Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed. Ukraine stepped up drone attacks on Russian energy infrastructure since the start of the year, hitting some major oil refineries across the world's second largest oil exporter in attacks that sent up oil prices. Russia says the drone attacks amount to terrorism. Ukraine says its drone [Read more]
Oil prices fall after Iran attack as market draws down risk premium
Oil prices fell during trade on Monday, as market participants dialled back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage. Brent futures for June delivery fell 20 cents, or 0.2%, to $90.25 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 33 cents, or 0.4%, at $85.33 a barrel by 0225 GMT. The attack involving more than 300 missiles and drones was the first on Israel from another [Read more]
Iran launches drone attack at Israel, expected to unfold ‘over hours’
Iran launched dozens of drones at Israel on Saturday but they will take hours to reach their targets, Israel's military said, an attack that may trigger a major escalation between the regional archenemies, with the U.S. pledging to back Israel. Two security sources in Iraq said dozens of drones had been spotted flying from Iran toward Israel over Iraqi airspace in what Iranian Press TV called "extensive drone strikes" by the Revolutionary Guards. Iran has vowed retaliation for what it [Read more]
North Dakota’s rig count drops as consolidation sweeps oil patch
Operators in North Dakota's Bakken oilfield reduced their rig count to 36 in April, down from 40 in March, marking the lowest number this year as a wave of consolidation has swept through the oil patch, state regulators said on Friday. "Their drilling budgets are disrupted especially if both are active in the Bakken. They may have an entirely new rig schedule, trying to coordinate with the midstream folks to come up with gas capture plans," said Lynn Helms, North Dakota director of mineral [Read more]
Heavy oil differential narrows slightly
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Friday: * WCS for May delivery in Hardisty, Alberta, settled at $13.45 a barrel below WTI, according to brokerage CalRock, after closing at $13.60 a barrel below the benchmark on Thursday. * Canadian heavy crude differentials have strengthened this month on news that the 600,000 barrel-per-day Trans Mountain pipeline expansion project is set to start [Read more]
Oil and gas activity in US Midwest, Rockies fell in Q1, Kansas Fed says
Oil and gas energy activity in Oklahoma, Colorado and the northern part of New Mexico fell in the first quarter of 2024, the Federal Reserve Bank of Kansas City said on Friday in its quarterly survey of energy activity. Drilling and business activity contracted for a fifth straight quarter and will likely continue to fall over the next six months, according to the survey, which included responses from 33 firms operating in the Midwest, the Rockies and parts of New Mexico. More than 75% of [Read more]
US natgas prices hold near 2-week low on lower demand forecasts
U.S. natural gas futures held near a two-week low on Friday on worries about a huge storage surplus and forecasts for lower demand over the next two weeks than previously expected due primarily to a drop in feedgas to the Freeport LNG export plant in Texas. Analysts forecast gas stockpiles were about 36% above normal levels for this time of year. That lack of price movement occurred despite a drop in output as producers reduced drilling activities after prices fell to a 3-1/2-year low in [Read more]
Texas earthquake could further restrict oil companies’ saltwater disposal options
A 4.4 magnitude earthquake that shook the largest U.S. shale field on Wednesday could lead to further restrictions on how operators there can dispose of saltwater associated with their oil and gas production, analysts said. The quake was the largest yet in the Stanton Seismic Response Area (SRA), a swath of the Permian basin near Midland, Texas, where regulators were already monitoring seismic activity linked to disposal of saltwater, a natural byproduct of oil and gas production. The [Read more]
US finalizes big reforms to federal oil and gas drilling
President Joe Biden's administration on Friday finalized a range of reforms designed to boost returns and address environmental harms from oil and gas drilling on public lands. The new rules follow years of criticism from green and taxpayer groups that federal oil and gas development was not benefiting the public. Many of the changes formalize provisions in Biden's landmark climate change law, the 2022 Inflation Reduction Act (IRA). Under the new policy, oil and gas companies will pay [Read more]
Hess signals Exxon arbitration could push a sale into next year
An Exxon Mobil arbitration case that could block the sale of Hess Corp to Chevron could drag on until year-end, Hess said in a U.S. securities filing on Friday. The filing signals any closing of its $53 billion sale to Chevron could fall into next year, at least six months later than a prior goal of finalising the deal the middle of this year. Exxon and CNOOC Ltd filed cases before the International Chamber of Commerce last month seeking to claim a right to a first refusal over any sale of [Read more]
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