Oil Price Despite a sharp drop on Thursday, oil prices are set for another weekly gain as well as a monthly one driven by tight supply coupled with perhaps surprisingly resilient demand. Bloomberg attributed the Thursday drop to technical resistance as well as speculation that Saudi Arabia may start rolling back the cuts if prices rose too high. Theoretically, that may be
World Oil (Bloomberg) – NG Energy International Corp. expects an eight-fold boost in its natural gas production in Colombia after a new field begins production next year. The Toronto-based company sees its natural gas production rising to 60 MMcfd in the third quarter of 2024 as its Sinu-9 block comes online in the Lower Magdalena basin, according to Chief Financial
Oil Price The benchmark U.S. oil price rose early on Thursday to the highest level since August 2022, extending Wednesday’s surge as U.S. commercial inventories continue to decline more than expected. WTI Crude prices exceeded $95 per barrel in early Asian trade on Thursday, hitting the highest price level in 13 months. The international benchmark, Brent Crude, also jumped and touched a new high
Oil Price China’s dominance in critical minerals mining and processing will make global energy security in the energy transition “infinitely more complex,” U.S. Secretary of Energy Jennifer Granholm said at a conference on Thursday. “The fuel of this energy transition — critical minerals — is going to make global energy security infinitely more complex and infinitely more important over
World Oil (WO) – His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, highlighted the importance of harmonizing energy security, affordability and sustainability in the quest for an equitable and realistic energy transition. In remarks at the Ministerial Plenary Meeting, as part of Tokyo’s Green Transformation Week, His Excellency Minister
Oil Price A Los Angeles judge this week refused to overturn a county’s decision prohibiting Exxon from using tanker trucks to move crude oil from offshore platforms to refineries after the rupture of a pipeline seven years ago. The pipeline, near Santa Barbara, ruptured in 2015, causing a substantial spill, after which it was suspended. However, it has not been
World Oil (Bloomberg) – According to the latest energy report by the Federal Reserve Bank of Dallas, most oil executives surveyed now expect drilling and fracing expenses to climb next year, the bank said Wednesday. At the same time, 84% of the executives — who operate firms in Texas, New Mexico and Louisiana — expect the number of rigs drilling
World Oil (Bloomberg) – Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a bbl by slashing oil production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving production again, rather than risk
Investing LONDON (Reuters) -Oil prices edged lower on Thursday on growing expectations that key Western economies will maintain high interest rates to tackle stubborn inflation. By 1312 GMT, Brent crude futures were down 66 cents at $95.89 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday. The December Brent contract
Natural Gas Inventories as of September 22, 2023 The EIA has released its natural gas inventory report, showing a net increase of 90 Bcf as of September 22, 2023. Working gas in storage was 3,359 Bcf as of Friday, September 22, 2023, according to EIA estimates. This represents a net increase of 90 Bcf from the previous week. Stocks were
Oil Price As oil prices soar and investors wait for signs that oil company stocks will start to catch up, French TotalEnergies has announced plans to boost production and shareholder distributions, lifting its stock price by almost a percentage point in morning trading. TotalEnergies said it planned to return some 44% of its operations cash flow to shareholders in 2023,
World Oil (WO) – The Forties Pipeline System moves 40% of the UK’s oil from the North Sea through Grangemouth where it is processed for distribution throughout the UK. Over the 6 years of INEOS ownership, oil flows through the system have declined by a dramatic 40%, and INEOS has had to close one of its three processing plants due
