U.S. exporters of liquefied natural gas (LNG) head into 2020 after a record year that saw exports soar by more than 60%, but growing concerns about weakened demand and heavy competition could act as headwinds in the coming year. Four new liquefaction trains - the common term for a shipping facility - entered service this year in the United States. The U.S. is on track to become the biggest global LNG exporter by 2024. LNG is seen as an alternative for Asian countries that have relied on [Read more]
Exxon acquires over 1.7 mln exploration acreage offshore Egypt
Exxon Mobil Corp said on Monday it had acquired more than 1.7 million acres for exploration offshore Egypt, strengthening its portfolio in the eastern Mediterranean.Operations at the 1.2 million North Marakia Offshore block located about five miles offshore Egypt's northern coast, and 543,000 acres in the North East El Amriya Offshore block in the Nile Delta are scheduled to begin in 2020. Exxon marked its foray into gas exploration in Egypt by winning awards in one of the [Read more]
Oil edges up on trade optimism, eyes on MidEast tensions
Oil prices traded at three-month highs on Monday, underpinned by optimism over an expected U.S-China trade deal, while traders kept a close eye on the Middle East following a U.S. air strike. Markets showed little initial reaction to news of the U.S. strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned "additional actions" may be taken. West Texas Intermediate (WTI) crude futures edged up 5 cents to $61.77 a barrel by 0529 GMT. The U.S. benchmark is [Read more]
U.S. drillers add oil rigs for first month in 13 -Baker Hughes
U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling. Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. That put the oil rig count down 208 for the year, its first [Read more]
Oil hits 3-month highs as strong U.S. consumer spending underpins growth hopes
Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. West Texas Intermediate contract was up 13 cents, or 0.2%, at $61.81 a barrel. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, [Read more]
U.S. natgas futures down nearly 5% on warmer weather forecasts
U.S. natural gas futures fell nearly 5% on Monday on expectations of warmer weather, which would lead to a reduction in heating demand. Front-month gas futures for January delivery on the New York Mercantile Exchange were down 11.4 cents, or 4.9% to settle at $2.214 per million British thermal units (mmBtu), their bigger daily percentage fall in over three weeks. "(As) the weather last week was colder than normal we would expect a larger-than-usual storage draw. However, somewhat normal to [Read more]
Oil declines, but losses limited as U.S.-China near trade deal
Oil prices slipped on Monday, but held near recent three-month highs amid optimism that the United States and China are close to signing a trade deal, with President Donald Trump saying an agreement would be signed "very shortly". West Texas Intermediate was down 25 cents at $60.19 a barrel. Brent crude was down 15 cents, or 0.2%, at $65.99 a barrel. A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the [Read more]
U.S. drillers add most oil rigs in week since Feb 2018
U.S. energy firms added the most oil rigs this week since February 2018 - primarily in the Permian shale - even though producers have been reducing spending on new drilling for much of this year. Companies added 18 oil rigs in the week to Dec. 20, bringing the total count to 685, the most since early November, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 883 active rigs. In the Permian in West Texas and [Read more]
Canada regulator shuts down Suncor offshore oil site over failed pump
The oil regulator for the Atlantic Canadian province of Newfoundland and Labrador has ordered Suncor Energy's offshore Terra Nova site to shut down, finding the company's fire water pump system was non-compliant. Terra Nova, operating in the Atlantic Ocean 350 kilometres (217 miles) east of St. John's, failed to maintain and inspect critical safety equipment, carry out timely repairs and ensure it mitigated potential hazards, the Canada-Newfoundland and Labrador Offshore Petroleum Board [Read more]
Irving Oil's New Brunswick refinery, Canada's biggest, drops 2020 carbon cut pledge -documents
Irving Oil, operator of Canada’s largest oil refinery, has abandoned a pledge to cut carbon output by 17% from 2005 levels by 2020, replacing it instead with a goal to keep its performance on climate change competitive with rivals, according to documents reviewed by Reuters.The policy change appears likely to ensure the refinery – the nation's 18th biggest greenhouse gas emitter - misses the cuts by a wide margin at a time Ottawa is seeking to slash emissions and build a [Read more]