Western sanctions on Russia and Iran are creating record volumes of oil kept in floating storage, preventing a supply glut from forming in global markets, Gunvor Group's CEO said on Wednesday. The European Union, United Kingdom and the United States have imposed a raft of sanctions against Russia over its war in Ukraine, with the latest U.S. embargo targeting Russia's two top oil producers Rosneft and Lukoil last month. "Through the sanctions that we've had around the world, an enormous [Read more]
Oil dips amid broader market selloff, strong dollar pressure
Oil prices dipped on Wednesday amid a wider slump in financial markets and a strong U.S. dollar, while investors assessed the supply outlook. Brent crude futures edged lower by 6 cents, or 0.1%, to $64.38 a barrel by 0408 GMT, having touched a near two-week low in the prior session. U.S. West Texas Intermediate crude was down 10 cents, or 0.17%, at $60.46. The risk-off tone across markets saw investors exit energy markets, ANZ analysts wrote in a Wednesday client note. Asian stocks [Read more]
Ovintiv expands in Montney shale with USD $2.7 billion deal for NuVista
Ovintiv said on Tuesday it would buy the rest of NuVista Energy in a cash-and-stock deal valued at $2.7 billion, including debt, strengthening the shale producer's presence in Canada's Montney basin. Last year, the North American company had acquired oil assets from Canadian firm Paramount Resources in the Montney shale for $2.38 billion in cash. "This acquisition, combined with the inventory additions from our bolt-on acquisition work in the Permian is putting our investors into top tier [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Tuesday. WCS for December delivery in Hardisty, Alberta, settled at $11.05 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Monday's close of $11.10. * "The bidding war for Canadian crude remains very strong and the result has been tighter than typical differentials for this time of year," said RBN Energy analyst Martin King. * International [Read more]
Suncor Energy beats third-quarter profit estimates on higher production
Canada's integrated oil and gas firm Suncor Energy beat third-quarter profit estimates on Tuesday, as higher production helped offset lower prices. Canadian oil producers are also gaining from the expanded Trans Mountain pipeline, which opens access to global markets and lessens their dependence on the U.S. pipeline system. The company's total upstream production was at 870,000 barrels per day in the quarter, compared with 828,600 bpd a year earlier. Crude prices averaged $68.33 per [Read more]
HSBC expects OPEC+ oil quota increases to accelerate later in 2026
HSBC expects OPEC+ to accelerate oil output quota increases in the second and third quarters of 2026 as the producer group focuses on regaining market share, the bank said on Tuesday. OPEC+ agreed on Sunday a small oil output increase for December and a pause in increases in the first quarter of next year. It has raised output targets by around 2.9 million barrels per day - or around 2.7% of global supply - since April, but slowed the pace from October amid predictions of an [Read more]
How BP won its $1 billion-plus case against Venture Global
Oil major BP won its $1 billion-plus arbitration case against liquefied natural gas producer Venture Global with an argument of unfair behaviour by the U.S. company, said five sources close to the matter, shedding light on strategy that could be used by claimants in parallel cases. BP won its case in October, two months after rival Shell lost a similar case when it failed to prove that Venture Global broke its long-term LNG contracts. Shell did not push the argument of unfair behaviour in its [Read more]
Constitution gas pipeline could save US Northeast $11.6 billion, S&P Global says
The proposed 135-mile (217-km) Constitution natural gas pipeline could provide price relief and other economic benefits to the U.S. Northeast, generating up to $11.6 billion in energy savings and supporting nearly 2,000 jobs annually over 15 years, S&P Global said in an analysis released on Tuesday. The analysis says the pipeline, which is owned by Williams Companies, could also add up to $4.4 billion in gross state product across Connecticut, Massachusetts, New York state and Rhode [Read more]
Kimmeridge calls for overhaul at Coterra, says 2021 merger a failure
Activist investor Kimmeridge on Tuesday called on Coterra Energy to overhaul its leadership and strategy, saying the 2021 merger of Cabot Oil & Gas and Cimarex Energy has failed to deliver value and left it trading at a discount to its peers. In an open letter, the private investment firm urged the board to appoint an independent, non-executive chair and to refocus operations on its oil-rich Delaware Basin assets, saying the company's current mix of oil and gas properties has created [Read more]
TotalEnergies sees oil demand rising until 2040 as energy security outweighs climate concerns
*CEO says Paris Agreement climate goals out of reach *Oil demand expected at 98 million barrels per day in 2050 *Demand forecast has risen versus last year's report *CEO cites concern over energy security, prices By America Hernandez PARIS, Nov 4 - French oil major TotalEnergies sees global oil demand rising through 2040 before gradually dropping off, as political fragmentation and energy security concerns dampen the drive to reduce emissions and limit global warming, it said in [Read more]
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