The Market Is Ignoring The Surge In U.S. Oil Output
Bullish Wall Streets banks see supply deficits in 2022, while OPEC, the IEA and the DoE are forecasting surpluses. Standard Chartered says a surge in U.S. oil output in Q4-2021 Continue Reading
Low Oil Inventories Suggest Imminent Supply Deficit
The global crude market could follow natural gas markets as inventories continue to dwindle The International Energy Agency, this month, reported on a gap between its global inventory calculations and Continue Reading
OPEC+ Still Expects Oil Surplus This Year
OPEC+ still expects the global oil market to be in a surplus this year, but has revised the overhang by 100,000 bpd to 1.3 million bpd, Reuters reported citing the Continue Reading
OPEC, Allies Agree to Pump More Oil Amid Supply Concerns
OPEC and its allies agreed to a small, planned increase in crude production amid soaring oil prices, with concerns over supply heightened due to a possible Russian invasion of Ukraine. The Continue Reading
OPEC+ group’s go-slow strategy may do little to ease Asia’s pain
OPEC and its allies agreeing to a modest output hike may do little to soothe Asian buyers struggling with high oil prices, as concerns loom about the group’s production target Continue Reading
Arab Gulf’s Only Coal-Fired Power Plant to Switch to Gas
The Hassyan power station near Dubai. Dubai plans to convert the Hassyan power station, the Arab Gulf’s first and only coal-fired power plant, to use natural gas. The move will Continue Reading
Soaring Commodity Prices Could Crush Demand In India
Demand for commodities is beginning to crumble in India. With oil at $90 or nearly $90 a barrel these days, Indian purchases could slow down going forward. India’s imports in Continue Reading
KRG extends gas pipeline network, raising potential for exports
Iraq’s semi-autonomous Kurdistan Regional Government (KRG) is extending its gas pipeline network toward the Turkish border — a project that promises to unlock gas supplies at multiple fields, increase domestic Continue Reading
Shell Is Betting Big On Namibia’s Oil Boom
Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com’s Head of Operations While all recent oil exploration attention has been on Exxon’s ( massive string Continue Reading
Shell delays expansion work at Nigeria’s Bonga oil field by two years: sources
Shell had resolved tax dispute with NNPC only last year Development a blow to Nigeria’s quest to raise oil output Shell has delayed expansion work at its Nigerian offshore Bonga Continue Reading
FPSO Catches Fire And Sinks Offshore Nigeria
A floating production, storage, and offloading (FPSO) vessel has exploded, caught fire, and sunk at the Ukpokiti Terminal in Nigeria. A floating production, storage, and offloading (FPSO) vessel has exploded, Continue Reading
Latin America’s US oil product imports at pre-pandemic levels despite high prices
Mexico leads with 40% of US product imports in Nov Strong summer demand, heatwaves lift tender activity US refined product exports to Latin America have returned to pre-pandemic levels, and Continue Reading
Panama Canal to decrease Neopanamax locks maximum draft to 49.5 feet
Highlights Decrease marks first draft adjustment in six months Fully-laden Suezmaxes no longer able to transit Waiting times for transit increase, pressuring freight The maximum allowable draft at the Neopanamax Continue Reading
Increasing snowstorms in Northeast U.S. linked to climate change
Saturday’s tremendous coastal storm pushed a band of heavy snow into southern New England, burying cities under a snowpack up to two feet deep. These near-record snowfall totals continue an astonishing Continue Reading
ADP: Private payrolls fell by 301,000 jobs in January
Private payrolls tumbled by 301,000 in January, posting their biggest drop-off since the onset of the pandemic, as the omicron variant set off a spike in coronavirus cases, according to data released Continue Reading
Summary of Weekly Petroleum Data for the week ending January 28, 2022
U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending January 28, 2022 which was 248,000 barrels per day less than the previous week’s average. Continue Reading
The Electric Truck That Can Power Homes
Ford’s all-electric F-150 Lightning pickup can power homes in a U.S. first offering in which customers will be able to power their homes with an electric truck, the car manufacturer Continue Reading
NYMEX Henry Hub surges to $5.50/MMBtu ahead of winter storm, potential freeze-offs
NYMEX Henry Hub March jumps 75 cents to $5.50/MMBtu West Texas lows to remain below freezing through Feb. 5 The NYMEX Henry Hub prompt-month contract spiked Feb. 2 ahead of Continue Reading
SOUTHEAST POWER TRACKER: Electricity prices up on gas strength, weather
Jan had harsher weather than in Dec, Jan 2021 Gas outweighs mild forecast in forward markets Generation shares stable, but solar surges Southeastern US on-peak bilateral indices more than doubled Continue Reading
US distillate stocks touch five-week low as winter weather supports demand
Highlights Cold snap supports distillate demand USAC diesel stocks hit eight-month low Crude stocks fall 1.05 million barrels US distillate inventories moved lower for a third straight week in the Continue Reading
UK to soften new energy price surge for inflation-hit households
Britain will outline a multi-billion-pound plan on Thursday to help households cope with soaring energy bills, shortly after the regulator announces an expected 50% jump in the price cap. British Continue Reading
U.K. Lawmakers Warn Net-Zero Target at Risk With Poor Heat Plan
Residential homes in Kingston upon Thames, U.K. The U.K. government’s plans to decarbonize heating in homes “lack strategic direction” and risk missing their goals, according to a committee of lawmakers. Continue Reading
E.U. plans to include natural gas and nuclear in green energy taxonomy – The Washington Post
Can natural gas ever be called sustainable? And can nuclear energy credibly be dubbed green? A landmark proposal from the European Commission effectively answers “yes” to both — and many Continue Reading
Novak: Russia To Resume Oil Output To 90% Of Pre-pandemic Level
Russia will be able to resume its oil production to 90% of the levels it was producing prior to the pandemic, Russian Deputy Prime Minister Alexander Novak said in an Continue Reading
Russia bans ammonium nitrate exports until April to support domestic farmers
Russia has banned the export of ammonium nitrate (AN) from Feb. 2 to April 1, in a widely-expected move by the government as it seeks to guarantee affordable supplies for Continue Reading
Oil climbs toward 7-year highs on U.S. stock draw, eyes on OPEC+ move
Oil prices climbed on Wednesday toward last week’s seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an Continue Reading
Oil Holds Near Seven-Year High as Traders Count Down to OPEC+
Oil steadied ahead of an OPEC+ meeting that may endorse another modest lift in output, with traders speculating that the actual increase delivered by members could again fall short of Continue Reading
The Lack of Fossil Fuel Investment Is Hindering The Energy Transition
Last week, the CEO of Saudi Aramco announced that the global clean energy transition is “not going smoothly.” Underinvestment in fossil fuels has led to soaring prices across the globe. Continue Reading
Surprise Crude Draw Suggests Tighter Oil Market
The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.645 barrels after analysts predicted a build of 1.833 million barrels. U.S. crude inventories Continue Reading
OPEC+ seen sticking to policy despite oil price rally -sources
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
New Energy Deals Are Transforming Geopolitics In The Middle East
China has been attempting to expand its One Belt, One Road project through the Middle East by heavy funding of energy projects in the region. Ever since the 1973 Arab Continue Reading
OPEC Underproduction Is Driving Bullish Sentiment In Oil Markets
Bullish sentiment has taken over oil markets, with long positions outnumbering short positions by 13 to one as OPEC resists pressure to ramp up production. Chart of the Week – Continue Reading
OPEC+ struggles to hit production targets with oil demand on the rise
Highlights Analysis shows 832,000 b/d shortfall to December quotas OPEC+ ministers meet Feb. 2 to decide March output levels Delegates say no discussion of potential Russia sanctions The oil market Continue Reading
OPEC+ seen sticking to policy despite oil price rally -sources
OPEC+ will likely stick to existing policies of moderate output increases on Wednesday, five sources from the producers’ group said even as it expects demand to rise to new peaks Continue Reading
Islamic State hits back, aided by power vacuum in Iraq and Syria
Security forces jostle for control in parts of Iraq, Syria Rivalries undermine security and play into militants’ hands Islamic State launches series of big attacks including on prison Armed forces Continue Reading
U.S. to send fighter jets to assist UAE after Houthi attacks
U.S. Secretary of Defense Lloyd Austin responds to questions during a House Armed Services Committee hearing on “Ending the U.S. Military Mission in Afghanistan” in the Rayburn House Office Building Continue Reading
Nigeria Lost $4bn to Oil Thieves in 9 Months, Says Tony Elumelu
The Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday, disclosed that Nigeria lost $4 billion worth of crude oil to thieves in the first nine months of 2021. Among this, Continue Reading
Guyana Delivers Again: New Discovery Made Offshore
Frontera Energy struck oil in the Corentyne Block offshore Guyana, the company said this week. “Initial results from the Kawa-1 well are positive and reinforce CGX and Frontera’s belief in Continue Reading
There’s a Russia-Sized Mystery in China’s Electricity Sector
Here’s a new obstacle that could prevent the world from finally turning the corner on climate change: Imagine that over the coming decade a whole new economy the size of Continue Reading
Tokyo’s daily COVID-19 infections exceed 20,000 for first time
Tokyo’s new COVID-19 cases exceeded 20,000 for the first time on Wednesday, dimming hopes that an Omicron-fuelled wave of infections in Japan is peaking out. Nationwide cases reached a record Continue Reading
Bill Gates Invests in Carbon Capture Startup After Tech Breakthrough
A Massachusetts-based startup that captures carbon dioxide directly from the air has raised $80 million from investors, including Bill Gates-led Breakthrough Energy Ventures. Founded in 2019, Verdox Inc.’s technology is Continue Reading
California Warns of Another Dry Year After Snowless January
California water officials warned that the Golden State could face its third consecutive dry year after a lack of snow during the traditionally wet month of January. The state’s overall Continue Reading
Exxon, Chevron Hit Gushers of Cash as Big Oil Companies Lure Back Investors
Your browser does not support HTML5 video. Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will Continue Reading
The Global Gas Crisis Has Made American LNG Hot Again
High natural gas prices globally, the historically low storage levels in Europe, and the growing gas demand in Asia could incentivize more long-term U.S. LNG contracts. The role of gas Continue Reading
ExxonMobil sees US Permian production growing by over 25% in 2022, narrows capex range
Permian output was 460,000 boe/d in 2022 Capex for 2022 will be $21 billion-$24 billion 2022 production should be up about 2%: CEO ExxonMobil sees its US Permian Basin production Continue Reading
Orsted expects pickup in wind speeds to lift earnings
Renewable energy company Orsted (ORSTED.CO) on Wednesday missed fourth-quarter operating profit expectations but said it expected a boost in earnings as wind speeds should return to normal this year after Continue Reading
Gas flows to Europe halted again via Yamal pipeline after short resumption
Natural gas supplies from Poland to Germany via the Russian Yamal-Europe pipeline were suspended again on Wednesday morning after a tentative resumption, data from the German network operator Gascade showed. Continue Reading
EV Sales Reach ‘Inflection Point’ With Fast Growth in China and Europe
An employee checks a Volkswagen ID.5 eSUV at a factory in Zwickau, Germany. Automakers and analysts often wonder when U.S. electric car sales might one day take off after years Continue Reading
Shell Forced to Reroute Oil Supplies After Cyberattack
A cyber attack on a German oil storage and logistics firm has impacted Shell’s oil supply chain in Germany, where it is rerouting supplies to alternative depots, the supermajor said Continue Reading
Gazprom’s Gas Exports Slump By 41% In January
Despite record-high natural gas production, Russia has not been sending much above its contractual obligations to Europe this winter season. In the fourth quarter of 2021, Russia’s pipeline exports declined Continue Reading