Regional oil output little changed in Q2, says Dallas Fed
Oil and gas activity in Texas, Louisiana and New Mexico rose modestly in the second quarter of 2024, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly survey of energy firms. Second...
View ArticleCrude seeks support from seasonal demand strength
Crude oil continues to trade within a narrowing range, which during the past year has resulted in a succession of lower highs and higher lows. In fact, since Q4-2022 the WTI futures contract has been...
View ArticleMiddle East Crude-Benchmarks little changed; Russian ESPO discounts narrow
Middle East crude benchmarks were little changed on Thursday, with three cargoes delivered on the window. TENDERS Taiwan’s state refiner CPC has bought 4 million barrels of U.S. West Texas Intermediate...
View ArticleU.S. energy production exceeded consumption by record amount in 2023
In 2023, energy production in the United States rose 4% to nearly 103 quadrillion British thermal units (quads), a record. Energy consumption in the United States fell 1% to 94 quads during the same...
View ArticleAmple power supply, high LNG prices curb China’s summer gas demand
China’s natural gas demand at the start of this year’s summer season has been muted due mainly to sufficient power supply including hydropower, coal and renewables, as well as higher Asian LNG spot...
View ArticleAsia’s refining margins stabilise at soft levels as diesel improves
The profit margin for Asian refiners turning crude oil into fuels has stabilised at relatively weak levels, but where the money is being made has shifted from gasoline to diesel. The crack, or margin,...
View ArticleOil up ahead of US inflation data, set for third weekly gain
Oil prices rose on Friday and were on course for a third straight weekly jump buoyed by growing expectations that the U.S. Federal Reserve will soon start cutting interest rates and U.S. inflation data...
View ArticleNorway’s Equinor says its first Argentina offshore well came up dry
Equinor’s first offshore well in Argentina didn’t show any evident indications of oil or natural gas, a source at the Norwegian company said June 27, after expectations swelled in the local oil...
View ArticleMexico’s sulfur output plummets nearly 50% in April: INEGI
Sulfur production in Mexico reached 13,077 mt in April, nearly a 50% year-on-year decrease, according to preliminary data published June 19 and revised June 25 by the National Economic and Geographical...
View ArticleGlobal carbon removal market could reach $100 billion/yr from 2030-35, report...
The global market for carbon dioxide (CO2) removal credits could reach up to $100 billion a year between 2030 and 2035 from $2.7 billion last year if barriers to its growth are addressed, a report by...
View ArticleWould new licences save the North Sea oil and gas industry?
Do you support new oil and gas licences, yes or no?” That’s the binary question which has been at the centre of the political debate in Scotland since parties began preparing to fight the general...
View ArticleMiddle East Crude-Benchmarks slip; Saudi may cut Aug OSPs
Middle East crude benchmarks Oman, Dubai and Murban closed lower on Friday, the last trading day of the month. A total of 24 cargoes were delivered this month, including 11 Oman, five Murban, four...
View ArticleRussia’s Urals oil prices for July cargoes hold firm in Indian ports, traders...
Russian Urals oil prices for cargoes loading in July were steady in Indian ports, helped by healthy demand for the grade and an expected decline in exports next month, despite rising risks of...
View ArticleOil traders expect large inventory draw in third quarter
Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other. But futures markets are...
View ArticleTrafigura, Gunvor demand sparks jump in Brent oil benchmark
Trading houses Trafigura and Gunvor bought nine cargoes of crude that underpin the international Brent benchmark in the last week and bid for more, helping to drive the steepest gains since a change in...
View ArticleUS Cash Crude-Brent/WTI spread at 7-week high, driving LLS values
Physically traded domestic crude grades broadly fell on Friday with Light Louisiana Sweet bucking the wider downward trend, dealers said, while the Brent-WTI spread also widened. Light Louisiana Sweet,...
View ArticleArgentina approves incentives for large oil, gas infrastructure projects
Argentina’s government got approval June 28 for sweeping reforms, allowing it to privatize Enarsa, the state gas importer, and roll out incentives for large projects, which likely will include the...
View ArticleMed crude-Urals differentials remain steady
Urals oil differentials to dated Brent remained steady and firm on Friday, while traders said the grade’s values found balance. Russian Urals oil prices for cargoes loading in July were steady in...
View ArticleNorth Sea Crude-North Sea producers continue consolidation
North Sea crude differentials were stable on Friday, while producers in the North Sea continued to consolidate. NEWS Spain’s Repsol is in talks to merge its UK North Sea oil and gas business with...
View ArticleUS drillers cut oil and gas rigs for 4th week to lowest since Dec 2021 -Baker...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row to the lowest since December 2021,energy services firm Baker Hughes BKR.O said in its closely...
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