U.S. natural gas storage is on track to end the November-March winter withdrawal season at 1.963 trillion cubic feet (tcf) on March 31, the highest since 2020, according to analysts' estimates. That compares with 1.850 tcf of gas in storage at the end of the winter withdrawal season in 2024, 2.029 tcf at the end of March 2020 and a five-year (2019-2023) average of 1.653 tcf. Looking ahead to the end of the April-October summer injection season, analysts project storage will reach a record [Read more]
US was top LNG exporter in 2023 as hit record levels
U.S. liquefied natural gas exports hit monthly and annual record highs in December, tanker tracking data showed, with analysts saying it positioned the United States to leapfrog Qatar and Australia to become the largest exporter of LNG in 2023. The U.S. was the stand out in global LNG supply growth in 2023, said Alex Munton, director of global gas and LNG research at consulting firm Rapidan Energy Group of the rise to 8.6 million metric tons leaving U.S. terminals in December. Qatar was [Read more]
US natgas prices gain 2% on colder forecasts, record LNG feedgas
U.S. natural gas futures gained about 2% on Tuesday after the long New Year's holiday weekend on forecasts for colder weather and more heating demand this week than previously expected and as record amounts of gas flow to U.S. liquefied natural gas (LNG) export plants. Prices increased despite record output and forecasts for mostly mild weather through mid January that should allow utilities to keep pulling less gas from storage in coming weeks. Analysts forecast there was about 11.6% more [Read more]
Germany builds up LNG import terminals
German utility RWE on Jan. 1 handed over floating liquefied natural gas (LNG) infrastructure at Brunsbuettel on the North Sea to state-owned Deutsche Energy Terminal (DET) as agreed when first imports arrived 10 months ago, it said. DET is now the sole operational manager and markets the capacity of the Brunsbuettel Elbehafen LNG project. Germany's quest to increase LNG capacity for regasification on its shores has intensified as it seeks to end reliance on Russian pipeline gas, on which [Read more]
Chevron to take up to $4 bln impairment hit in Q4
Chevron said on Tuesday it would record an impairment to a portion of its U.S. upstream assets, primarily in California, and take losses related to oil and gas production assets sold in the U.S. Gulf of Mexico. The oil major, in a filing, said it expects to take non-cash, after-tax charges of $3.5 billion-$4 billion in the results of fourth quarter of 2023. Chevron said the impairment of California assets was due to continuing regulatory challenges in the state, which has resulted in lower [Read more]
US oil refiners’ weekly capacity seen up 11,000 bpd -IIR
U.S. oil refiners are expected to have 10,000 barrels per day (bpd) of capacity offline for the week ending Jan. 05, increasing available refining capacity by 11,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to rise to 432,000 bpd in the week ending Jan. 12, 2024, IIR added. Note: The offline capacity figures are based on IIR Energy data gathered on all planned and unplanned outages at refiners across the United States. The current week's figure will be [Read more]
Oil jumps 1.5% in New Year after U.S. forces repel Houthis in Red Sea
Oil prices jumped 1.5% in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red Sea, and hopes of strong holiday demand and an economic stimulus in China, the top crude importer. Brent crude rose $1.20, or 1.5%, to $78.24 a barrel by 0438 GMT while U.S. West Texas Intermediate crude was at $72.66 a barrel, up $1, or 1.4%. A Reuters survey of economists and analysts predicted Brent crude would average $82.56 a barrel [Read more]
Nigeria aims to raise oil, condensates output to 2.6 mln bpd by 2026
Nigeria's upstream oil regulator on Monday announced an annual oil and condensates production target of 2.6 million barrels per day (bpd) by 2026, an ambitious jump from 2023 levels of around 1.6 million bpd. Africa's biggest oil exporter, Nigeria has suffered declining production due to crude theft and vandalism of pipelines in the Niger Delta as well as low investment in the sector, which has hit government revenue. But President Bola Tinubu's government says oil majors have committed to [Read more]
US oil output fell in October for first time since April -EIA
U.S. crude oil output fell slightly in October to 13.248 million barrels per day, the first monthly decline since April, the U.S. Energy Information Administration (EIA) said on Friday. Analysts have been expecting a slowdown in U.S. oil output after it set monthly records in August and September. The EIA on Tuesday revised its estimates of U.S. oil output in September to 13.252 million barrels per day (bpd) from 13.236 million bpd reported last month. In North Dakota, the third largest [Read more]
US drillers add oil and gas rigs for first time in three weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. For the year, however, the rig count was down by 157 after gaining 193 in 2022 and 235 in 2021. The oil and gas rig count, an early indicator of future output, rose by 2 to 622 in the week to Dec. 29. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Chizu Nomiyama) [Read more]
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