Cheap gasoline from a supply glut along the U.S. Gulf Coast has reopened far-flung markets including Australia and Mozambique to exports of the U.S. fuel. U.S. gasoline demand at the end of December fell to the lowest in a year. Stocks in PADD 3 along the Gulf Coast were up 9.5% over a year earlier at the end of last month as refiners cranked up production after fall maintenance outages. A cargo of U.S. gasoline was headed to Australia on Wednesday, and was expected to unload at Mozambique [Read more]
Heavy oil discount little changed
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened marginally on Tuesday: * WCS for February delivery in Hardisty, Alberta, settled at $19.40 a barrel under WTI, according to brokerage CalRock. WCS settled at $19.45 a barrel under the U.S. benchmark on Monday. * Market participants are awaiting news on the timing of the Trans Mountain pipeline expansion (TMX) entering service. The Canada Energy Regulator (CER) [Read more]
US natgas output and demand to hit record highs again in 2024 – EIA
U.S. natural gas production and demand, as well as liquefied natural gas (LNG) exports, will hit record highs again in 2024, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected dry gas production will rise to 105.04 billion cubic feet per day (bcfd) in 2024 and 106.38 bcfd in 2025 from a record 103.55 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 88.90 bcfd in 2023 to 89.89 [Read more]
US crude production to reach record high in 2024, EIA says
U.S. crude production will rise to record highs in 2024 and 2025, but will grow less than it did last year, the U.S. Energy Information Administration (EIA) said on Tuesday. In its Short-Term Energy Outlook (STEO), EIA projected U.S. crude production will rise by 290,000 million barrels per day (bpd) to 13.21 million bpd this year and reach 13.44 million bpd in 2025, as well efficiency offsets fewer active drilling rigs. The previous record - 12.31 million bpd - was notched in 2019 before [Read more]
Canada Energy Regulator to hold hearing Friday on Trans Mountain pipeline request – filing
The Canada Energy Regulator (CER) will hold a hearing on Friday about Trans Mountain Corp's request for a change in construction to complete expansion of its oil pipeline from Alberta to British Columbia, according to a filing on Monday. The CER said in a letter to the Canadian government-owned pipeline company, filed on the regulator's website, that it needs more information and will conduct an oral hearing in Calgary. The regulator said it would ask questions of Trans Mountain and the [Read more]
Massive winter storm batters US, knocks out power to over 300,000 customers
A massive winter storm moving across the eastern half of the U.S. on Tuesday ahead of a forecast brutal freeze this weekend knocked out power to over 302,000 homes and businesses in nine states. The hardest hit states so far were Georgia with over 65,000 power outages, Florida with over 62,000 outages and Alabama with over 58,000 outages, according to data from PowerOutage.us. Southern Co operates the biggest power companies in Georgia and Alabama, while NextEra Energy is the biggest power [Read more]
US natgas prices up 4% to 7-week high ahead of record demand next week
U.S. natural gas futures climbed about 4% to a seven-week high on Tuesday on forecasts for extremely cold weather next week that will boost demand to a record high. In addition to sky-high gas demand, extreme cold could cause production to drop by freezing oil and gas wells, pipes and other energy equipment as happened in Texas in February 2021 and in Appalachia in December 2022. The industry calls freezing wells freeze-offs. Ahead of that extreme cold, a massive winter storm was moving [Read more]
Oil tankers continue Red Sea movements despite Houthi attacks
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed. The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largely attacked [Read more]
Oil prices inch up as markets debate Middle East crisis and OPEC supply
Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, or 6 cents, to $70.83 a barrel. The benchmarks had fallen over 3% and 4% respectively on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output. "Saudi [Read more]
Saudi Arabia tries to thread the needle between crude output, prices: Russell
Saudi Aramco's decision to cut the price of its crude for Asian customers shows just how difficult it is for the world's largest oil exporter to walk the line between maintaining market share and restraining output enough to bolster prices. Saudi Aramco said on Sunday that it will lower the official selling prices (OSPs) of its crude grades by $2 a barrel to Asian refiners for February-loading cargoes from January levels. This takes the OSP for Aramco's benchmark Arab Light grade to a [Read more]
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