INDUSTRY NEWS
Biden Freeze on Oil and Gas Leases Reinstated
President Joe Biden won temporary permission to once again pause energy leasing on federal lands and waters, after a US appeals court found a trial judge’s order against the moratorium too vague to review.
The Gulf of Mexico Has a Pirate Problem
According to the MSTA, on August 7, pirates onboard two speedboats boarded and robbed a manned semi-submersible drilling rig in the Bay of Campeche approximately 28nm north of Paraiso. The MSTA also notes that, on August 10, a vessel was approached by suspected pirates when transiting inbound to Puerto Dos Bocas.
Ford raises prices of electric F-150 pickup amid high commodity costs
Prices of raw materials such as lithium used in batteries have jumped of late as car companies, including the likes of Elon Musk's Tesla Inc and EV pickup maker Rivian Automotive Inc, rush to secure supplies to avoid disruptions to production.
Saudi Prince Made Huge Bets On Russian Energy Around Start Of Ukraine War
As part of its three-year investment program, Kingdom Holding poured some $360 million into Gazprom, another $109 million into Lukoil, and a bit over $52 million into Rosneft. The investments were made via purchases of American depositary receipts of the three companies.
U.S. gasoline prices fall below $4 for first time since March
Gasoline prices peaked at a record $5.02 in June, pinching wallets and causing drivers to buy less fuel in July than they did during the pandemic in July 2020.
U.S. Refiners See Demand Holding Strong Through Year-End
American refiners and oil and gas operators expect strong demand for fuels and energy through the remainder of the year, despite analyst concerns in recent weeks that demand could take a hit with a possible recession or demand destruction.
USA Driving Season Labeled Major Disappointment
“However, we think the theory that the U.S. market will bear gasoline prices of $5 per gallon for an extended period has now been tested to its destruction,” the analysts stated in the report.
The data that’s driving the rout in oil prices is barely believable
Oil is at the lowest since the start of the Ukraine war today but that data that's weighing on crude has many market participants scratching their heads and some accusing the government of outright manipulation. In question is US gasoline demand. Official weekly data show that July US gasoline demand was below 2020 levels.
Oil Prices Fall To $90, But It’s Not Enough For Biden
After touching the highest level since 2009 above $130/bbl, oil prices have pulled back sharply over the past two months with both Brent and WTI crude currently trading at sub-$100/bbl, and the Biden administration is gunning for a much bigger drop.
Who Is Europe’s Top Gas Supplier?
“With Russian gas imports already down sharply (35 percent) across 1H22, Norway is comfortably Europe’s #1 gas supplier,” the BofA Global Research report stated.
Renewables Falter As Texas Power Grid Sees Record Demand
Wind and solar power generation in Texas was much lower than its potential during this month's heatwave due to weather patterns, straining the Texas power grid at times of record demand.
Oil prices surge $4 a barrel as chances of OPEC+ supply boost dim
Oil prices jumped more than $4 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.
In Democrats’ climate bill, oil and gas leasing locked in for a decade
Under the legislation the Department of Interior would need to hold three previously cancelled oil and gas lease sales for the Gulf of Mexico and Alaska's Cook Inlet, and reinstate a Gulf lease sale that was vacated by a federal judge earlier this year. And the department could not issue permits for solar and wind projects on federal lands and waters without holding regular lease sales for oil and gas drilling.
Fracking Equipment Shortage Adds To Shale Drillers’ Woes
Materials price inflation and a labor shortage have been hampering growth in the U.S. shale oil industry, and now it has also slipped into a fracking equipment shortage.
Refinery Shuts Down Due To Lack Of Crude
A South African refinery has shut down operations and declared force majeure on the supply of petroleum products due to a delay in the shipment of crude, which highlights the fact that the physical market for crude is tight these days despite a slump in paper-traded oil futures.
EIA forecasts record Permian oil, gas production in August
In its productivity report, the EIA said oil production will rise 78,000 barrels a day to a record 5.554 million barrels a day in August. At the same time, natural gas production is expected to rise 166 million cubic feet a day to more than 20.54 million cubic feet a day.
The U.S. Becomes World’s Top LNG Exporter
High demand in Europe, high natural gas prices, and increased export capacity made the United States the world’s largest exporter of liquefied natural gas (LNG) in the first half of 2022, the U.S. Energy Information Administration said on Monday.
Biden Crackdown On Permian Pollution To Trim Crude Output
Oil’s lobbying heavyweights are appealing directly to top White House officials to slam the brakes on the plan, arguing that any move to redesignate drilling hotbeds in Texas and New Mexico as violating ozone air quality standards poses such high economic risks it should be subject to greater analysis and public scrutiny.
Who Really Controls The World’s Oil Reserves?
According to new research from the energy consultancy, more than half—65 percent, to be precise—of the world’s discovered oil and gas reserves are under the control of national oil companies.
Oil gains $5 on weaker dollar, tight supplies
Russian gas export monopoly Gazprom declared force majeure on gas supplies to Europe to at least one major customer, according to the letter seen by Reuters, potentially ratcheting up the conflict between Moscow and Europe. That added support to oil prices, as traders saw it potentially as a precursor to actions by Russia to use energy as a weapon.