U.S. oil refiners are expected to have about 1.6 million barrels per day (bpd) of capacity offline for the week ending Feb. 2, decreasing available refining capacity by 322,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 1.5 million bpd in the week ending Feb. 9, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday Jan. 29 Jan. 26 Jan. [Read more]
Prices firm on LNG supply concerns
(Refiles to restore dropped words in sixth paragraph) Jan 29 - Dutch and British wholesale gas prices registered gains on Monday morning on concern over U.S. liquefied natural gas (LNG) supplies, though healthy storage levels continue to limit gains. The benchmark front-month contract at the Dutch TTF hub was up 0.47 euros at 28.55 euros per megawatt hour (MWh) by 0915 GMT, LSEG data showed. Gas prices started rebounding late last week after disruptions to U.S. gas exports, said Daniel [Read more]
Oil climbs as tensions escalate in Middle East
Oil prices climbed on Monday after a drone attack on U.S. forces in Jordan added to worries over supply disruption in the Middle East as Houthi rebels stepped up their attacks on vessels in the Red Sea, hitting a Trafigura-operated fuel tanker. Risks of a widening conflict comes as Russian refined product exports are set to fall, with several refineries under repair following drone attacks. Brent crude futures rose 29 cents, or 0.4%, to $83.84 a barrel by 0230 GMT after hitting a [Read more]
Reaction to the US decision to pause LNG export reviews
The U.S. on Friday paused approvals of pending and future permits to export liquefied natural gas (LNG) to non-Free Trade Agreement countries, the biggest buyers of the U.S. fuel, to allow the Department of Energy to review LNG climate impacts. Environmentalists praised the move as long overdue. But the companies waiting for the U.S. to green light licenses to export LNG say it introduces uncertainty in customers view of U.S. supplies and could lead to use of dirtier fossil fuels. Some [Read more]
US natgas prices jump 6% ahead of contract expiry, slow output return
U.S. natural gas futures jumped about 6% to a one-week high in volatile trade on Friday ahead of contract expiration on forecasts for higher demand in two weeks when the weather turns slightly cooler and with the slow return of output from last week's Arctic freeze. Traders noted prices fell by over 5% earlier in the session on forecasts for the weather to remain warmer than normal through at least the middle of February and the slow return of U.S. liquefied natural gas (LNG) export plants to [Read more]
US drillers add oil and gas rigs for second week in a row – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since early December, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 621 in the week to Jan. 26. Despite this week's rig increase, Baker Hughes said the total count was 150, or 19%, below this time last year. Baker Hughes said oil rigs rose by two to 499 this week, while [Read more]
Companies most affected by US pause on LNG export permits
U.S. President Joe Biden's administration on Friday announced a pause on pending and future permits to export liquefied natural gas (LNG) to non-Free Trade Agreement countries until the Department of Energy finishes a new review of climate impacts. Many companies have been waiting for the U.S. to green light licenses to export LNG to their chosen destinations as demand for the super-chilled gas continues to rise, especially in Europe. The following is a list of companies potentially impacted [Read more]
US oil futures primed for another squeeze on Cushing: Kemp
U.S. crude oil inventories have begun to deplete, especially around the NYMEX futures delivery point at Cushing in Oklahoma and across the Midwest, creating conditions for a squeeze on nearby futures prices. Front-month futures prices and calendar spreads have already risen consistently since the middle of December as traders react to signs the market is tightening again. U.S. commercial crude inventories have depleted in four of the most recent five weeks by a total of 23 million barrels [Read more]
Impact of US pause on new LNG project approval could take years to manifest – TD Cowen
U.S. President Joe Biden paused pending approvals of exports from new liquefied natural gas projects, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election. TD Cowen says it sees the timing as "suspicious" and don't expect finalized policy reform before election. "We believe the global LNG market will be oversupplied in the second half of the decade and the oversupply suggests there will be limited new projects sanctioned in 2024, [Read more]
Freeport LNG faces month-long unit outage due to winter storm
Freeport LNG expects one of the three gas liquefaction units at its Texas plant to be out of service for a month after it faced a technical issue during Winter Storm Heather, the company said on Friday. Heather is the name given to a deep freeze that spread across Texas and much of the U.S. earlier this month, placing high demand on the state's power grid. "One of our refrigeration electric motors at our liquefaction facility experienced an electrical issue that will necessitate a [Read more]
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