A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Activists like Greta Thunberg don't like it. But some in the solar, wind and hydro industry are warming to the carbon crowd. Tejpreet Chopra, who heads one of India's clean energy firms Bharat Light and [Read more]
U.S. natgas futures hold near 18-mth low on lower demand forecasts
U.S. natural gas futures held near an 18-month low on Friday on forecasts for lower heating demand over the next two weeks than previously expected, which should allow utilities to keep pulling less gas from storage than usual for at least a third week in a row. Also weighing on prices was a growing belief in the market that Freeport LNG's liquefied natural gas (LNG) export plant in Texas would not return to service until February or later after another vessel turned away from the plant this [Read more]
Mexico president says resolved Canada firms’ concerns in energy dispute
Mexican President Andres Manuel Lopez Obrador said he met with representatives of four Canadian firms on Wednesday and resolved their problems, after agreeing to see them at talks with Canadian Prime Minister Justin Trudeau earlier this month. The companies in question were ATCO Ltd, La Caisse de depot et placement du Quebec (CDPQ), Northland Power Inc, and Canadian Solar Inc, according to an official familiar with the matter. A spokeswoman for CDPQ confirmed its presence at the meeting on [Read more]
U.S. natgas futures hold near 18-month low ahead of storage report
U.S. natural gas futures held near an 18-month low on Thursday as the market waits for direction from a federal report expected to show last week's storage withdrawal was much smaller than usual because the weather then was warmer than normal, keeping heating demand low. That lack of price movement came despite bullish forecasts for colder weather and more heating demand next week than previously expected and bearish news that another liquefied natural gas (LNG) tanker turned away from [Read more]
Oil up slightly but bearish of U.S. data, crude stocks build
Oil futures gained slightly on Thursday, even in the face of recession fears as a sharp decline in U.S. retail sales and manufacturing output muddied the outlook for demand, while industry data showing a surprise jump in U.S. crude stocks also weighed on prices. U.S. West Texas Intermediate (WTI) crude futures also rose $1.02, or 1.09%, to $80.11 a barrel. Brent crude futures were last up 94 cents, or 1.11%, to $85.48 a barrel, after losses of around 1% on Wednesday. "The deteriorated [Read more]
IEA’s Birol expects tighter energy markets in 2023
International Energy Agency (IEA) head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries. "I wouldn't be too relaxed about the markets and 2023 may well be a year where we see tighter markets than some colleagues may think," IEA Executive Director Birol said in an interview with the Reuters Global Markets Forum in Davos. Two Gulf OPEC+ producers, UAE [Read more]
Canadian province and First Nations reach Montney shale play deal
The Canadian province of British Columbia (B.C.) announced a land, water and resource management agreement with the Blueberry River First Nations Indigenous group on Wednesday that will restart development in the vast Montney shale play, but also limit new oil and gas activity. New well licenses in B.C.'s Montney have been frozen since June 2021, when a landmark B.C. Supreme Court decision ruled in favour of a Blueberry River claim that decades of industrial development had damaged their [Read more]
British Columbia reaches deal with First Nations in Montney shale play
British Columbia on Wednesday announced a land, water and resource management agreement with the Blueberry River First Nations that will restart development in Canada's vast Montney shale play, but also limit new land disturbance from oil and gas activity. New well licenses in B.C.'s Montney have been frozen since June 2021, when a landmark B.C. Supreme Court decision ruled in favour of a claim from the Blueberry that the cumulative impacts of decades of industrial development had damaged [Read more]
Kinder Morgan beats profit estimates; CEO to step down
Kinder Morgan Inc on Wednesday beat analysts' estimates for fourth-quarter adjusted profit and said long-time Chief Executive Steve Kean will step down from the role. The company transported higher volumes of natural gas, jet fuel and carbon dioxide as sanctions on Russia following its invasion of Ukraine dried up supplies and boosted U.S. liquefied natural gas export volumes to Europe. "Our Natural Gas Pipelines segment performed well above plan for the quarter, as did our CO2 segment, [Read more]
CNOOC wins ruling against Pembina Pipeline
Pembina Pipeline Corp unjustly discriminated against Chinese oil major CNOOC Ltd by refusing access to storage facilities in Edmonton, Alberta, the Canada Energy Regulator (CER) has ruled. In a decision made on Tuesday, a CER commission ordered Calgary-based Pembina to consent to receive, deliver and transport oil from CNOOC Marketing Canada through connection facilities linking the Woodland feeder pipeline to storage tanks that CNOOC subleases from Pembina. The CER also directed the two [Read more]
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