INDUSTRY NEWS
Heating Costs May Triple As Nat Gas, Propane Shortage Looms
There is a real energy crisis in Europe that was created by a combination of political missteps, climate change fear-mongering, and a woke energy policy that could leave much of Europe and Asia undersupplied as they head into winter. It is also a foreshadowing of what may happen in the U.S.
California Gasoline Prices Are Spiking
The only gas station in Gorda Springs, California, population ~100, is now selling premium gasoline for $8.50 per gallon amid one of the most jarring energy crises in history.
La Nina Threatens to Worsen Energy Crisis
Several nations and particularly China, the top energy consumer, are grappling with surging fuel prices and for some, power shortages or curbs on supply to heavy industry. Coal and gas prices are already elevated and a bitter winter will add heating demand that’ll likely spur further gains.
Would you take a trip to this amusement park on offshore oil platforms?
A planned outdoor adventure park of sorts adds a global tourism twist to traditional oil and gas infrastructure. On Friday, the Saudi Arabian Public Investment Fund (PIF) announced a project dubbed "The Rig," and the name is seemingly a semantic nod towards the undertaking’s overall design. In a press release about the project, the PIF described the installation as the "world's first tourism destination on offshore platforms."
Permian oil output is nearing record pre-pandemic levels
While total production in the U.S. is still lagging, the Permian Basin of West Texas and New Mexico is increasing output to an average 4.826 million barrels a day in October, according to a U.S. government report Monday. That’s close to a revised 4.913 million barrel-a-day record set in March 2020, just before the pandemic unleashed widespread demand destruction globally, triggering production shutdowns and bankruptcies across the country.
U.S. propane market headed for ‘armageddon’ this winter, IHS says
U.S. propane prices are so high and supplies so scarce that the market appears headed for “armageddon” during the depths of winter, according to research firm IHS Markit Ltd.
Why Isn’t Russia Sending More Gas To Europe?
After last week President Vladimir Putin said Russia could send more gas to Europe to alleviate a perceived shortage that has pushed prices to record highs, Gazprom has yet to book additional pipeline space, and prices are climbing again.
EXCLUSIVE China looks to lock in U.S. liquefied natural gas in energy crunch
Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country's fuel security, several sources said.
U.S. Oil Stocks Are Seriously Undervalued Right Now
Oil prices appear to have found much-needed support and holding above the psychologically important level of $80/barrel just days after a surprise crude build threatened to derail the bull camp. On Tuesday, the American Petroleum Institute (API) reported another week of large crude oil inventory build at 5.213 million barrels for the week ending October 8.
California County Loses Bid to Reinstate Frac Ban
Monterey County voters in November 2016 passed a measure prohibiting land use in support of new oil and gas wells and fracking activities in unincorporated areas. Companies including Aera Energy LLC and Chevron Corp. sued, saying the ordinances were preempted by state and federal law.
China Backpedals On Climate Commitments
China has taken a step back from emission reduction commitments amid the energy crunch that caused factory closures and power rationing.
Shale oil is booming again in the Permian
Oil prices above $80 a barrel are once again spurring a revival of shale drilling in America’s biggest oil field, where production is expected to return to pre-pandemic highs within weeks.
Oil Prices Rebound As U.S. Walks Back Plan To Tap Strategic Petroleum Reserve
The U.S. Department of Energy is walking back previous comments that it was considering a release of the Strategic Petroleum Reserve and a ban on crude oil exports, Bloomberg’s Javier Blas reported on Twitter.
California Looks To Ban Gas-Powered Lawnmowers
California’s Governor Gavin Newsom signed in the weekend legislation that would ban from 2024 the sale of new gasoline-powered landscape equipment with small off-road engines such as lawnmowers and leaf blowers, in another move to reduce emissions.
U.S. gasoline exports reached new seasonal highs this summer
Gasoline exports reached record highs in May, June, and July, a change from the usually low exports during summer.
Texas LNG to Save the Day as Europe Struggles With Its Gas Supply
LNG from the Lonestar state provides a solution that rises to meet Europe’s challenge: natural gas that is both price competitive and has a lower carbon intensity than gas produced elsewhere.
Natural gas prices are soaring. How long will it last?
For more than a decade, the price of natural gas was so cheap that in some parts of the world it made more financial sense to burn the gas at the wellhead than build pipelines to bring it to customers. But now the world is facing an extended period of supply shortages that stand to drive up natural gas prices for years to come, experts say.
Oil Prices Soar As Beijing Orders Energy Suppliers To Stock Up For Winter
Beijing is no longer willing to risk social anger and going forward China will be subsidizing coal and nat gas, which will lead to even higher prices, which will lead to even higher prices for other "substitute" commodities such as oil, which is why oil surged on the news.
Texas Is Finally Taking Up The Fight Against Flaring
This month, Texas Railroad Commissioners put limits on an oil driller’s request to flare gas, restricting it to one year of flaring rather than the proposed two years. There were no modifications on requests from other gas companies, but this is potentially the first of many actions by the Commission to reduce flaring, at the very least warning operators that their requests to flare may now be met with resistance.
Biden renews OPEC outreach as oil prices climb 10% in September
Oil closed the month almost 10% higher after a tumultuous session where China was said to order its top energy companies to secure supplies at all costs, prompting the White House to reiterate its concern over rising prices.