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]
US pipeline firms poised to follow biggest customers into M&A
U.S. energy pipeline and storage operators have spent two years watching the consolidation of oil and gas producers, and now they are gearing up for the merger wave to hit their sector, executives, investors, and analysts said. The midstream sector has a lot of specialized midsize firms and only a handful of very large operators able to provide the services across a wide geographic footprint. Mergers will result in more suppliers able to provide processing, transport, storage and export [Read more]
LNG growth to be met by other countries if US walks away – Baker Hughes CEO
If the U.S. pulls back from permitting new liquefied natural gas (LNG) export plants, demand for the fuel will still be met from projects in Qatar, Argentina and Africa, the CEO of Baker Hughes, the world's largest provider of equipment for the LNG sector, said on Thursday. The Biden administration in January paused new export permits for LNG projects to study the impact of further expansion, a move that has drawn criticism from LNG companies and their advocates. "We believe by 2030 there [Read more]
US senators seek to harden ban on selling reserve oil to China
Two U.S. senators introduced legislation on Thursday to harden the ban on selling crude oil from the Strategic Petroleum Reserve (SPR) to China. The bill, introduced by Senators Joni Ernst, a Republican and John Fetterman, a Democrat, would ensure that companies owned or controlled by China's government do not buy oil from the SPR. A funding bill signed by President Joe Biden this month blocked Chinese companies from buying oil, but contained an exception if the oil was not exported to [Read more]
Oil traders expect stocks to fall significantly after OPEC extends cuts: Kemp
Global petroleum inventories are only slightly below the long-term seasonal average but futures prices have already moved into a steep backwardation as traders anticipate they will deplete further over the rest of 2024. OECD commercial inventories of crude oil and refined products are estimated to have been around 75 million barrels (-3% or -0.48 standard deviations) below the prior ten-year seasonal average at the end of February. The U.S. Energy Information Administration’s “Short-Term [Read more]
US natgas end-of-season storage to reach 7-year high in March
U.S. natural gas storage is on track to end the November-March winter withdrawal season at 2.050 trillion cubic feet (tcf) on March 31, the highest since 2017, according to analysts' estimates. That compares with 1.850 tcf of gas in storage at the end of the winter withdrawal season in 2023, 2.063 tcf at the end of March 2017 and a five-year (2019-2023) average of 1.653 tcf. Looking ahead to the end of the April-October summer injection season, analysts project storage will reach a new [Read more]
Russia says United States unlikely to agree Ukrainian idea of lower oil price cap
Russia said on Thursday that the United States was unlikely to agree to a Ukrainian proposal to lower the price cap on Russian oil to $30 a barrel but said Washington had for decades tried to use oil as a weapon against its global rivals. After Russia sent troops into Ukraine in 2022, the West sought to sink the Russian economy by imposing a myriad of sanctions and in 2022 imposed a $60 a barrel price cap on Russian oil. President Vladimir Putin says Russia's wartime economy - which grew [Read more]
Oil rebounds after surprise drop in US crude, gasoline stocks
Oil prices rebounded on Thursday as U.S. crude and gasoline stock drawdowns lent support despite signs that the U.S. Federal Reserve may keep interest rates higher for longer. Brent crude futures for May rose 55 cents, or 0.6%, to $86.50 a barrel by 0400 GMT, after falling 1.6% on Wednesday. U.S. West Texas Intermediate futures for May climbed 47 cents, or 0.6%, to $81.74 a barrel, after sliding about 1.8% in the previous session. Crude inventories in the United States, the world's [Read more]
Ecuador expects oil output to reach 550,000 bpd by end of 2025 -minister
Ecuador expects its oil output to reach 550,000 barrels per day (bpd) by the end of 2025 as it grants foreign producers contract extensions that had been on hold, the energy minister said on Wednesday. Ecuador's production has slid in recent years due to instability, lack of energy company interest in the Andean country's offered oil and gas areas and frequent contract changes. The country has been forced to renegotiate oil-for-debt deals. Current output is around 485,000 bpd, below a peak [Read more]
Angola to maintain oil output at 1.1. million bpd through at least 2027
Angola is producing about 1.1. million barrels per day of crude, similar to its level before it exited the Organization of the Petroleum Exporting Countries, and expects to maintain those volumes at least until 2027. Output at Africa's second-largest crude oil exporter has declined steadily since hitting a peak of 2 million barrels per day (bpd) in 2008. It aims to produce more natural gas to counter part of the oil decline. "Our aim is at least to keep this level of production until [Read more]
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