Global stocks of diesel and other middle distillates are below normal and prices could start to rise quickly if the industrial economies of North America and Western Europe emerge from their lingering recession in 2024. Inventories of diesel, heating oil and gas oil were below the prior ten-year seasonal average across North America, Europe and Singapore in January, which has begun to exert upward pressure on fuel prices. Investors have already noticed and amassed a position equivalent to [Read more]
US natgas prices slide 3% to nine-month low on rising output, lower demand
U.S. natural gas futures slid about 3% to a nine-month low on Tuesday as output slowly rises, the amount of gas flowing to liquefied natural gas (LNG) export plants declines and on forecasts for lower demand this week than previously expected. Prices fell even though the latest forecasts called for colder weather and more heating demand in mid- to late-February than initially forecast. Traders noted output was rising as gas wells continue to return to service after freezing during extreme [Read more]
Tellurian explores sale of upstream business to finance Driftwood LNG
Tellurian is exploring the sale of its Haynesville upstream business, the liquefied natural gas (LNG) firm said on Tuesday, as it looks to raise capital for its Driftwood LNG project. The company has been trying to develop a 27.6 million metric-tons-per-annum LNG plant, which has suffered multiple delays, in Lake Charles, Louisiana, and earlier said it sought help with balance sheet management and commercial structures. "By unlocking the full value of these high-quality assets, we aim to [Read more]
US lawmakers hold first of two hearings on Biden’s LNG pause
As Republican and some Democratic U.S. lawmakers slam President Joe Biden's pause on approvals of exports of liquefied natural gas (LNG) a House subcommittee will hold a hearing on the issue on Tuesday, the first of two in Congress this week. The House Energy, Climate and Grid Security Subcommittee hearing at 10:00 ET will feature Toby Rice, the CEO of EQT the largest U.S. natural gas producer and Gillian Gianetti, a lawyer at the Natural Resources Defense Council non-profit that applauded [Read more]
Oil steadies after gains, Gaza ceasefire talks in focus
Oil prices inched up in early Tuesday trade as investors waited to see whether a Middle East trip by top U.S. diplomat Antony Blinken will bring a halt to the Gaza war, which has raised concerns about supplies from the major producing region. Brent crude futures rose 20 cents to $78.19 a barrel at 0452 GMT, while U.S. West Texas Intermediate crude futures climbed 20 cents to $72.98. Both contracts gained nearly 1% on Monday, rising for the first time in four sessions. "The signs of [Read more]
BP continues assessment of Whiting, Indiana, refinery after power loss -sources
BP Plc was continuing assessments on Monday of production units at its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery following a plant-wide power outage on Thursday, said people familiar with the matter. BP was developing plans and schedules for restarting the refinery, the largest in the U.S. Midwest, once the evaluation of the refinery's condition is complete, the sources said. BP spokesperson Christina Audisho said the refinery is working toward a phased restart. "BP has [Read more]
Heavy oil discount weakens slightly
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened marginally on Monday. WCS for March delivery in Hardisty, Alberta, settled at $18.85 a barrel under WTI, according to brokerage CalRock, having closed at $18.70 per barrel below the U.S. benchmark on Friday. Canadian heavy crude prices are under pressure after BP shut down its 435,000 barrel-per-day Whiting, Indiana, refinery last week following a power outage. [Read more]
Suncor faces penalty on air pollution violations at Colorado refinery
The Colorado Department of Public Health and Environment on Monday imposed a penalty of $10.5 million, on Suncor for air pollution violations from July 2019 through June 2021 at its 103,000 barrels-per-day Commerce City, Colorado refinery. The payment comprises $2.5 million in fines and $8 million in investments to enhance refinery operations to reduce excess air pollution from recurring due to power-related causes. "Today's actions demonstrate that compliance with clean air laws is not [Read more]
US natgas futures edge up on expectations of cold weather
U.S. natural gas futures edged up about 0.2% on Monday, on hopes that winter might reappear, ending the downward spiral in prices despite forecasts for lower demand and rising output. Front-month gas futures for March delivery on the New York Mercantile Exchange (NYMEX) rose 0.3 cents, or about 0.1%, to settle at $2.082 per million British thermal units (mmBtu). On Thursday, the contract settled at its lowest since April 13, 2023. "There are some weather models that are talking about [Read more]
Exxon shareholder proposal withdrawal may end lawsuit: judge
Exxon Mobil has been ordered to explain to a federal judge by Monday why a lawsuit it filed against two shareholder activists should continue after the groups withdrew the climate resolution they had proposed for the energy giant's annual meeting. In the order issued on Friday, U.S. District Judge Mark Pittman told Exxon to file a status update "on or before" Monday as to what claims or issues remain before the court. "As it stands now, the Court struggles to see what the ongoing case or [Read more]
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