Saudi Arabia, Russia and other members of OPEC are scheduled to meet online on Thursday and could make further changes to an agreement that already limits supply into 2024, according to analysts and OPEC+ sources, to support the market. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, delayed the meeting from Nov. 26. OPEC+ sources said this was because of a disagreement over output levels for African producers, although sources have since said [Read more]
Occidental Petroleum in talks to buy Permian producer CrownRock – WSJ
Occidental Petroleum is in talks to buy CrownRock in a deal that could value the company well above $10 billion including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Sources told Reuters in September that the private equity-backed company, which is led by Texas billionaire businessman Timothy Dunn, had initiated discussions with investment banks about hiring advisers to run a sale process that will kick off by early 2024. Occidental did not [Read more]
Capital Power CEO planning no Canadian gas-fired plants due to Trudeau’s regulations
Alberta's Capital Power is not planning to build new natural gas-fired power plants in Canada as Prime Minister Justin Trudeau's proposed electricity regulations to fight climate change make new investments in such facilities unviable, CEO Avik Dey said. The concerns raised by Capital, Alberta's second-biggest power generator, mirror those of Alberta Premier Danielle Smith, who on Monday said the province would defy the federal government's proposed clean electricity regulations (CER). [Read more]
US natgas prices edge up to one-week high on higher demand forecasts
U.S. natural gas futures edged up about 1% to a one-week high on Wednesday with the start of the new higher-priced January contract and forecasts for higher demand over the next two weeks than previously expected. The price increase came despite forecasts for less cold weather through mid December and near record output that should reduce the amount of gas utilities need to pull from storage to meet rising heating demand. Analysts forecast the amount of gas in U.S. storage was about 8% [Read more]
Middle East Crude-Benchmarks drop as trades subdue, all eyes on OPEC+ meeting
Middle Eastern benchmarks Oman, Dubai and Murban continued to fall on Wednesday amidst subdued spot trades, while the market waited for major oil producers to reach agreement on their output plan. Spot premium for Oman, a medium sour crude, flipped to a discount of 78 cents a barrel against the Dubai quotes, down from a premium of $1.05 in the prior day. Oman crude prices are typically volatile toward the end of the month due to low liquidity, as traders look to cover their outstanding [Read more]
US holds first of several oil and gas auctions as COP28 gets underway
The Biden administration on Tuesday said it raised $3.4 million from a sale of oil and gas drilling rights in Wyoming, the first in a series of such sales that will coincide with a United Nations' conference aimed at combating fossil fuel-driven climate change in Dubai. The Interior Department's U.S. Bureau of Land Management (BLM) offered 37 parcels on 35,000 acres (14,164 hectares) in Wyoming, with just 18 tracts on 21,500 acres receiving bids, the agency said in a statement. The sale was [Read more]
Canada’s oil province Alberta unveils carbon capture and storage incentives
Canada's main oil-producing province Alberta on Tuesday said it would provide a 12% grant on eligible capital costs associated with building new carbon capture utilization and storage (CCUS) projects to help the oil and gas sector hit decarbonization targets. The incentive from Alberta comes on top of a federal government CCUS tax credit announced last year. Canada, the world's fourth-largest oil producer, is aiming to cut emissions 40-45% below 2005 levels by 2030 but will struggle to hit [Read more]
US natgas prices slide 2% to two-month low on less cold forecasts
By Scott DiSavino NEW YORK, Nov 28 - U.S. natural gas futures slid about 2% to a fresh two-month low on Tuesday on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. Traders also noted that record output means U.S. utilities don't have to pull as much gas out of storage as usual to meet heating demand. Analysts forecast the amount of gas in U.S. storage was about 8% above normal on Nov. 24. On its last day as the front-month, gas [Read more]
Europe’s energy crisis is over: Kemp
From mid-2021 until late 2022, Europe and parts of Asia were gripped by an energy crisis, as oil, gas, coal and power prices surged, in some cases to record highs, forcing households and firms to cut use rapidly. Russia’s invasion of Ukraine and sanctions imposed in response by the U.S. and its allies disrupted energy supplies that were already stretched by the rebound in industrial production after the coronavirus epidemic. But 18-24 months later, the acute phase of the adjustment is [Read more]
Oil prices rise on weak dollar, expectations for OPEC+ output cuts
Oil prices rose slightly on Tuesday due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued. Brent crude futures were up 11 cents, or 0.1%, at $80.09 a barrel at 0510 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading 4 cents higher, also 0.1%, at $74.90 a barrel. Both benchmarks pared some gains after rising sharply in early Asian trade. OPEC+, which combines the Organization [Read more]
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