The U.S. Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost U.S. competitiveness. Energy Secretary Jennifer Granholm will unveil the awards during a visit to a Cleveland-Cliffs Steel Corp facility in Middletown, Ohio, which will receive up to $500 million to install two new electric arc furnaces and hydrogen-based technology to reduce [Read more]
Oil rises as heightened geopolitical risks exacerbate supply concerns
Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. Brent crude futures climbed 52 cents, or 0.6%, to $85.95 a barrel at 0359 GMT. U.S. crude futures gained 55 cents, or 0.7%, to $81.18 per barrel. Both benchmarks fell less than 1% last week versus the previous week. A stronger U.S. dollar, which [Read more]
Financiers grab reins as new energy startups struggle
Private equity firms are increasing their direct oversight of energy transition companies in their portfolios, taking on added duties to address runaway costs from supply chain issues and preserve valuations, executives said at the CERAWeek energy conference this week. Excitement around new energy technologies saw billions of dollars of investment poured in the last four years into those aiming to shape the energy transition with biofuels, hydrogen, solar, wind and carbon removal [Read more]
TotalEnergies Texas refinery production cut after fire sources say
Production at TotalEnergies' 238,000-barrel-per-day (bpd) Port Arthur, Texas refinery was reduced and the small crude distillation unit (CDU) shut following a fire on Friday morning, said people familiar with plant operations. The fire broke out at about 4:30 a.m. CDT (0930 GMT) in the naphtha and aromatics processing section of the refinery, the sources said. The company did not have an immediate comment about operations at the refinery. The 40,000-bpd ACU-2 CDU was shut following the [Read more]
US gas rig count falls to lowest since January 2022 – Baker Hughes
U.S. energy firms this week cut the number of natural gas rigs operating to the lowest level since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22. Baker Hughes said that puts the total rig count down 134, or 18%, below this time last year. The number of oil rigs fell by one to 509 this week, while gas rigs decreased by four [Read more]
US gas producers shrug off low prices, bet on LNG boom
Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand - and prices - for the fuel. Natural gas prices have fallen by one-third this year, undercut by a warmer winter, outages at LNG facilities and higher-than-expected output. The growth in solar and wind power and a pause on new U.S. LNG export permit reviews also have clouded the outlook for future gas demand. "Domestic U.S. markets [Read more]
US natgas prices ease 1% to three-week low on mild forecasts
U.S. natural gas futures eased about 1% to a three-week low on Thursday on forecasts for milder weather over the next two weeks than previously expected, ample gas in storage and expectations gas flows to liquefied natural gas (LNG) export plants would remain low through May due to outages at Freeport LNG's plant in Texas. Freeport LNG said it anticipates two of the three liquefaction trains at its export plant will remain out of service for testing and repairs through May. Front-month gas [Read more]
China’s CNOOC files arbitration over Hess stake in Guyana oil block
Chinese offshore oil and gas major CNOOC said it had filed an arbitration claim to establish a right over Hess' stake in the giant Guyana oilfield Stabroek in the event of the U.S. firm's sale to Chevron. CNOOC filed the arbitration application on March 15, following a similar move by its other Stabroek partner Exxon Mobil, Xu Yugao, CNOOC's board of directors secretary, told an earnings briefing late on Thursday. "We have a joint operating agreement with partners regarding the Stabroek [Read more]
Exxon ahead of schedule on doubling LNG portfolio, exec says
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, the company's LNG chief said on Thursday. Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. The oil major is relatively small in LNG trading compared to [Read more]
Sixteen US states sue federal government over ban on LNG permit
Sixteen U.S. states, including Texas, have filed a lawsuit to challenge the federal government's ban on approving applications to export liquefied natural gas, the office of Texas Attorney General Ken Paxton said on Thursday. The lawsuit argues the federal government lacks the authority to broadly deny those permits. The lawsuit was filed in federal court in Lake Charles, Louisiana, by a coalition of states including Texas, Louisiana and Florida that claim the U.S. Department of Energy's [Read more]
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