Conventional Energy

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U.S. Won’t Award Contracts for Louisiana SPR Site Over Oil Price, Energy Department Says

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

The U.S. Department of Energy on Wednesday said it will not award oil supply contracts for Louisiana’s Bayou Choctaw Strategic Petroleum Reserve (SPR) site in August and September due to high oil prices. “We monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset,” said …

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BofA Hikes 2024 Oil Forecasts on Tighter Supply, Geopolitical Risks

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

Bank of America (BofA) Global Research has raised its 2024 Brent and WTI oil price forecasts, citing escalating geopolitical tensions and the OPEC+ producer group maintaining supply curbs. The bank now expects Brent and WTI crude prices this year to average $86 and $81 per barrel respectively, with prices of both peaking around $95 per …

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U.S. Natural Gas Demand for LNG Falls as Cheniere Reduces Output

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

There was a significant decline on Tuesday in the amount of U.S. natural gas being liquefied for export with a drop in demand from Cheniere Energy’s Corpus Christi plant in Texas and its Sabine Pass operation in Louisiana, according to data from financial firm LSEG. Cheniere is the largest U.S. producer and the world’s second …

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OPEC+ Unlikely to Change Output Policy at Panel Meeting

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Summary OPEC+ JMMC meets on Wednesday at 1100 GMT Producers earlier agreed to extend output cuts Oil rallies to $89 a barrel, highest this year LONDON, April 3 (Reuters) – An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting later on Wednesday, three OPEC+ sources told Reuters, following …

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Drought Poses Key Risk to Canada’s Natural Gas Producers in 2024

CDN and International News, Conventional Energy, Energy Topics & Technology, Environment, Latest, Natural Gas / By

CALGARY — Persistent drought conditions are poised to challenge natural gas producers even as they aim to ramp up in anticipation of Canada’s first liquefied natural gas export terminal opening, a new report warns. The report by Deloitte Canada identifies potential water shortages in Western Canada as a key risk facing the oil and gas …

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White House Open to Ending LNG Export Pause in Push for Ukraine Aid

Conventional Energy, Latest, LNG, Pinned Primary, US News / By

U.S. officials are open to ending President Joe Biden’s pause on approvals of liquefied natural gas exports to get a Ukraine aide package passed in Congress but want to wait to see the entire proposal before making any decisions, two White House sources said on Tuesday. Biden, a Democrat, in late January had paused approvals …

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Big Oil Is Beating Big Tech as Eyes Turn to Crucial OPEC Meeting

Conventional Energy, Latest, Oil, US News / By

Key energy fund XLE outperformed Nasdaq 100 in first quarter ‘Investor sentiment could go either way,’ Dan Pickering says Big tech may be driving the stock market, but after a blow-out first quarter, big oil would like a word. After finishing 2023 in the red as the broader market soared, energy stocks have started 2024 with …

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Oil Bosses Rip Biden Policies Even as U.S. Production Soars

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

Executives remain steadfast in their criticism even as many fossil-fuel companies thrive. The anonymous comments from shale-oil executives in the Federal Reserve Bank of Dallas’ quarterly energy survey are rarely complimentary to President Joe Biden and his policies. The remarks in last week’s edition, however, were particularly notable given the apparent state of the market. The US …

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U.S. Shale Drillers Seek to Power Oil Patch With Small Nuclear Reactors

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

Reactor company Oklo talking to drillers including Diamondback Nuclear power can reduce emissions from producing fossil fuels US oil companies including Diamondback Energy Inc. are considering small nuclear reactors to power drilling operations in Texas’s Permian Basin, a move aimed at cutting carbon emissions and ensuring reliable access to electricity. Diamondback, the largest independent producer headquartered in …

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OPEC+ Unlikely to Change Output Policy at April 3 Meeting

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Summary OPEC+ JMMC meets on Wednesday at 1100 GMT Producers earlier agreed to extend output cuts Oil rallies to $89 a barrel, highest this year (Reuters) – An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their …

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