Prices out of an annual energy auction held by PJM Interconnection, the largest grid operator in the U.S., cleared at $329.17 a megawatt-day, 22% higher than last year's record-high levels, according to results released by the organization on Tuesday. A recent surge in U.S. power consumption driven by Big Tech's data center demand has butted up against roughly a decade of shrinking power supplies in PJM, leading to a supply shortfall that has driven prices in the capacity auction to new [Read more]
EQT beats second-quarter profit estimates on higher natgas prices, sales volumes
U.S.-based energy company EQT Corp beat Wall Street estimates for second-quarter adjusted profit on Tuesday, benefiting from stronger natural gas prices and sales volumes, sending its shares up 1.2% in extended trading. Higher natural gas prices through 2025 than last year have supported production levels, according to the U.S. Energy Information Administration (EIA). The energy sector has been benefiting from a rise in demand for natural gas, helped by LNG exports and increasing power [Read more]
US natgas output could decline after hitting record high in Q2
U.S. natural gas output could fall in coming months, after touching record highs in the second quarter, according to some analysts, setting the stage for prices to rise as demand from new liquefied natural gas exports and power plants come online. Even though the number of gas rigs operating has climbed to a 16-month high, according to energy service provider Baker Hughes, more than a third of U.S. gas comes from associated gas produced during oil drilling. And the U.S. oil rig count has [Read more]
North Dakota rig count falls by 3 on the month to 29 in July, state regulator says
North Dakota oil drillers are currently running 29 rigs, down from 32 in June, the state regulator said on Tuesday, as operators continue to deploy more efficient drilling technologies. More efficient drilling allows operators to do more with less, lowering capital expenditures while at the same time extracting more oil. "The decline in the rig count does not necessarily mean we have less rock being drilled," said Nathan Anderson, director of the state's Department of Mineral [Read more]
North Dakota oil production down 61,000 bpd in May vs April to 1,113,000 bpd – state regulator
Oil production in North Dakota fell 61,000 barrels-per-day (bpd) to 1,113,000 bpd in May, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission's monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's general statistics report, also available on its website. [Read more]
US became net exporter of crude to Nigeria for the first time, EIA says
The United States became a net exporter of crude oil to Nigeria in February and March, as crude demand on the U.S. East Coast slowed due to refinery maintenance and the Dangote refinery drove up Nigeria's demand for inputs, the U.S. Energy Information Administration said in a note on Tuesday. WHY IT'S IMPORTANT This is the first time that the U.S. has exported more crude oil to Nigeria than it imported. Nigeria is generally considered a source for U.S. crude oil imports, ranking ninth last [Read more]
Halliburton says Mexico oil output decline rates will pressure reactivation of business
U.S. oilfield service provider Halliburton on Tuesday said Mexico's oil production decline rates are creating pressure for a reactivation of business amid long delays from state-run Pemex to pay its suppliers. Output of crude and condensate by Pemex, the largest producer in the country, fell 8.4% in May to 1.64 million barrels per day, according to official figures. Oilfield service companies have significantly decreased activities because of the lack of payments from Pemex, the world's [Read more]
Canada’s Enbridge to invest $900 mln in Texas solar project
Energy infrastructure company Enbridge said on Tuesday it had reached a final investment decision to invest $900 million on a 600 megawatt solar power project in Texas, as demand for clean energy from tech companies drives growth in renewables. Meta Platforms has signed a long-term contract to purchase 100% of the project's renewable output to help power its regional operations. Meta is among the several large tech firms investing in renewable energy to power their data centers. The [Read more]
Holes in EU Russia sanctions put attention back on Trump oil threat: Bousso
(Repeats column, text unchanged. The opinions expressed here are those of the author, a columnist for Reuters.) *EU sanctions unlikely to impact Russia's oil revenue severely *India and China may continue buying discounted Russian crude *Trump's secondary sanctions could pressure Russia but risk global oil price surge By Ron Bousso LONDON, July 22 - The European Union's latest effort to restrict Russia's oil revenue is unlikely to hurt Moscow's war effort severely, leaving U.S. [Read more]
Halliburton profit slumps on weak North America, Middle East drilling demand
Halliburton reported about 33% fall in profit for the second quarter on Tuesday, hurt by weak demand for its oilfield services in North America, Saudi Arabia and Kuwait. The company had flagged a second-quarter earnings impact from President Donald Trump's tariffs and lower oilfield activity in North America as producers evaluated drilling and completions at weak oil prices. "Oilfield services market will be softer than I previously expected over the short to medium term," Halliburton CEO [Read more]
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