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HEADWINDS: Equinor, BP Cancel Contract to Sell Offshore Wind Power to New York

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(Reuters) – European energy firms Equinor (EQNR.OL) and BP (BP.L) terminated their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs, and supply chain issues. “This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development …

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Canada’s Long-Delayed Trans Mountain Pipeline Plans Line Fill for March or May

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(Reuters) – Trans Mountain Corp (TMC.UL) plans to begin line fill in March or May on its long-delayed Canadian oil pipeline expansion, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said in a filing on Wednesday. The company is awaiting a regulatory decision on its request …

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ENERGY NORTH: Trudeau’s Politics and Climate Plan Faces Setback in Saskatchewan Over Carbon Tax

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Canadian Prime Minister Justin Trudeau faces a setback for his climate-change action plan in conservative-leaning Saskatchewan, as provincial opposition mounts against the federal carbon tax. On Monday, the western Canadian province stopped collecting the tax applied to homes heated by natural gas and electricity, after Trudeau’s Liberal government exempted home heating oil from the tax …

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U.S. Seeks 3 Mln barrels of Crude for Strategic Reserve

Conventional Energy, Latest, Oil, US News / By

The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday. President Joe Biden’s administration is slowly purchasing oil for the SPR after it sold a record 180 …

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U.S. Natgas Prices Gain 2% to One-Week High on Colder January Forecasts

Conventional Energy, Latest, Natural Gas, US News / By

U.S. natural gas futures gained about 2% to a one-week high on Wednesday on a decline in daily output and forecasts for colder weather in mid January than previously expected. That price increase came despite forecasts for milder weather and lower heating demand this week and next than previously expected, and a small decline in …

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Orsted Walks Away From Green Hydrogen Project Citing High Costs

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(Bloomberg) Germany’s Heide oil refinery and its partner Orsted A/S have shelved plans for a green hydrogen plant due to increased investment costs and associated economic risks. This is at least the second such project Orsted has dropped in recent months, after deciding not to proceed with an electrolyzer at the Humber refinery in the UK. The …

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Siemens Energy’s Struggling Wind Unit Unveils $436 million in Cost Cuts

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(Reuters) – Siemens Gamesa, the struggling wind division of Germany’s Siemens Energy (ENR1n.DE), plans to cut costs by around 400 million euros ($436 million) by 2026, according to presentation slides posted online ahead of the company’s capital markets day. The goal was to “simplify organization and optimize overhead costs” while the Siemens Gamesa’s onshore wind …

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U.S. Coast Guard seeks source of some 1.1 million gallons of crude oil in Gulf of Mexico

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The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil. The 67-mile long pipeline was closed by Main Pass Oil Gathering Co …

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Oil Traders Struggle as Decades-Old Signal of U.S. Market Weakens

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The biggest oil-storage hub in the US — a massive network of tank farms known as the “Pipeline Crossroads of the World” — is rapidly losing its primacy as a signal for domestic supply and demand. For decades, traders watched inventory levels at Cushing, Oklahoma, to track US crude balances, but the US’s increasing integration …

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