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(Reuters) – The U.S. is slowly replenishing the Strategic Petroleum Reserve, buying up to 6 million barrels of oil for delivery in the first several months of next year, after the largest sale yet from the stockpile in 2022. The Energy Department said late on Monday it sought to buy about 3.6 million barrels for …
US Slowly Replenishes Strategic Petroleum Reserve into 2025 Read More »
(Reuters) – Investors have remained resolutely bearish about the outlook for petroleum prices despite increasing confidence the U.S. Federal Reserve will cut interest rates to stimulate consumer and business spending. Fund managers reverting to selling oil futures and options last week as the short-covering rally the week before rapidly ran out of momentum and negative …
Oil Bears Focus on Lacklustre Demand and Planned Output Boost: Kemp Read More »
Goldman Sachs cut its average 2025 Brent forecast and range for prices by $5 per barrel saying unexpected increases in oil inventories and slow China demand is likely to weigh on the market. The bank reduced its range for Brent prices to $70-$85 a barrel, and 2025 average Brent forecast to $77 per barrel from …
Goldman Sachs cuts 2025 average Brent forecast by $5/bbl Read More »
(Reuters) – Oil prices slipped slightly on Tuesday after rebounding more than 7% over the previous three sessions on supply concerns prompted by fears of widening Middle East conflict and potential shutdown of Libyan oil fields. Brent crude futures were down 30 cents, or 0.4%, at $81.13 a barrel by 0819 GMT. U.S. West Texas …
Oil Slips After Surge on Libyan Outages and Middle East Risk Read More »
(Reuters) – Oil major Shell on Monday said it plans to shut-in different portions of its Zydeco pipeline system for maintenance for three to four days starting Sept 24. The Zydeco pipeline system, which spans over 350 miles and has a mainline capacity of about 375,000 barrels per day, has four segment and ships crude …
Shell Plans to Shut-in Different Portions of Zydeco Pipeline Read More »
(Reuters Aug 26) – Facebook owner Meta Platforms struck a deal to buy geothermal power from Sage Geosystems to supply its U.S. data centers, it said on Monday, as it races to build out the infrastructure to support its massive investments in energy-hungry artificial intelligence. The first phase of the 150-megawatt project should be operational …
Meta Platforms Strikes Geothermal Energy Deal to Power US Data Centers Read More »
(Reuters) – U.S. natural gas futures fell about 3% to a three-week low on Monday on forecasts for lower demand next week than previously expected. Energy analysts also noted the tremendous oversupply of gas still in storage has kept a lid on gas prices all year. There was still about 12% more gas in storage …
US Natgas Prices Fall 3% to 3-Week Low on Forecasts for Lower Demand Read More »
Exxon Mobil said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today’s levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon’s production growth plans, the most …
Exxon Forecasts 2050 Oil Demand to Still Match today’s, 25% above BP estimate Read More »
(Reuters) – Shares in Swiss solar panel maker Meyer Burger plunged more than 50% on Monday after the company halted plans for a plant in Colorado, further delayed its financial results and said it was drawing up a restructuring plan. Meyer Burger had earlier this month already postponed publication of its 2024 half-year results until Sept. …
The key to challenging the global influence of OPEC+ is a small swath of the American Southwest where drilling costs are high and most flaring is illegal. Bloomberg News About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US’s world oil dominance. After …
U.S. Oil Dominance Hinges on Quiet Corner of New Mexico Read More »
