon Mobil Corp. and Chevron Corp. is thinly veiled during the best of times. But it’s ripe to spill into the open next year as they make starkly contrasting pitches to Wall … Read more
Summary CO2 injection risks earthquakes, well blowouts, activists warn Texas leads in carbon injection permit applications, faces regulatory challenges Occidental, others confident in CCS safety despite past leaks, expert concerns Dec 13 (Reuters) – Texas has seen surging interest from companies hoping to bury carbon dioxide in its oilfields, putting the state at the vanguard … Read more
U.S. oil major Chevron Corp is considering ways to supply lower carbon power for data center operators, Jeff Gustavson, president of Chevron New Energies said in an interview at the Reuters NEXT conference in New York. Gustavson’s comments follow a similar announcement by Exxon Mobil on Wednesday, which said it is working to help advance … Read more
The latest IEA’s Monthly Oil Statistics report including September 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 0.5 % in September 2024 compared to September 2023. Refinery gross output of total products decreased by 1.6% on a year-on-year basis. Net deliveries of total products decreased 1.3% in September 2024 compared to September 2023. Oil stock levels … Read more
The latest IEA’s Monthly Gas Statistics report including September 2024 data shows that for Total OECD: Production of natural gas decreased by 1.8% compared to September 2023. Imports (entries)1 of natural gas were 2.7% higher on a year-on-year basis, and total OECD exports (exits)1 increased by 6.8% in the same period. Gross consumption of natural gas increased by 0.3% in September 2024 on a year-on year basis. … Read more
Tepco adviser Klein says gas likely required in the short term Japan is going to need ‘more and more electricity,’ he says The rise of artificial intelligence will drive a surge in electricity demand that’ll initially be met by fossil fuels, before nuclear replaces that source, the head of a body advising Japan’s top utility … Read more
U.S. coal traders have exported the highest volume of thermal coal in six years over the first eleven months of 2024, and look set to ship out even greater volumes in 2025 once President-elect Donald Trump takes office. U.S. exports of coal used in power generation hit 32.6 million short tons from January through November, … Read more
HOUSTON, TX, Dec. 12, 2024 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (the “Company”) today announced a pivotal step towards a transformation into an integrated energy and technology company with the signing of two non-binding Letters of Intent to acquire Abundia Global Impact Group LLC (AGIG) and RPD Technologies (RPD). These proposed … Read more
Summary Sees overhang of up to 1.4 million bpd in 2025 Sees higher 2025 demand growth on China stimulus Trims 2024 oil demand growth forecast by 80,000 bpd (Reuters) – The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply … Read more
Expects to deliver growth potential of $20 billion in earnings and $30 billion in cash flow1 Key elements of ExxonMobil’s 2030 plan: Increasing Pioneer acquisition average annual synergies by over 50% to more than $3 billion2 Growing new business earnings potential to $3 billion3 Adding $7 billion more in structural cost savings vs. 3Q2024 Increasing … Read more
Summary Lobbyist for Exxon investigated for role in hacking operation targeting environmentalists Green groups urge scrutiny of any potential Exxon ties to spying Exxon says: ‘If there was any hacking involved, we condemn it’ WASHINGTON, Dec 12 – Two Democratic senators and a host of environmental groups have called for investigations and accountability following a … Read more
Summary Acadia Infrastructure Capital launches new coalition Microsoft helps back first green energy project Looks to tap more companies; bolster local communities (Reuters) – U.S. investor Acadia Infrastructure Capital and companies including Microsoft are looking to help develop a $9 billion pipeline of renewable energy projects across the country, the project lead told Reuters. Launching the … Read more
(Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. EIA projected power demand will rise to 4,086 billion kilowatt-hours in 2024 and 4,165 billion kWh in 2025. That compares with 4,012 billion kWh in 2023 and … Read more
Some Canadian premiers are urging Ottawa to respond robustly to the threat of tariffs from incoming U.S. President Donald Trump and have highlighted critical minerals and metals as products that the U.S. relies on, Canada’s Finance Minister said on Wednesday. Canadian Prime Minister Justin Trudeau and other government ministers met with provincial premiers to discuss … Read more
Summary IEA raises oil demand growth forecast for 2025 EU sanctions target ‘shadow fleet’ carrying Russian oil US gasoline, distillate stocks up more than expected last week (Reuters) – Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. … Read more
(Reuters) – U.S. crude inventories fell for the third time in a row, while fuel stockpiles rose in the week ending December 6, the Energy Information Administration (EIA) said on Wednesday, as refinery activity remained seasonally strong. Crude inventories fell by 1.4 million barrels to 422 million barrels, the EIA said, compared with analysts’ expectations … Read more
U.S. natural gas futures climbed about 4% to a one-week high on Wednesday on forecasts for colder weather and higher heating demand than previously expected and an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 11.9 … Read more
Kuwaiti’s tenure as OPEC’s top official extended to mid-2028 OPEC+ delayed output restart last week to defend oil prices OPEC appointed Haitham Al-Ghais for a second three-year term as its secretary-general, extending his tenure until mid-2028. The Kuwaiti oil executive has been the top official at the Organization of Petroleum Exporting Countries since mid-2022. OPEC and its allies agreed … Read more
Global demand to exceed output by 100,000 barrels a day IEA last month forecast 1 million barrel-a-day surplus The US reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit. Global oil consumption should exceed output by 100,000 barrels a day in 2025, according to a monthly report from … Read more
Bloomberg News Police vans cordoned off Berlin’s Adlon Kempinski hotel Tuesday as environmental protesters attempted to disrupt an energy conference, splashing green paint against the side entrance of the luxury venue by the Brandenburg Gate. Inside, the global liquefied natural gas industry gathered to debate its future. Having largely turned the page on energy price … Read more
Group makes fifth reduction to estimate amid signs of weakness Alliance agreed last week to delay, slow revival in its output OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs. The Organization … Read more
The U.S. government is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House, Bloomberg News reported on Tuesday. The details of the new measures are not yet finalized but President Joe Biden’s team was considering … Read more
U.S. President-elect Donald Trump said on Tuesday that any person or company investing at least $1 billion into the U.S. “will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals.” The statement, posted on his social media platform Truth Social, did not offer further details. Trump’s transition team … Read more
(Reuters) – U.S. power producers have raised total generation to new highs in 2024, fuelled mainly by record natural gas-fired output alongside a sharp jump in generation from renewable sources. Natural gas plants remain the key pillar of U.S. generation, accounting for a record 42% of total power production from January through November, according to … Read more
(Reuters) – Oil prices climbed 1% on Wednesday as market participants anticipated a rise in demand from top importer China following Beijing’s latest plans to boost economic growth. Brent crude futures gained 75 cents, or 1.04%%, to $72.94 a barrel by 1011 GMT, while U.S. West Texas Intermediate crude futures rose 75 cents, or 1.09%, … Read more
Oilfield service companies ramped up hiring in November, adding 1,890 jobs in the sector, according to data from trade group Energy Workforce & Technology Council released on Monday. WHY IT’S IMPORTANT Oilfield service hiring can serve as an indicator of the health of the sector. Companies bringing on more employees could imply more drilling to … Read more
By Reuters (Reuters) – ExxonMobil on Wednesday said annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030, following the acquisition of U.S. shale producer Pioneer Natural Resources. The top U.S. oil producer laid out a five-year plan to increase earnings by $20 billion and cash flow by $30 billion to … Read more
‘Gas is well suited for’ data centers’ 24/7 power needs: CEO Strazik is ‘cautious’ on when onshore wind will improve The head of GE Vernova Inc., which makes equipment for wind farms and gas-fired power plants, said electricity demand to run data centers is favoring the fossil fuel over the renewable energy source — at least, … Read more
(Reuters) – U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected that dry gas production will ease from a record 103.8 billion cubic feet per day in 2023 to … Read more
(Reuters) – U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand. The EIA expects the United States to produce 13.52 million bpd in 2025, up … Read more
(Reuters) – The U.S. Department of Energy said on Tuesday it is not able to complete reviews of two liquefied natural gas projects in Louisiana until an independent regulatory body finishes its environmental assessments. The DOE said it has to wait for the Federal Energy Regulatory Commission, or FERC, to finish its work before it … Read more
(Reuters) – Average U.S. gasoline prices fell below $3 a gallon for the first time in over three years on Monday, extending a run of bargains at the pump for consumers who have faced soaring inflation in recent years. Fuel prices have been declining steadily since the end of the peak summer driving season, helping boost … Read more
Summary Oil keeps most of Monday’s gains with hopes for China stimulus Syria rebels set up government; banks, oil sector to reopen Tuesday China: first annual crude import growth in seven months (Reuters) – Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria’s president, despite support from China’s … Read more
U.S. natural gas futures rose over 3% to more than a one-week high on Monday, helped by a shift in short-term forecasts to cooler weather that would lead to increased gas demand for heating. Front-month gas futures for January delivery on the New York Mercantile Exchange were up 12 cents, or 3.9%, to $3.20 per … Read more
The Biden administration will offer oil and gas drilling leases in Alaska’s Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The agency will make 400,000 acres available to drillers at the auction, the minimum required by a 2017 law that mandated the sale. (Reporting by Nichola … Read more
Syria’s 13-year civil war crippled the country’s energy sector, making it highly reliant on imports from Iran. Below are facts about Syria’s energy sector. ** Syria has not exported oil since late 2011, when international sanctions came into force, and has become dependent on fuel imports from Iran to keep power supplies running. ** Prior … Read more
Companies to invest up to $5.8 billion on entity through 2030 Offshore wind has struggled as costs soared in recent years BP Plc and Jera Co., Japan’s biggest electricity producer, will merge their offshore wind businesses as the British oil major seeks to cut its exposure to the troubled green power sector. The new company — JERA … Read more
Equinor has closed the planned sale of its assets in Nigeria and Azerbaijan for a total consideration of up to $2 billion, completing exits from the two countries after some 30 years, the Norwegian oil and gas firm said on Monday. The divestments, first announced in 2023 and completed in recent weeks, will boost cash … Read more
OKLAHOMA CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) — Rick Muncrief, 66, has announced his retirement from the position of President and Chief Executive Officer and member of the Board of Directors of Devon Energy Corporation (NYSE: DVN), effective March 1, 2025. The board of directors has appointed Clay Gaspar, currently Devon’s Chief Operating Officer, to … Read more
Igor Sechin, the head of Russia’s largest oil producer Rosneft, on Saturday said he approved of U.S. President-elect Donald Trump’s proposals to defend domestic energy producers. Speaking at a conference in Qatar, he said that Trump’s promises during his election campaign involved “fitting” economic measures, including protecting domestic energy producers and the market. Trump’s return … Read more
The problem with attacks on ESG is that investors seem happy with the returns — and it’s their money By Stephen L. Carter Stephen L. Carter is a Bloomberg Opinion columnist, a professor of law at Yale University and author of “Invisible: The Story of the Black Woman Lawyer Who Took Down America’s Most Powerful Mobster.” … Read more
Oil driller trims green budget to $1.5 billion from $2 billion Chevron is prioritizing profits over oil production next year Chevron Corp. is cutting low-carbon investments by one-fourth as the oil explorer trims spending across the board and prioritizes profits over energy output. Chevron plans to spend $1.5 billion on 2025 emission-reductions efforts and alternative energy … Read more
The federal government’s bet on the Trans Mountain pipeline expansion may pay off sooner than expected Bloomberg News The expansion of Canada’s Trans Mountain pipeline represented a US$24 billion bid to help the country’s oil producers reduce their near-total reliance on the United States market. That’s a bet that may pay off sooner than expected if President-elect Donald … Read more
A co-chair of the U.S. Congressional artificial intelligence task force urged federal energy regulators this week to support the development of data centers directly connected to power plants, citing national security and competition for global AI dominance, according to a letter seen by Reuters dated Dec. 5. U.S. Congressman Jay Obernolte said the Federal Energy … Read more
(Reuters) – It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output. The soft state of global demand is by itself sufficient reason to justify the decision at Thursday’s meeting of the group to defer winding back some of its production cuts until at least April. But weak demand … Read more
Oilfield services provider Flowco Holdings said on Friday it has filed for a U.S. initial public offering, the latest to capitalize on the recent revival in investor appetite for newly listed stocks. The U.S. IPO market, which had largely avoided large deals for nearly three years, is experiencing a revival as improving investor sentiment and … Read more
(Reuters) – Qatar has no concerns about U.S. President-elect Donald Trump’s promise to lift a cap on liquefied natural gas (LNG) exports, Qatar’s Energy Minister Saad al-Kaabi said on Saturday, adding his country would cope with any competition. “And you know even if you open up LNG and say we’re going to export another 300 … Read more
Summary Brent, WTI both up over 1% after two-week declines China signals loosened monetary policy next year to spur growth Overthrow of Syria’s Assad fuels regional uncertainty Dec 9 (Reuters) – Oil prices climbed by more than 1% on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to … Read more
Dec 6 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in eight 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, rose by seven to 589 in the week to … Read more
(Reuters) – OPEC+ at its Dec. 5 meeting made further changes to its oil production policy, by delaying a planned increase in output further into next year as it faces a weaker oil demand outlook. The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025 and extended … Read more
Oil prices fall on supply glut fears despite OPEC+ output cut extension Summary Brent and WTI both down more than 1%, post weekly loss Even with OPEC+ restraint, analysts see oversupply in 2025 US drillers add oil and gas rigs for first time in 8 weeks US job growth rebounds in November; unemployment rate rises … Read more
Summary Chevron supports U.S. policy on Venezuela, aims for better future for Venezuelans Wirth suggests setting limits on use of strategic petroleum reserve (Reuters) – Chevron, the only U.S. oil producer now working in Venezuela’s oilfields, has not held any discussions with President-elect Donald Trump’s team over the company’s operations in the country, CEO Michael Wirth said … Read more
Will Provide Additional Natural Gas Capacity to Serve Growing Market Needs DALLAS–(BUSINESS WIRE)–Energy Transfer LP (NYSE: ET) today announced that it has reached a positive final investment decision (FID) for the construction of an intrastate natural gas pipeline connecting Permian Basin production to premier markets and trading hubs. The new large-diameter pipeline, previously called the … Read more
Goldman Sachs on Friday maintained its forecast for Brent oil to average $76 per barrel in 2025, citing a balanced market situation, with lower OPEC+ supply offsetting an unexpected surge last month in commercial inventories at Organisation for Economic Co-operation and Development countries. “We maintain our annual average Brent forecasts of $76/bbl in 2025 and … Read more
Calgary, Alberta–(Newsfile Corp. – December 6, 2024) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural” or the “Company”) announces it has completed the acquisition of Chevron Canada Limited’s (“Chevron”) Alberta assets, which include a 20% interest in the Athabasca Oil Sands Project (“AOSP”) and a 70% operated interest in light crude oil and liquids rich Duvernay … Read more
BP is seeking buyers for a stake in its U.S. natural gas pipeline network, four people with knowledge of the matter said. The British energy company could raise up to $3 billion from the sale, two of the people said, with one of them adding that BP may sell up to a 49% stake in … Read more
Natural gas, wheat and other commodities are poised for a rollercoaster ride on geopolitical tensions and shifting forecasts for cold. A winter forecasting enigma is poised to send prices for energy and food on a bumpy ride in the next few months, with commodities from natural gas to wheat at risk of breakneck gains against a backdrop of geopolitical … Read more
Dec 5 (Reuters) – U.S. utilities are finally signing concrete supply deals with data-center operators as the artificial-intelligence wave sparks a surge in power demand, paving the way for higher profits in the coming quarters. Data centers are expected to account for 8% of the power generated in the U.S. by 2030, compared with 3% … Read more
** J.P. Morgan expects natural gas producers to benefit from three distinct demand trends; build-out of LNG export capacity, rising power demand from electrification and coal-to-gas switching ** Says expectations of record U.S. oil supply, OPEC+ barrels return in 2025, Non-OPEC 2025 supply growth and potential policy de-regulations due to Republicans gaining control of the … Read more
Summary Brent and WTI set for weekly loss Even with OPEC+ restraint, analysts see oil oversupply in 2025 (Reuters) – Oil prices fell on Friday as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026. Brent … Read more
(Reuters) – The oilfield service sector is poised for more consolidation in 2025, according to Deloitte’s 2025 Oil and Gas Industry Outlook, with President-elect Donald Trump expected loosen regulations on the U.S. oil and gas industry. The uptick in deals in the services sector would follow a wave of mega-mergers among oil producers, including Exxon … Read more
A 25% levy on imports would freeze out the Michigan and Wisconsin voters who helped propel him to victory. By Patricia Lopez The Midwest is in for a cold, costly winter if President-elect Donald Trump succeeds in imposing 25% tariffs on Canada and Mexico. The US buys nearly all the crude oil that Canada produces, but no region … Read more
COPENHAGEN, Dec 5 (Reuters) – Denmark’s latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry. After a year of challenges, the global offshore wind industry no longer has much prospect of hitting the lofty targets set by governments … Read more
Equinor UK Ltd, a subsidiary of Equinor ASA (OSE: EQNR, NYSE: EQNR, “Equinor”) and Shell UK Limited, a subsidiary of Shell plc (LSE: SHEL, NYSE: ADR SHEL, AMS EURONEXT: SHELL, “Shell”) are to combine their UK offshore oil & gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. The incorporated joint venture … Read more
(Reuters) U.S. energy regulators have another window of opportunity to clarify the role that giant fund firms should play in corporate ownership. It’s a good chance to resolve a nagging question for investors and stock issuers alike. In October BlackRock asked the U.S. Federal Energy Regulatory Commission to extend for another three years its permission … Read more
(Reuters) – OPEC+ has agreed to delay its plan to raise oil output until April 2025, an OPEC+ source told Reuters while its meeting was underway, to provide additional support for the oil market. The group will unwind its latest layer of output cuts gradually from April 2025 until 2026, the source said.
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 5.1 million barrels to 423.4 million barrels in the week ended Nov. 29, the EIA said, compared with analysts’ expectations in a Reuters poll for a 671,000-barrel draw. Crude … Read more
(Reuters) – A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices down more than 1% within minutes and causing traders to scramble to decipher the reason. The sale, just hours ahead of an OPEC+ virtual … Read more
(Reuters) – Oil prices pared some gains on Thursday after a source told Reuters OPEC+ has agreed to delay a planned oil output hike until April 2025. Brent crude was up 24 cents, or 0.3%, to $72.55 a barrel at 1237 GMT. It had been at $72.84 before Reuters reported the delay. U.S. West Texas … Read more
Summary Shell won’t lead new offshore wind investments, it tells Reuters Shell Energy to split into power generation, trading units Changes are part of CEO Sawan’s review of strategy (Reuters) – Shell is stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business that was once … Read more
(Reuters) – U.S. crude oil production rose by 20,000 barrels per day (bpd) to a record 13.513 million barrels per day in the week ended Nov 29, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. The previous weekly record for U.S. oil output was 13.50 million bpd, hit most recently in the … Read more
Lobito railway will transport critical minerals to Atlantic Effort by US to counter Chinese dominance of mining in Africa President Joe Biden meets Lobito Atlantic Railway workers at the Port in Lobito, on Dec. 4.Photographer: Andrew Caballero-Reynolds/AFP/Getty Images President Joe Biden is rounding off his trip to Angola by announcing $600 million in new financing for a … Read more
(Reuters) – Saudi oil giant Aramco, top oilfield services company SLB and Linde, the world’s largest industrial gases company, have signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia. Aramco will own 60% of the project while SLB and Linde will hold 20% each, the companies said in a joint statement on … Read more
By Timothy Gardner WASHINGTON, Dec 3 (Reuters) – Meta (META.O) said on Tuesday it is seeking proposals from nuclear power developers to help meet its artificial intelligence and environment goals, becoming the latest big tech company to take interest in atomic power amid an expected boom in electricity demand. The company wants to add 1 … Read more
By Jarrett Renshaw Dec 3 (Reuters) – Biden administration officials will not finalize highly anticipated guidelines on new clean fuel production tax credits aimed at the airline and biofuel industries before they leave in January, three sources told Reuters, casting doubt on the future of a key piece of the U.S. president’s climate agenda. The … Read more
Summary OPEC+ to discuss oil policy on Dec. 5 US oil and fuel stockpiles rose last week Israel warns of renewed war in Lebanon South Korea president faces impeachment after martial law debacle Dec 4 (Reuters) – Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts … Read more
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COMMENTARY: Where the Fight Against Energy Subsidies Stands – Alex Epstein