(Bloomberg) –The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to …
SINGAPORE (Bloomberg) –Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.
West Texas Intermediate fell 0.8% in …
LONDON – Hedge funds cut their petroleum positions last week as oil prices neared the top of recent trading ranges and the cyberattack on the Colonial fuel pipeline looked set to cut crude processing and diesel output.
The previous …
Widespread flooding from Hurricane Ida and power outages on Tuesday slowed efforts by energy companies to assess damages at oil production facilities, ports and refineries.
Nearly all of Louisiana lost electrical power on Monday after one of the most …
LONDON (Bloomberg) –OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022.
The data, to be presented to the group’s …
Sarawak Shell Berhad, a subsidiary of Royal Dutch Shell plc, announced that it has taken a final investment decision on the Timi gas development project and, together with its partners PETRONAS Carigali Sdn Bhd and Brunei Energy Exploration, …
(Bloomberg) –U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse …
HOUSTON – Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports.
The storm moved into Mississippi on Monday after leaving a …
Oilfield services provider Basic Energy Services will cut about 500 jobs in Texas, according to a filing with the state’s workforce commission, as the company works through Chapter 11 restructuring that includes asset sales.
The job cuts are focused …
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 508 rigs. Canada had a decrease of 9 over last week, resulting in …
LONDON (Bloomberg) –OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.
The coalition led by Saudi Arabia and …
CUPERTINO, CA – A new study concluded that more than 2 million metric tons (MT) per year of CO2 can be removed from the atmosphere and injected safely into the earth at two ethanol plant sites in California. …
LONDON -Oil prices rose on Friday and were on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast …
HOUSTON – U.S. refiner Phillips 66’s PSX.Ndecision to market a Louisiana oil processing plant offers a key test of investors’ views on the pace of the transition to electric vehicles, refinery industry experts said on Wednesday.
Phillips 66, …
Oil prices could be setting up for a major rally, one strategist says.
Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt
Transocean announced that BOE Exploration & Production LLC (“BOE”) awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a …
WASHINGTON (Bloomberg) –Endangered desert fish would get millions of dollars in federal funding while oil companies would face new fees and a ban on most offshore drilling under a plan floated by House Democrats.
The details were summarized …
WASHINGTON (Bloomberg) –The Biden administration moved Tuesday to resume selling oil and gas drilling rights in the Gulf of Mexico and throughout the western U.S., after a judge ruled the president’s leasing pause was unlawful.
The Interior Department …
MEXICO CITY – Mexican state oil firm Petroleos Mexicanos (Pemex) expects to resume by Aug. 30 all oil production shut down by a deadly fire on an offshore platform, the firm’s chief executive said on Tuesday.
Five workers were …
(Bloomberg) –Nord Stream 2 AG, the Gazprom PJSC-owned pipeline project to bring more Russian natural gas to Europe, risks delays after losing a court ruling imposing changes to its organization.
Imperial Oil Ltd, one of Canada’s biggest oil producers and refiners, on Wednesday outlined a plan to process vegetable oil into renewable diesel at its 191,000-barrel-per-day Strathcona refinery.
The project, which still requires final approval, is part of majority-owner …
NEW YORK -Oil prices edged higher on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand has climbed to its highest since the start of the COVID-19 pandemic.
Brent crude rose 42 cents …
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.0 million barrels from the previous week. At 432.6 million barrels, U.S. crude oil …
LAUNCESTON, Australia – The spot price of liquefied natural gas (LNG) in Asia is usually at a seasonal low in August in what is historically the shoulder season between summer and winter peak demand.
That the price of spot …
