INDUSTRY NEWS
Europe’s Dependence On Natural Gas Imports Hits 80%
The high dependence on gas imports and the low levels of gas in storage have played the main role leading up to the gas and power crisis in Europe, where energy costs have soared over the past few months.
USA Attempting to Tame Oil Prices Via Iran Deal
“The return of Iran’s one million barrels may not have the calming effect that the Biden administration hopes or expects, though, as low OPEC+ supply, increasing demand, and inflation will all keep oil prices elevated,” Dickson added in the statement.
The Market Is Ignoring The Surge In U.S. Oil Output
The energy sector's bull run shows no signs of slowing down, with the sector closing comfortably at the top of Tuesday's S&P sector standings, even as crude oil prices barely budged.
Exxon, Chevron Eye Major Boost In Permian Oil Production
Earlier this month, the Energy Information Administration reported that oil output in the Permian shale play had hit a record, and it was going to continue growing. And now, the two biggest Permian operators have revealed plans for signficant production growth.
Shell boosts buyback as profit soars on high oil, gas prices
Shell expanded its share buybacks after reporting profit that blew past analyst estimates on the back of surging energy prices.
OPEC+ Agrees Oil Output Hike for March
After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, according to a statement posted on its website. The alliance has made identical pledges in previous months, but a Bloomberg survey showed that the Organization of Petroleum Exporting Countries barely managed to increase supplies in January due to issues ranging from under-investment to militia unrest.
Gazprom’s Gas Exports Slump By 41% In January
“The Company’s gas deliveries are carried out as requested by consumers in full compliance with contractual obligations,” said Gazprom, while Russia is being accused of deliberately withholding gas supplies to Europe, where inventory levels have sunk to historic lows.
Europe’s Self-Made Energy Crisis
Europe has made its own bed, disassembling dispatchable fuel diversity by closing well-operating coal and nuclear power plants. In doing so it has deepened its already troubling reliance on an insecure and volatile natural gas market dominated by Vladimir Putin. Europe is, in fact, more dependent on Russian gas today than it was when Russia annexed Crimea in 2014.
Why natural-gas futures logged their biggest one-day percent gain on record
Natural-gas futures tallied their largest one-day percentage gain on record Thursday, up more than 46%, with the rally fueled by the expiration of the February contracts, and a “classic” short squeeze as a winter storm looms in the Northeast.
U.S. Natural Gas Prices Climb Most Ever In Single Day
U.S. natural gas future prices skyrocketed 72% on Thursday on forecasts of colder weather. It was the sharpest one-day climb for the commodity since the contract launched in 1990, CME Group data confirmed.
The U.S. Is Now the World’s Leading LNG Exporter. Let’s Make Sure It Sticks.
Late last year, the United States became the world’s top exporter of liquefied natural gas for the first time in history. Providing affordable, reliable energy resources for nations all around the globe, American output surpassed the usual LNG leaders, Qatar and Australia. Yet the question lingers, how long will this last?
Mexico To End Oil Exports In 2023
The main destinations for its crude are its northern neighbors in North America and China, India, and South Korea, as well as European countries. A cut in exports could make some of these importers look for alternative suppliers.
IEA ”Loses” 200 Million Barrels Of Crude Oil
The International Energy Agency is looking for 200 million barrels of oil. The crude has not been displaced, it seems. Rather, there is a 200-million-barrel gap between the agency’s own global inventory calculations and what it observed in the global oil supply.
Permian Oil Output Hits Record
But the top shale play in the United States is seen boosting output even higher, to 4.996 million bpd this month and 5.076 million bpd in February, the EIA also said. Bloomberg noted in a report on the news that this makes the Permian alone a bigger producer than any OPEC members except Saudi Arabia.
Mexico power bill in U.S. sights as Granholm makes case for renewables
The Mexican president's bid to tighten state control over power generation was in focus on Thursday as a top U.S. energy official visits, under pressure from her party to move Mexico toward policies more conducive to use of renewable energies.
Oil Prices Potentially Set Up for Sizzling Summer
While the relationship isn’t absolute, periods of low spare capacity often correlate with rising prices -- and vice versa -- as traders either grow confident or anxious over how much supply would be available in the event of a crisis. Crude’s spike to an all-time high of almost $150 a barrel in 2008 came as reserves became perilously low.
China’s Attempt To Kill The Oil Rally Is Bound To Fail
In normal times, an announcement from China that it would release crude from its strategic reserves would drive oil prices down, but these aren't normal times and the relentless oil rally has continued.
RRC: Midland, Martin, Howard combine to produce one-third of state’s oil in October
The RRC showed more than 37.74 million barrels produced in the three neighboring counties, including 16.14 million in Midland, which again led the state in production. The October production in Midland was more than 14 percent higher than September. Martin County was again second with 13.023 million barrels. The 29.167 million combined barrels produced in Midland and Martin was one-quarter of the 112.667 million barrels produced statewide.
Germany To Become Net Power Importer For The First Time Since 2002
Europe’s largest economy, Germany, is expected to become a net importer of electricity in 2023 for the first time since 2002 due to retiring coal plants and the nuclear phase-out, the International Energy Agency (IEA) said on Friday.
A Watershed Moment That Could Send Oil Prices To $100
“The exhaustion of OPEC’s spare capacity - so, as they bring on all that spare curtailed volume - is going to be the most bullish, watershed event in this industry in many, many decades.”