Reuters PARIS/NEW YORK – The French government asked power group Engie ENGIE.PA to hold off on signing a multi-billion dollar U.S. liquefied natural gas import contract on concerns over the deal’s environmental implications, a source familiar with the matter said. The intervention comes amid growing scrutiny over the effects of shale gas extraction methods such as fracking and their impact on
Natural Gas Inventories as of October 16, 2020 The EIA has released its natural gas inventory report, showing a net increase of 49 Bcf as of October 16, 2020. Working gas in storage was 3,926 Bcf as of Friday, October 16, 2020, according to EIA estimates. This represents a net increase of 49 Bcf from the previous week. Stocks were
Bloomberg Oil & Gas 360 Publishers Note: With Exxon and the other major oil companies migrating away from oil and gas production, more layoffs will be coming. New jobs in the renewable markets will not be able to fill all of the oil jobs lost. Exxon Mobil Corp. plans to lay off an unspecified number of employees as low oil
AA Iran has booted out India from the development of Farzad-B gas field in the Persian Gulf, a highly-placed government source in Tehran told Anadolu Agency. The source said Iran decided to use local firms to develop the gas field after New Delhi failed to respond to “multiple ultimatums” issued by Iran over the years. “We gave them multiple ultimatums,
CNBC The economy regained nearly 4 million jobs during the quarter, and that was after 7.5 million in May and June. Housing sales and builder confidence has been remarkable, and shoppers easily outpaced expectations in September with retail sales rising 1.9%, nearly tripling the Wall Street estimate. Moreover, corporate executives remain confident. The Conference Board’s CEO Confidence index, a gauge that measures the
Reuters NEW YORK – U.S. crude oil exports are expected to sputter through the end of 2020 due to weak production and unfavorable economics for foreign buyers of U.S. oil, traders and analysts said. U.S. oil demand is down about 13% from last year due to the coronavirus pandemic. Exports have become critical revenue sources for many oil companies, and
Bloomberg Canada’s Suncor Energy Inc. is exploring the sale of a handful of oil and gas fields in the North Sea, according to people with knowledge of the matter. Suncor is studying divesting the 30,000-barrel-a-day Golden Eagle Area on the U.K. side of the sea, the people said. Its 26.69 per cent stake could be valued at about US$400 million,
Reuters WASHINGTON/MEXICO CITY/LONDON – Democratic U.S. presidential hopeful Joe Biden’s promised return to diplomacy with OPEC-members Iran and Venezuela could cut a path for a return of their oil exports should he win, but not before many months at least of verifications, talks and deal-making. Source: Reuters The timing of a potential resumption of shipments is crucial to world oil
Reuters LONDON – Libya’s oil sector, shattered by unrest since the toppling of long-time leader Muammar Gaddafi in 2011, is back on the rise. The easing of a blockade by eastern forces, which had cut output by more than 90% to around 100,000 barrels per day (bpd), has seen production recover to about 500,000 bpd. The government in Tripoli expects
Reuters Oilfield services provider Baker Hughes Co BKR.N reported a third straight quarterly loss on Wednesday and warned that activity may be lower next year, as a coronavirus-induced slump in commodity prices continued to hurt demand for equipment and services. Producers have been drilling fewer wells following a collapse in crude oil prices this year as demand for oil products has
Reuters LONDON – Oil prices eased on Wednesday after a surprise build-up in U.S. crude stockpiles stoked concerns about a global supply glut and a spike in global COVID-19 cases fuelled fears of a stalled oil demand recovery. Brent crude futures LCOc1 were at $42.53 a barrel, down 63 cents, or 1.46%, as of 1349 GMT, while U.S. West Texas Intermediate (WTI)
Weekly Crude Oil Storage as of October 16, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week. At 488.1 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year, according to the EIA crude oil and petroleum
