Kinder Morgan Inc reported a 20.3% rise in quarterly adjusted profit on Wednesday as higher demand for jet fuel boosted the U.S pipeline operator's volumes, with the company also benefiting from an increase in natural gas pipeline performance. Kinder Morgan received a boost from bottled-up travel demand, resulting in a 19% rise in jet fuel volumes transported in the second quarter. The company said adjusted earnings for it natural gas pipelines were up 6% at $1.13 billion in the reported [Read more]
Shell places U.S. Gulf of Mexico assets up for sale -sources
Shell is exploring a sale of its stakes in two U.S. Gulf of Mexico oil and gas developments which could raise as much as $1.5 billion for the energy major, people familiar with the matter said on Wednesday. Potential divestments of some aging assets would allow the company to focus on newer and larger fields around the world, including its giant Whale development in the Gulf which is expected to start production in 2024, the sources said. Shareholders and regulators also have been [Read more]
TC Energy’s Keystone oil pipeline operating at reduced rates for third day
One of Canada's major oil export arteries, the Keystone pipeline, was operating at reduced rates for a third day on Wednesday, operator TC Energy said in a statement, as repairs continued on a third-party power facility in South Dakota. TC said there is currently no timeline for completion of repairs and restoration of power service. The 590,000 barrel-per-day pipeline ships crude from Alberta to refineries in the U.S. Midwest. Calgary-based TC declared force majeure on Keystone deliveries [Read more]
Canada to launch dispute talks over Mexican energy, support U.S. challenge
Canada on Wednesday said it would launch its own consultations with Mexico over energy policies, which it says are inconsistent with a new North American trade pact (USMCA), supporting a similar move announced earlier by the United States. We agree with the United States that these policies are inconsistent with Mexico's USMCA obligations," Alice Hansen, spokeswoman for Canada's International Trade Minister Mary Ng, said in a statement to Reuters. "We are joining the United States in [Read more]
U.S. natgas futures up 3% on hotter forecasts, output decline
U.S. natural gas futures rose about 3% on Wednesday on forecasts for hotter weather over the next two weeks than previously expected and a decline in output in recent days. Extreme weather has already boosted power demand to record highs in several parts of the country, including Texas, as homes and businesses crank up their air conditioners to escape a brutal heat wave. That price increase came despite a drop in feed gas to liquefied natural gas (LNG) export plants due to upsets at a [Read more]
Oil prices ease ahead of U.S. inventory data
Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. U.S. West Texas Intermediate (WTI) crude for August dropped $4.65, or 4.45%, to $99.15 per barrel. The WTI contract will expire later on Wednesday. Brent crude prices for September fell $1.36, or 1.37%, to $105.90 a barrel. The more active September WTI contract was at $100.24 a barrel, down 50 cents. Oil prices [Read more]
ConocoPhillips CEO warns of oil supply shortages and price volatility
ConocoPhillips chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead. Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S. President Joe Biden returned from Saudi Arabia without success in [Read more]
Russia is China’s top oil supplier for 2nd month, Saudi volumes tumble
Russia held its spot as China's top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totalled 7.29 million tonnes, up nearly 10% from a year ago, according to data from the Chinese General Administration of [Read more]
Biden to announce executive orders on climate
U.S. President Joe Biden plans to announce new executive orders aimed with regards to climate change on Wednesday during a trip to Somerset, Massachusetts, sources familiar with his plans told Reuters. The announcement is unlikely to include the declaration of a climate emergency, which would enable the use of the Defense Production Act to ramp up production of a wide range of renewable energy products and systems. U.S. Senate Democrats and environmental groups have been calling for such a [Read more]
U.S. natgas futures slide 3% as output rises, technical resistance
U.S. natural gas futures fell about 3% on Tuesday after failing to break through a key point of technical resistance as overall output continues to rise to record levels and a small and brief decline in gas flowing to liquefied natural gas (LNG) export plants. That price decline came despite a preliminary one-day drop in output on Tuesday, a preliminary increase in LNG feed gas on Tuesday and forecasts for hotter weather and higher air conditioning demand next week than previously [Read more]
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