Conventional Energy

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Deep Freeze Forces U.S. LNG Exporters to Cancel, Delay Cargoes

Conventional Energy, Latest, LNG, US News / By

Cameron LNG export plant scrapped at least one scheduled cargo Global impact should be limited due to high inventories of gas The recent freeze across Texas and Louisiana disrupted scheduled exports of US liquefied natural gas, temporarily tightening some supply of the heating and power-plant fuel. The Cameron LNG export plant in Louisiana canceled at least one …

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IEA Raises 2024 Oil Demand Forecast But Lags OPEC View

CDN and International News, Conventional Energy, Latest, Oil, Tri-Pinned / By

Summary Raises demand growth projection by 180,000 bpd World supply growth in 2024 to exceed demand growth IEA demand forecast remains lower than OPEC’s projection Sees supply surplus in Q2 if OPEC+ unwinds cuts LONDON, Jan 18 (Reuters) – The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though …

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U.S. Crude Prices Firm at Gulf Coast as Takeaway Capacity Tightens

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

(Reuters) – Record crude output from the top U.S. oilfield and busy crude pipelines to export hubs are boosting the price of the country’s flagship crude at the Gulf Coast, analysts and traders said. West Texas Intermediate crude at Magellan’s East Houston terminal (MEH), on average this month traded at a 45-cent premium per barrel …

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U.S. Natural Gas Demand Hits Record High Amid Severe Cold Snap

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

U.S. homes and businesses used a record amount of natural gas on Tuesday as demand for the fuel for heating and power generation soared during an Arctic blast that also cut gas output to near a 13-month low by freezing wells. The severe winter storm dumped snow across a broad part of the nation on …

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Extreme Challenges: North Dakota Oil Production Falls by up to 700,000 Bpd on Extreme Cold

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

Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state’s pipeline authority said on Wednesday. The state’s oil output fell by 650,000 to 700,000 barrels per day (bpd), according to the North Dakota Pipeline Authority. In October, the …

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OPEC May Need Further Supply Curbs to Balance Market, says Mercuria Chief

Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

OPEC may need to cut production further to keep oil prices at current levels in the face of stuttering demand growth and high U.S. output, the CEO of commodities trader Mercuria Energy Group said on Wednesday. U.S. crude production will climb to record levels over the next two years, the U.S. Energy Information Administration (EIA) …

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Global Gas, LNG Prices to Remain Relatively Weak in 2024 Amid Subdued Demand – WoodMac

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

Global prices of gas and liquefied natural gas (LNG) are expected to remain relatively weak in 2024, with demand subdued due to high storage levels in Europe and Asia and a mild Northern Hemisphere winter, consultancy Wood Mackenzie said on Wednesday. “Wood Mackenzie has been forecasting lower 2024 prices for much of last year, especially compared …

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Aramco CEO Predicts Tighter Oil Markets, Sees Red Sea Risks

CDN and International News, Conventional Energy, Latest, Oil / By

Summary Nasser says Red Sea attacks may cause tanker shortage Global oil demand to grow by 1.5 mln bpd in 2024 Oil stocks getting depleted as demand grows OPEC’s spare capacity main source to meet demand DAVOS, Switzerland, Jan 17 (Reuters) – Global oil markets will cope with Red Sea disruptions in the short run, …

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Why the Texas Power Grid Is Still Facing Challenges

Conventional Energy, Electricity Grid, Energy Topics & Technology, Latest, Natural Gas, US News / By

Bloomberg The electric power grid in Texas, which collapsed dramatically in a 2021 winter storm, is being tested once again as the state endures an Arctic blast. Demand for electricity has broken wintertime records as the state’s population continues to grow amid a rapid change in its energy mix, with wind and solar displacing fossil fuels. That’s been stoking …

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Oil Falls as China’s Economic Recovery Disappoints, Dollar Strengthens

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary China Q4 GDP grows 5.2% vs poll’s 5.3% China’s 2023 refinery throughput hits record high Dollar near 1-mth high as Fed rate cut expectations ease (Reuters) – Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. …

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