Oil Price It is not certain that global oil demand is rising fast enough to allow the market to absorb the OPEC+ group’s planned increase in supply from October, analysts and industry sources have told Reuters. Concerns about an underwhelming demand in China amid sluggish economic growth below expectations and fears of a recession in the U.S. have weighed on the
World Oil Publisher’s Note: VAALCO Energy will be a presenter at EnerCom Denver-The Energy Investment Conference on August 18-21, 2024. Register to attend, investor one-on-one meetings can be scheduled. (WO) – In a landmark deal, Houston-based oil and gas exploration company VAALCO Energy has reported that all involved parties have finalized a production sharing contract (PSC) for Block P offshore
Oil Price Oil prices have been highly volatile over the past week, with Brent trading across a $6.75 per barrel (bbl) range to hit a seven-month low of $75.05/bbl intra-day on 5 August thanks to bearish news coming from the world’s largest economy. The latest U.S. jobs report revealed that the economy added 114,000 jobs in July, way lower than the Wall Street
World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending
Oil Price Cheniere Energy (NYSE: LNG) booked a 36% decline in its second-quarter earnings compared to a year ago, due to lower margins for delivered LNG cargoes. Cheniere Energy, the biggest U.S. LNG exporter, reported on Thursday a net income of $880 million for the second quarter, down from $1.37 billion for the same period of 2023. Half-year net income slumped by
Natural Gas Inventories as of August 2, 2024 The EIA has released its natural gas inventory report, showing a net increase of 21 Bcf as of August 2, 2024. Working gas in storage was 3,270 Bcf as of Friday, August 9, 2024, according to EIA estimates. This represents a net increase of 21 Bcf from the previous week. Stocks were
Oil and Gas 360 Publisher’s Note: Flotek Industries (NYSE: FTK) will be presenting at EnerCom Denver-The Energy Investment Conference, scheduling for one-on-one meetings is open to qualified investors. You can still Register to attend. HOUSTON, August 6, 2024 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced operational and financial results for the quarter ended June
Oil and Gas 360 Ford’s on-going” market therapy” regarding a less than enthusiastic reception for its three EV models is costing the company about $3 billion to convert a Canadian plant from its purpose-built EV design to produce more of its Super Duty truck models (F-250, 350 and 450). Trucks constitute the lion’s share of Ford’s business; its F-150 internal
World Oil (Bloomberg) – Moves from Congress are likely to be more important to building out U.S. oil and gas projects than policy from the White House, according to the top executive at pipeline operator Williams Cos. “I actually think paying more attention to how Congress turns out, and the legislative front, is actually a bigger push because that’s actually
Oil Price Qatar will invest $180 million in a Europe-based critical minerals investment company, joining the U.S. development bank in supporting the firm that invests in key metals for the energy transition outside China. Qatar Investment Authority (QIA), the Gulf nation’s sovereign wealth fund, said on Wednesday it would invest $180 million in TechMet, an investment company focused on building businesses across
World Oil (WO) – Cheniere Energy, Inc. entered into a long-term liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with Galp Trading S.A., a subsidiary of Galp Energia. Galp has agreed to purchase approximately 0.5 MMtpa of LNG for 20 years from Cheniere Marketing on a free-on-board basis for a purchase price indexed to the Henry Hub price, plus
Weekly Crude Oil Storage as of August 2, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 429.3 million barrels, U.S. crude oil inventories are 6% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
