Russia remained China's top oil supplier in March, data showed on Saturday, as refiners snapped up stranded Sokol shipments. China's imports from Russia, including supplies via pipelines and sea-borne shipments, jumped 12.5% on the year to 10.81 million metric tons, or 2.55 million barrels per day (bpd) last month, according to data from the General Administration of Customs. That was quite close to the previous monthly record of 2.56 million bpd in June 2023. Seven Russian tankers [Read more]
US drillers add oil and gas rigs for first time in five weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by 2 to 619 in the week to April 19. Despite this week's rig increase, Baker Hughes said the total count was still down 134, or 18%, from this time last year. Baker Hughes said oil rigs rose 5 to 511 this week, their highest since September, while gas [Read more]
Alberta municipalities, farmers agree to cut water use as drought persists
Municipalities and irrigation districts in the western Canadian province of Alberta have agreed to use less water this summer to combat a severe ongoing drought, the provincial government said on Friday. Environment Minister Rebecca Schulz said water license holders had signed news memorandums of understanding covering four river basins in the southern half of the province. Alberta, which produces most of Canada's oil, natural gas and beef, plus big wheat and canola harvests, opened [Read more]
Jet fuel demand growth lags as air traffic exceeds pre-pandemic level
Global flight activity passed pre-pandemic levels for the first time in four years last week, but jet fuel demand growth has not kept apace as newer fleets of aircrafts become more fuel efficient and carry more passengers. Aviation fuel, a product refined from crude oil, has been the single biggest contributor to oil's post-pandemic bonanza, accounting for almost half the increase in total oil demand, according to the International Energy Agency (IEA). That makes jet fuel's pace of growth [Read more]
Iran oil sanctions in US aid package for Ukraine
U.S. lawmakers have tucked sanctions on Iran's oil exports in the House of Representatives' aid package for Ukraine, Israel and the Indo-Pacific after Tehran's missile and drone strike on Israel last weekend. If passed through both the House and Senate and signed by President Joe Biden and then implemented and enforced, the measures could eventually impact Iran's oil exports. Exactly when is unclear since the measures are still being debated and give the U.S. president waiver powers. The [Read more]
Shell’s value gap is more strategy than geography
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Yawen Chen LONDON, April 19 (Reuters Breakingviews) - It is generally a good thing when a chief executive worries about his company’s share price. The danger is seeking superficial fixes. Ever since Shell CEO Wael Sawan took charge last year, he has made it his mission to close the $230 billion oil giant’s valuation gap with U.S. rivals like Exxon Mobil. If his efforts fail to produce results by 2025, [Read more]
US restricts drilling and mining in Alaska wilderness, angering state leaders
The Biden administration on Friday took steps to limit both oil and gas drilling and mining in Alaska, angering state officials who said the restrictions will cost jobs and make the U.S. reliant on foreign resources, but pleasing environmentalists. The measures are aligned with President Joe Biden's efforts to rein in oil and gas activities on public lands and conserve 30% of U.S. lands and waters to combat climate change. The Interior Department finalized a regulation to block oil and gas [Read more]
Oil prices jump $3/bbl on unconfirmed reports of explosions in Iran
Oil prices jumped $3 a barrel on Friday in reaction to unconfirmed reports on X that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted. Brent futures jumped $3.03, or 3.5%, to $90.14 a barrel by 0147 GMT, and U.S. West Texas Intermediate crude rose $3.03, or 3.7%, to $85.76 per barrel. "There are some unconfirmed reports of explosions in the Middle East," ING's head of commodity research, Warren Patterson, said. The reports have sparked [Read more]
Goldman Sachs hikes Brent crude forecasts for 2024 and 2025
Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80. It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical risk premium. Brent crude futures are up 13% to about $87 a barrel so far in 2024, while U.S. oil futures are up about 15% to more than $82 a barrel in the same [Read more]
US natgas flows rise to Texas Freeport and other LNG export plants, LSEG data shows
The amount of natural gas flowing to the seven U.S. liquefied natural gas (LNG) export plants, including Freeport LNG, was on track to jump by around 17% on Thursday from a 15-month low on Tuesday, data from financial firm LSEG showed. LNG feedgas rose to a preliminary 10.8 billion cubic feet per day (bcfd) on Thursday, up from 10.1 bcfd on Wednesday and a 15-month low of 9.2 bcfd on Tuesday when feedgas to several facilities dropped, including Freeport in Texas, Cameron LNG in Louisiana, and [Read more]
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