Goldman Sachs has kept its forecast for Henry Hub gas prices unchanged, with November–December delivery contracts seen at $4.00 per million British thermal units (mmBtu) and 2026 prices seen at $4.60 per mmBtu, the bank said in a note on Thursday. "We believe we are quickly approaching a period when the market’s focus will more sustainably shift towards 2026 tightness concerns," the bank noted. (Reporting by Anjana Anil in Bengaluru; Editing by Muralikumar Anantharaman) [Read more]
News
Occidental CEO says chemical divestiture will improve core oil, gas business
Occidental Petroleum will be in a better position to invest in its core oil and gas business after divesting a chemicals unit and will be able to replace the lost cash flow from the division in about two and a half years, CEO Vicki Hollub told Reuters in an interview on Thursday. After announcing earlier in the day that it would sell its OxyChem unit to Warren Buffett's Berkshire Hathaway for $9.7 billion and use the funds to pay off debt, Occidental's shares dropped more than 7% as some [Read more]
Shell-led LNG Canada prepares to start Train 2
Shell-led LNG Canada has begun the process of starting up its second 6.5 million tonnes per annum (mtpa) liquefied natural gas processing unit known as Train 2 in Kitimat, British Columbia, a company spokesperson told Reuters on Thursday. The startup of Train 2, however, is happening as the company continues to experience technical problems at Train 1, according to two people with knowledge of its operations. The train was reported by sources to have technical issues in July, a month after it [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Thursday. WCS for November delivery in Hardisty, Alberta, settled at $11 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Wednesday's close of $11.10. * A spokesperson for Canadian pipeline operator Enbridge said Thursday the company's Mainline system — which transports oil from Alberta to various markets in Canada and the U.S. — is not at [Read more]
Alberta and Canada are 80% aligned on potential pipeline proposal, Premier says
Canada and Alberta are not far apart on the terms of a bargain that would create the conditions for a new oil export pipeline to be built in the province in exchange for certain environmental commitments, Premier Danielle Smith told Reuters on Thursday. Smith on Wednesday announced plans for Canada's main oil-producing province to take the lead on early planning for a pipeline. "We're about 80% in agreement on most of the aspects," Smith said in an interview. "The fact of the matter is, [Read more]
US public power sector weighs risks and rewards of data center customers
U.S. public power utilities are seeing explosive electricity demand from data centers, with some requests exceeding the total energy currently used by all of their customers combined, CEOs and investors in the not-for-profit power sector said this week. Big Tech’s data center power demand has created an opportunity to grow revenues and investments in the country’s long-stagnant power industry, but the record build-out of energy-intensive server warehouses comes with fresh risks, market [Read more]
CIBC analysts applaud Alberta efforts to spur new pipeline, but doubt its success
CALGARY - Analysts at CIBC say they're doubtful Alberta Premier Danielle Smith's plan to spur development of a West Coast bitumen pipeline will succeed. They say in a report that they applaud the effort and are open to the possibility of such a project going ahead, but the political and economic realities may be difficult to overcome. Smith says her government is putting up $14 million for early planning work on a pipeline that it hopes the private sector will eventually take over, with [Read more]
China’s banks lend to Saudi gas project while its funds sit out of BlackRock-led deal, sources say
China’s biggest state banks are lending billions to Aramco’s Jafurah gas project, though its funds have passed on the opportunity to invest in the venture, three people familiar with the matter said. Chinese banks provided more than a third of the financing for what will potentially be the biggest shale gas project outside of the U.S., with Bank of China, ICBC and China Construction Bank each lending about $1 billion and Agricultural Bank of China around $750 million, two people familiar with [Read more]
Occidental to sell OxyChem unit to Berkshire for $9.7 billion
Occidental Petroleum said on Thursday it would sell its petrochemical division to Warren Buffett's Berkshire Hathaway for $9.7 billion, as the U.S. oil and gas producer looks to pare debt. The sale of the OxyChem unit, which produces chemicals used for treating swimming pools and vinyl products used for water supply piping and medical supplies, adds to a series of divestitures planned by the Houston, Texas-based company in recent years to raise cash. Its shares rose 2.3% in premarket [Read more]
Statement: CAOEC applauds AB government’s leadership on advancing West Coast pipeline
The Canadian Association of Energy Contractors (CAOEC) strongly supports the Government of Alberta's decision to act as the proponent for a new pipeline from Alberta to the northwest coast of British Columbia. This is exactly the kind of bold, decisive leadership Canada needs to secure its economic future and strengthen our position as a global energy superpower. For too long, our industry has faced a critical barrier: lack of access to international markets. Every year without additional [Read more]
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