Oil & Gas 360 – Page 130

Senate’s energy permitting reform gains broad industry support

July 26, 2024

World Oil (WO) — Leading national energy associations have expressed strong backing for the Energy Permitting Reform Act of 2024, introduced by Senate Energy & Natural Resources Chairman Joe Manchin (I-WV) and Ranking Member John Barrasso (R-WY). This bipartisan bill aims to enhance American energy security by expediting the permitting process for key energy and mineral projects. Representatives from the

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count had an increase of 3 this week, at 589

July 26, 2024

Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had an increase of 3 over last week, resulting in a total count of 589 rigs. Canada had an increase of 14 over last week, resulting in a total Canadian count of 211 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Arkoma Woodford,

Exclusive: Mexico seeks more 2025 fuel import deals after refinery delays

July 26, 2024

Yahoo Finance MEXICO CITY/NEW YORK/SINGAPORE – Mexico is seeking to import more motor fuel for next year than it had previously planned, to compensate for delays in the startup of its new Olmeca refinery, half a dozen traders said, marking an about-turn by state energy company Pemex. The purchases for next year signal that the refinery would not be ready

Is domestic oil and gas’ biggest risk unrisked?

July 25, 2024

Oil and Gas 360 “First imperceptible, then unstoppable.” The risk of parallel trading systems that bypass the U.S. petrodollar continues to grow from BRICS’ (Brazil, Russia, Iran, China, South Africa) machinations. This new “axis of oil” produces about 40% of crude oil production and comprises nearly half the world’s population. Integrating global oil and gas markets into

Matador Resources increases 2024 oil production plans on Permian drilling surprises

July 25, 2024

World Oil (Bloomberg) – Matador Resources Co. plans to pump more oil in 2024 than it originally expected, a sign that wells in the western section of the Permian basin – the most prolific U.S. oil field – are surprising drillers to the upside and bolstering national supply. Through the first six months of the year Matador has already surpassed

U.S. boosts natural gas power as wind output slumps to 33-month low

July 25, 2024

Oil Price U.S. natural gas-fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. On July 22, wind power output in the Lower 48 states was at its lowest level in the country since October 4, 2021, per preliminary data from the U.S.

$EQT CEO warns of “skyrocketing” gas prices if fracing is banned under U.S. presidential candidate Kamala Harris- oil and gas 360$

EQT CEO warns of “skyrocketing” gas prices if fracing is banned under U.S. presidential candidate Kamala Harris

July 25, 2024

World Oil (Bloomberg) – Prices for natural gas would “skyrocket” if fracing was banned. That’s according to Toby Rice, chief executive officer of shale driller EQT Corp., marking one of the first prominent voices in the fossil fuel industry to comment on the election after President Joe Biden said he would end his candidacy. “It would actually be constructive for

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 22 Bcf

July 25, 2024

Natural Gas Inventories as of July 19, 2024 The EIA has released its natural gas inventory report, showing a net increase of 22 Bcf as of July 19, 2024. Working gas in storage was 3,231 Bcf as of Friday, July 19, 2024, according to EIA estimates. This represents a net increase of 22 Bcf from the previous week. Stocks were

Oil and Gas looking ahead: IEA, OPEC diverge

July 24, 2024

Oil and Gas 360 IEA’s OUTLOOK: America To Remain Number One The International Energy Administration’s (IEA) July Oil Market Report projects U.S. producers to extend their lead in global oil and gas production through next year. If their projection holds, 2025 would mark the seventh consecutive year of American dominance despite a sluggish year-over-year demand of 710 thousand barrels of

Analysis-US oilfield firms slash prices as mega-mergers shrink customer base

July 24, 2024

Yahoo Finance HOUSTON – A wave of mega-mergers among oil producers is forcing the U.S. service companies that drill and hydraulically fracture wells to slash their prices, merge, or risk bankruptcy as they compete for a dwindling number of customers. U.S. oil producers, also known as operators, announced more than $275 billion in deals over the past year and a

US refiners’ Q2 profits fall on low margins, soft fuel demand

July 24, 2024

Yahoo Finance NEW YORK – U.S. oil refiners are expected to report sharply lower second quarter earnings from a year ago after a listless summer driving season that weakened refining margins, energy analysts said. Refiners ramped up processing capacity in the three months ended June 30 to 93.5%, compared with 91% in the prior-year period, to meet an expected spike

170 Alberta wildfires threaten 10% of Canadian oil and gas production, prompts evacuations

July 24, 2024

World Oil (Bloomberg) – Wildfires in Canada’s energy-producing Alberta province are threatening almost 10% of the region’s oil production and forcing the evacuation of one of the country’s largest national parks during the peak summer tourist season. Hot weather has contributed to a wildfire outbreak in Western Canada, with 170 burning in Alberta alone — 53 of them out of

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