U.S. refiner Phillips 66 said on Tuesday it will acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4 billion, giving it full ownership of two major U.S. refineries. WRB includes the Wood River refinery in Illinois and the Borger refinery in Texas, which have a combined crude throughput capacity of 495,000 barrels per day (bpd). The refineries — which would add about 250,000 bpd to Phillips 66’s net refining capacity — can process heavy and medium sour crudes as [Read more]
TotalEnergies CEO says NextDecade to announce FID on Rio Grande LNG train on Tuesday, CNBC reports
(adds CEO quote, NextDecade comment request; background on FID schedule and recent contracts for Rio Grande LNG) By America Hernandez PARIS, Sept 9 - TotalEnergies CEO Patrick Pouyanne said that U.S. liquefied natural gas developer NextDecade, in which Total holds a stake, will announce a final investment decision on an additional liquefaction unit at its Rio Grande LNG project later on Tuesday, in an interview with CNBC. The comments were made on the sidelines of the GasTech conference [Read more]
Asian demand for US LNG unshaken by China-Russia pipeline plans, says Venture Global CEO
Recent gas agreements between China and Russia are unlikely to weaken Asian demand for U.S. liquefied natural gas (LNG), according to Michael Sabel, CEO of Venture Global LNG, the second-largest U.S. exporter of the fuel. China, the world's largest LNG importer, signed deals on September 2 to boost gas supply through the existing Power of Siberia pipeline and to build the Power of Siberia 2, raising concerns in that this could displace China's appetite for imported LNG. "Don't get too [Read more]
Crude oil sentiment swings to lower prices as bearish factors mount: Russell
Sentiment in the crude oil market has shifted to expecting prices to decline, with the debate at the industry's biggest gathering in Asia more about timing than direction. The topic of presentations and conversations at the annual APPEC conference is always dominated by the outlook for prices, and this week's event was no different. What has shifted is market sentiment and the least-sighted animal this year was a bull in a sea of bearish participants. While there are many factors that [Read more]
Ukrainian strikes on Russian oil facilities could be a boon for US refiners: Bousso
The recent wave of Ukrainian drone attacks on Russian oil refineries and export facilities could boost global refining profit margins – particularly those in the U.S. – just as the peak summer demand season fades. Ukrainian attacks have shut down facilities accounting for at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day (bpd), according to Reuters' calculations. Other targeted infrastructure includes the Ust-Luga Baltic Sea oil export terminal and the Druzhba [Read more]
Oil rises on modest OPEC+ output hike decision, Russia supply woe
Oil prices gained on Tuesday after OPEC+ decided to increase production by less than what market participants had anticipated, while concerns over tighter supply due to potential new sanctions on Russia continued to lend support. Brent crude gained 35 cents, or 0.53%, to $66.37 a barrel by 0335 GMT, while U.S. West Texas Intermediate crude climbed 32 cents, or 0.51%, to $62.58 a barrel. Eight members of the Organization of the Petroleum Exporting Countries and allies, collectively known as [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for October delivery in Hardisty, Alberta, settled at $11.40 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $11.50 a barrel discount on Friday. * Monday's close was the narrowest discount for WCS since late July. Discounts widened in August due in part to the shutdown of BP's 440,000-barrel-per-day refinery in Whiting, Indiana, [Read more]
Cuts to US oil jobs and spending threaten output growth
The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world's top producer. The Organization of the Petroleum Exporting Countries and its allies in the OPEC+ producer group are increasing output to win back market share that was lost to the United States and other producers in recent years. OPEC+ agreed on Sunday to [Read more]
ConocoPhillips’ deep layoffs highlight need for capital discipline, analysts say
ConocoPhillips must sharpen its focus on capital discipline and investment priorities in order to regain its competitiveness against peers as oil prices and revenues fall, investors and analysts said, after the company announced last week it would lay off up to 25% of staff to cut costs. The third-largest U.S. oil producer joins majors Chevron and BP, and the world's largest oil service providers SLB and Halliburton, in cutting staff as increased output from OPEC+ and economic uncertainty due to [Read more]
Barclays cuts 2026 Brent forecast on OPEC+ supply increase expectations
Barclays on Monday lowered its Brent crude oil price forecast for 2026 by $4 to $66 a barrel, citing expectations that OPEC+ will fully unwind voluntary production cuts by September next year. The bank said OPEC+'s weekend decision to raise October production targets by 137,000 barrels per day (bpd) was "the group initiating the unwind of its initial voluntary adjustments that came into effect in May 2023." At this pace, the bank noted, OPEC+ would complete the full rollback of 1.66 million [Read more]
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