Global oil markets are expected to be fairly balanced with a slight surplus next year as demand and non-OPEC supply growth are exceeding expectations, the global head of research at Vitol said on Wednesday. Oil demand globally has exceeded 2019 levels and is expected to continue growing as oil intensity - the volume of oil consumed per unit of GDP - for most economies has returned to pre-pandemic levels except in the United States, Giovanni Serio said at the FT Commodities Asia [Read more]
Heavy oil discount tightens as TMX pipeline work resumes
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday: * WCS for December delivery in Hardisty, Alberta, settled at $25.70 a barrel under WTI, according to CalRock, strengthening from $26.00 a barrel under WTI on Friday. Markets were closed on Monday due to a Canadian holiday. * The Trans Mountain pipeline expansion project (TMX) resumed work after regulators issued with a stop work order [Read more]
Chevron reviewing options for East Texas assets after shale acquisitions
Chevron Corp said it is evaluating options for around 70,000 net acres of land in East Texas' Haynesville shale formation after pausing development earlier this year, with sources saying a full sale is one option under consideration. The move would be a small first step by the energy major which is seeking to offload assets worth up to $15 billion over the next five years following its recent multi-billion dollar acquisitions of more than 700,000 acres in U.S. shale assets. Chevron last [Read more]
Trans Mountain resumes work on pipeline in British Columbia
The Trans Mountain oil pipeline expansion project on Tuesday said it had been allowed to resume work in a wetland area near Abbotsford, British Columbia, after correcting issues raised by the Canada Energy Regulator (CER). Earlier this month the CER ordered a halt on an 800-meter stretch after inspectors found several environmental and safety-related non-compliances. "Trans Mountain has received a notice to resume work from the Canada Energy Regulator... Trans Mountain corrected all [Read more]
US natgas prices ease 1% on record output and ample storage
U.S. natural gas futures eased about 1% as record output should allow utilities to keep injecting gas into storage through at least late November. That price decline came despite forecasts for heating demand to rise as the weather turns colder during the U.S. Thanksgiving Day holiday week and as record amounts of gas flows to U.S. liquefied natural gas (LNG) export plants. Utilities usually start pulling gas out of storage to meet heating demand in mid November. Analysts forecast [Read more]
Oil traders turn bearish, daring OPEC⁺ to cut again: Kemp
Investors continued to sell petroleum futures and options last week as sentiment became the most bearish since the middle of the year, before Saudi Arabia and its OPEC+ partners removed extra crude from the market. Hedge funds and other money managers sold the equivalent of 57 million barrels in the six most important futures and options contracts over the seven days ending on Nov. 7. Fund managers have been sellers in five of the most recent six weeks reducing their combined position by a [Read more]
Chevron takeover of Hess resurrects multi-billion dollar tax shield
Chevron’s deal to buy Hess will unlock $15 billion worth of tax benefits that had once been relegated to the accounting dustbin, as the combined company takes advantage of Hess’s past losses to cut future payments, according to the company and tax experts. The tax shield is a little-known advantage to Chevron's mega-takeover of Hess struck last month. The tax benefits are expected to provide the No. 2 U.S. oil and gas producer hundreds of millions of dollars in extra annual cash flow over the [Read more]
Oil rises on healthy demand, supply expectations after OPEC report
Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong, and concerns that supplies might be disrupted as the U.S. cracks down on Russian oil exports. Brent crude futures gained 30 cents, or 0.36%, to $82.82 a barrel by 0413 GMT. U.S. WTI crude futures climbed 28 cents, or 0.36%, at $78.54 a barrel. "Following the heavy sell-off in the market over the last three weeks, oil has managed to find some support... [Read more]
US buys 1.2 million barrels of oil for Strategic Petroleum Reserve
The U.S. has bought 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after selling the largest amount ever from the stockpile last year, the U.S. Energy Department said on Monday. The department said it bought the oil at an average price of $77.57 a barrel from two companies after 18 bids were submitted. The administration of President Joe Biden last year conducted the largest ever sale from the SPR of 180 million barrels, part of a strategy to stabilize soaring [Read more]
US needs more pipeline capacity for reliable gas supply -trade group
The U.S. needs more natural gas pipeline capacity to maintain reliable gas supply during extreme cold weather, a trade group representing pipeline companies said on Monday in support of regulators who last week urged sought new rules to prevent a repetition of last winter's power outages. The Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corp (NERC) urged lawmakers to fill a regulatory blind spot to maintain reliable supply of natural gas that was [Read more]
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