Conventional Energy

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U.S. Offshore Oil Industry Reawakens After Francine Shut-Ins

U.S. Gulf of Mexico energy firms on Friday were lumbering back from hurricane disruptions as offshore oil and gas producers ramped up operations after halving the key energy region’s output, ports reopened, and onshore terminals accepted oil and liquefied natural gas (LNG) tankers. Hurricane Francine shut in up to 42% of the region’s offshore oil …

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US Drillers Add Oil and Gas Rigs for First Time in Five Weeks, Baker Hughes Says

Sept 13 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks in the biggest weekly rise in a year, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future …

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Oil Price Rally Steers Crude Towards Weekly Gain

Summary Brent and WTI both set for weekly gains Prices supported by supply disruption from Hurricane Francine Demand fears had pushed benchmarks to multi-year lows this week Sept 13 (Reuters) – Oil prices rose about 1% on Friday, extending their rally and putting crude on course for a weekly gain on the back of output …

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Why Fracking Remains a Political Lightning Rod for Controversy

Hydraulic fracturing, or fracking, has been thrust back into the public spotlight as Vice President Kamala Harris’ change of position on it comes under scrutiny given her campaign for the White House. The groundbreaking technique for oil and gas extraction that vaulted the US to energy independence has for years been a lightning rod for controversy. …

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COMMENTARY: Oil Market Balances Only Get Worse From Here

Stockpiles have been declining, but a flood of supply will push them back up next year. Despite oil’s recent foray below $70 a barrel, market balances aren’t currently that bad. The problem is, this is as good as things get for quite some time. In its monthly report Thursday, the International Energy Agency said stockpiles contracted in …

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Oil Traders Confront a New World Without China Bull Factor

Asian nation dominated conversations at APPEC event this week Slowing economy, energy transition erode post-Covid recovery For the first time in two decades, China no longer looks like the engine driving global crude demand, which is uncharted waters for many of the traders and executives that gathered for the APPEC oil conference in Singapore this …

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U.S. Oil Boom Turns Kamala Harris Into an Unlikely Fracking Supporter…But For How Long?

The candidate touts the benefits of energy independence even as she pledges to continue Biden’s decarbonization push. Kamala Harris has a claim to serving in one of the greatest presidential administrations for the US fossil fuel industry in history. Domestic oil and gas output, refining margins and company profits have all hit record highs during her …

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IEA Cuts 2024 Oil Demand Growth Forecast on China Slowdown

Summary IEA’s 2024 demand growth forecast cut by 7.2% Projection for 2025 remains unchanged Oil prices pare gains after report (Reuters) – The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report …

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OPEC Again Lowers 2024, 2025 Global Oil Demand Growth View

Summary Makes second cut in 2024 oil demand growth forecast Sees headwinds for China’s diesel, gasoline demand going forward IEA to publish updated forecasts on Thursday (Reuters) – OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next …

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India Wants OPEC+ to Raise Oil Output, Oil Secretary Says

(Reuters) – India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation’s oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil …

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