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Oil Traders Ignore Dwindling Stocks to Focus on Economy: John Kemp

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

Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) amounted to …

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Maersk Changes Its Tune on LNG With Big Ship Order

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Shipping giant A.P. Moller-Maersk A/S is in the process of securing 50-60 vessels as part of its fleet renewal program, including ships that will be able to run on liquefied natural gas, a fuel the company has criticized in the past. The order is for a mix of owned and chartered dual-fuel vessels totaling 800,000 twenty-foot equivalent units — a …

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Diamondback Curtails Some Oil Production to Reduce Gas Output

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

Lack of pipeline capacity for excess gas hinders profits Firm still expects to beat original 2024 oil output forecasts Diamondback Energy Inc. reduced some of its oil production in the second quarter to trim natural-gas output because there isn’t enough pipeline capacity to ship gas that’s pumped alongside the crude. After years of operators flaring …

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Exclusive: Western Insurers Provide Cover for Russian Oil Despite Price Cap Concerns

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

Summary Insurers cover Russia oil cargoes if sold below $60/bbl Russia Urals crude sold for $69.4/bbl so far this year-LSEG data Insurers, ship owners not expected to investigate the price Rely on ‘attestations’ from parties to Russian oil trade Top insurer group says process is ‘flawed’ (Reuters) – A group of Western insurers have provided …

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Harbour Energy Posts First-Half Profit, Narrows FY Production Outlook

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

Harbour Energy posts first-half profit, narrows FY production outlook Aug 8 (Reuters) – Harbour Energy, the largest British North Sea oil and gas producer, reported a net profit for the first half of the year from a year-earlier loss and narrowed its full-year 2024 total production outlook on Thursday. Following a spike in energy prices …

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Explainer: What happens if Russian Gas Transit via Ukraine Stops?

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

(Reuters) – Heavy fighting near the Russian town of Sudzha, where Russian gas flows into Ukraine, has raised concerns over a sudden stop to transit flows via Ukraine before a five-year deal with Russia’s Gazprom  expires. The Ukraine gas transit route enables Russia to export gas to Europe via Ukraine. The transit deal is set …

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Oil Prices Steady After Two Days of Gains

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

(Reuters) – Oil prices held steady on Thursday after two sessions of gains, with growing supply risks in the Middle East offsetting demand concerns that had pushed prices to their lowest since early 2024 at the start of the week. Brent crude futures fell 8 cents, or 0.1%, to $78.25 a barrel by 1100 GMT. …

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US Natural Gas Producers Eye More Output Cuts as Prices Sink

Conventional Energy, Latest, LNG, US News / By

(Reuters) Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024, after prices sank nearly 40% over the past two months. Henry Hub gas futures have dropped to around $2 per million British thermal units (mmBtu), while in West Texas, Waha prices have turned negative a record number …

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Trump Says US Needs to Fill Up the Strategic Oil Reserves -Fox News Interview

Conventional Energy, Latest, Oil, US News / By

Republican presidential candidate Donald Trump says he will fill up the U.S. Strategic Petroleum Reserve if elected to another White House term in November. “I was filling that up at levels that they’ve never seen before. We have to fill up the strategic reserves immediately,” he said in an interview with Fox News. Democratic President …

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US Crude Stockpiles Fall, Fuel Inventories Rise, EIA Says

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

(Reuters) U.S. crude oil stockpiles fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 700,000-barrel draw. Crude stocks …

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