Brent oil futures were little changed in Asia on Thursday, hovering slightly below seven-week highs, as the market weighed geopolitical developments in the Middle East while waiting for the upcoming U.S. inventory data. August Brent rose 6 cents to $85.13 per barrel by 0315 GMT. Meanwhile, U.S. West Texas Intermediate futures (WTI) for July, which expires on Thursday, dipped 15 cents at $81.42 per barrel. There was no WTI settlement on Wednesday due to a U.S. holiday, which kept [Read more]
French Senate urges government to buy ‘golden share’ in TotalEnergies
The French government should buy a "golden share" in TotalEnergies to have a say in strategic company decisions, including aligning its activities with the Paris Climate Accord and vetoing any potential move to the U.S., a non-binding Senate report published on Wednesday said. The report follows nearly six months of hearings by a special commission on whether TotalEnergies' global activities are aligned with France's own climate objectives. With snap elections in France in two weeks, it is [Read more]
US oil refiners’ weekly capacity seen down 21,000 bpd, IIR says
U.S. oil refiners are expected to have about 118,000 barrels per day (bpd) of capacity offline in the week ending June 21, decreasing available refining capacity by 21,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to fall to 85,000 bpd in the week ending June 28, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday June 19 June 17 June [Read more]
No future US government can prevent Iran oil exports, minister says
Iranian oil exports will continue regardless of who is elected as the next U.S. president, Iranian Oil Minister Javad Owji said on Wednesday, amid concerns that a Donald Trump presidency could curb Iranian crude sales. "Whatever government comes to power in the United States will not be able to prevent Iranian oil exports," Owji said in comments quoted by Iran's official news agency IRNA. In 2018, then-President Trump withdrew from a 2015 nuclear pact with Iran and re-imposed sanctions [Read more]
Oil steady amid war jitters, surprise build in US crude stocks
Oil prices held steady during trade on Wednesday, as the market weighed concerns over escalating conflict in Europe and the Middle East with demand worries following an unexpected build in U.S. crude inventories. Brent crude futures rose 2 cents to $85.35 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude was down 6 cents to $81.51 per barrel. Both benchmarks gained over $1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian [Read more]
Trans Mountain revises heavy crude standards on pipeline after quality concerns
Canadian government-owned oil pipeline operator Trans Mountain last week revised standards for accepting crude oil on its recently expanded system after buyers raised concerns about the crude oil arriving on the line, a regulatory filing showed. The U.S. West Coast refining market is expected to be a major outlet for the Canadian heavy oil shipped via the Trans Mountain pipeline expansion, called TMX. But 10 companies and refiners including Chevron and Valero Energy told a pipeline regulator [Read more]
Robust Permian output, OPEC spare capacity to keep Brent at $75-90/bbl ceiling, Goldman says
Goldman Sachs expects robust oil production growth in the Permian basin, the largest U.S. oilfield, and high OPEC spare capacity to likely support the ceiling of their $75-90 per barrel Brent price forecast in the short run, the bank said in a research note on Tuesday. However, limited upside to maturing Permian production is likely to support the Brent price floor in the longer run, the bank added. Production growth in maturing Permian is likely to gradually slow down from exceptionally [Read more]
Canada oil and gas emissions cap likely to curtail production, report says
Canada's proposed oil and gas emissions cap will prompt companies to cut production rather than invest in costly carbon capture and storage (CCS) technology, according to a report by consultancy Deloitte and released by the Alberta government on Tuesday. Prime Minister Justin Trudeau's Liberal government is developing regulations to force Canada's highest-polluting sector to cut emissions to 137 million metric tons, 37% below 2022 levels, by 2030. Alberta, Canada's main oil-producing [Read more]
US natgas rises over 4% on hot weather, higher demand forecasts
U.S. natural gas futures rose more than 4% on Tuesday, helped by forecasts for warmer-than-usual weather and higher demand for the next week than previously expected. Meteorologists projected weather across the Lower 48 states would remain hotter than normal through at least July 3. Temperatures are expected to be above normal starting July across more parts of U.S., compared with last year "when the heat was concentrated in just Texas or currently where the heat is concentrated in just [Read more]
Phillips 66 seeing tightened margins following Trans Mountain oil pipeline start-up
U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May. The $24.84 billion expansion has nearly tripled the flow of crude from landlocked Alberta to Canada's Pacific coast to 890,000 barrels per day (bpd). "We are still exporting Canadian crude from the Gulf Coast, though that is the first thing to get trimmed back," Phillips 66 CEO Mark Lashier said during the J.P. Morgan Energy, Power & [Read more]
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