Line fill on the Trans Mountain oil pipeline expansion will start in the first quarter of 2024 and take about six to seven weeks to complete, the Canadian government-owned corporation building the project said on Friday. Line fill will require about 4.5 million barrels of oil, Trans Mountain Corp said, adding that the expansion project remains on track to start commercial operations near the end of the first quarter. Line fill involves filling the length of the expanded pipeline with oil [Read more]
US natgas prices up 2% to 8-month high on lower output, cooler forecasts
U.S. natural gas futures climbed about 2% to a fresh eight-month high on Friday on lower output, rising exports and expectations that seasonally cooler weather will boost heating demand in coming weeks. Also supporting prices, workers at U.S. energy firm Chevron's two liquefied natural gas (LNG) export plants in Western Australia voted to restart strikes. Australia was the world's biggest LNG exporter in 2022, according to data from LSEG. If those strikes reduce the amount of Australia [Read more]
Chevron Australia LNG workers back strike threat in second meeting
Workers at Chevron's two liquefied natural gas (LNG) facilities in Western Australia voted to restart strikes on Friday, endorsing a similar move by colleagues at a meeting less than 24-hours earlier as unions accuse Chevron of reneging on a deal that ended strikes last month. Night-shift workers at Chevron's Gorgon and Wheatstone facilities voted to restart strikes in the afternoon meeting, the Offshore Alliance, a coalition of two unions, said in a statement. Reuters reported on Thursday [Read more]
Oil on track for sharpest weekly decline since March
Oil prices were on track for their steepest weekly decline since March despite rising on Friday, as a U.S. bond market sell-off sparked concerns of a global economic slowdown and worries about a sharp fall in fuel demand. Both benchmarks had surged to 2023 highs last week, but Brent has dropped 11.6% and WTI by about 9% this week. Bond investors' rising concerns around government spending and a ballooning budget deficit in the United States, the world's top oil consumer, are contributing [Read more]
Exxon Mobil in advanced talks for $60 bln acquisition of Pioneer-sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would expand Exxon's footprint in one of the most lucrative areas of the U.S. oil patch. Pioneer, with a market capitalization of about $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp and ConocoPhillips. If the negotiations conclude [Read more]
Rystad analysts say oil demand peaking, predict $60 a barrel by 2027
Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles. Their outlook is a reassuring message amid recent Wall Street analysts predicting up to $150 per barrel in the next two years. Rystad's long-term forecast calls for prices to peak next year at $91 per barrel before dropping to as much as $50. "Demand is peaking," Claudio Galimberti, Rystad's head of [Read more]
US natgas prices up 3% to 8-month high ahead of storage report
U.S. natural gas futures climbed about 3% to an eight-month high on Thursday on a drop in output and forecasts for seasonally cooler weather that will boost heating demand. That increase also came ahead of a federal storage report expected to show a smaller-than-normal build last week when mild weather kept demand for heating and cooling low. Analysts forecast U.S. utilities added 92 billion cubic feet (bcf) of gas into storage during the week ended Sept. 29. That compares with an increase [Read more]
U.S. manufacturing rebound will stretch diesel supplies: Kemp
U.S. manufacturers reported business activity declined for the 11th month running in September, but the cycle appeared to be close to its trough and poised to return to growth in the next few months. Renewed manufacturing growth will boost industrial energy consumption, especially for diesel, but with inventories still low, prices are set to escalate rapidly, rekindling concerns about inflation. The Institute for Supply Management’s manufacturing purchasing managers index rose to 49.0 [Read more]
Chevron, Australian workers hit snag in finalising pay deal
Efforts to finalise an agreement that ended strikes at Chevron's two Australian liquefied natural gas (LNG) plants hit a snag on Thursday, with unions accusing the U.S. energy major of reneging on commitments made to Australia's industrial arbitrator. Workers called off strikes less than two weeks ago after unions and Chevron accepted proposals on pay and conditions proposed by the country's industrial arbitrator, the Fair Work Commission. Since then the parties have been working to turn [Read more]
Heavy oil differential widens further
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Wednesday: WCS for November delivery in Hardisty, Alberta, settled at $20.75 a barrel under WTI, according to brokerage CalRock, weakening from a close of $19.75 a barrel under the U.S. benchmark on Tuesday. The deeper discount on Canadian heavy crude came amid a $5 a barrel dive in WTI prices as concerns about fuel demand destruction and a bleaker [Read more]
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