INDUSTRY NEWS
Oil production plateaus in the Permian push producers to drill deeper
U.S. shale, led by the Permian, has provided 90% of global oil output growth in the past decade, according to research firm Enverus. It made the U.S. the biggest producer ahead of Saudi Arabia.
Freeport LNG Planning On Year-End Restart
The 15 million tonne-per-year export terminal has been offline since June after suffering damage from an explosion caused by “isolation of a piping segment containing cryogenic LNG without proper overpressure protection, which LNG then warmed and expanded due to exposure to ambient conditions, resulting in a boiling liquid, expanding vapor explosion…and the rupturing of the piping segment,” according to a Freeport statement from earlier this month.
Texas Grid More Reliable Than Ever Before
In a Seasonal Assessment of Resource Adequacy report for winter 2022/23, which was released on November 29, ERCOT anticipated that there will be sufficient installed generating capacity available to serve the system-wide forecasted peak demand for the upcoming winter season, assuming that the ERCOT region experiences typical winter grid conditions.
More Biden Oil And Gas Restrictions Are On The Horizon
Despite pleading with oil and gas companies to boost their output in recent months, to tackle global shortages and rising prices, President Biden is once again hitting the industry hard by proposing a greater emissions reduction in operations.
Permitting Reform Key For Natural Gas And Renewables Sectors
In the 21st century, attempts to build new infrastructure in the US must contend with a new set of regulatory and legal challenges that earlier projects never faced. Environmental approvals, property risks, and litigation can hold up projects for many years, or even block them.
Oil Prices Jump As China Relaxes Covid Rules
The reopening of China, coupled with Russia’s struggle to find buyers for its oil, could see oil top $100 in 2023, UBS analysts said on Monday.
Construction of biggest green hydrogen facility in U.S. underway in Texas
With commercial operations set to begin by 2027, project overseers expect 1,300 construction jobs, 115 permanent operations jobs and 200 transportation and distribution jobs to be created. The state of Texas’ projected revenue that would generate at the Wilbarger County facility is approximately $500 million.
Speculative Oil Positioning Now as Bearish as In Early Weeks of Pandemic
In the report, the analysts noted that oil market fundamentals are far more supportive than they were in early 2020, highlighting that demand is not collapsing due to a pandemic and producers are not engaged in a price war.
U.S. LNG Is Booming, But Who Supplies The Gas?
This year, the United States became the world's biggest liquefied natural gas (LNG) exporter as deliveries to energy-starved buyers in Europe and Asia surged. In the current year, five developers have signed over 20 long-term deals to supply more than 30 million metric tons/year of LNG to energy-starved buyers in Europe and Asia.
OPEC Slashes Oil Output by Most Since 2020
The Organization of Petroleum Exporting Countries curbed supplies by just over 1 million barrels a day last month, roughly in line with the amount specified by a pact with its allies, according to a Bloomberg survey.
Gasoline Price Drops Below $3.50 for 1st Time Since February
According to the AAA gas prices website, the U.S. average price of regular gasoline, as of December 1, is $3.470 per gallon. Yesterday’s average was $3.495 per gallon, the week ago average was $3.586 per gallon, the month ago average was $3.758 per gallon, and the year ago average was $$3.385 per gallon, the AAA site shows.
The Diesel Crisis Is Going Global
A perfect storm in global diesel markets is unfolding. Refining capacities are tight, and stockpiles are being depleted as the Northern Hemisphere cold season begins. Supply crunches could jeopardize critical transportation networks since the industrial fuel powers ships, trucks, and trains.
Oil Rises as US Stockpiles Tumble
Oil prices rallied with traders betting that China will further ease Covid restrictions and US government data showing crude stockpiles plummeted amid record export demand.
Global Crude Oil Inventories Rising
Global crude oil inventories have been rising prior to a European embargo on Russian crude imports due to take effect on December 5, energy and environmental geo-analytics company Kayrros noted in a new report sent to Rigzone.
Why Is The U.S. Losing Oil Refining Capacity?
Here is the thing many need help understanding about refining. It is a boom-and-bust business, and these refiners do not have crystal balls. It is widely reported when they make huge profits, but they also regularly endure huge losses.
Gazprom Threatens To Curb European Gas Flows Through Ukraine
Russia’s Gazprom said on Tuesday it could begin reducing natural gas supply to Europe via Ukraine as of next Monday after noticing that part of the volumes through Ukraine are not reaching Moldova.
Jones Act Is Making The US Diesel Shortage Worse
The Merchant Marine Act of 1920, popularly known as the Jones Act, requires all cargo shipped between US ports to use vessels that are built, owned, and registered in the US, and have US crews. Still in force after several revisions, most recently in 2006, it is one of the main factors underpinning the price of diesel in the US.
Russia Has Lost Over 90% Of Its European Oil Market Share
Around 75% of the Russian crude oil now being loaded at the Baltic ports in Russia is heading to Asia, where Indian and Chinese buyers haven’t shied away from purchasing Russian cargoes, especially earlier this year, at deep discounts.
Celebrating War as Climate Win Makes Red True Color of “Greens”
There is widespread concern about the human tragedy in Ukraine. How could there not be? Yet, among us are people who are sufficiently heartless and opportunistic to celebrate the bloodshed as a victory for the “green” movement.
West Texas rattled by 5.3 magnitude earthquake
Texans from El Paso, about 180 miles west of the earthquake, to cities like Austin and San Antonio in central Texas reported feeling the quake.