Oil

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Commentary: Globally, Oil is Creeping Higher But It’s Not a Healthy Market

Conventional Energy, Latest, Oil, US News / By

Demand growth remains weak, while supply increases continue to surprise. By Julian Lee Oil prices are creeping higher, but it’s probably too early for the bulls to cheer. Brent crude closed above $80 a barrel Monday for the first time this year, a feat it managed again Wednesday. Citigroup Inc. has warned oil may “pop” to $90 if tensions in …

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U.S. Crude Stockpiles Slump, Gasoline Builds Amid Winter Storms – EIA

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil / By

U.S. crude oil stockpiles slumped while gasoline inventories jumped last week after winter weather hit crude production and imports, refining, and demand for fuel, the Energy Information Administration said on Wednesday. Crude inventories fell by 9.2 million barrels to 420.7 million barrels in the week ending Jan. 19, the EIA said, compared with analysts’ expectations …

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Canada’s Trans Mountain Pipeline to Start up in Second Quarter

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Pipelines / By

Trans Mountain Corp will begin line fill in February on its long-delayed Canadian oil pipeline expansion and expects it to be in service in the second quarter, a company executive said on Wednesday. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada’s Pacific Coast but …

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Diversified Energy Faces Short-Seller Attack From ESG-Focused Snowcap

Conventional Energy, Latest, Natural Gas, Oil, US News / By

Gas producer’s debt load threatens dividend, Snowcap says Snowcap faults environmental, asset-retirement practices Diversified Energy Co., the largest owner of US oil and natural gas wells, is being targeted by a short seller claiming the company may not have enough money to meet obligations to plug inactive wells. Snowcap Research, a London-based activist investor focused …

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US Oil Refiners’ Weekly Capacity Seen Down 178,000 Bpd -IIR

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Reuters U.S. oil refiners are expected to have about 1.9 million barrels per day (bpd) of capacity offline for the week ending Jan. 26, decreasing available refining capacity by 178,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to further fall to 1.58 million bpd in the week ending Feb. 2, …

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Oil Demand in Asia, Africa Boosted by Cheap Russian Crude

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

(Reuters) – Asia and Africa have replaced Europe as the top destinations for Russian crude oil exports since Moscow was slapped with European sanctions on sales of energy products following its invasion of Ukraine in February 2022. Prior to the sanctions in mid-2022, Europe accounted for more than 60% of Russia’s oil exports and provided …

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OPEC’s Mission for 2024 is Looking Even Tougher

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

International Energy Agency data shows the cartel and its allies may need to restrain supplies all year. OPEC’s mission to defend oil prices this year is starting to look even harder. The cartel and its allies launched new production cuts this month to stave off a global oil surplus, and group leader Saudi Arabia said …

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Energy Transfer: Dakota Access Oil Pipeline Won’t Shut after Environmental Study

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

Energy Transfer does not expect the U.S. Army Corps of Engineers to shut down the Dakota Access oil pipeline (DAPL) after a long-pending environmental review of a section that runs under a lake and is opposed by nearby Native American tribes, Executive Chair Kelcy Warren said on Tuesday. A U.S. court in 2022 ordered the …

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OPINION: Exxon Activists Should be Banished With Vote, Not Court

Conventional Energy, Latest, Oil, US News / By

(Reuters Breakingviews) – Exxon Mobil  is trying to banish a climate activist proposal in a Texas court. The $385 billion oil giant would be better off leaving its own shareholders to do so. After all, similar measures have resoundingly failed before. Choosing to instead fight against a vote is counterproductive for a company that has struggled against …

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U.S. Department of Justice Preparing Legal Brief as Both Sides Appeal Line 5 Decision

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

WASHINGTON — The U.S. government has been asked to explain to a federal appeals court precisely how it believes the country’s 1977 pipeline treaty with Canada should impact efforts to shut down the controversial cross-border Line 5. A forthcoming Department of Justice brief will mark the Biden administration’s first public foray into the long-running dispute …

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