Crude Oil News

Source: Reuters

Global oil demand to grow by 1.9 mln bpd in 2024, says Wood Mac

Nasdaq


LONDON – Global oil demand will grow by 1.9 million barrels per day (bpd) this year, according to a prediction by energy research company Wood Mackenzie, a forecast close to the Organisation of the Petroleum Exporting Countries’ (OPEC) estimate …

Sitio Royalties reports fourth quarter and full year 2023 operational and financial results, recent developments, and provides full year 2024 guidance

Sitio Royalties reports fourth quarter and full year 2023 operational and financial results, recent developments, and provides full year 2024 guidance

Oil and Gas 360


Announces Definitive Agreement to Acquire 13,062 NRAS in the DJ Basin for $150 Million(1)

Announces $200 Million Share Repurchase Program and Updated Return of Capital Framework

Closed on Previously Announced Sale of Anadarko and Appalachia

Source: Oil Price

Big oil asks U.S. Supreme Court to throw out Honolulu climate lawsuit

Oil Price


Oil and gas supermajors, including Exxon and Chevron, petitioned on Wednesday the U.S. Supreme Court to toss a Hawaii Supreme Court decision allowing a climate lawsuit of Honolulu to proceed to trial.

Honolulu sued several major fossil fuel …

February 29, 2024 - 11:30 am Climate Change, Closing Bell Story‎, Crude Oil News, Energy News, Law
Source: Reuters

EXCLUSIVE-Shell’s US solar unit launches asset sale, sources say

Nasdaq


NEW YORK – Shell’s SHEL.L U.S. solar business Savion has put around a quarter of its assets up for sale, according to a marketing document and industry sources, as the oil major extends a retreat from owning renewables projects …

Source: Reuters

Oil prices steady as US data keeps June rate cuts on the table

Yahoo Finance


LONDON -Oil prices were little changed Thursday as January U.S. inflation data reinforced expectations for a June cut to interest rates.

Brent crude futures for April were down 2 cents at $83.66 a barrel by 1355 GMT. The …

Source: Oil Price

Raging wildfire threatens Texas oil rigs, refinery

Oil Price


Texas Panhandle oil refineries and cattle ranches remain under critical threat as wildfires continue to spread, now consuming 500,000 acres after having prompted the temporary evacuation of the United States’ primary nuclear weapons assembly plant.

Earlier on Wednesday, …

Source: Reuters

ANALYSIS-Exxon’s curveball move in Guyana alters Chevron-Hess deal prospects

Nasdaq


HOUSTON – Exxon Mobil’s surprise challenge to Chevron’s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging …

U.S. natural gas prices gain over 3% after hitting 1997 low

U.S. natural gas prices gain over 3% after hitting 1997 low

Oil Price


U.S. natural gas prices gained over 3% on Wednesday, recovering from a four-year low earlier in the week as European demand popped and unseasonably warm temperatures in the southern United States boosted cooling demand to make up for …

Source: Reuters

Activist investor pushes for bolder action as bp “quietly” pivots back toward oil and gas

World Oil


(Bloomberg) – bp Plc is showing signs of a pivot back toward oil and gas that should boost returns, but is doing it too quietly to benefit its share price, according to activist investor Bluebell Capital Partners.

Four

API: New poll shows “widespread” concern over Washington’s energy policy

API: New poll shows “widespread” concern over Washington’s energy policy

World Oil


(WO) – The American Petroleum Institute (API) released a new national poll conducted by Ipsos demonstrating widespread concern over Washington’s approach on energy policy.

Two out of three American voters say the country is on the wrong track …

Source: Reuters

Oil gains on potential OPEC+ cuts, curbed by jump in U.S. crude stocks

US News


LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs.

Brent

U.S. crude oil inventories increase by 4.2million barrels

U.S. crude oil inventories increase by 4.2million barrels

Weekly Crude Oil Storage as of February 23, 2024

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.2 million barrels from the previous week.  At 447.2 million barrels, U.S. crude oil inventories …

Source: Reuters

Oil and gas upstream M&A deal value hits highest Q1 levels since 2017

Nasdaq


An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said.

Deals worth more than $55 billion …

Source: Reuters

Canada’s oil and gas firms to boost upstream capex to $30 billion in 2024

Oil Price


Canada’s oil and natural gas sector is set to boost upstream capital expenditures to around US$30 billion (C$40.6 billion) in 2024, up slightly from an estimated actual investment of US$28.8 billion (C$39 billion) for 2023, the Canadian Association …

Source: World Oil

Oil trade groups file petition against Biden administration over LNG ban

World Oil


(Bloomberg) – Top oil industry lobbying groups set the stage for a potential lawsuit challenging the Biden administration’s pause in approving new liquefied natural gas (LNG) exports.

In a petition filed Monday with the Energy Department, the American

February 27, 2024 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, LNG, Regulatory
Source: Reuters

Atlas Energy Solutions Inc. to acquire Hi-Crush Inc., creating the largest proppant producer in the country and an industry leading logistics provider

Oil and Gas 360


AUSTIN, Texas–(BUSINESS WIRE)– Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today announced that it has entered into a definitive agreement with Hi Crush Inc. (“Hi-Crush”) to acquire all of Hi-Crush’s Permian Basin proppant …

Source: World Oil

APA to increase global oil and gas production in 2024 with $2 billion upstream investment

World Oil


(WO) – On Feb. 21, APA Corp. released its 2023 financial results and 2024 operational outlook. In the report, APA forecasted strong U.S. oil growth in 2024, approximately 8% year-over-year and more than 10% from fourth-quarter 2023 to …

Source: Oil Price

New expansion project could give Qatar 25% share of global LNG supply

Oil Price


Qatar could squeeze out rival LNG supply, including from the current top exporter, the United States, and could end up controlling 25% of the global LNG supply by 2030 after it announced a new major expansion project days …

February 27, 2024 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, LNG
Source: Reuters

Woodside Energy expects a 50% increase in LNG demand by 2034

Oil Price


Woodside Energy expects demand for liquefied natural gas to increase by 50% over the next ten years driven by Asia, Bloomberg has reported, citing chief executive Meg O’Neill.

“We’re seeing signs of that demand growth in emerging …

Source: Reuters

Goldman raises forecast of Brent oil summer price to $87

Oil Price


Faster-than-expected land inventory drawdowns due to seaborne trade disruptions from the Red Sea crisis have prompted Goldman Sachs to revise up its forecast for summer peak Brent Crude prices to $87 per barrel, up by $2 from earlier …

Dialogue & innovation: industry leaders unite at TOGC 2024 to discuss the future of pipelines

Dialogue & innovation: industry leaders unite at TOGC 2024 to discuss the future of pipelines

Oil and Gas 360


Publisher’s Note: Oil and Gas 360 media partner congratulates the Transportation Oil & Gas Congress (TOGC) 2024 for another successful year.

Transportation Oil & Gas Congress (TOGC) 2024 brought together C-level executives and technical specialists from

February 26, 2024 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Pipeline News
Source: Oil Price

U.S. diesel exports to Europe slump as distillate markets tighten

Oil Price


U.S. diesel exports to Europe have tumbled so far in February amid lower refinery output and tighter supplies in America, which have decreased arbitrage opportunities and further tightened European diesel supplies.

Europe’s imports of U.S. diesel have nearly …

Source: Reuters

Top global energy traders face multi-billion cash quandary

Nasdaq


LONDON – As the world’s top global energy trading houses prepare for their biggest annual industry get-together this week in London they face a growing problem, what to do with their cash.

Most trading houses, which are privately owned …

February 26, 2024 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
ReconAfrica identifies key oil and gas exploration target for 2024 drilling campaign in Namibia

ReconAfrica identifies key oil and gas exploration target for 2024 drilling campaign in Namibia

World Oil


(WO) – Reconnaissance Energy Africa Ltd. announced an operations update. ReconAfrica continues to pursue activities as it prepares to start a multi-well drilling campaign in 2024.

To date, all surveying activity has been completed, with demining activities complete …

Source: Reuters

Platts says adding Midland to Brent has gone well, no need for more

Yahoo Finance


LONDON – Commodities pricing agency Platts said on Monday its addition of U.S. WTI Midland crude into the global Brent oil benchmark has gone well, and it won’t be necessary to add any further crudes for the time …

Source: Oil Price

Elliott prepares over $1 billion to invest in metals mining assets

Oil Price


Elliott Investment Management is preparing to roll out a new company with an at least $1 billion war chest to invest in metals mining assets around the world, to take advantage of the energy transition and the currently …

Source: Reuters

Fallout from Mexican president’s Pemex ‘rescue’ set to greet successor

Nasdaq


MEXICO CITY – Mexico’s outgoing president has taken steps to promote a smooth hand-off for national oil company Pemex, three sources told Reuters, but the latest moves will likely postpone a day of reckoning for the world’s most heavily-indebted …

Source: Reuters

Shell earned $2.4 billion from LNG trading in Q4

Oil Price


Shell earned $2.4 billion from LNG trading in the fourth quarter amid strong demand for the fuel ahead of the winter, with LNG trades contributing to almost a third of its Q4 adjusted earnings, Reuters reported on Friday, …

February 23, 2024 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance, LNG
U.S. rig count had an increase of 5 this week, at 626

U.S. rig count had an increase of 5 this week, at 626

Oil and Gas 360


This week’s Baker Hughes Rig Count shows that U.S. had an increase of 5 over last week, resulting in a total count of 626 rigs. Canada had a decrease of 3 over last week, resulting in …

Source: Oil Price

Loophole allowed Russia to earn $1.2 billion from fuel sales to the EU

Oil Price


An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct …