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The U.S. Department of Energy said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year. Exxon Mobil will supply 3.9 million barrels of the contract, while Macquarie Commodities …
U.S. Buys 4.65 Million Barrels for Emergency Oil Stockpile Read More »
(Reuters) – Oil prices rose on Monday, paring last week’s loss, on fears of a widening conflict in the Middle East following a rocket strike in the Israeli-occupied Golan Heights, which Israel and the United States blamed on Lebanese armed group Hezbollah. Brent crude futures gained 20 cents, or 0.3%, to $81.33 a barrel at 0010 …
Harris supported ban on extraction method as candidate in 2019 Reversal shows focus on vice president after Biden dropped out Vice President Kamala Harris’ campaign said she doesn’t support a ban on fracking, reversing a stance she took on the hot-button oil and gas extraction technique as a presidential candidate in 2019. Harris’ previous anti-fracking position …
Harris Backs Off Fracking Ban as GOP Campaigns on Past Position Read More »
The Biden administration will “calibrate” its sanctions policy towards Venezuela depending on how the high-stakes election unfolds in the OPEC nation on Sunday, U.S. officials said, signaling that Washington could ease punitive measures if President Nicolas Maduro holds a fair vote. But the U.S. also put Maduro on notice that if he claims victory without …
U.S. May ‘Calibrate’ Venezuela Sanctions Policy Post-Election, Officials Say Read More »
Bankruptcy judge approves settlement with contractor Zachry Other companies will finish Zachry’s work on Golden Pass plant A bankruptcy judge this past week approved a settlement between the joint venture building Exxon Mobil Corp.’s $10 billion gas export project in Texas and lead contractor Zachry Holdings Inc., allowing other companies to finish work on the plant. …
Ruling Paves Way to Restart Work on Exxon’s Texas LNG Plant Read More »
Freeport LNG, the US’s second-largest export facility, is targeting the restart of all production lines in early August, according to people with direct knowledge of the matter. The Texas plant reduced production before Hurricane Beryl made a landfall earlier this month and caused wide-spread power outages. Loadings from the liquefied natural gas terminal outside of Houston were …
Freeport LNG Hub to Restart Three Production Trains in Early August Read More »
Woodside’s acquisition of Tellurian highlights the appeal of exporting American natural gas. Australia’s Woodside Energy Group Ltd. made a bold leap into US liquefied natural gas with its agreement to acquire Tellurian Inc. for $900 million in cash. Tellurian owns Driftwood, a proposed multibillion-dollar LNG export terminal in Louisiana. The takeover could make Woodside the second foreign …
By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …
U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »
By Reuters (Reuters) – Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region. However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment. …
Baker Hughes Sees Lower North America Activity; Bets on Foreign Demand Read More »
Power producers in the United States are becoming increasingly reliant on natural gas for generation, even as the country builds out renewable energy capacity at a record pace. Renewable energy sources have been grabbing a steadily growing share of the power mix for years, which has allowed power firms to cut coal-fired power and reduce …
Natural Gas Shows Its Staying Power as U.S. Wind Output Slumps: Maguire Read More »
