U.S. oil refiners are expected to have about 1.9 million barrels per day (bpd) of capacity offline for the week ending Jan. 26, decreasing available refining capacity by 178,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to fall to 1.58 million bpd in the week ending Feb. 2 and then further to 1.52 million bpd in the subsequent week, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week ended Friday Jan. [Read more]
Biden pauses approval of new LNG export projects in win for climate activists
President Joe Biden paused pending approvals of exports from new liquefied natural gas projects on Friday, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election. The Department of Energy (DOE) will conduct a review during the pause that will look at the economic and environmental impacts of projects seeking approval to export LNG to Europe and Asia where the fuel is in hot demand. The review will take months and then will be open to [Read more]
Oil set for weekly gain on U.S. economic growth, Mideast supply concerns
Oil prices eased on Friday after rising to their highest since December in the previous session, but were set for their biggest weekly gain since October as positive U.S. economic growth and signs of Chinese stimulus boosted fuel demand sentiment. Brent crude futures were down 38 cents, or 0.46%, to $82.05 a barrel by 0445 GMT. U.S. West Texas Intermediate crude fell 50 cents, or 0.65%, to $76.86. The Brent benchmark was set to close 4.5% higher for the week, while the U.S. benchmark [Read more]
US to announce climate review of LNG export approvals Friday, sources say
The Biden administration is expected to announce on Friday that it will begin considering climate impacts in its approvals of new liquefied natural gas (LNG) exports, a process that will likely delay decisions on new terminals until after the Nov. 5 presidential election, two sources familiar with the matter said. The move would come after environmentalists, an important part of U.S. President Joe Biden's base, opposed Venture Global LNG's Calcasieu Pass 2 (CP2) project in Louisiana that [Read more]
EnCap eyes $5 billion sale of shale producer Grayson Mill – Sources
Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5 billion, inclusive of debt, people familiar with the matter said on Thursday. EnCap has tapped investment bank Jefferies Financial Group to run a sale of Grayson Mill, the sources said. The process will kick off later in 2024, subject to market conditions, the sources added. The sources cautioned that no deal is certain and asked not [Read more]
US natgas prices steady after paring gains on expected massive storage draw
U.S. natural gas futures were little changed after giving up earlier gains of over 5% on Thursday following a federal report showing last week's storage withdrawal was massive but in line with analysts estimates. Earlier in the session, prices were up on forecasts for cooler weather and higher heating demand next week than previously expected and the slow return of output after wells and other equipment froze in last week's Arctic freeze. Even though it will be cooler than previously [Read more]
Oil rises on US crude stock draw, China stimulus hopes
Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery. Brent crude futures gained 25 cents, 0.3%, to $80.29 a barrel as at 0430 GMT, while U.S. West Texas Intermediate crude climbed 31 cents, or 0.4%, to $75.40 a barrel. "A significant drop in the U.S. oil inventories and expectations of China's economic recovery [Read more]
Canada’s Trans Mountain pipeline to start up in second quarter
Trans Mountain Corp will begin line fill in February on its long-delayed Canadian oil pipeline expansion and expects it to be in service in the second quarter, a company executive said on Wednesday. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada's Pacific Coast but has been plagued by years of delays and cost overruns. The start-up of the expanded pipeline is expected in early April and it will ramp up to full [Read more]
White House pauses decision on Louisiana LNG export terminal – New York Times
The Biden administration is delaying a decision on a Louisiana liquefied natural gas (LNG) export project that would be the United States' largest, but which has raised the ire of environmentalists, the New York Times reported on Wednesday. Venture Global LNG's Calcasieu Pass 2 (CP2) project is twice the size of the company's present CP plant, with an export capacity of around 20 million metric tonnes per year. If built, it would make Venture Global one of the largest LNG companies in the [Read more]
Kinder Morgan remains bullish on natural gas demand growth
Kinder Morgan said on Wednesday it continues to have a bullish outlook for natural gas demand banking on higher demand from liquefied natural gas (LNG) export facilities and increased exports to Mexico. The United States was the largest exporter of LNG in 2023, with 8.6 million metric tons leaving the country's terminals in December. The U.S. Energy Information Administration expects North America's LNG export capacity to increase to 24.3 billion cubic feet per day (Bcf/d) by end-2027, [Read more]
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