British oil and gas producer BP, Venezuela's state oil company PDVSA and Trinidad and Tobago's National Gas Company are speeding negotiations for a Venezuelan license to develop natural gas deposits in the Caribbean Sea, four people familiar with the matter said. The companies last year resumed negotiations for developing the Cocuina-Manakin gas field on the maritime border between Trinidad and Venezuela, which contains about 1 trillion cubic feet of natural gas. The talks have progressed [Read more]
Freeport LNG in Texas resumes exports as gas processing ramps up
The U.S.' second largest liquefied natural gas exporter Freeport LNG has resumed shipments after shutting operations ahead of Hurricane Beryl, with processing on track to reach about half its capacity on Monday, according to preliminary LSEG data. Beryl hit the Texas coast on July 8, causing damage to ports and energy infrastructure and leaving more than 2 million customers without power. Freeport LNG, which shut its three liquefaction trains on July 7 and later reported wind damage, has [Read more]
US natgas prices jump 4% on rising exports from Freeport LNG in Texas
U.S. natural gas futures jumped about 4% to a one-week high on Monday with an increase in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants as Freeport LNG in Texas started exporting cargoes again after shutting for Hurricane Beryl in early July. Traders also noted that the hottest weather of the summer is forecast to blanket much of the U.S. Lower 48 states in early August. That heat could boost the amount of gas power generators burn to produce electricity to [Read more]
Biden bows out, election bets shift, China cuts
A look at the day ahead in U.S. and global markets from Mike Dolan U.S. President Joe Biden's weekend withdrawal from the White House race can hardly be seen as a big surprise, but it adds some doubts to market bets that Republican challenger Donald Trump is a shoo-in in November's election. After a turbulent few days for Wall Street stocks that saw their biggest weekly loss since April, and as big tech megacaps hiccupped into the start of the second-quarter reporting season, volatility had [Read more]
Russia discusses building oil refinery in Cuba, TASS says
Russia has held discussions with Havana about the construction of an oil refinery in Cuba together with Russian companies, the TASS news agency cited a senior Russian lawmaker, Alexander Babakov, as saying. A delegation of Russian lawmakers headed by the speaker of the lower house of parliament, Vyacheslav Volodin, is visiting Cuba. Babakov said the possible construction of an oil refinery was discussed during the trip. "Cuba has crude oil: it is logical not to import oil products but to [Read more]
Oil market likely to be in surplus next year, Morgan Stanley says
The crude oil market is currently tight but next year will likely be in surplus, with Brent prices declining into the mid-to-high $70s range, Morgan Stanley said. The tightness will hold for most of the third quarter, the bank said in a note dated on Friday, but equilibrium will return by the fourth quarter, "when seasonal demand tailwinds abate and both OPEC and non-OPEC supply return to growth." Three sources told Reuters last week that OPEC+ is unlikely to recommend changing the group's [Read more]
Woodside goes all-in on LNG with brave Tellurian buy: Russell
Australia's Woodside Energy wants to become one of the world's largest independent producers of liquefied natural gas (LNG). In itself this is not a bad ambition. But choosing to do so by taking over a troubled U.S. LNG project is certainly a brave way of going about it. Woodside said on Monday it has agreed to acquire all of Tellurian for a total value of $1.2 billion, including a cash payment of some $900 million, or $1 per share, a premium of 75% to the U.S. company's last closing [Read more]
ExxonMobil to transfer operations of assets of 2 production-sharing contracts in Malaysia to Petronas
Exxon Mobil Corp intends to transfer the operations of all assets of two production-sharing contracts in Malaysia to state energy company Petronas, Exxon Mobil said on Saturday. Reuters had reported on Friday that Exxon Mobil had agreed to sell its Malaysian oil and gas assets to Petronas, citing two people with direct knowledge of the matter. "This is not a sale and there will be no changes to EMEPMI's working interest in the Production Sharing Contracts," ExxonMobil Exploration and [Read more]
Freeport prepares to restart LNG exports
A liquefied natural gas tanker was docked at the Freeport LNG terminal for the first time in almost two weeks on Friday evening, according to LSEG ship tracking data, likely signaling the resumption of exports of the superchilled gas from the second-largest LNG exporter. The docking of the Axios II follows Freeport LNG shutting its three liquefaction plants, also called trains, on July 7 as a precaution to protect the trains from Hurricane Beryl. Freeport has been slow to restart its [Read more]
U.S. FTC probes Hess, Occidental execs over OPEC communication, Bloomberg reports
The U.S. Federal Trade Commission is probing executives from major oil firms, including Hess Corp, Occidental and Diamondback Energy over their communications with OPEC officials, Bloomberg News reported on Friday, citing people familiar with the matter. Agency investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, the report said. Earlier this year, FTC barred former Pioneer Natural Resources CEO Scott Sheffield from Exxon's [Read more]
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