INDUSTRY NEWS
The SPR Could Stay Half Empty Forever
With the amount of crude oil in the U.S. Strategic Petroleum Reserve now at multi-decade lows, the prospect of replenishing the reserves could be an arduous task according to some, and a cinch to others.
Oil settles higher amid low crude stocks, cautious economic outlook
"Though the U.S. economy is proving much stronger than expected in supporting the Dow Jones Industrial Average, this recent strength appears vulnerable especially if the Fed hikes rates by 25-points next week," said John Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
U.S. Shale Challenges OPEC With Record Production In 2023
Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip so as to rein in spiraling oil prices.
Biden Government Denies Refinery Pleas for Biofuel-Blending Exemptions
The Environmental Protection Agency’s decision is a blow to 15 unidentified small refineries that had sought the waivers from requirements to blend renewable fuels into gasoline and diesel, arguing the mandates were too costly.
An Oil Supply Deficit Is Looming, And Traders Couldn’t Care Less
Analysts have been warning that a supply crunch was on the way but again, market players have largely ignored these warnings. Now, the warning signs are flashing brighter.
A new strategy to unlock hidden value in Texas oil fields
For all the technology, equipment, and data oil and gas companies rely on to operate, the one resource that stands apart for its value is experience, something this team possesses in great abundance.
NextDecade Greenlights Texas LNG Export Facility
NextDecade Corporation (NASDAQ: NEXT) has announced that it has made a positive final investment decision to construct the first three liquefaction trains at its 27 million ton per annum Rio Grande LNG (RGLNG) export facility in Brownsville, Texas.
Global Giants Lock Horns Over Rare Earth Resources
The US continues to minimize its reliance on China and has increased attempts to revitalize its own rare-earth industry. However, experts believe there are two major vulnerabilities hindering the US. The first is overcoming China’s economies of scale, while the latter relies on the U.S.’s ability to close a widening competence gap.
Global liquefied natural gas trade volumes set a new record in 2022
In 2022, global trade in liquefied natural gas (LNG) set a record high, averaging 51.7 billion cubic feet per day (Bcf/d), a 5% increase compared with 2021, according to data by CEDIGAZ. Liquefaction capacity additions, primarily in the United States, drove growth in global LNG trade.
Claims of Oil and Gas Underinvestment Are Overblown
“Cost savings mean operators can produce the same amount of oil at a lower cost, and we don’t foresee an oil supply crisis due to underinvestment on the immediate horizon,” Erlingsen added.
Shell CEO Says Slashing Oil Output Would Be ‘Dangerous and Irresponsible’
Last month, Shell unveiled its new strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions, angering climate activists and some institutional investors.
China’s Bid For Energy Security Fuels Long-Term LNG Buying Spree
Efforts to protect LNG imports from the volatility in spot prices amid the many uncertainties in the natural gas market and geopolitics, and the increased attention to energy security has prompted all gas importers – including a previously reluctant Europe – to sign more long-term LNG deals in recent months.
We Must Remove All Barriers to Oil and Gas Pipelines
Over the years, we have been both an importer and an exporter of LNG, albeit more of a net importer until recently. Today, the U.S. is a major exporter in global markets thanks to an abundance of natural gas supply, brought about by advancements in fracking technologies.
Chevron offers to sell oil and gas properties in New Mexico, Texas
Chevron is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions.
Europe’s Natural Gas Prices Rise On Abnormally Warm Summer
As traders focus on the potential of higher demand due to hot weather, they are also pricing in ongoing supply disruptions from maintenance in Norway, which is currently the single biggest supplier of gas to Europe after Russia cut off most pipeline deliveries following the invasion of Ukraine.
California’s Anti-Gas Price Gouging Law Takes Effect
Senator Nancy Skinner last year introduced Senate Bill No.2, which amends the Public Resources Code, claiming gasoline prices stayed high despite crude falling and levies staying put. Governor Gavin Newsom signed it into law March 28, making California the first state to legislate against gas price gouging.
Are Oil Prices Set for A Rally?
More than a million barrels daily in additional production cuts from OPEC+. Record crude oil imports from China. A bullish outlook for air travel, hence jet fuel demand, this year. Yet nothing seems to be able to move oil prices much higher than where they are stuck right now – between $70 and $75 per barrel.
The Permian Basin Is Out-Producing Saudi Arabia’s Ghawar Field
The U.S. is predicted to break a new record in oil production this year, with current production at 12.4 million barrels per day, primarily due to increased output in tight oil and shale gas regions.
Civitas Enters Permian with $4.7B Deals
In a statement posted on its website, the business revealed that it has signed two “definitive” agreements to acquire oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico.
Oil Prices Fall On Chinese Demand Fears
Chinese refiners added some 1.77 million b/d of crude to their inventories in May, equivalent to 53 MMbbls, the most since July 2020, making it unlikely that China would go on a buying spree anytime soon.