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Investors purchased petroleum for the third week running as bearishness triggered by the OPEC+ meeting at the start of June waned and fund managers anticipated a big depletion of inventories in the third quarter. Hedge funds and other money managers purchased the equivalent of 86 million barrels in the six major petroleum futures and options …
Oil Bulls Advance Cautiously as Stocks Expected to Fall: Kemp Read More »
(Reuters) – Oil prices extended gains to two-month highs on Tuesday on expectations of rising demand during the summer driving season and possible supply disruptions from Hurricane Beryl. Brent crude futures rose 70 cents, or 0.81%, to $87.30 a barrel by 1035 GMT, their highest since April 30. U.S. West Texas Intermediate (WTI) crude was …
Oil Rises to Two-Month High on Summer Demand Outlook and Supply Fears Read More »
A federal judge on Monday blocked the U.S. government’s ban on approving applications to export liquefied natural gas (LNG), in response to a lawsuit by Republican-led states. U.S. District Judge James Cain Jr, in Louisiana, a Trump appointee, ruled that the LNG export ban “be stayed in its entirety, effective immediately.” A coalition of 16 …
Federal Judge Halts U.S. Government’s Ban on LNG Permits Read More »
Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, …
Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion Read More »
(Reuters) – China is setting up a new entity that groups national oil producers and other state firms to search for ultra-deep oil and gas reserves and tackle harder-to-extract non-conventional resources, state energy group CNPC said on Monday. This is in answer to President Xi Jinping’s call for the sector to have “new productive forces” …
China Sets Up New State Body to Drill Deep for Oil and Gas Reserves Read More »
(Reuters) – About 20 ships loaded crude oil on Canada’s West Coast in the first full month of operation on the newly expanded Trans Mountain pipeline, according to vessel-tracking data on Sunday, slightly below the operator’s forecast. Loadings from the pipeline expansion are closely watched because the Canadian government wants to sell the $24.84 billion …
Canada’s Trans Mountain Oil Pipeline Just Shy of Target for First-Month Loadings Read More »
Denmark’s largest commercial pension fund just offloaded its US$170 million stake in Shell Plc Bloomberg News There’s a growing list of institutional investors in Europe who are stripping oil and gas stocks out of their portfolios, in a move they say reduces the risk of ending up with stranded assets and financial losses. The latest to do …
Growing Number of European Money Managers are Axing Oil Stocks Read More »
Summary Auction manager seeks more time to review, negotiate bids Motion does not say how many or amount of bids received Court auction aims to satisfy $21 billion in claims HOUSTON, June 28 (Reuters) – A U.S. court has been asked to postpone to Sept. 19 a hearing to present the winning bid in an …
U.S. Court May Put Off Hearing on Citgo Bids to September Read More »
June 28 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row to the lowest since December 2021, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The oil and gas rig count, …
U.S. Drillers Cut Oil and Gas Rigs for 4th Week to Lowest Since Dec 2021 -Baker Hughes Read More »
Summary US gasoline demand fell in April -EIA US personal consumption inflation in line with forecasts US oil rig count hits lowest since December 2021 (Reuters) – Oil prices fell on Friday as investors weighed weak U.S. fuel demand and took some money off the table at quarter-end, while key inflation data for May boosted …
Oil Eases on Weak U.S. Fuel Demand, Profit Taking Read More »
