INDUSTRY NEWS
Permian Oil Output Hits Record
But the top shale play in the United States is seen boosting output even higher, to 4.996 million bpd this month and 5.076 million bpd in February, the EIA also said. Bloomberg noted in a report on the news that this makes the Permian alone a bigger producer than any OPEC members except Saudi Arabia.
Mexico power bill in U.S. sights as Granholm makes case for renewables
The Mexican president's bid to tighten state control over power generation was in focus on Thursday as a top U.S. energy official visits, under pressure from her party to move Mexico toward policies more conducive to use of renewable energies.
Oil Prices Potentially Set Up for Sizzling Summer
While the relationship isn’t absolute, periods of low spare capacity often correlate with rising prices -- and vice versa -- as traders either grow confident or anxious over how much supply would be available in the event of a crisis. Crude’s spike to an all-time high of almost $150 a barrel in 2008 came as reserves became perilously low.
China’s Attempt To Kill The Oil Rally Is Bound To Fail
In normal times, an announcement from China that it would release crude from its strategic reserves would drive oil prices down, but these aren't normal times and the relentless oil rally has continued.
RRC: Midland, Martin, Howard combine to produce one-third of state’s oil in October
The RRC showed more than 37.74 million barrels produced in the three neighboring counties, including 16.14 million in Midland, which again led the state in production. The October production in Midland was more than 14 percent higher than September. Martin County was again second with 13.023 million barrels. The 29.167 million combined barrels produced in Midland and Martin was one-quarter of the 112.667 million barrels produced statewide.
Germany To Become Net Power Importer For The First Time Since 2002
Europe’s largest economy, Germany, is expected to become a net importer of electricity in 2023 for the first time since 2002 due to retiring coal plants and the nuclear phase-out, the International Energy Agency (IEA) said on Friday.
A Watershed Moment That Could Send Oil Prices To $100
“The exhaustion of OPEC’s spare capacity - so, as they bring on all that spare curtailed volume - is going to be the most bullish, watershed event in this industry in many, many decades.”
UK Energy Supplier: Cuddle Your Pet To Lower Your Bill
Ovo Energy, one of the largest energy suppliers in the UK, apologized on Tuesday for a now-deleted blog post in which it advises customers of one of its companies to "have a cuddle with your pets" to stay warm.
US becomes world’s top LNG exporter for first time ever
The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe.
New York City Natural Gas Price Jumps Fivefold From Thursday
An unusually warm December “has bred a lack of respect for cold weather,” and the dropping temperatures are causing a scramble to secure more gas supplies, said James Shrewsbury, co-founder of E360 Power. “This isn’t crazy cold yet.”
OPEC+ agrees oil output increase from February
OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand.
The Lone Star State May Host The World’s Next Big Hydrogen Hub
Nearly 50 SMR facilities, operated by major merchant producers such as Air Liquide, Air Products, and Praxair, exist along the Gulf coast. They connect to over 900 miles of dedicated hydrogen pipelines, which account for more than half of the US's hydrogen pipelines and close to an astonishing one-third of H2 pipelines worldwide.
Russia, Iran warn UN gas needed to backup ‘intermittent renewables’
A group representing some of the world’s largest gas exporting nations, including Russia, Norway and Iran, cautioned United Nations officials Tuesday that natural gas was needed as a backstop to “intermittent renewables” if the world is to address climate change.
Germany’s Reaction To The Energy Crisis Could Be Catastrophic
The European gas crisis has hogged energy headlines for months. But that hasn’t stopped Germany from retiring half of its nuclear capacity by the end of the year and pushing an accelerated phase-out of its coal-fired plants by 2030. And for Germany’s energy security, it could spell disaster.
Is Fracking Really Putting America’s Water Supply At Risk?
Environmentalists have long contended that fracking threatens our water supplies. But anti-fracking sentiments have spawned a great deal of misinformation around the technique. Let me just point out that more than 1.7 million wells in the U.S. have been fracked. If they were a real threat to our water supplies, it would be readily apparent.
About half of U.S. oil pipeline space is empty after boom time building spree
Oil and gas shippers often find themselves building pipelines amid a production boom only to find there is too much capacity when downturns occur. Numerous pipelines were built in the Permian in Texas and New Mexico - the largest U.S. oilfield - to export locales while production surged between 2017 and 2020.
Europe’s Energy Crisis Just Got WorseEurope’s Energy Crisis Just Got Worse
France’s EDF stopped on Thursday two nuclear power plants after finding a fault at one during routine maintenance. This brings the total number of nuclear plants out of operation currently at four, which account for 13 percent of the current power availability in France, a major electricity exporter to neighboring countries and to the UK.
USA Expects Permian Oil Output to Hit Record in December
Crude production from the Permian exceeds that of each OPEC member except Saudi Arabia, underscoring its importance in balancing the oil market. Its low production costs make it appealing to drillers with most producers focusing their U.S. plans for expansion on the sprawling oil patch, at the expense of other shale basins.
Oil traders take a long-shot bet on a possible U.S. oil export ban
The oil market has been volatile as top consuming nations came together in an unprecedented move last month to release crude from their emergency reserves and bring down energy costs. The Biden Administration’s ongoing focus on lowering gasoline prices has now prompted some traders to purchase some contracts that could pay out just in case they takes further steps, such as limiting or pausing crude exports.
ConocoPhillips Says USA Regulations Hold Back Supply
An increasingly bitter war of words has developed between the Biden administration, which has called for more production to alleviate high energy prices, and an U.S. oil and gas sector that has kept output relatively flat while criticizing White House regulatory moves.