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U.S. Gas Surplus will be Eliminated Before End of Winter 2024/25: John Kemp

Conventional Energy, EnergyNow News and Press Releases, Latest, Natural Gas, Tri-Pinned, US News / By

U.S. gas inventories are near record highs for this time of year after exceptionally mild temperatures linked to the El Nino weather phenomenon slashed gas and electricity consumption for heating during the winter of 2023/24. But ultra-low prices are maximising gas combustion by power generators and forcing producers to cut back drilling, which should ensure …

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Insurance Firms Deny Chevron’s $57 Million Claim for Iran Oil Seizure

Conventional Energy, Latest, Oil, US News / By

Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated …

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Big Oil Needs to Figure Out Its Strategy, and Fast

Conventional Energy, Energy Topics & Technology, Exploration & Production, Finance, Latest, Oil, US News / By

Faced with a mixed bag of earnings, shareholders are looking for direction. Bloomberg The world’s oil supermajors wrapped up earnings season leaving investors with more questions than answers. BP Plc was last to report, missing estimates and suggesting it’ll do more deals in low-carbon energy — despite pledging to dial back renewables investments and focus on the core fossil-fuel …

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TC Energy’s Oil Pipeline Spin-Off Faces Obstacles in Bet on U.S. Gulf

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

(Reuters) – TC Energy’s  planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up. The South Bow spin-off, which TC investors will vote on June 4, will help Calgary, Alberta-based TC …

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Energy Producers Santos, Repsol Explore Sale of Stakes in Alaska Oilfields

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Oil and gas producers Santos and Repsol are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1 billion, according to people familiar with the matter. The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska …

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Lower Oil Puts U.S. in Market to Buy for Strategic Petroleum Reserve, For Now

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, Tri-Pinned, US News / By

A drop in crude oil prices has put the U.S. back in the market for replenishing the Strategic Petroleum Reserve after selling off a record amount of crude from the stockpile in 2022. A little more than a month ago the Department of Energy canceled the purchase of about 3 million barrels of oil for …

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EIA Cuts World Oil Demand Forecast for 2024, Hikes Output Expectations

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World oil demand is expected to grow lesser this year than earlier estimates and output should grow faster than thought previously, resulting in a more balanced market, the U.S. Energy Information Administration (EIA) said on Tuesday. The agency hiked its production forecasts from regions outside the Organization of Petroleum Exporting Countries (OPEC), while also lowering …

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Nearly 75 Democratic Lawmakers Support Biden’s LNG Pause

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Nearly 75 U.S. lawmakers from President Joe Biden’s Democratic party on Tuesday praised his pause on approvals of exports of liquefied natural gas, or LNG, saying it would protect Americans from pollution and potential higher prices. Senators Jeffrey Merkley, Edward Markey and Representative Jared Huffman spearheaded a letter to Biden saying the pause allows the …

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Europe Braces for Billions in Writedowns at Stranded Gas Assets

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Germany prepares for gas grids and boilers to become redundant Other European countries are still investing in gas networks For the past four years, the Bavarian city of Augsburg has been warning homeowners that gas supplies could be switched off by 2030 as fossil fuels are phased out. It’s a blunt message on the potentially …

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