INDUSTRY NEWS
Swedish prosecutor hopes to conclude Nord Stream enquiry by year-end
The Swedish investigation into the sabotage last year of the Nord Stream pipelines is at a sensitive stage and the prosecutor hopes to decide whether to bring any charges before the end of this year, he told Reuters on Wednesday.
High Fuel Costs Challenge Airline Profits After Busy Summer
Unexpectedly high fuel prices could mean lower profits for several airlines as the aviation sector moves into its lower air traffic season. While passenger numbers are beginning to return to pre-pandemic levels, ongoing inflation and high fuel costs could negatively affect the travel market over the coming months.
California Sues Big Oil Demanding Damages, Relief
The state government under Governor Gavin Newsom of the Democratic party is accusing the respondents of over 50 years of active participation in deception and disinformation such as by concealing information and marketing using false information.
An Apparently Unstoppable Oil Price Rally
The bull run in oil prices continued this week, greatly buoyed by a string of positive macroeconomic data in China where both manufacturing output and retail sales grew 4.5-4.6% year-on-year, palpably surpassing analysts’ expectations.
Losers in Washington Can’t Pick Energy Winners
Natural gas continues to outshine renewables even though between 2011 and 2020, electricity production via solar and wind almost quadrupled.
Oil Rally Accelerates as WTI Tops $90
This week, the International Energy Agency warned that continued supply cuts by the two OPEC+ leaders are likely to create a “significant supply shortfall” and threaten further price volatility. That report came a day after OPEC said the market is facing a deficit of more than 3 million barrels a day next quarter, potentially the biggest in more than a decade.
As EPA drowns in CCS applications, oil states want to take control
In little more than a year, the list of permit applications from would-be project developers seeking to inject carbon dioxide into rock formations for permanent storage has ballooned from 14 to 119, driven by generous new federal tax incentives, the fear of future regulation and corporate climate commitments.
USA Allows Release of $6 Billion in Oil Proceeds to Iran
Secretary of State Antony Blinken notified Congress on Monday of a waiver that will let German, Irish, Qatari, South Korean and Swiss banks transfer the $6 billion from South Korea without fear of running afoul of US sanctions. He said the $6 billion would be held in restricted accounts in Qatar, where it will be “available only for humanitarian trade,” according to a copy of the notification.
Chevron Australia LNG workers start strike. What happens now?
Until next Wednesday, workers will stop work for up to 11 hours in several blocks per day and refuse to perform certain tasks, including working overtime. If there is still no deal by then, the unions will completely stop work for two weeks.
Saudi-Russia Move Can Only Result in One Thing
In a market update sent to Rigzone, Rystad Energy Senior Vice President Jorge Leon outlined that the extension of Saudi Arabia’s one million barrel per day cut and Russia’s 300,000 barrel per day export cut to the end of the year “significantly tighten the global oil market and can only result in one thing - higher oil prices worldwide”.
Biden administration cancels drilling leases in Alaskan wildlife refuge
“On day one of this administration, President Biden directed us to look at the oil and gas leases sold in the refuge by the previous administration,” Interior Secretary Deb Haaland said on a call with reporters, according to The Hill. “What we have found in our analysis is that the lease sale itself was seriously flawed and based on a number of fundamental legal deficiencies.”
U.S. Consumer Oil Demand Has Exceeded Expectations
Earlier in the year, Wall Street was mostly bearish about the U.S. economic outlook with many warning of a looming recession. Not surprisingly, many oil punters expected oil demand to crash as unemployment rose and companies cut output thanks to aggregate demand falling.
Oil prices hit 10-month high as Saudi, Russia extend supply cuts
Oil prices surged about 2% on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand.
Big Tech Is Coming for Oil Patch Workers
But De Hoyos isn’t in the Permian to hire engineers for gas rigs or roughnecks to join drilling crews. Instead, the founder of the cryptocurrency consulting firm LFG Mining is pitching a career pivot to data centers, the unsexy backbone of all things tech. He touts better pay and working conditions and a career with big growth potential.
US crude oil output rises in June to highest since Feb 2020 -EIA
U.S. field production of crude oil rose 1.6% in June to 12.844 million barrels per day, the highest since February 2020, before the coronavirus pandemic destroyed demand for fuel and other oil products, the Energy Information Administration said on Thursday.
U.S. LNG Exports to Take Center Stage At G7 Meeting
“If we just replace Russian natural gas with American in Europe alone for one year, we would lower 218 billion tons of CO2 emissions because our natural gas is cleaner. America would be economically stronger, our prices would be lower and the world would be safer,” McCarthy said on Fox News’s Sunday Morning Futures.
The Science Behind A Cleaner, Greener Pipeline System
Los Alamos National Laboratory researchers are reporting that mathematical modeling can show how to safely blend hydrogen with natural gas for transport in existing pipeline systems. A secure and reliable transition to hydrogen is one of the proposed solutions for the shift to a net-zero-carbon economy.
What Would Happen to the Oil Price If OPEC+ Went into Max Production Mode?
If OPEC+ went into maximum production mode then it would likely be a result of Saudi Arabia and Russia returning to fighting over market share and a race to price oil as low as possible.
Permian shale drilling shrinks at fastest pace in three years
Drillers have been dialing back US activity as growth in global oil demand returns slower than executives were expecting. Public producers have also been cutting after buying their closely held rivals in order to keep a lid on spending growth and return profits to shareholders.
U.S. Oil Industry Sues Biden Administration Over Gulf Of Mexico Lease Sale
“Despite Congress’ clear intention in the Inflation Reduction Act, the Biden administration has announced a ‘lease sale in name only’ that removes approximately 6 million acres of the Gulf of Mexico from the sale and adds new and unjustified restrictions on oil and natural gas vessels operating in this area, ignoring all other vessel traffic.”