In a downtown Houston bar, Matthew Goitia, a director at Pelorus Terminals, lays out his early idea to refurbish and build marine terminals that can blend and export crude and ship chemical products in Venezuela. The ambitious plan he estimates would cost $250 million to $1 billion requires him to refurbish an existing crude oil marine terminal in Venezuela, build a new oil one and then convert the older facility to move chemicals and other products. He is also considering adding storage tanks, [Read more]
News
When the US freezes, the global LNG market catches a cold: Bousso
An Arctic blast sweeping across the U.S. Northeast and Midwest has triggered a sharp rally in natural gas prices on fears of production disruptions. The spike has reverberated across overseas markets, underlining the growing globalization of the U.S.-dominated liquefied natural gas trade. U.S. natural gas futures have surged by almost 70% over the last week to $5.35 per million British thermal units (mmBtu), their highest since December 2022. The cold spell is set to lift domestic gas demand [Read more]
More than 847,000 US customers without power as winter storm freezes much of the US
More than 847,000 homes and businesses remained without power late on Sunday as a severe winter storm spread heavy snow, sleet and freezing rain across parts of the U.S. from the Ohio Valley and mid-South to New England. Some states restored services during the day, reducing the number affected from more than 950,000 customers earlier. The hardest-hit utilities included Nashville Electric Service in Tennessee, where about 185,000 of its 463,455 customers were without power, and Entergy [Read more]
Few refineries report problems as deep cold seizes US Gulf Coast
Few refineries on Sunday reported problems on the first day severe cold descended across the U.S. Gulf Coast, home to about half of the country's crude oil refining capacity. Exxon Mobil said it was shutting units at its Baytown, Texas, petrochemical complex on the east side of Houston, because of the freezing weather. Temperatures in Baytown are at 26 degrees Fahrenheit (minus 4 Celsius), according to data from AccuWeather.com. Exxon did not identify which units were shut at the [Read more]
Oil little changed as supply concerns temper US winter output disruptions
Oil prices were little changed on Monday after climbing more than 2% in the previous session, as supply concerns kept a lid on benchmarks despite production disruptions in major U.S. crude-producing regions. Brent crude futures fell 7 cents, or 0.1%, to $65.81 a barrel at 0221 GMT. U.S. West Texas Intermediate crude was at $61.01 a barrel, down 6 cents, or 0.1%. Both benchmarks notched weekly gains of 2.7% to close on Friday at their highest points since January 14. A U.S. military [Read more]
If elected, the Parti Québécois would not necessarily oppose new gas or oil pipelines
SAINT-HYACINTHE - A future Parti Québécois government would not rule out oil or gas pipeline projects in Quebec. Party members voted down a resolution at a PQ convention in Saint-Hyacinthe, in the Montérégie region in Quebec, on Sunday that would have barred such developments. Opponents of the motion argued it could prevent industrial facilities from accessing natural gas needed for operations and economic development. The proposal was defeated by a strong majority of [Read more]
Power prices surge as winter storm spikes demand in US data center alley
Power prices in the largest U.S. grid rose sharply on Sunday as demand in a region with the world's largest concentration of energy-hungry data centers surpassed forecasts during a deep freeze gripping half the country. Real-time wholesale electricity prices topped $1,800 per MWh early Sunday in Dominion Energy's Virginia territory, up from $200 per MWh on Saturday morning. Virginia houses the biggest cluster of data centers in the world, which are used to power things like artificial [Read more]
US seeks quick repairs to lift Venezuela oil output, Bloomberg News reports
The United States is in talks with Chevron, other crude producers, and major oilfield service providers about a plan to quickly raise Venezuela's crude production, Bloomberg News reported on Saturday, citing senior administration officials. Officials have discussed deploying SLB, Halliburton and Baker Hughes to repair and replace outdated equipment, and refresh older drilling sites, the report said. Reuters could not immediately verify the report. The White House, Chevron, SLB, Baker Hughes and [Read more]
Frigid weather stresses US electric grid
U.S. electric grid operators on Saturday stepped up precautions to avoid rotating blackouts as frigid weather hitting half of the country's population stressed their operations. The PJM Interconnection - the largest U.S. regional grid that serves 67 million people in the East and Mid-Atlantic - reported temporary spikes in spot wholesale electricity prices that soared above $3,000 per megawatt hour on Saturday morning from earlier levels of less than $200 per MWh. Older power plants, typically [Read more]
Libya to sign 25-year deal with TotalEnergies, ConocoPhillips to bring over $20 billion in investment
Libya will sign a 25-year oil development agreement on Saturday with France's TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment and aimed at boosting production capacity by up to 850,000 barrels per day, Prime Minister Abdulhamid al-Dbeibah said. Signed through Waha Oil Company, a subsidiary of Libya's state-run National Oil Corporation, the deal is expected to generate net revenues of more than $376 billion, Dbeibah said in a post on [Read more]
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