INDUSTRY NEWS
USA Eases Venezuela Oil Sanctions
The treasury noted in the statement that it has issued a six-month general license temporarily authorizing transactions involving the oil and gas sector in Venezuela. The license will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained, the treasury said in the statement.
Houston selected for hydrogen hub, to get $1.2 billion in federal money
The Department of Energy unveiled plans to provide $7 billion to spur seven regional hubs for producing climate-friendly hydrogen, and the HyVelocity Gulf Coast hub is expected to be one of the largest.
NATO On Alert After Baltic Pipeline Incident
President Alar Karis says Estonia is demanding answers for damage to a Baltic Sea gas pipeline running to Finland that the Baltic nation's defense minister said was the result of “quite heavy force” that could have been caused by “mechanical impact.”
Still plenty of room for Canada to be a serious player’ in global LNG race, says Enbridge head
This country has yet to see one LNG project completed yet, although that impasse is about to change with the advancement of several projects
U.S. crude in SPR hits lowest level since January 1985
Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 453.1 million barrels in the week to Aug. 19, according to the data. The 8.1 million-barrel draw was the largest since the end of April and brought inventory to the lowest level since January 1985.
EV Battery Factory in Kansas to be Powered by Coal, At Least Temporarily
A new electric vehicle battery factory in Kansas needs so much energy that the state is delaying the retirement of a coal plant to make sure the facility has enough power. The $4 billion Panasonic electric vehicle battery factory is located in De Soto, Kansas.
Fuel Production Sees Unprecedented Efficiency With New Discovery
The fundamental discovery about the Fischer Tropsch process, a catalytic reaction used in industry to convert coal, natural gas or biomass to liquid fuels, could someday allow for more efficient fuel production.
U.S. Oil Production Is Setting New Records
After record-setting production thus far this year, it would take a collapse along the lines of the huge Covid drop seen in the spring of 2020 for the U.S. to not set a new annual production record for 2023.
Oil Surges as Israel Conflict Reignites Middle East Volatility
“Recently crude has been prone to overreact to geopolitical events and price increases have been short-lived,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth. “This situation may prove to be the exception,” with the market especially sensitive to potential supply disruptions.
Saudi Arabia’s Oil Gamble Pays Off With $95 Brent
When back in July Saudi Arabia announced voluntary additional oil production cuts, traders brushed them off. Prices did not move. Everyone was preoccupied with demand in China and the U.S. Three months later, things look very different.
Analysts Look at Early Week Oil Price Drop
“The November Brent contract expired on 29 September at $95.31 per barrel, a rise of $2.04 per barrel in its final week of trading,” the analysts noted in the report.
BlackRock: No Energy Transition Unless Tech Can Make It Cost Competitive
“We are not going to have a transition unless we can find technologies to bring down the competitive cost of renewables. We cannot do that.” Fink said, adding that BlackRock conducted a survey that showed 57% of their global investors are planning to put more money into decarbonization technologies.
Biden to Offer Smallest Ever Offshore Oil Rights Sale Plan
The oil leasing plan being released by the Interior Department on Friday will contain only a low number of sales, according to people familiar with the deliberations who declined to be named because the blueprint isn’t yet public. That’s far from the 11 sales the agency proposed last year, and it would be the lowest in history.
Oil could hit $150, sending ‘shock through system,’ says top shale CEO
That’s Doug Lawler, chief executive of Continental Resources, the shale-drilling giant controlled by billionaire Harold Hamm, telling Bloomberg News on Monday that crude prices are set to remain elevated and could press to the $120- to $150-a-barrel range without new production.
Brent Crude Oil Expected to Average $96 Per Barrel in Q4
“With OPEC+ committed to curbing oil supply into year-end and China stimulus poised to expand into 4Q23, we expect global oil stocks to decline by 70 million over the coming three months. As such, we now see Brent averaging $91 per barrel in 2H23, up from $81 per barrel prior,” they added.
Why This Documentary May Save The Whales
“Thrown To The Wind,” by Director and Producer Jonah Markowitz, proves that the US government officials have been lying. The full film, which is at the bottom of this article, documents surprisingly loud, high-decibel sonar emitted by wind industry vessels when measured with state-of-the-art hydrophones. And it shows that the wind industry’s increased boat traffic is correlated directly with specific whale deaths.
Oil prices rebound, settle higher on worries about tight supply
Oil prices settled nearly 1% higher on Tuesday, rebounding from a slump to a two-week low in early trading as expectations of tighter supply outweighed worries that an uncertain economic outlook would crimp demand.
National Climate Litigation Campaign Targets Pennsylvania, Faces Uphill Battle
A wealthy national anti-fossil fuel organization that recruits municipal and state plaintiffs to file lawsuits against energy companies for the effects of climate change now appears to have its sights on Pennsylvania, America’s second largest natural gas producing state.
Gas Production From Giant Groningen Field To Halt Completely On October 1
The (Netherlands) agreed to phase out gas extraction in the province a couple of years ago due to earthquakes that were thought to be associated with natural gas extraction. But rising gas prices amid the energy crunch over the last two winters gave rise to speculation that the province could keep the fields operational for a little while longer. Now, a law requires the fields to be demolished as of next October.
Oil Drops as Fed Signals Further Rate Hikes
West Texas Intermediate’s more-active futures dropped below $90 a barrel after the Federal Reserve left its benchmark interest rate unchanged while signaling borrowing costs will likely stay higher for longer after one more hike this year. Traders fled risk assets, with the equities also falling.