Conventional Energy

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U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication, Bloomberg Reports

Conventional Energy, Latest, Oil, US News / By

Agency investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, the report said. Earlier this year, FTC barred former Pioneer Natural Resources CEO Scott Sheffield from Exxon’s board on allegations that he attempted to collude with OPEC to raise oil prices. The FTC made the move as …

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Oil Settles at One-Month Low on Gaza Ceasefire Hopes

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HOUSTON, July 19 (Reuters) – Oil prices settled over $2 lower on Friday at their lowest level since mid-June as investors eyed a possible ceasefire in Gaza, while a strengthened dollar drove values down further. Brent crude prices settled down $2.48, or 2.9%, to $82.63 a barrel. U.S. West Texas Intermediate crude futures dropped $2.69, …

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ExxonMobil Selling Malaysia Oil and Gas Assets to Petronas, Sources Say

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

Exxon Mobil Corp has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, exiting the country’s upstream sector where it used to be a dominant producer, two sources with direct knowledge of the matter said. The U.S. major, which last year marked its 130th year in Malaysia, has been trying to …

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Rising Cooling Demand to Keep Coal Plants Online This Year, IEA Says

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(Reuters) – Global electricity demand is set to grow at its fastest pace in nearly 20 years this year, spurred by increasing demand for air conditioning as temperatures rise, the International Energy Agency (IEA) said in a report on Friday. The trend, expected to continue into 2025, will support ongoing use of coal power, even …

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WTI Futures Backwardation Widens to 8-Month High as Cushing Stocks Fall

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The premium for front-month U.S. crude oil futures over the second-month contract widened to its highest since October on Wednesday, LSEG data showed, as stocks at the WTI delivery point, Cushing, Oklahoma, fell last week to a three-month low. The market structure called backwardation means investors can sell their oil at a higher price in …

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Russia’s July Oil and Gas Revenue to Jump 50% to $14 bln, Reuters Calculations Show

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

Russia’s oil and gas revenue in July is set to rise by 50% year on year to almost $14 billion thanks to stronger oil prices and a weaker rouble, Reuters calculations showed on Thursday. Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to …

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Texas Tanker Bottleneck Grows on Slow Freeport LNG Restart after Beryl

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The number of liquefied natural gas (LNG) tankers waiting to load at Freeport LNG in Texas has increased since the U.S. second largest exporter of the supercooled gas halted processing ahead of Hurricane Beryl’s landfall last week, according to shipping data on Thursday. Beryl made landfall on July 8 near Matagorda, on the Texas coast, …

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Oil Prices Rise on Bigger Than Expected Drop in U.S. Crude Stocks

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(Reuters) – Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world’s largest oil consumer. Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 0.8%, at …

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Judge Pauses Wyoming Oil and Gas Drilling Leases Pending Review

Conventional Energy, Energy Topics & Technology, EnergyNow News and Press Releases, Exploration & Production, Latest, Oil, US News / By

A federal judge has ordered the U.S. Bureau of Land Management to pause approving new permits to drill for oil and gas on nearly 120,000 acres of federal land in Wyoming until it finishes reevaluating the environmental impacts of a lease sale. Tuesday’s decision by U.S. District Judge Christopher Cooper in Washington, D.C., followed his …

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