U.S. LNG exports hit a record in September at 9.4 million metric tons, beating their previous record of 9.3 million MT in August, according to preliminary data from financial firm LSEG. The increase was fueled by strong sales to Europe and Asia, and came despite unplanned shutdowns at the country's largest facility, Cheniere Energy's Sabine Pass plant in Texas, and a planned outage at Berkshire Hathaway's Cove Point plant, according to LSEG data. The U.S. is the world's largest LNG [Read more]
News
Cenovus’ 160,000-bpd refinery in Toledo, Ohio to shut several units for a month of planned maintenance, source says
Cenovus will shut several units at its 160,000-bpd refinery in Toledo, Ohio next week for a month of planned maintenance, a source familiar with the matter said on Wednesday. The planned work is expected to start on October 6. Cenovus did not immediately respond to Reuters' request for comment. (Reporting by Nicole Jao) [Read more]
The Miracle of Cheap Energy—and What Happens If It Ends
For more than a decade, cheap energy has been one of the underappreciated pillars of U.S. economic and stock market strength. Since the shale revolution around 2010, the discovery and rapid scaling of unconventional oil and natural gas transformed America’s energy landscape. Not only did it reshape geopolitics, but it also provided U.S. companies with a durable cost advantage that helped propel record profit margins and equity valuations. The question now is whether that “miracle” of cheap [Read more]
Alberta plans to support proposal for new oil pipeline, Globe and Mail reports
The Alberta government is preparing to lead an application for a new oil pipeline to the British Columbia coast with support from Enbridge, South Bow and Trans Mountain, the Globe and Mail reported on Wednesday, citing three sources familiar with the matter. The plan is to draft an application along with an early estimate to submit to the federal government's new Major Projects Office, the report said, adding that a final route has not yet been decided. Enbridge, South Bow and Trans [Read more]
Alberta Premier Danielle Smith set to make major energy industry announcement
CALGARY, ALBERTA, CANADA - Alberta Premier Danielle Smith is set to reveal today a new project to strengthen national energy development. Smith will be in Calgary for the announcement. Alberta Energy Minister Brian Jean and Rajan Sawhney, the minister in charge of Indigenous relations, will also be on hand as will the head of Cenovus Energy. Smith has said energy infrastructure such as pipelines are critical to her province’s long-term fiscal sustainability along with being vital to [Read more]
New BP Chair Manifold urges faster oil and gas strategy shift
New BP Chair Albert Manifold told employees on Tuesday that the group's portfolio was "overly complex" and it needed to execute its strategy of shifting focus back to oil and gas faster, according to an internal memo seen by Reuters. Manifold took the helm of BP's board on Tuesday. He succeeded Helge Lund, who came under investor fire for his close association with previous CEO Bernard Looney, who oversaw BP's ill-fated foray into renewables. "Some of the assets we currently own may be more [Read more]
OPEC+ panel stresses need for full compliance with oil output limits
An OPEC+ panel stressed the need for achieving full compliance with oil output agreements and extra output cuts that some members are required to make to compensate for earlier exceeding quotas at a meeting on Wednesday, OPEC said in a statement. The online meeting of the Joint Ministerial Monitoring Committee, which includes top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, started at about 1230 GMT. The JMMC retains the authority to [Read more]
Venezuela’s oil exports surpass 1 million bpd for first time since 2020, data shows
Venezuela's oil exports averaged 1.09 million barrels per day (bpd) in September, the highest monthly level since February 2020, according to shipping data and documents from state-run energy company PDVSA. The country has struggled to stabilize oil production and exports since coming under U.S. sanctions in 2019, but rising crude output, sales of accumulated stocks and more imports of diluents used for producing exportable crude grades boosted oil shipments last month, the data and documents [Read more]
Russia’s western port oil exports up 25% after drone attacks
Russia boosted oil exports via its western ports by 25% in September versus August, according to three trading sources, as refinery outages caused by Ukrainian drone attacks freed up more crude. September exports via the western ports of Primorsk, Ust-Luga and Novorossiisk rose to 2.5 million barrels per day (bpd), the sources said. Ukraine has stepped up its drone attacks on refineries and export pipelines, causing shortages in Russia of some fuels. Authorities have responded with [Read more]
Diamondback CEO sees US crude output growth stalling with $60/bbl oil
U.S. oil production growth will stall if prices stay near $60 per barrel, as fewer drilling sites are profitable at that level, the CEO of Diamondback Energy, one of the country's top oil producers, said on Wednesday. "There's only so much Tier 1 rock," Kaes Van't Hof said while speaking at an energy conference in Austin, in a reference to the best drilling locations. "That means that it's going to be hard to see growth at $60 oil. And at $50, I think that's an even harder story." U.S. crude [Read more]
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