U.S. crude oil and gasoline inventories fell last week, buoyed by stronger demand and exports, while distillate stockpiles rose, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 3.2 million barrels to 419 million barrels in the week ended July 18, the EIA said, double analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 455,000 barrels in the week, the EIA said. U.S. [Read more]
US oil producer Continental Resources drops fraud lawsuit against rival Hess
U.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron, which closed its acquisition of Hess last week, did [Read more]
US refinery utilization hits to highest in over two years, EIA says
U.S. utilization of refinery operable capacity rose to 95.5% last week, the highest since June 2023, data from the U.S. Energy Information Administration showed on Wednesday. Refinery utilization in the U.S. Gulf Coast region rose in the week ended July 18 to 96.1%, a one-year high, the data showed. (Reporting by Shariq Khan and Scott DiSavino in New York Editing by Marguerita Choy) [Read more]
Trump says Japan, US to form LNG joint venture
U.S. President Donald Trump said on Tuesday that Japan will form a joint venture to develop a liquefied natural gas project in Alaska though a Japanese government official said he was not aware of such plans. It was not immediately clear whether Trump was referring specifically to the proposed $44 billion Alaska LNG project. That project would consist of an 800-mile (1,300-km) pipeline carrying gas to a planned liquefaction plant for export. Trump's announcement of the venture came in [Read more]
Equinor Q2 core profit down 13% on weaker oil price
Equinor's second-quarter profit fell as expected by 13% from a year earlier, its earnings report showed on Wednesday, as declining oil prices outweighed a rise in the price of gas. The Norwegian energy group's adjusted earnings before tax for April-June fell to $6.54 billion from $7.48 billion a year earlier, in line with the $6.53 billion predicted in a poll of 21 analysts compiled by the company. Equinor maintained a projection that its oil and gas output will grow by 4% this year [Read more]
US energy chief says sanctioning Russian oil to end Ukraine war a possibility
U.S. Energy Secretary Chris Wright said on Fox News on Tuesday that sanctioning Russian oil to end the Ukraine war is a "very real possibility." President Donald Trump said this month that Washington could put 100% tariffs on buyers of Russian oil and impose other sanctions if Moscow does not agree to a major peace agreement with Ukraine, a deadline that ends in early September. "It is huge pressure on Russia," Wright said in an interview on Fox News' "Special Report with Bret [Read more]
ConocoPhillips nears sale of Oklahoma assets to Stone Ridge Energy, sources say
U.S. oil and gas producer ConocoPhillips is in advanced talks to sell assets in Oklahoma to privately owned Stone Ridge Energy for around $1.3 billion, three people familiar with the matter told Reuters on Tuesday. Oklahoma City-based Flywheel Energy, a private oil and gas company backed by Stone Ridge Energy, will operate the assets on its backer's behalf, one of the sources said. The sources cautioned that no deal is guaranteed and talks could still end without an agreement. They also spoke [Read more]
Prices jump 22% in biggest US power grid energy auction
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]
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