CERAWeek: US Aims to Return Emergency Oil Reserve to Prior Levels by Year-end
The U.S. is replenishing the SPR, which currently holds about 362 MMbbl, down from 638 MMbbl three years ago before the sale of a record amount of crude.
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Babcock & Wilcox to Convert Coal Plant to NatGas
B&W will convert the plant’s two coal-fired boilers to natural gas by designing and installing burners, air systems, fans and other equipment.
CERAWeek: Gunvor Sees Balanced Oil Market, No Tightness in LNG Supplies
The global LNG market is not currently tight, Gunvor Chairman Torbjörn Törnqvist said at CERAWeek, contradicting the view shared earlier in the day by TotalEnergies.
Global LNG Demand is Picking up Due to Low Prices – Shell CEO
March 18 (Reuters) – Global demand for liquefied natural gas (LNG) is picking up due to a recent fall in prices, Shell CEO Wael Sawan said on Monday at a conference in Houston. The LNG market will be well supplied in the second half of the decade, he added. The CEO of rival TotalEnergies on …
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U.S. to Return Emergency Oil Reserve to Prior Levels by Year-End
U.S. oil stocks in the Strategic Petroleum Reserve (SPR) at year-end will be at or exceeding the level that would have existed prior to massive sales two years ago, U.S. Energy Secretary Jennifer Granholm said on Monday. Stocks will reach those levels in part on the cancellation of congressional-mandated sales of about 140 million barrels, …
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U.S. Oil Output From Top Shale Regions to Rise in April, EIA Says
U.S. oil output from top shale-producing regions will rise in April to the highest level in four months, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Production from the top basins will climb by more than 9,000 barrels per day (bpd) to 9.77 million bpd, the strongest output …
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Hydrogen Adoption Will Cost Europe, US More Than $1 Trillion
Europe and the U.S. will have to spend in excess of $1 trillion for building infrastructure to enable widespread use of hydrogen fuel, an executive at Mitsubishi Heavy Industries said on Monday. A wholesale move to hydrogen will need significant new demand, which could only come with investments in infrastructure to reduce the cost. European …
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Imperial Oil Shuts Down Fuel Pipeline in Central Canada
Supplies on the Winnipeg regional line will be rerouted for three months.
What’s Affecting Oil Prices This Week? (March 18, 2024)
On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
Talos Energy Sells CCS Business to TotalEnergies
TotalEnergies’ acquisition targets Talos Energy’s Bayou Bend project, and the French company plans to sell off the remainder of Talos’ carbon capture and sequestration portfolio in Texas and Louisiana.