INDUSTRY NEWS
USA Oil Refiners Score Supreme Court Victory
The EPA has wide latitude to exempt refineries from federal mandates that they mix renewable fuels into gasoline and diesel, the U.S. Supreme Court ruled Friday, a victory for oil companies seeking a break from the requirements.
Texas Grid Meets Record June Demand
The Electric Reliability Council of Texas (ERCOT) has been able to meet record peak demand so far in June despite tight grid conditions last week. Yet, analysts and residents question whether the power grid reliability will stay the same during the hotter heat waves in August, after the disastrous events during the Texas Freeze in February.
WTI crude nears Brent valuation as U.S. oil demand accelerates
Each week drivers are traveling billions of miles on interstates, just as they did in 2019, before the pandemic ravaged global oil consumption. But despite a steady ramp up in demand in recent months, wildcatters in West Texas aren’t firing up rigs like they used to, with production still down 15% from the peak last year.
Industry pushes back against major changes in pipeline cybersecurity rules
The oil and gas industry is pushing back against efforts to overhaul cybersecurity regulation following the ransomware attack on Colonial Pipeline. Industry representatives assert that revisions to existing rules and closer cooperation with the federal authorities would be sufficient to harden the sector against future attacks without significant government intrusion.
Iran says U.S. to lift oil sanctions, Germany cautious on matter
Iran said on Wednesday the United States had agreed to remove all sanctions on Iran's oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal.
Pipelines Deliver the Energy That Powers Pennsylvania – and the U.S.
Pipelines play a crucial role in America’s energy revolution and security. Natural gas and oil development has sparked extraordinary job and economic growth and enabled America to shed its reliance on other nations for fuel. Our network of pipelines delivers domestic energy in a safe, efficient manner, ensuring that Americans have widespread access to affordable, reliable energy.
Empty oil tanks at key storage hub show speedy demand rebound
For the first time since before the pandemic, empty tanks are being offered for lease at Cushing, Oklahoma, the delivery point for West Texas Intermediate oil futures. At least 1.4 million barrels of storage is up for rental starting in July, for roughly 12 cents per barrel a month, said Steven Barsamian, chief operating officer at storage brokerage Tank Tiger.
USA Shale Finally Making Money After Blowing $300B
After years of booms and busts that produced astronomical losses along with a whole lot of oil, the fracking industry seems to have found a sweet spot. It’s poised to generate more than $30 billion of free cash this year, a record, according to Bloomberg Intelligence. While that’s just a blip compared with the $300 billion that Deloitte LLP estimates the sector burned over the previous decade, it marks at least a temporary revival for an industry that a year ago had been largely written off by investors.
Texas Targets Wall Street in Fight Over ESG Investing
Governor Greg Abbott signed a bill into law on Monday banning state investments in businesses that cut ties with the oil and gas industry. The underlying message, according to one of the most powerful energy regulators in the state, is simple: Boycott Texas, and we’ll boycott you.
Judge Blocks Biden Oil and Gas Lease Pause
In a case filed on June 15, Terry A. Doughty, a district judge of the United States District Court for the Western District of Louisiana, restrained the administration from implementing the pause of new oil and natural gas leases on public lands and offshore waters as set forth in Section 208 of Executive Order 14008 back in January.
The Permian Has Solved Its Natural Gas Pipeline Shortage
Two natural gas pipelines have been completed in Texas since October 2020 and two others in Mexico, increasing the connectivity between natural gas producers in the Permian basin and the main markets for natural gas in the area and in Mexico, the U.S. Energy Information Administration (EIA) said on Tuesday.
Oil closes above $70 a barrel for first time since Oct. 2018
West Texas Intermediate futures surpassed the $70 mark to close at its highest since Oct. 2018 after briefly touching the key psychological level earlier this week.
Saudi Arabia Says It is No Longer An Oil Producing Country
“Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Energy Minister told S&P Global Platts this week.
Climate activists score a third ExxonMobil board seat
The hedge fund Engine No. 1, which owns less than 1% of Exxon's stock, succeeded in its bid to install board members who will push Exxon to more aggressively consider climate change in its business planning.
Oil climbs on demand optimism as market volatility takes a hit
West Texas Intermediate edged higher after settling at the strongest since October 2018 on Thursday. With prices stuck within a $10 range since March, market volatility has taken a hit, falling to its lowest level since August on the global Brent benchmark.
Boardroom Blitz Isn’t A Crushing Blow For Big Oil
Whether Big Oil was just dealt a crushing blow by climate activists or whether this is simply a new leaf in a book that we’ve already opened depends largely on which headlines you read and on which side of the politico-energy divide you fall.
The Colonial Pipeline Ransomware Hackers Had a Secret Weapon
On Jan. 11, antivirus company Bitdefender said it was “happy to announce” a startling breakthrough. It had found a flaw in the ransomware that a gang known as DarkSide was using to freeze computer networks of dozens of businesses in the U.S. and Europe. Companies facing demands from DarkSide could download a free tool from Bitdefender and avoid paying millions of dollars in ransom to the hackers.
China asks coal producers to hike output
Prices for commodities such as coal, steel, iron ore and copper - of which China is the world's biggest user - have surged this year, fuelled by post-lockdown recoveries in demand and easing liquidity globally. But they extended recent losses after the cabinet's latest comments.
Biden Admin Set to Waive Sanctions on Gazprom Pipeline
The U.S. will impose and immediately waive sanctions on the company overseeing construction of the Nord Stream 2 gas pipeline from Russia to Germany, people familiar with the matter said, a move meant to bolster ties with Berlin that sparked criticism the Biden administration is soft on Russia.
Offshore Wind Requires 63,000lbs Of Copper Per Turbine
Offshore wind turbines require 8 literal tons of copper for every megawatt of generation capacity, Petkova noted, adding, citing data from the International Energy Agency, that “An average turbine of 3.6MW, which can power more than 3,300 average EU households, will contain close to 29 tonnes (t) of copper.”