US Vice President JD Vance said on Monday that a long-planned liquefied natural gas pipeline in Alaska was going to happen, but there were still some details that needed to be worked out with South Korea. Last week, US President Donald Trump announced plans for South Korea to invest $200 billion in US projects, including the Alaska pipeline, but Seoul quickly suggested the LNG project was not yet set in stone. "I think it's something that's going to happen. Obviously, you still got to work [Read more]
Headlines
Discount on Western Canada Select hits 2023 levels amid soaring global freight costs
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures has blown out this month, reaching levels not seen since 2023 as soaring global freight prices put pressure on Canadian barrels being re-exported off the US Gulf Coast. WCS for November delivery in Hardisty, Alberta, settled at $24.80 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $24.65 on Friday, and is more than $10 wider than it was at this point in [Read more]
US says foreign financial institutions doing business with Iran may be sanctioned without notice
The US Treasury Department said on Monday it was alerting foreign financial institutions that continue to do business with Iran or its financial sector that they may be sanctioned by Washington without advance notice. DETAILS: * "Foreign financial institutions continuing to transact with sanctioned Iranian financial institutions could be targeted at any time without advance notification and should take immediate action to terminate such activity and relationships," the Treasury Department [Read more]
SpaceX seeks approval for Florida gas pipeline to support Cape Canaveral launches
Elon Musk's SpaceX is seeking approval to build a natural gas pipeline in Florida to supply fuel for its rocket launched from Cape Canaveral, according to a state regulatory filing from September. A SpaceX subsidiary, Coastal Connect Services (CCS), has requested the Florida Public Service Commission to approve a tariff for a new 32.4-mile, 16-inch natural gas transmission pipeline in Brevard County, where Cape Canaveral is located. Here are some details: * This infrastructure is [Read more]
Chevron Announces Senior Leadership Changes
HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced the following senior leadership changes, effective January 1, 2027: Mark Nelson, currently vice chairman and executive vice president of Oil, Products & Gas, will remain vice chairman with responsibility for Strategy and Business Development. In addition to his corporate duties, Nelson will be responsible for identifying and advancing opportunities that strengthen the company's portfolio, enhance [Read more]
Oil market turmoil could last for years, executives say
Shipping bottlenecks, deep cuts in refinery output and inventory draws that could take years to replace will keep global oil prices high beyond this year, industry executives said at a conference in London on Monday. Following the start of the US-Israeli war on Iran at the end of February, Iran effectively closed the Strait of Hormuz, choking exports through one of the world's most crucial shipping bottlenecks. The impact has been compounded by attacks on oil and gas infrastructure, [Read more]
Phillips 66 Announces Refining Leadership Transition
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) today announced that Rich Harbison, executive vice president, Refining, has decided to retire, effective Dec. 31, 2026, following a distinguished career and significant contributions to the company. As part of the company’s ongoing succession planning, Chris Chandler will join Phillips 66 as strategic advisor to the CEO effective Oct. 6, 2026. Chandler will become executive vice president, Refining, effective Jan. 1, 2027. “Rich [Read more]
LNG buyers are paying $25-$28 MMBtu without flinching, PETRONAS says
Customers are paying $25 to $28 per million British thermal units for liquefied natural gas without flinching yet, as the Middle East conflict has disrupted supplies, PETRONAS CEO Tengku Muhammad Taufik said on Monday. If the LNG price hits $40 to $50 per MMBtu, people may start switching to other forms of energy, Muhammad Taufik told reporters on the sidelines of the Energy Intelligence Forum in London. (Reporting by Stephanie Kelly and Shadia Nasralla Editing by Tomasz Janowski) [Read more]
Oil stocks in US strategic petroleum reserve fall to lowest level since 1982
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 283 million barrels last week, the lowest level since October 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Additionally, the Trump administration last week said it is offering to loan energy companies 40 million barrels of oil from the Strategic Petroleum Reserve. (Reporting by Noel John in Bengaluru) [Read more]
Cenovus Energy signs deal to buy Athabasca Oil in deal valued at $5.7 billion
CALGARY - Cenovus Energy Inc. has signed a deal to buy Athabasca Oil Corp. in a cash-and-stock deal valued at $5.7 billion. Cenovus CEO Jon McKenzie says Athabasca’s high-quality, long-life assets fit the company's portfolio and provide a clear opportunity to improve performance, grow production and create long-term shareholder value. Cenovus says the deal adds about 45,000 barrels of oil equivalent per day of production. Under the terms of the agreement, Athabasca shareholders will [Read more]
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