U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, 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 two to 548 in the week to November 7. Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year. Baker Hughes said oil rigs held steady at 414 this week, while gas rigs rose by [Read more]
Trump finalizes US Gulf oil lease sale, proposes Alaska sale in 2026
The Trump administration will hold an auction for drilling oil and gas off the U.S. Gulf next month and has proposed another in a waterway in southern Alaska, it said on Friday. The lease sale in the U.S. Gulf of Mexico, which President Donald Trump refers to as the Gulf of America, will make about 80 million acres available. The sale, which will take place on December 10, will be the first of 30 sales in the region through 2040 that were included in Trump's tax law which he signed in [Read more]
UAE’s oil trading arm plans rapid global expansion, Bloomberg reports
Abu Dhabi state oil firm ADNOC's trading unit plans to increase the volume it handles by two-thirds over the next few years as part of its international expansion, Bloomberg News reported on Friday, citing its CEO. ADNOC has been stepping up its global expansion in recent years to find new revenue streams for the Gulf state, including building trading operations since 2018. State-owned Abu Dhabi National Oil Company sees trading as a way to capture greater value from the sale of fuels [Read more]
US set to produce record amounts of natural gas to meet surging export demand
U.S. energy firms produced a record amount of natural gas during the third quarter as producers scrambled to keep up with soaring domestic and export demand for the fuel. Power-hungry data centers and a boom in liquefied natural gas (LNG) exports are driving up U.S. gas use, pushing producers to pull more gas out of the ground. Both supply and demand are set to hit record highs in 2025 and 2026, according to the U.S. Energy Information Administration. The EIA projected dry gas production will [Read more]
Exxon Mobil CEO says hydrocarbons will remain critical for long time
Hydrocarbons will continue to play a critical role for a long time to come, the CEO of U.S. energy company Exxon Mobil said on Friday, adding that the question would be whether they continue to be burned as fuel. “Crude oil and hydrocarbons are going to play a critical role in everybody's life for a long time to come,” Darren Woods told Reuters in Sao Paulo. “I think the question is, do you continue to combust them? And that, I think, will change with time, depending on how technology [Read more]
US urges Europe to stick to oil and gas, not renewables
Global investments in renewable energy aren't bearing fruit and the world should focus on securing reliable supplies of fossil fuels, U.S. energy and interior secretaries said this week as they worked on convincing Europe to buy more U.S. oil and gas. The U.S. has become Europe's top oil and gas supplier on the back of the U.S. shale boom and its companies are seeking to boost the share as the European Union moves to fully cut off remaining Russian energy imports. The message from U.S. [Read more]
Canada’s Enbridge misses third-quarter profit estimates on higher capital costs
Enbridge missed third-quarter profit estimates on Friday, pressured by higher financing costs from capital investments including U.S. gas utility acquisitions, sending its shares down nearly 2% in premarket trading. The Calgary-based pipeline operator had bought three Dominion Energy utilities last year — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — in a $14 billion deal, including debt. It reported adjusted core profit of C$2.31 billion ($1.65 billion) from its [Read more]
Asia oil floating storage surges as sanctions, tight China quota curb demand
The volume of oil stored onboard ships in Asian waters doubled in recent weeks after tightening western sanctions hit imports from China and India and as a shortage of import quota curbed demand from independent Chinese refiners, analysts said. The European Union, United Kingdom and the United States have imposed a raft of sanctions against Russia over its war in Ukraine, with the latest U.S. embargo targeting Russia's two top oil producers Rosneft and Lukoil last month. Some refiners in [Read more]
Japan to step up LNG purchases for emergency reserve from January, industry ministry sources say
Japan, the world's No.2 LNG importer, plans to buy liquefied natural gas for emergency reserves on a monthly basis from January, instead of buying only during peak demand periods, to guard against supply shocks, two industry ministry sources said. The reinforcement of the country's Strategic Buffer LNG (SBL) program, run by the Ministry of Economy, Trade and Industry (METI), will ensure at least one LNG cargo - about 70,000 metric tons - is secured each month to mitigate supply risks. For [Read more]
Oil headed for second weekly loss amid lingering supply concerns
Oil edged up on Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices are set for a second weekly loss. Brent crude futures rose 28 cents, or 0.44%, to $63.66 a barrel at 0421 GMT. U.S. West Texas Intermediate crude was at $59.72 a barrel, up 29 cents, or 0.49%. Brent and WTI are set to fall about 2% this week, down for a second straight week, as major global producers increase output. The price drop is driven by a surprise [Read more]
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