Less natural gas consumption in Europe is keeping storage full
Consumption of natural gas in Europe consistently decreased since mid-2022, driven by a combination of mild winter weather and government policies aimed at reducing natural gas consumption. In 2023,...
View ArticleAPI shows weekly US crude, fuel stockpiles fell, market sources say
U.S. crude oil, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. The API figures showed crude stocks were downby...
View ArticleOil prices hover near lowest in six weeks
Oil prices traded around their lowest level in six weeks on Wednesday, as the northern hemisphere gets deeper into summer with limited signs of the expected fuel consumption surge the period usually...
View ArticleIraq to offset 1.184 million bpd Jan-June overprodcution – OPEC
The OPEC Secretariat said on Wednesday it had received a plan from Iraq to make up for overproduction in the first half of the year and said it would offset it by Sept. 2025. Iraq’s overproduced...
View ArticleBrussels ready to mediate between Hungary and Ukraine in spiralling oil dispute
Hungary and Slovakia are threatening to take Ukraine to court over the country’s decision to restrict the oil supplies of the Lukoil company. The European Commission is prepared to mediate in the...
View ArticleRussia produces crude close to OPEC+ quota: Novak
Russia is producing close to its crude production cut target under the OPEC+ agreement, Deputy Prime Minister Alexander Novak said July 23, as Russia struggles to comply with a deeper cut from the...
View ArticleUS oil stockpiles fall across the board on higher exports, demand, EIA says
U.S. oil inventories fell across the board last week on higher crude exports and gasoline demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels...
View ArticleIndia’s Reliance gets US nod to import oil from Venezuela, source says
India’s Reliance Industries (RELI.NS), opens new tab has received approval from the United States to resume importing oil from Venezuela despite Washington’s sanctions, a source familiar with the...
View ArticleChina’s natural gas demand seen growing 6.5%-7.7% in 2024, NEA says
China’s natural gas demand is expected to grow between 6.5% and 7.7% this year to reach 420 billion to 425 billion cubic metres, the National Energy Administration said in an industry update. The...
View ArticleHurricane Beryl affects USGC, Midwest margins in opposite ways
Refining margins in the two largest US refining centers—the US Gulf Coast and the US Midwest—illustrate how weather and storms can have diametrically opposite reactions on refining margins and regional...
View ArticleNatural gas storage injections remain below five-year average so far this summer
Injections into natural gas storage in the Lower 48 states since April 1 have totaled 950 billion cubic feet (Bcf), according to our July 18 Weekly Natural Gas Storage Report. So far this injection...
View ArticleRussia exceeded OPEC+ oil output quota in June, pledges to reach target in July
Russian crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged on Wednesday to stick to the required output level in July. It said the production level was...
View ArticleThe Commodities Feed: Oil inventory draws
Energy – supportive EIA inventory report Oil prices rebounded yesterday due to supportive inventory numbers from the US. The EIA reported that US commercial crude oil inventories fell by 3.74m barrels...
View ArticleOil falls on weak China demand concerns, Mideast ceasefire talks
Oil prices eased on Thursday as concerns over weak demand in China, the world’s largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous...
View ArticleSecond quarter and first half 2024 results With close to $10 billion adjusted...
The Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 24, 2024, to approve the second quarter 2024 financial statements. On the occasion, Patrick Pouyanné said:...
View ArticleUS Democrats launch bill holding oil firms accountable for any work with OPEC
Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting...
View ArticleMiddle East Crude-Benchmarks extend losses as trade slows
Middle East crude benchmarks Oman, Dubai and Murban extended losses on Thursday as most refiners have completed their purchases for September loading cargoes. Indian refiner has bought 1 million...
View ArticleRussia’s Novak says no friction with OPEC+ over exceeding production quotas
Russian President Vladimir Putin’s oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter...
View ArticleEni accelerates buyback after Q2 net profit beats expectations
After reporting a smaller than expected drop in second-quarter net profit, Italian energy group Eni ENI.MI promised to accelerate its share buyback and hinted at the possibility of nudging it up in the...
View ArticleMiddle East Crude-Dubai extends losses despite robust demand from PetroChina
Middle East crude benchmark Dubai extended losses for a third session on Friday despite robust demand from PetroChina while Murban’s premium slumped as most refiners have completed their purchases....
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