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Exxon, Suncor Units Lose Bid to Escape Boulder, Colorado’s Climate Case

ExxonMobil and subsidiaries of Suncor Energy have lost their bids to dismiss a lawsuit by Boulder, Colorado, alleging the energy companies contributed to climate change by concealing from the public the dangers of unchecked fossil fuel use. Boulder County District Court Judge Robert Gunning on Friday largely rejected the companies contention that Colorado’s courts lacked jurisdiction … Read more

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Rising US Labor Costs Threaten to Derail New LNG Projects

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A shortage of skilled labor and nagging inflation from strong wage growth on the U.S. Gulf Coast are pressuring liquefied natural gas (LNG) developers and delaying some projects from reaching a financial go-ahead. There are five LNG plants under development in Texas and Louisiana and 16 others on the drawing board in the U.S. looking … Read more

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CEO of Hess Corp to Join Goldman Sachs Board as Independent Director

oil appraoches $50 per barrel

John Hess, CEO of Hess Corp, has joined the board of Goldman Sachs as independent director, the Wall Street firm said in a statement on Monday. Hess is the latest addition to the board after senior banking executive Tom Montag joined as an independent director last year. Hess will also become a member of the … Read more

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COMMENTARY: A “Massive Cushion” of Madness – Irina Slav

iea 1200x810 jan 4 2024

By Irina Slav More From Irina Slav The Cambridge Dictionary defines madness as “stupid or dangerous behaviour”. It also lists a few dozen synonyms, featuring words such as “chaos”, “bedlam”, and “confusion”. All of these can and should be used to describe several recent updates from Camp Transition. In one of these, I’d go as far … Read more

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U.S. Natgas Prices Ease to 2-Week low on Output Rise, Lower Demand Forecast

Natural Gas Flame

U.S. natural gas futures eased about 1% to a two-week low on Monday as output slowly rises and on forecasts for less hot weather and lower cooling demand next week than previously expected. That price decline came despite forecasts for more hot weather and cooling demand this week than previously expected. Front-month gas futures for … Read more

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Oil Edges Higher as Demand Expectations Offset Dollar Strength

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(Reuters) – Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar. Brent crude futures were up 22 cents, or 0.3%, at $85.46 a barrel by 1053 GMT. U.S. West Texas Intermediate crude futures were up 19 cents, or 0.2%, at $80.92. Both benchmarks … Read more

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Ring Energy Announces Management Team Changes

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(GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced management team changes, including the pending departure of two senior executives. Mr. Stephen D. Brooks, Ring’s Executive Vice President of Land, Legal, Human Resources and Marketing, has elected to retire from his position effective July 1, 2024. The Company has … Read more

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Lithium Battery Factory Fire in South Korea Kills 22, Mostly Chinese Migrant Workers

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The fire began after batteries exploded while workers were examining and packaging them Firefighters work to extinguish a fire at a lithium battery factory in Hwaseong on June 24, 2024. PHOTO BY YONHAP / AFP SEOUL, South Korea — A fire likely sparked by exploding lithium batteries swept through a manufacturing factory near South Korea‘s capital on Monday, killing … Read more

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EU Adopts New Sanctions Against Russia, Including LNG

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European Union countries adopted a 14th package of sanctions on Russia that aims to close some circumvention loopholes and hits Russia’s gas exports for the first time, EU foreign affairs ministers said in a statement on Monday. Western powers imposed sweeping sanctions on Moscow after Russia launched a full-scale invasion of Ukraine in February 2022, … Read more

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WATCH: Digitizing Your Land Files & Mapping Your Acquisition Projects

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Learn How We Convert Your Land Records from Paper to Digital When it comes to managing land records, most energy companies have a combination of digital and paper files. This makes finding and analyzing information extremely time consuming, and trying to share information is even worse. However, it’s a daunting process and finding the time … Read more

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U.S. Drillers Cut Oil and Gas Rigs to Jan 2022 Low for Third Week – Baker Hughes

New Mexico Drilling

(Reuters) -U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022 for a third week in a row, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, … Read more

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US Oil Refiners’ Weekly Capacity Seen up 68,000 Bpd, IIR Says

U.S. oil refiners are expected to have about 85,000 barrels per day (bpd) of capacity offline in the week ending June 28, increasing available refining capacity by 68,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 79,000 bpd in the week ending July 5, IIR added. The following … Read more

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U.S. Manufacturing Output has Flat-Lined, Dampening Diesel Use: John Kemp

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U.S. manufacturing production has barely increased since before the pandemic, which explains why diesel consumption remains anemic and has not rebounded in line with expectations at the start of the year. Production increased by a faster-than-expected 0.9% in May after seasonal adjustments, but that followed back-to-back declines of 0.4% in April and 0.1% in March, … Read more

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U.S. Jet Fuel Output Rises to Pre-COVID Levels as Demand Soars

U.S. refiners pumped out jet fuel last week at the fastest pace since the pandemic, government data showed, as they look to keep up with forecasts of record air travel this summer. U.S. refiners’ net production of jet fuel hit about 1.9 million barrels per day (bpd) last week, 8% higher than the same time … Read more

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Oil Prices Ease on Strong Dollar, Mixed Global Economic News

Summary Crude benchmarks end the week 3% higher U.S. dollar hits 7-week high versus major currencies U.S. oil demand on the rise as summer begins Israel-Lebanon tensions ratchet up June 21 (Reuters) – Crude prices eased about 1% on Friday on worries that global oil demand growth could be hit by a strong U.S. dollar … Read more

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U.S. Oil Refiners’ Weekly Capacity Seen Down 56,000 Bpd, IIR Says

U.S. oil refiners are expected to have about 153,000 barrels per day (bpd) of capacity offline in the week ending June 21, decreasing available refining capacity by 56,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to fall to 85,000 bpd in the week ending June 28 and to 79,000 bpd … Read more

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U.S. Natgas Flows Fall to 11-Month Low at Cheniere Sabine LNG Export Plant

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The amount of natural gas flowing to U.S. liquefied natural gas firm Cheniere Energy’s Sabine Pass export plant in Louisiana was on track to drop to an 11-month low on Friday, according to data from financial firm LSEG. Reductions at Sabine and other U.S. LNG export plants have often had a major impact on global … Read more

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U.S. Power System Cranks Up Gas Output as Cooling Season Kicks Off

Natural Gas Terminal

(Reuters) – Natural gas-fired power generation in the United States has climbed nearly 6% through June 17 from the same period a year ago, as above-normal temperatures lifted use of power-hungry air conditioners. U.S. power generation from natural gas from Jan. 1 through June 17 was just over 30 million megawatt hours (MWh), according to … Read more

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Major Chinese Asset Managers Have No Plans to Phase Out Fossil Fuel Investments

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(Reuters) – Major Chinese asset managers have billions of dollars invested in fossil fuels with no plans for a phase out, a new Greenpeace report said. The environmental organisation’s analysis of 16 major Chinese asset managers released on Thursday said that they have invested a combined 267.2 billion yuan ($36.79 billion) in high-carbon sectors and … Read more

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Oil Set for Second Week of Gains on Signs of Improving Demand

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Summary U.S. crude and gasoline inventories fall U.S. oil demand on the rise as summer begins Israel-Lebanon tensions ratchet up June 21 (Reuters) – Crude oil futures were little changed on Friday but on course to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the United … Read more

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U.S. Offers $850 Million in Grants to Clean up Oil Sector Methane Emissions

(Reuters) – The U.S. government opened up on Friday competitive bidding that will close on Aug. 26 for $850 million in grants to help small oil and gas producers monitor and reduce methane from their operations, a major part of the Biden administration’s plan to crack down on leaks of the potent greenhouse gas. WHY … Read more

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U.S. Crude and Fuels Stocks Fell Last Week – EIA Said

U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday. Crude inventories fell by 2.5 million barrels in the week ending June 14 to 457.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.2 million-barrel draw. Stocks at the Cushing, Oklahoma, … Read more

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Exxon-Hess Arbitration Panel Incomplete, Hess Sale to Chevron Stalled

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A contract arbitration panel that could block or green-light the $53 billion sale of Hess Corp to Chevron remains incomplete three months after the case was filed, stalling a decision on whether Exxon Mobil has a right of first refusal over Hess’ Guyana operations. The third and final arbitrator has not been appointed, according to … Read more

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Environmental Activists Win Landmark Ruling Over UK Oil Well Plan

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(Reuters) – The UK’s highest court ruled on Thursday that planners must look at the impact of emissions on global warming before granting approval for oil wells, in a landmark case that climate activists said makes it easier to block fossil fuel projects. Environmental campaigners had argued that planning permission to retain and expand an … Read more

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Troubled Electric Vehicle Maker Fisker Files for Bankruptcy

Bloomberg News The EV maker announced weaker-than-expected earnings and plans to cut 15 per cent of its workforce Fisker Inc. filed for bankruptcy on Monday, months after the electric-vehicle startup stopped production of its only model, the oft-malfunctioning Ocean SUV. The company listed between US$500 million and US$1 billion of assets, and between US$100 million and US$500 million of … Read more

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The Key States Driving the U.S. Solar Power Boom

LITTLETON, Colorado, June 19 (Reuters) – California has long been the dominant player in the U.S. solar sector, but its share of national solar electricity output has fallen from 100% in 2003 to under 30% last year, data from the U.S. Energy Information Administration (EIA) shows. That rapid drop in California’s solar power share reveals … Read more

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Oil Price Stable Ahead of US Inventory Data

Summary Middle East conflict remains in focus EIA inventory data due at 1500 GMT BoE interest rate decision at 1100 GMT (Reuters) – Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited U.S. inventory data. August Brent crude rose by 18 cents, or 0.21%, to $85.25 a barrel … Read more

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Phillips 66 Seeing Tightened Margins Following Trans Mountain Oil Pipeline Start-Up

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U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May. The $24.84 billion expansion has nearly tripled the flow of crude from landlocked Alberta to Canada’s Pacific coast to 890,000 barrels per day (bpd). “We are still exporting Canadian crude from … Read more

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Oil Companies Flare More Natural Gas, Defying Effort to Eliminate Practice

(Reuters) – Oil companies around the world last year burned off the most natural gas in five years while also increasing the intensity of the highly polluting practice, a World Bank report found on Thursday. With only six years left to meet a World Bank goal of stopping routine flaring, the companies burned off an estimated 148 … Read more

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Robust Permian Output, OPEC Spare Capacity to Keep Brent at $75-90/bbl Ceiling, Goldman Says

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Goldman Sachs expects robust oil production growth in the Permian basin, the largest U.S. oilfield, and high OPEC spare capacity to likely support the ceiling of their $75-90 per barrel Brent price forecast in the short run, the bank said in a research note on Tuesday. However, limited upside to maturing Permian production is likely … Read more

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U.S. Oil Refiners’ Weekly Capacity Seen Down 21,000 Bpd, IIR Says

U.S. oil refiners are expected to have about 118,000 barrels per day (bpd) of capacity offline in the week ending June 21, decreasing available refining capacity by 21,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to fall to 85,000 bpd in the week ending June 28, IIR added. The following … Read more

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No Future U.S. Government Can Prevent Iran Oil Exports, Minister Says

Iranian oil exports will continue regardless of who is elected as the next U.S. president, Iranian Oil Minister Javad Owji said on Wednesday, amid concerns that a Donald Trump presidency could curb Iranian crude sales. “Whatever government comes to power in the United States will not be able to prevent Iranian oil exports,” Owji said … Read more

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U.S. Unveils Rules for Subsidies to Boost Clean Energy Wages

(Reuters) – President Joe Biden’s administration on Tuesday unveiled final rules for new clean energy subsidies in an effort to make jobs and wages in green industries competitive with those in oil and gas. The guidelines for companies seeking to claim tax credits tied to job quality are aimed at delivering on Biden’s vision that … Read more

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U.S. Senate Passes Bill to Support Advanced Nuclear Energy Deployment

FILE PHOTO: A technician looks at the pool storage where spent nuclear fuel tanks are unload in baskets under 4 meters of water to decrease temperature as part of the treatment of nuclear waste at the Areva Nuclear Plant of La Hague, near Cherbourg, western France, April 22, 2015. REUTERS/Benoit Tessier/File Photo

Expanding nuclear power has broad bipartisan support, with Democrats seeing it as critical to decarbonizing the power sector to fight climate change and Republicans viewing it as a way to ensure reliable electricity supply and create jobs. A version of the bill had already passed in the House of Representatives and it will now go … Read more

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Oil Steady Amid U.S. Stock Build But Jitters Abound

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Summary U.S. crude stocks rise, gasoline inventories fall Conflict in Europe, Middle East support oil prices (Reuters) – Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories. Brent crude … Read more

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U.S. Natgas Rises Over 4% on Hot Weather, Higher Demand Forecasts

Natural Gas Terminal

U.S. natural gas futures rose more than 4% on Tuesday, helped by forecasts for warmer-than-usual weather and higher demand for the next week than previously expected. Meteorologists projected weather across the Lower 48 states would remain hotter than normal through at least July 3. Temperatures are expected to be above normal starting July across more … Read more

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Canada Oil and Gas Emissions Cap Likely to Curtail Production, Report Says

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Canada’s proposed oil and gas emissions cap will prompt companies to cut production rather than invest in costly carbon capture and storage (CCS) technology, according to a report by consultancy Deloitte and released by the Alberta government on Tuesday. Prime Minister Justin Trudeau’s Liberal government is developing regulations to force Canada’s highest-polluting sector to cut … Read more

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Join DIMATE at Downstream USA 2024 in Galveston, Texas – June 26, 27!

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We are pleased to announce our participation in upcoming Downstream USA on June 26-27, 2024 in Galveston, Texas! It’s a great opportunity to network with industry experts and discover exciting new innovations. Visit Our Booth #821 Meet our team at booth #821 where we will be showcasing DIMATE PACS and our latest NDE advancements powered … Read more

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Oil and Corn Groups Team Up Against Biden’s Tailpipe Emissions Rules

The top U.S. oil and corn industry lobby groups said on Tuesday they were suing the administration of President Joe Biden over its plans to slash planet-warming tailpipe emissions from cars and trucks, arguing the regulations will cause economic harm. The U.S. Environmental Protection Agency this spring finalized new rules for models of semi-trucks, buses … Read more

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Oil Funds Temper Bearishness After OPEC+ Reassurance

By John Kemp (Reuters) – Portfolio investors last week repurchased some of the petroleum they had sold the week before after Saudi Arabia and its OPEC+ allies stressed any future production increases would be contingent on market conditions. Hedge funds and other money managers purchased the equivalent of 80 million barrels in the six most important … Read more

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Berkshire Hathaway Boosts Stake in Occidental Petroleum to Nearly 29%

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum , a regulatory filing showed, bringing his stake in the U.S. oil producer’s common stock to nearly 29%. Berkshire disclosed in a U.S. Securities and Exchange Commission filing on Monday that it paid about $176 million in three separate purchases of … Read more

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