INDUSTRY NEWS
UK Energy Supplier: Cuddle Your Pet To Lower Your Bill
Ovo Energy, one of the largest energy suppliers in the UK, apologized on Tuesday for a now-deleted blog post in which it advises customers of one of its companies to "have a cuddle with your pets" to stay warm.
US becomes world’s top LNG exporter for first time ever
The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe.
New York City Natural Gas Price Jumps Fivefold From Thursday
An unusually warm December “has bred a lack of respect for cold weather,” and the dropping temperatures are causing a scramble to secure more gas supplies, said James Shrewsbury, co-founder of E360 Power. “This isn’t crazy cold yet.”
OPEC+ agrees oil output increase from February
OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand.
The Lone Star State May Host The World’s Next Big Hydrogen Hub
Nearly 50 SMR facilities, operated by major merchant producers such as Air Liquide, Air Products, and Praxair, exist along the Gulf coast. They connect to over 900 miles of dedicated hydrogen pipelines, which account for more than half of the US's hydrogen pipelines and close to an astonishing one-third of H2 pipelines worldwide.
Russia, Iran warn UN gas needed to backup ‘intermittent renewables’
A group representing some of the world’s largest gas exporting nations, including Russia, Norway and Iran, cautioned United Nations officials Tuesday that natural gas was needed as a backstop to “intermittent renewables” if the world is to address climate change.
Germany’s Reaction To The Energy Crisis Could Be Catastrophic
The European gas crisis has hogged energy headlines for months. But that hasn’t stopped Germany from retiring half of its nuclear capacity by the end of the year and pushing an accelerated phase-out of its coal-fired plants by 2030. And for Germany’s energy security, it could spell disaster.
Is Fracking Really Putting America’s Water Supply At Risk?
Environmentalists have long contended that fracking threatens our water supplies. But anti-fracking sentiments have spawned a great deal of misinformation around the technique. Let me just point out that more than 1.7 million wells in the U.S. have been fracked. If they were a real threat to our water supplies, it would be readily apparent.
About half of U.S. oil pipeline space is empty after boom time building spree
Oil and gas shippers often find themselves building pipelines amid a production boom only to find there is too much capacity when downturns occur. Numerous pipelines were built in the Permian in Texas and New Mexico - the largest U.S. oilfield - to export locales while production surged between 2017 and 2020.
Europe’s Energy Crisis Just Got WorseEurope’s Energy Crisis Just Got Worse
France’s EDF stopped on Thursday two nuclear power plants after finding a fault at one during routine maintenance. This brings the total number of nuclear plants out of operation currently at four, which account for 13 percent of the current power availability in France, a major electricity exporter to neighboring countries and to the UK.
USA Expects Permian Oil Output to Hit Record in December
Crude production from the Permian exceeds that of each OPEC member except Saudi Arabia, underscoring its importance in balancing the oil market. Its low production costs make it appealing to drillers with most producers focusing their U.S. plans for expansion on the sprawling oil patch, at the expense of other shale basins.
Oil traders take a long-shot bet on a possible U.S. oil export ban
The oil market has been volatile as top consuming nations came together in an unprecedented move last month to release crude from their emergency reserves and bring down energy costs. The Biden Administration’s ongoing focus on lowering gasoline prices has now prompted some traders to purchase some contracts that could pay out just in case they takes further steps, such as limiting or pausing crude exports.
ConocoPhillips Says USA Regulations Hold Back Supply
An increasingly bitter war of words has developed between the Biden administration, which has called for more production to alleviate high energy prices, and an U.S. oil and gas sector that has kept output relatively flat while criticizing White House regulatory moves.
USA Oil Sale Attracts at Least 2 Foreign Bidders
The Biden administration’s efforts to lower energy costs takes a step forward Monday, with bids due for the first 32 million barrels of crude planned for release from federal stockpiles.
Midland, Martin, Howard among top oil producing counties
Midland County again led the state with 14.119 million barrels, or 13.51 percent of the 104.455 million barrels produced in September, according to the RRC. Midland and Martin County were Nos. 1 and 2 in the state, accounting for 25.88 percent of all oil produced. The RRC reported 12.96 million barrels were produced in Martin County during the month of September.
Omicron Doom And Gloom May Not Be Justified
After six months of impressive gains, oil prices have suddenly shifted into reverse as a fresh wave of Covid-19 threatens to end the bull party prematurely. On Thursday, both WTI and Brent crude continued their slide, collapsing below $70 for the first time since September as the weeks-old Omicron coronavirus strain sparks fears over the potential effects on travel and oil demand as well as the global economic recovery.
$70 Oil Won’t Keep OPEC Happy
OPEC now has more than one good reason to pull supply back. First, the U.S. reserve release move, which also involved other large oil consumers that happen to be Washington’s allies, had no chance of being welcomed by the oil-producing cartel. In fact, reports emerged almost immediately after the SPR release announcement that Saudi Arabia and Russia, the leaders of the extended OPEC+ alliance, were already considering a suspension of the output boost policy.
OPEC+ Sticks to Planned Supply Hike
The group agreed to add 400,000 barrels a day of crude to global markets in January. However, it also left the door open to adjusting the plan at short notice if the market changes, an unusual step that underscores the uncertain outlook due to a resurgent pandemic and a U.S.-led release of emergency stockpiles.
U.S. Tries To Patch Things Up With OPEC After SPR Release
The United States is taking a crack at improving its relations with OPEC—notably with Saudi Arabia—after the federal government repeatedly blamed the group for high U.S. retail fuel prices and then announced the release of 50 million barrels of crude from the strategic petroleum reserve to push international oil prices down.
Trader Super-Cycle Belief Has Been Dented
“Most of the rally that took Brent from below $70 per barrel at end-May to over $86 per barrel in late-October has unwound,” the analysts said in a market note sent to Rigzone on Monday.