INDUSTRY NEWS
U.S. Mulls Over Fuel Export Limits
Curbing exports of fuels will almost undoubtedly reduce prices at home, but it is a politically sensitive decision that might sour relations with Europe. What's more, some analysts have pointed out that limiting fuel exports will not have a long-term effect on domestic fuel prices.
Oil Prices Spike As OPEC Reveals Production Loss For May
Not only did OPEC not lift its production as agreed for the month of May, its production actually decreased, according to OPEC’s latest Monthly Oil Market Report released on Tuesday.
Permian keeps adding supply despite inflation
Still, a lack of refining capacity will blunt much of the impact that growing domestic crude output will have on fuel prices. At pumps across America, some motorists are paying record prices.
Oil Industry Responds to Biden Letter
The American Petroleum Institute (API) and ExxonMobil Corporation have both responded to a recent letter sent by U.S. President Joe Biden to oil refineries.
Permian Basin to drive U.S. oil and gas production in July
Leading the way is the Permian Basin of West Texas and New Mexico, often referred to as the country’s most prolific basin. Norwegian research firm Rystad Energy has predicted the Permian will not only outpace other U.S. basins in 2022, but will produce more oil and gas than any other country except Saudi Arabia and Russia.
Texas LNG Blast Spells Trouble for Europe
The Freeport LNG blast spells trouble for Europe but opens a potentially lucrative opportunity for North and West African gas exporters to fill the gap.
Russia’s Oil Revenue Soars Despite Sanctions, Study Finds
Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.
European Gas Prices On The Decline
Despite the lower demand, gas prices in Europe remain quite elevated as importers seek to refill their reserves ahead of the next heating season. Some of these might be worse off than others as Gazprom suspended deliveries to Poland, Bulgaria, the Netherlands, and Denmark over their refusal to pay for the gas in rubles.
Biden Invokes Defense Production Act To Bolster Green Energy Independence
But not unlike releasing more petroleum reserves, the Biden administration has a new plan to try and show the American consumer it is doing something...anything...to try and address the issue.
Environmentalists Taking Legal Action On 30 EU-Backed Gas Projects
The four organizations – Friends of the Earth Europe, ClientEarth, Food & Water Action Europe, and CEE Bankwatch Network – said that the EU Commission has given these climate-destructive projects VIP status, in contradiction to its legal obligations.
Premature Closure Of Houston Refinery Could Worsen The Fuel Crunch
LyondellBasell—which announced in April that it would cease operation of its Houston Refinery by the end of 2023—could close the facility prematurely if a major equipment failure affects processing units, two sources with knowledge of the chemicals giant’s operations told Reuters on Tuesday.
Europe’s Unquenchable Natural Gas Thirst Is Sending Prices Soaring
Natural gas prices in the United States are breaking record after record without losing momentum as factors serving to push them higher remain active and multiply. The surge in liquefied natural gas exports to Europe is one big reason, and rising demand as the weather becomes hotter is another. Meanwhile, drought has joined the list of factors at play.
U.S. Gas Production Hits Record Highs In March, EIA Says
This level was 2.7 Bcf/d or 2.9 percent higher than March 2021 and the second-highest level for the month since 1973, when the EIA began tracking dry natural gas production.
Natural-Gas Prices Will Stay High as Demand Outpaces Supply
Shortages of equipment and personnel, combined with underinvestment in the sector, will probably lead the price to rally to $10—or about 15% more than recent futures prices. However, McNally says that some U.S. regions may see temporary spikes to $30 due to lack of infrastructure.
EU Leaders Back Push to Ban Most Russia Oil
Hungary, which will continue to receive Russian oil via pipeline, had been blocking an embargo for the past month as it sought assurances its energy supplies wouldn’t be disrupted. Budapest received guarantees from EU leaders that it would be able to receive replacement supplies if the pipelines were disrupted, according to two people familiar with the talks.
Permian Leaves Rivals Behind As Production Continues To Grow
Permian oil production growth is set to outpace OPEC heavyweight Iraq this year and next as demand for oil surges on historically tight supply, Rystad Energy research shows.
Oil Prices Are Set To Surge Even Higher This Summer
The combination of limited new supply options, increasing risks to traditional supply, and growing demand around the world, is set to send oil prices even higher this summer.
The U.S. Has Lost Its Position As The World’s Top LNG Exporter
After briefly surpassing Qatar and Australia as the world’s top LNG exporter, the United States lost the top slot to Qatar in April as volumes in the north dropped along with heating fuel demand, Bloomberg reports.
Texas RRC Turns to AI
The Texas Railroad Commission (RRC) has announced that it has turned to artificial intelligence to optimize the time the agency’s technical analysts spend on seismicity reviews to ensure residents and the environment are protected.
U.S. Natural Gas Prices Hit $9 For The First Time Since 2008
U.S. natural gas prices have surged by more than 130% since the beginning of the year, due to strong demand for LNG, especially in Europe, which is scrambling to replace as much Russian gas as soon as possible. In addition, early heat waves in the U.S. at the start of May boosted demand for air conditioning and power generation, while supply growth is struggling to catch up with demand.