U.S. President-elect Donald Trump said on Tuesday that any person or company investing at least $1 billion into the U.S. "will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals." The statement, posted on his social media platform Truth Social, did not offer further details. Trump's transition team is working on a package to roll out within days of his taking office on Jan. 20 to approve export permits for liquefied natural gas [Read more]
US power use to reach record highs in 2024 and 2025, EIA forecast says
U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Tuesday. EIA projected power demand will rise to 4,086 billion kilowatt-hours in 2024 and 4,165 billion kWh in 2025. That compares with 4,012 billion kWh in 2023 and a record 4,067 billion kWh in 2022. With growing demand from artificial intelligence and data centers and as homes and businesses use more electricity for heat and [Read more]
US natgas output to decline as demand hits record high in 2024, EIA says
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected that dry gas production will ease from a record 103.8 billion cubic feet per day in 2023 to 103.2 bcfd in 2024 as several producers reduce drilling activities. Those producers reduced drilling after average monthly spot gas prices at the Henry Hub benchmark fell to a 32-year low [Read more]
US net crude oil imports to fall by 20% in 2025 to lowest since 1971, EIA says
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand. The EIA expects the United States to produce 13.52 million bpd in 2025, up from 13.24 million bpd in 2024, it said in its December Short-Term Energy Outlook (STEO). Meanwhile refiners are set to process 16 million bpd of crude oil in 2025, down by 200,000 [Read more]
US Energy Department says two LNG reviews must wait for regulator
The U.S. Department of Energy said on Tuesday it is not able to complete reviews of two liquefied natural gas projects in Louisiana until an independent regulatory body finishes its environmental assessments. The DOE said it has to wait for the Federal Energy Regulatory Commission, or FERC, to finish its work before it can review applications for exports to countries with which the U.S. does not have free trade agreements. The projects are Venture Global LNG's CP2 20 million ton per annum [Read more]
Oil prices ease, but China policy stance checks losses
Oil prices slipped on Tuesday as concerns eased about the fallout from Syrian President Bashar al-Assad's overthrow, but the market found support in China's vow to ramp up policy stimulus, which could boost the top global crude buyer's demand. Brent crude futures were down 32 cents, or about 0.4%, at $71.82 per barrel. U.S. West Texas Intermediate crude futures were down 37 cents, 0.5% lower, at $68 at 0458 GMT. Both benchmarks climbed more than 1% on Monday. "The tensions in the Middle [Read more]
Discount on Western Canada Select heavy crude tightens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Monday: * WCS for January delivery in Hardisty, Alberta settled at $12.25 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at a discount of $12.40 a barrel under the U.S. benchmark the previous trading day. * Global oil prices climbed more than 1% on Monday on higher geopolitical risk after the fall of Syrian President Bashar [Read more]
Oilfield service companies add more jobs in November, trade group says
Oilfield service companies ramped up hiring in November, adding 1,890 jobs in the sector, according to data from trade group Energy Workforce & Technology Council released on Monday. WHY IT'S IMPORTANT Oilfield service hiring can serve as an indicator of the health of the sector. Companies bringing on more employees could imply more drilling to come. BY THE NUMBERS Total jobs in the U.S. energy services sector rose to 655,630 in November, up from 654,062 in October, the data [Read more]
How has the fall of Assad impacted Syria’s energy sector?
A tanker carrying Iranian oil to Syria turned round in the Red Sea to head away from its original destination after the fall of Syrian President Bashar al-Assad. Syria's 13-year civil war crippled the country's energy sector, making it highly reliant on imports from Iran. Below are facts about Syria's energy sector. ** Syria has not exported oil since late 2011, when international sanctions came into force, and has become dependent on fuel imports from Iran to keep power supplies [Read more]
US to offer oil and gas leases in Alaska wildlife refuge on Jan. 9
The Biden administration will offer oil and gas drilling leases in Alaska's Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The agency will make 400,000 acres (161,874 hectares) available to drillers at the auction, the minimum required by a 2017 law that mandated the sale. ANWR is a 19-million-acre refuge for species including polar bears and Porcupine caribou. The wild landscape lacks roads and public facilities, but its 1.6-million-acre [Read more]
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