Oil Prices Edge Upward for the Week
Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery. Continue Reading
Crude prices post small gains to end rollercoaster week
Crude oil futures ticked up slightly July 23, ending higher for the fourth consecutive day on optimism that global production increases would fall short of a demand recovery. Front-month NYMEX Continue Reading
Oil Prices Recover After Manic Monday
Despite a major oil price crash on Monday, oil prices are now on course to close out the week more or less unchanged. Friday, July 23rd, 2021 The news of Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading
Brazil sees power generation at limit in November due to drought
Brazil’s national power grid operator (ONS) said on Friday that severe drought is likely to push the country’s power generation capacity to its absolute limit by November, as hydroelectric plants Continue Reading
Schlumberger’s profit beats forecast as margins soar on revenue gains
Schlumberger delivers optimistic outlook for North American and international oil markets Reports earnings of 30 cents per share, beating Wall Street estimates of 26 cents per share Operating margins almost Continue Reading
U.S. Jet Fuel Glut Is Too Big for Surging Air Travel to Drain
The U.S. is swimming in so much jet fuel that even this summer’s surge in air travel can’t save the market. Air traffic in the U.S. has jumped to more Continue Reading
Biden Administration Earmarks Funds For Coal Communities
The Biden Administration is committing $300 million to invest in the economic development of coal and coal power plant-affected communities as part of a $3-billion funding for investment in America’s Continue Reading
Henry Hub gas tops $4 as hot weather fuels concern over supply constraints, storage
Natural gas prices at the US benchmark Henry Hub recently zoomed past the $4 level, where the market continued to trade July 23 amid renewed bullishness over hot weather and Continue Reading
Thermal coal prices soar as demand for electricity rebounds
Thermal coal is one of this year’s best-performing asset classes Supply disruptions, a drought in China and rebounding electricity demand have fired up the market for thermal coal, making the Continue Reading
Oil slips but set to end week steady on tight supply
Oil fell further below $74 a barrel on Friday but was on track to end the week largely unchanged after rebounding from a sharp drop on Monday, underpinned by expectations Continue Reading
Oil Gains With Robust Global Demand Tightening Crude Market
Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets. Futures in New York Continue Reading
Oil prices rise on signs of tightening supplies
Oil prices rose on Thursday, extending strong gains made in previous sessions on expectations of tighter supplies until the end of the year as economies recover from the coronavirus crisis. Continue Reading
Is the Refining Sector in Crisis?
McKinsey & Company provides an answer. Demand for light products such as gasoline, diesel/gasoil, and jet/kero largely drives refinery utilization. Even in the case of a delayed energy transition, light Continue Reading
Natural Gas Hits 31-Month U.S. High as Heat Adds to Supply Worry
Natural gas futures soared to $4 per million British thermal units in the U.S. for the first time since December 2018 as summer heat intensified concerns about tight supplies later Continue Reading
U.S. Shale Sees Light At The End Of The Tunnel
The U.S. oil and gas sector is recovering from last year’s market slump. But unlike the previous boom-and-bust cycles, the industry has held off on boosting production and has focused Continue Reading
Natural Gas Supply Concerns Mount
Natural gas futures soared to $4 per million British thermal units in the U.S. for the first time since December 2018 as summer heat intensified concerns about tight supplies later Continue Reading
Clean Energy Producers Are Eyeing Old Coal Plants—for the Wiring
As demand for clean energy surges, would-be developers are struggling to find enough transmission lines to carry power to the people. One increasingly popular solution: retired coal plants. Much as Continue Reading
U.S. crude stockpiles rise for first time since May as imports surge -EIA
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo July 21 (Reuters) – U.S. Continue Reading
Baker Hughes Sees Slower U.S. Shale Drilling for Rest of 2021
Shale drilling in North America is going to slow down in the second half of the year from its breakneck pace as explorers cling to promises of austerity, according to Continue Reading
Houston Scrambles To Remain The Energy Capital Of The U.S.
The United States shale sector is at a crossroads. Houston, the capital of the nation’s oil and gas industry, is at the metaphorical and industrial center of a struggle for Continue Reading
Road Fuel Demand Set For Early 2027 Peak
Higher electric vehicle (EV) adoption and rising fuel efficiency will bring peak road transportation fuel demand forward to 2027, four years earlier than previously thought, BloombergNEF said in a report Continue Reading
Gas lobbyists ramp up efforts as EU mulls sustainability label
Gas industry lobbyists have stepped up meetings with European Union policymakers amid a political tussle on whether to badge the fuel as sustainable, analysis from campaign group Reclaim Finance showed. Continue Reading
Halliburton tops earnings estimates, forecasts stronger demand
Oilfield company Halliburton Co (HAL.N) on Tuesday topped Wall Street earnings estimates and offered an upbeat view for energy services demand as the downturn in oil drilling activity recedes. The Continue Reading
Goldman Sachs Raises Oil Price Forecast Following OPEC Deal
The agreement which OPEC+ reached on Sunday is modestly bullish for Goldman Sachs’s forecast that Brent will hit $80 per barrel this summer, the investment bank said in a note Continue Reading
Credit Suisse Lifts 2021 Average Brent Price To $70
Improving supply and demand fundamentals have prompted Credit Suisse to raise its short and long-term forecasts for oil prices, expecting the average Brent price at $70 a barrel this year, Continue Reading
Pandemic recovery to push emissions to all-time high – IEA
The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a Continue Reading
What’s Next For Oil After The New OPEC+ Deal
The recent OPEC+ meeting ended with an agreement that would gradually increase the cartel’s monthly production until in late 2022 all of the 9.7 mm BOPD that had originally been Continue Reading
OPEC Could Double Its Control Over Oil Market
OPEC could double its control over the oil market, to between 70% and 80%, according to Lukoil’s Vice President. OPEC will win its increased share by default, Leonid Fedun, Vice Continue Reading
OPEC+ gives the market more crude, but could leave some members behind
Highlights Deal calls for monthly 400,000 b/d output increases Some members will struggle to produce at their quotas Saudi Arabia, UAE, Russia hold most spare capacity OPEC and its allies Continue Reading
Shale executives receive bumper pay packets despite dismal returns
Chief executives at US shale companies are continuing to receive bumper pay packets despite years of dismal returns, according to a new report. While most US oil bosses had their Continue Reading
US gasoline prices fall to seasonal lows as NYMEX RBOB sheds 14 cents
Highlights NYMEX August RBOB drops 14.32 cents/gal to $2.1104/gal on OPEC news Gasoline trading activity slows on NYMEX RBOB volatility US gasoline outright prices dipped to seasonal lows July 19 Continue Reading
More OPEC+ Crude is Needed, How Much Depends on Who You Believe
The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just Continue Reading
Here’s What Citigroup to Goldman Say About the OPEC+ Oil Deal
OPEC+ has overcome an internal dispute and salvaged a deal to add more barrels to the market, with the group set to boost output by 400,000 barrels a day each Continue Reading
OPEC Update, June 2021
The OPEC Monthly Oil Market Report for July 2021 was published this past week. The last month reported in each of the charts that follow is June 2021 and output Continue Reading
The Oil Industry Is Borrowing Again, But This Time It’s Different
Two years ago, Wall Street banks were on their way out of a long-term relationship with the oil industry. Now, with oil prices over $70 for the first time in Continue Reading
US gas exporters face EU methane curbs after carbon tax reprieve
US oil and gas exporters have been warned that they face a further tightening of European anti-pollution rules despite energy’s exclusion from a swath of climate proposals introduced in Brussels Continue Reading
Oil declines, heading for biggest weekly drop in months
Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet Continue Reading
Oil Set for Worst Week Since March on OPEC+ Anxiety and Delta
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. Continue Reading
Oil Set for Worst Week Since March on OPEC+ Anxiety and Delta
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. Continue Reading
Oil declines, heading for biggest weekly drop in months
Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet Continue Reading
Saudi Arabia And UAE To Lead OPEC Oil Production Increase
OPEC pumped 26.03 million barrels per day (bpd) of oil in June—up by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at Continue Reading
OPEC sees world oil demand reaching pre-pandemic level in 2022
OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and Continue Reading
The American Pipeline War Is Only Just Beginning
It is not a great time to be an oil pipeline developer or operator in North America these days. Policymakers are canceling projects and threatening to close operational pipelines. Environmental Continue Reading
Oil And Gas Is Booming In The Land Of Enchantment
New Mexico, the Land of Enchantment, was concerned when Biden’s pause on oil and gas drilling leases took hold, but six months into the new administration the state’s oil industry Continue Reading
Biden Has Kickstarted A Consolidation Wave In The U.S. Shale Patch
Consolidation is a troubled industry’s best friend—and last year’s crisis in oil and gas brought about by the pandemic was no exception. Mergers and acquisitions started later than they normally Continue Reading
Death Toll From Texas Winter Storm Continues to Rise
The death toll from the freezing winter weather that battered Texas and caused widespread power outages this year has risen by 59, bringing the total to 210, officials said. The Continue Reading
Electricity demand rebound will require more fossil fuel generation -IEA
Global electricity demand is growing faster than renewable energy capacity can be rolled out and will require more power to be generated from the burning of fossil fuels, the International Continue Reading
UAE Closes In on Oil Output Deal to Resolve Standoff With OPEC+
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
The Conflict Within OPEC Is Far From Over
As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the Continue Reading