India will buy Venezuelan oil as some refiners in the country have the capability to process heavy crude oil, Oil Minister Hardeep Singh Puri said on Friday. Indian refiners have already resumed Venezuelan oil purchases, with Reliance Industries, Indian Oil Corp and HPCL-Mittal Energy securing cargoes of Venezuelan oil after the United States lifted sanctions in October. India last imported Venezuelan crude in 2020. "Many of our refineries, including Paradip, (are) capable of using that [Read more]
Oil prices on track for first weekly rise in two months
Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency (IEA) on oil demand for next year and a weaker dollar. Brent futures rose 40 cents to $77.01 a barrel at 0335 GMT. U.S. West Texas Intermediate (WTI) crude climbed 40 cents to $71.98. Both benchmarks are on course for a modest weekly gain, having been lifted by a mid-week announcement from the U.S. Federal Reserve that it is [Read more]
US awards up to $890 million to carbon capture projects at gas, coal plants
Natural gas and coal plants in Texas, California and North Dakota will share up to $890 million in U.S. funding for projects to demonstrate the viability of carbon capture technologies, the U.S. Energy Department said on Thursday. Carbon capture and storage, or CCS, is an emerging technology that the administration of President Joe Biden says is vital to help fight climate change. CCS plants aim to pull carbon dioxide emissions from fossil fuel plants before they reach the atmosphere for [Read more]
Trans Mountain pipeline warns of 2-year delay over regulatory setback
Canadian government-owned Trans Mountain Corp asked the country's energy regulator on Thursday to reverse a decision rejecting proposed construction changes on its oil pipeline expansion, warning of a possibly "catastrophic" two-year delay and billions of dollars in losses. If Trans Mountain goes ahead with the construction plan that is currently approved, complications could result in a borehole for the pipeline becoming compromised, forcing Trans Mountain to find an alternative installation [Read more]
The US EIA’s crude accounting issue hasn’t gone away, despite changes
The primary data source on U.S. energy markets has struggled this year to depict weekly changes in the country's oil supply and demand, leaving some investors conflicted on how to parse information about the world's top oil producer and consumer. For decades the market had brushed over a so-called "adjustment" in the EIA's weekly inventory report due to its relatively negligible size. But that has changed in the past year as the agency consistently posted outsized adjustments, also known as [Read more]
Global diesel shortage eases after summer surge in prices: Kemp
The worldwide shortage of diesel and other distillate fuel oils has started to ease as stocks accumulate in response to exceptionally high refining margins and the slowdown in manufacturing and construction activity: EU inventories of diesel oil and gas oil increased to 49.5 million tonnes at the end of August 2023 from 44.9 million a year earlier and were +1.8 million tonnes above the prior ten-year seasonal average. U.S. stocks rose to 119 million barrels by the end of September from [Read more]
US natgas prices tick up with spotlight on weekly storage report
U.S. natural gas futures crept higher on Thursday, while the market focus shifted to the weekly storage report due later in the day Analysts forecast U.S. utilities pulled 54 billion cubic feet (bcf) of gas out of storage during the week ended Dec. 8. This compares to 46 bcf during the same week a year ago and a five-year (2018-2022) average decrease of 81 bcf for this time of year. If correct, that would cut the stockpile to 3.665 trillion cubic feet (tcf), about 7.2% above the same week a [Read more]
Oil rises on U.S. inventory draw, upbeat demand expectations
Oil prices rose in Asian trade on Thursday, extending previous gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and hopeful demand expectations after the U.S. Federal Reserve sent signals on lower borrowing costs in 2024. Brent futures rose 23 cents, or 0.31%, settling at $74.49 a barrel by 0345 GMT. U.S. West Texas Intermediate (WTI) crude rose 11 cents, or 0.16%, and settled at $69.58 a barrel. The market rose in the previous session on worries about the [Read more]
Oil investors to usher in 2024 amid oversupply, demand concerns
Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility. Benchmark Brent averaged around $80 a barrel this year, after a volatile 2022 in which prices surged above $100 after Russian supplies were disrupted following the Ukraine war. Prices have been capped this year by a strong dollar and robust non-OPEC output despite demand hitting all-time high of more than 100 million barrels [Read more]
U.S. crude inventories decline is much steeper than expected
U.S. crude inventories declined by more than expected last week, while gasoline and distillate stockpiles rose, the U.S. Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.3 million barrels to 440.8 million barrels in the week to Dec. 8, far exceeding expectations by analysts in a Reuters poll for a 650,000 barrel drop. U.S. gasoline stocks rose by 408,000 barrels to 224 million barrels last week, the EIA said, less than the 1.9 million-barrel rise [Read more]
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