U.S. oil companies and refiners are likely to face another challenging 12 months in 2024, Bank of America (BofA) analysts wrote in a note on Friday, who expect Brent crude to average $80 per barrel this year. Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and …
Southwestern Energy and Chesapeake Energy are close to a merger that would create a roughly $17-billion company that would rank as one of the largest U.S. natural-gas producers, the Wall Street Journal reported on Friday. The deal could come together as soon as next week, the report said, citing people familiar with the matter, provided …
Southwestern and Chesapeake Energy Near $17-Billion Merger Read More »
By Paul Wallace and Alex Longley – Bloomberg A wave of missile and drone strikes on ships plying the Red Sea has caused the biggest disruption to global trade since the pandemic. The attacks are the work of Yemen’s Iran-backed Houthi militants. They say they are targeting vessels with links to Israel to protest against its military campaign in the Gaza …
EXPLAINED: How Houthi Red Sea Attacks Are Disrupting World Trade Read More »
Oil giant cites California’s regulatory environment for charge Chevron also writing down value of some Golden State assets By Kevin Crowley Exxon Mobil Corp. warned investors of a $2.5 billion write down of the value of some California operations. The impairment to be recorded in fourth-quarter earnings is “primarily” related to its Santa Ynez operations off the …
Exxon Mobil to Take $2.5 Billion Writedown on California Assets Read More »
By Elmira Aliakbari, Julio Mejía, and Jason Clemens At COP28, the recent United Nations climate change conference in the United Arab Emirates, bureaucrats, politicians and activists from nearly 200 countries gathered to push for a “transition away from fossil fuels” and continue and indeed expedite efforts to achieve a global net-zero “carbon footprint” by 2050. …
Michigan regulators give green light to Enbridge Line 5 tunnel By Will Gibson Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter A key artery in the network supplying Michigan, Ontario and Quebec with essential petroleum products has cleared a critical hurdle to continue operations. In December, Michigan’s Public Service Commission approved a …
(Reuters) OPEC oil output rose in December, a Reuters survey found on Friday, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market. The Organization of the Petroleum Exporting Countries pumped 27.88 million barrels per day (bpd) last month, the …
OPEC December Oil Output Rises Before New Cuts, Angola Exit – Survey Read More »
Summary U.S. Secretary of State Blinked visits Middle East Euro zone inflation rose in December U.S. employment data out 1330 GMT LONDON, Jan 5 (Reuters) – Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. Brent crude …
The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT’s financial head Jeremy Knop said. U.S. natural gas futures ended 2023 with the biggest percentage decline since 2006 due …
U.S. Natgas Producers Seek to Balance Production Cuts, Demand Rebound Read More »
The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022. Here are some facts about the SPR and U.S. efforts to buy oil back to fill it. WHAT IS THE SPR? It is the world’s largest emergency oil …
