BOE Report

Shell-led LNG Canada could approve Phase 2 expansion by early October, sources say

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Partners in the Shell-led LNG Canada export project could reach a final investment decision on its Phase 2 expansion as early as next month, three people familiar with the matter told Reuters. The expansion would add a further 14 million metric tons per annum (mtpa) of liquefied natural gas export capacity to the facility in Kitimat, British Columbia, effectively doubling the project's total capacity to 28 mtpa. The proposed expansion comes as LNG buyers, particularly in Asia, are placing [Read more]

Global LNG prices could spike this winter on low European gas stocks

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Global LNG prices could shoot higher this winter as Europe holds its lowest stocks in years and North Asian buyers face increased competition with the Strait of Hormuz still closed, executives said at an industry conference this week. Europe will enter this winter more vulnerable than usual amid storage levels that are lower than last year, industry executives and analysts said at Gastech in Bangkok. At the same time, the war on Iran has prevented Qatar and the United Arab Emirates from [Read more]

Oil prices extend losses on easing fears of Middle East supply disruption

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Oil prices eased on Thursday, extending losses on reports of Saudi Arabia offering extra crude cargoes through Oman, which reduced fears of supply disruptions, but stayed above $100 on concerns about the Middle East conflict expanding. Brent crude futures dropped $1.88, or 1.8%, to $103.95 a barrel by 0632 GMT, while U.S. West Texas Intermediate futures were down $1.77, or 1.7%, at $100.66 a barrel. Both contracts fell about $3 on Wednesday. "Concerns over supply tightness eased slightly [Read more]

Trump hopes Iran war nearing end as Houthi-Saudi fighting escalates

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U.S. President Donald Trump said he hoped an end to the war against Iran was near, as the conflict, in its seventh month, escalated with Saudi aircraft pounding Yemen and Houthi fighters launching drones and missiles at Saudi cities. The Iran-backed Houthis' lightning advance in Yemen along the Red Sea and their attacks on Saudi Arabia, along with attacks that damaged Saudi Arabia's East-West oil pipeline, have extended Tehran's reach in the war and heightened global oil-supply risks. As [Read more]

LNG spot price surge deters Asian buyers, but saves Europe: Russell

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Asia's imports of liquefied natural gas are set for the weakest September in eight years as high spot prices deter buyers in China and South Asia. The top-importing continent is expected to see arrivals of 20.09 million metric tons of the super-chilled fuel in September, the lowest for this month since the 19.88 million in September 2018, according to data compiled by commodity analysts Kpler. Asia's imports are down from the 22.27 million tons in September last year, and also a drop from [Read more]

ExxonMobil nears Venezuela oil deal, WSJ reports

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ExxonMobil is nearing a preliminary deal to invest in Venezuela's oil fields while negotiating a potential return to the country nearly two decades after its exit, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. ExxonMobil could sign a memorandum of understanding with state-run Petróleos de Venezuela as soon as this month to explore investing in a number of developed and undeveloped fields, according to the report, though the talks could still fall apart [Read more]

National Fuel Gas explores options for $5 billion natural gas production business, sources say

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U.S. energy firm National Fuel Gas is exploring strategic options for its integrated natural gas production business, with any deal set to value the unit at around $5 billion, five people familiar with the matter said. The Williamsville, New York-based company, which traces its roots back to 1902 as a carve-out from John D. Rockefeller's Standard Oil, is working with advisers including investment bankers at Goldman Sachs to study a wide range of scenarios for the business, which consists of [Read more]

Two pumping stations along Saudi East-West Pipeline damaged in recent attack, sources say

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Two pumping stations serving the vital East-West Pipeline in Saudi Arabia were damaged in an attack last week, with a repair timeline unclear, according to assessments from three oil and security sources. Saudi Aramco, which operates the 1,200 km (745-mile) pipeline running across the Arabian Peninsula, did not respond to a request for comment. Saudi Arabia's government media office did not immediately respond to a request for comment. The pipeline, which has helped relieve the logjam in [Read more]

EU chief wants Canada to become an ‘associate member’. What does that mean?

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European Commission President Ursula von der Leyen said on Wednesday she wanted to open the door for Canada to become the European Union's first "associate member". Earlier this week, Canada's Prime Minister Mark Carney — who was in Strasbourg to listen to von der Leyen's annual State of the Union address — said Canada was seeking a "unique alliance" with the EU but not membership. WHAT MIGHT THE NEW RELATIONSHIP INVOLVE? There is currently no such status as "associate member" set out [Read more]