Iran's oil output and exports jumped in August despite U.S. sanctions, according to consultants and companies that track tanker shipments, as Tehran sells to buyers including China. Analysts said the higher exports appear to be the result of Iran's success in evading U.S. sanctions and Washington's discretion in enforcing them as the two countries seek better relations. The United States has sought to limit Iran's oil exports since Donald Trump exited a 2015 nuclear accord in 2018 and [Read more]
US natgas rises 2% on hot weather forecasts, traders assess storm impact
U.S. natural gas futures rose more than 2% on Wednesday on hotter weather forecasts, while traders assessed the impact from Hurricane Idalia that could lead to lower demand for the fuel. On their first day as the front-month, U.S. gas futures for October delivery on the New York Mercantile Exchange rose 6.4 cents, or 2.4%, to $2.73 per million British thermal units (mmBtu) at 9:44 a.m. EDT (1344 GMT). "One uncertainty is the impact of possible storms on Gulf production as we enter the [Read more]
Barclays hikes 2024 Brent crude price forecast on tighter balance view
Barclays on Wednesday raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year. "Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive view on oil prices," Barclays said in a note. Earlier this month, Saudi Arabia extended its voluntary production cut of 1 million bpd to [Read more]
US LNG projects win higher processing fees as interest rates climb
Long-term buyers of U.S. liquefied natural gas (LNG) are willingly agreeing to higher liquefaction fees at newer export projects, according to analysts and developers familiar with the matter. The U.S. emerged in 2022 as the world's second largest LNG exporter on plentiful supplies of natural gas and relatively low processing costs per metric ton of LNG. But rising interest rates and higher construction costs have pushed up liquefaction fees, also known as tolling fees. "We would naturally [Read more]
Malaysia’s Petronas to focus on capital buffer amidst energy headwinds
Malaysia's state oil firm Petroliam Nasional Berhad will focus on strengthening its capital position to deal with increasing volatility in the energy market and "restrictive" access to financing, its chief executive said on Wednesday. Petronas, as the company is known, posted a 29% drop in second-quarter profit, in line with other oil majors such as Chevron, Exxon Mobil, Shell, as energy prices fell from highs hit following Russia's invasion of Ukraine a year and a half ago. Petronas Chief [Read more]
Oil rises on large US stockpile draw, hurricane jitters
Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October climbed 31 cents, or 0.36%, to $85.80 a barrel by 0415 GMT. The October contract expires on Thursday and the more active November contract was at $85.23 a barrel, up by 32 cents. U.S. West Texas Intermediate crude futures gained 38 [Read more]
Trans Mountain oil pipeline expansion may face new delays – filing
Trans Mountain Corp fears that the expansion of its Canadian oil pipeline may be delayed further unless a regulator allows it to change its route in British Columbia, according to a First Nation that opposes the route adjustment. Cost overruns and delays have dogged efforts to triple the capacity of the government-owned pipeline that runs from Edmonton, Alberta to Burnaby, British Columbia (B.C.). Costs of construction have more than quadrupled to C$30.9 billion ($22.80 billion). Further [Read more]
US natgas prices slide 2% ahead of demand destroying Florida hurricane
U.S. natural gas futures slid about 2% on Tuesday with a major, demand-destroying hurricane expected to hit Florida on Wednesday and forecasts for less hot weather and lower gas use next week than previously expected. Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 120 miles per hour (193 kilometers per hour) before hitting the northwest coast of Florida early Wednesday, according to the U.S. National Hurricane Center (NHC). Traders said [Read more]
Eni, Repsol to upgrade oil-for-debt deal with Venezuela
European oil majors Eni and Repsol plan to expand an oil-for-debt deal with Venezuela under U.S. approval, aiming to supply refined products to state firm PDVSA and boost oil deliveries to Europe, three people close to the matter said. As Western sanctions last year cut the flow of Russian oil to Europe, Eni and Repsol received authorization from the U.S. State Department to take Venezuelan crude and process it in European refineries, to recoup accumulated debt and dividends from their joint [Read more]
Norway oil and gas exploration round attracts bids from 25 companies
Norway's annual offshore exploration licensing round in mature areas attracted bids from 25 oil and gas firms, including Shell, ConocoPhillips, Aker BP and Equinor, the country's energy ministry said on Tuesday. In May, the ministry offered 92 new blocks to search for oil and gas in the Norwegian and the Barents Seas in the so-called pre-defined areas (APA) exploration round. "Without exploration and new discoveries, we will neither be able to maintain production of oil and gas over time [Read more]
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