Crude Oil News

Source: Reuters

EXCLUSIVE Biden administration mulls big cuts to biofuel mandates in win for oil industry -document

Reuters


NEW YORK – The administration of U.S. President Joe Biden is considering big cuts to the nation’s biofuel blending requirements, according to a document seen by Reuters, a move triggered by a broad decline in gasoline demand during the

September 23, 2021 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil prices at two-month highs on tight supplies

Reuters


LONDON – Oil prices rose on Thursday, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.

Brent crude was up 28 cents, or 0.4%, …

Source: Reuters

OPEC warns natural gas crisis may create oil market turbulence

World Oil


(Bloomberg) –As the global natural gas crunch hits suppliers and consumers alike, OPEC nations are warning of the knock-on impact for oil markets.

Iraq expects higher demand for crude as the shortfall of gas forces consumers to look …

Source: Reuters

Soaring gas prices ripple through heavy industry, supply chains

Reuters


LONDON  – Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher …

Source: Reuters

Oil prices rise on falling U.S. crude inventories

World Oil


(Bloomberg) –Oil rallied after a U.S. industry report showed another big draw in crude inventories, pointing to a tightening market, and China’s central bank added liquidity to quell concern about a major developer’s debt woes.

West Texas Intermediate …

U.S. crude oil inventories decrease by 3.5 million barrels

U.S. crude oil inventories decrease by 3.5 million barrels

Weekly Crude Oil Storage as of September 17, 2021

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.5 million barrels from the previous week. At 414.0 million barrels, U.S. crude oil …

Source: Reuters

ConocoPhillips says Shell deal lowers emissions intensity

World Oil


HOUSTON (Bloomberg) –ConocoPhillips’s $9.5 billion deal to buy shale assets from Royal Dutch Shell Plc will boost the amount of carbon the company pumps into the atmosphere. Yet the company says the pact will actually allow it to …

Source: Reuters

Surging gas prices are the ‘transition premium’ in the push toward renewables, OPEC chief says

CNBC


DUBAI, United Arab Emirates — Soaring gas prices are the cost of the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday.

 

“I have talked about a new premium that is emerging

Source: Fox Business

Shell exits Permian with $9.5 bln Texas shale sale to ConocoPhillips

Fox Business


Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy …

Source: Reuters

U.S. oil and gas leasing report coming soon, administration official says

Nasdaq


A Biden administration report on federal oil and gas leasing is undergoing an interagency review and should be published soon, an Interior Department official said on Tuesday.

“Reports like this that come at the direction of an executive order …

Source: Reuters

Oil rallies on tight supplies in aftermath of U.S. storm

Reuters


LONDON – Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China’s economy of a crisis at heavily-indebted property group China Evergrande.

Brent …

September 21, 2021 - 11:00 am Closing Bell Story‎, Commodity Pricing, Crude Oil News, Energy News
Source: Fox Business

Dakota Access pipeline asks U.S. Supreme Court to scrap environmental study order

Fox  Business


NEW YORK – Dakota Access on Monday asked the U.S. Supreme Court to revisit whether the largest pipeline out of the North Dakota oil basin requires additional environmental review.

The U.S. District Court for the District of Columbia …

Shell reports structural damage to West Delta facilities from Hurricane Ida

Shell reports structural damage to West Delta facilities from Hurricane Ida

World Oil


Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, has conducted a comprehensive damage assessment of its West Delta-143 (WD-143) offshore facilities from Hurricane Ida that revealed significant structural damage.

Shell estimates that its WD-143 “A” platform …

September 20, 2021 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Offshore
Source: CNBC

British energy firms fear collapse as Europe’s gas crisis sees prices surge 250%

CNBC


LONDON — Britain’s energy industry could be headed for a significant shakeup, industry insiders have warned, as countries all over Europe grapple with an unprecedented crisis in the power sector.

Wholesale gas prices have spiked across the region, with

Source: Reuters

Oil falls below $75 on risk-averse mood, dollar’s gain

Reuters


LONDON -Oil fell below $75 a barrel on Monday as rising risk aversion weighed on stock markets and boosted the U.S. dollar, although crude pared earlier losses on signs that some U.S. Gulf output will stay offline for months …

Source: Reuters

No plans for U.S., Iran to meet at U.N. next week, says U.S. envoy

Reuters


UNITED NATIONS – U.S. Secretary of State Antony Blinken has no plans to meet with his new Iranian counterpart next week at the annual gathering of world leaders at the United Nations in New York, U.S. Ambassador Linda Thomas-Greenfield

September 17, 2021 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Politics
Source: Reuters

Guyana grants Saudi Aramco unit one-year contract to market crude

Reuters


GEORGETOWN – Guyana has granted a unit of Saudi Arabian Oil Co, known as Aramco, a one-year contract to market the government’s share of the crude produced in the South American country, Vice President Bharrat Jagdeo told Reuters.

The …

September 17, 2021 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Oil set for fourth weekly gain with high energy prices in focus

World Oil


(Bloomberg) –Oil headed for a fourth weekly gain supported by signs of a tighter market and a wider rally in energy prices.

West Texas Intermediate, which dipped on Friday, has still climbed about 4% this week. Investors have …

Surce: Reuters

Oil prices fall as U.S. storm threat wanes

Reuters


NEW YORK – Oil prices fell on Thursday, falling from a multi-week high a day earlier on profit taking and as the threat to U.S. Gulf crude production from Hurricane Nicholas receded.

Brent crude was down 54 cents, or

September 16, 2021 - 12:30 pm Closing Bell Story‎, Commodity Pricing, Crude Oil News, Energy News
Proxy advisor ISS recommends Cimarex shareholders vote for Cabot merger

Proxy advisor ISS recommends Cimarex shareholders vote for Cabot merger

Nasdaq


NEW YORK – Influential proxy advisory firm Institutional Shareholder Services (ISS) has cautiously recommended that shareholders of Cimarex Energy Co XEC.N vote for its proposed merger with Cabot Oil & Gas Corp COG.N, according to a statement seen …

Source: CNBC

Chevron CEO explains why the oil giant’s lower-carbon investments look past wind and solar energy

CNBC


Chevron Chairman and CEO Mike Wirth told CNBC on Wednesday the oil company’s lower-carbon investments focus on areas such as renewable natural gas and hydrogen because it sees significant potential to create shareholder value.

“One of the things we’ve …

Source: World Oil

Oilfield Helping Hands launches new Haynesville chapter

World Oil


HOUSTON – Oilfield Helping Hands (OHH), a non-profit organization helping oilfield families in financial crisis due to no fault of their own, has opened a Haynesville Chapter, to include East Texas and Northwest Louisiana.

By opening an active …

Source: World Oil

European gas price rally continues on U.S. LNG export, UK power issues

World Oil


(Bloomberg) –Natural gas prices in Europe continued their record-breaking run as uncertainties about supply security this winter worsen. Power prices also surged to a new high amid after a disruption on a power link with France.

The …

September 15, 2021 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, International, LNG
Source: Reuters

China’s move to lower oil prices has market wary of more to come

World Oil


(Bloomberg) –China’s first auction of oil from its strategic reserves looks relatively paltry, but the possibility of further releases is still likely to exert a powerful influence on global crude prices.

The initial sale will be for about …

Source: Reuters

Investor group sets tough climate blueprint for Big Oil

Reuters


LONDON – Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production.

The …

Source: World Oil

Oil prices climb as U.S. crude, gasoline inventories tighten

World Oil


SINGAPORE (Bloomberg) –Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market.

Global benchmark Brent rose above $74, while West Texas Intermediate advanced for a fourth day. The …

U.S. crude oil inventories decrease by 6.4 million barrels

U.S. crude oil inventories decrease by 6.4 million barrels

Weekly Crude Oil Storage as of September 10, 2021

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.4 million barrels from the previous week. At 417.4 million barrels, U.S. crude oil …

Source: Reuters

Despite green talk, pre-COVID oil demand seen returning soon

Nasdaq


LONDON – World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major forecasters, challenging views that the pandemic may …

Source: Reuters

As oil-well backlog shrinks, U.S. shale may upset investors and drill more

Reuters


Publisher’s Note: Northern Oil and Gas, Inc. was a presenter at EnerCom’s The Oil & Gas Conference, view their replay at 1:00pm MST. 

U.S. energy producers have cut so deeply into a once-large reserve of oil wells waiting to …

Source: Reuters

European banks termed ‘hypocrites’ for doing business with fossil fuels

World Oil


(Bloomberg) –Barclays Plc and Deutsche Bank AG are among 17 banks accused by climate law activists of “hypocrisy” over work related to a controversial North Sea oil field.

ClientEarth, a London-based group of lawyers that brings environmental cases, …