U.S. Assistant Secretary for Energy Resources Geoffrey Pyatt said on Friday Russia would never again be viewed as a reliable energy supplier, a day after Washington imposed fresh sanctions on Moscow because of its war in Ukraine. Speaking at an online briefing ahead of next week's U.S.-Japan Energy Security Dialogue, Pyatt also said the United States and its partners in the Group of 7 were committed to denying Russia any energy revenues. The United States on Thursday imposed the first [Read more]
Oil rises as US sanctions, stockpile forecasts raise supply worries
Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Brent futures rose 50 cents, or 0.6%, to $86.50 per barrel and U.S. West Texas Intermediate (WTI) crude gained 64 cents, or 0.8%, to $83.55 a barrel at 0345 GMT. Brent is set for a weekly gain of 2.3%, while WTI is set to climb 0.9% for the week, after both [Read more]
US natgas prices ease to one-week low on rising output ahead of storage report
U.S. natural gas futures eased about 1% to a one-week low on Thursday on rising output and forecasts for mild weather to keep both heating and cooling demand low through late October. That price drop happened despite an increase in liquefied natural gas (LNG) exports with the return of Berkshire Hathaway Energy's Cove Point export plant in Maryland and soaring gas prices in Europe. The price move also preceded the release of a federal report expected to show last week's storage build was [Read more]
How stars aligned for Exxon’s $60 billion deal with Pioneer
Exxon Mobil Corp's resurgence under CEO Darren Woods and the upcoming retirement of Pioneer Natural Resources CEO Scott Sheffield were key to the oil major clinching the $60 billion acquisition, people familiar with the matter said. After brief informal conversations earlier this year, Exxon approached Pioneer about a deal last month, the sources said. It was from a position of strength. Exxon's shares were hovering near record highs, and it had a cash pile of about $30 billion. Sheffield [Read more]
Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
Canada faces an uphill battle to recoup the roughly C$35 billion ($25.74 billion) in taxpayers' money it has sunk into the Trans Mountain oil pipeline, as uncertainty over shipping tolls and a limited pool of buyers cloud the asset's unique strategic value. The federal government plans to sell Trans Mountain once a long-delayed expansion to nearly triple the flow of crude from Alberta to Canada's Pacific Coast is completed early next year. Last month, Ottawa started informal talks with [Read more]
Oil falls further on US stock build, easing supply concerns
Oil prices fell for a third day on Wednesday, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. Brent futures declined by 30 cents, or 0.35%, to $85.52 a barrel at 0405 GMT, while U.S. West Texas Intermediate crude slipped 42 cents, or 0.50%, to $83.07 a barrel. Both benchmarks have given back most early-week gains after falling more than 2% in the previous session. U.S. crude oil stockpiles swelled by about 12.9 million [Read more]
Greenpeace Canada files regulatory complaint over Suncor’s climate disclosures
Environmental group Greenpeace on Thursday said it has filed a complaint against Suncor Energy with the Alberta Securities Commission (ASC), arguing that Canada's second-largest oil producer is failing to fully disclose climate-related risks to shareholders. The complaint alleges Suncor removed warnings that oil sands projects could potentially become stranded assets in a low-carbon emissions scenario from its 2023 climate report. "Suncor has stopped warning investors of the risk that a [Read more]
Pioneer’s mega-sale to Exxon will trigger $71 mln in exec windfalls
Senior management at Pioneer Natural Resources will likely be out of a job once the company's $60 billion sale to Exxon Mobil is completed, but the top brass will walk away with bumper payouts which were sweetened further earlier this year. The top five executives at the U.S. shale operator are set to share $71 million in severance payouts, with Chief Executive Scott Sheffield on track to receive around $29 million, a review of regulatory filings and Reuters calculations show. The award to [Read more]
Global oil stockpiles due to fall in second half 2023 – EIA
Global oil inventories are expected to fall by 200,000 bpd in the second half of 2023 due to voluntary output cuts from Saudi Arabia and reduced production among OPEC+ countries, the U.S. Energy Information Administration said on Wednesday. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report. It now sees spot Brent crude at $94.91 a barrel in 2024, up from a previous forecast of $88.22. Oil [Read more]
US natgas prices slide 3% as mild forecasts cut demand outlook
U.S. natural gas futures slid about 3% on Wednesday on forecasts for milder weather and lower demand over the next two weeks than previously expected. After rising for six days in a row to an eight-month high earlier this week, front-month gas futures for November delivery on the New York Mercantile Exchange fell 10.7 cents, or 3.2%, to $3.275 per million British thermal units (mmBtu) at 10:11 a.m. EDT (1411 GMT) on Wednesday. On Tuesday, the contract closed at its highest since Jan. 23 [Read more]
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