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The U.S. Energy Information Administration on Tuesday forecast a larger decline in natural gas output this year compared to earlier estimates, citing record low prices earlier in 2024 that forced producers to curtail gas production. U.S. natural gas output will average around 103.3 billion cubic feet per day (bcfd) this year, the EIA said in …
EIA Forecasts Larger Decline in U.S. Natural Gas Output for 2024 Read More »
U.S. oil and gas production show further signs of flattening out or turning down, a delayed response to the decline in prices over the last two years after the initial shock caused by Russia’s invasion of Ukraine in early 2022. Total crude and condensates production from the Lower 48 states, excluding federal waters in …
U.S. Oil and Gas Output Curbed by Lower Prices: John Kemp Read More »
(Reuters) – U.S. oil refiner Phillips 66 is cutting more jobs to advance its strategic priorities and improve workforce efficiency, the company said on Tuesday. Phillips 66 spokesperson Al Ortiz confirmed that some jobs were being eliminated. “Phillips 66 continues to look to ways to position our organization to help advance its strategic priorities The …
(Reuters) – The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 bpd to 20.5 million bpd. It left its …
EIA Sees Tighter U.S. Oil Market for 2024, Lowers Price Outlook Read More »
Marathon Petroleum’s second-quarter profit hit by lower refining margins (Reuters) – Top U.S. refiner Marathon Petroleum posted lower second-quarter profit on Tuesday, hurt by lower refining margins. The company posted net income of $1.5 billion, or $4.33 per share, for the three months ended June 30, compared to the $2.23 billion, or $5.32 per share, …
Marathon Petroleum’s Second-Quarter Profit Hit by Lower Refining Margins Read More »
Summary Fear of wider Middle East conflict spurs buying US passes message to Iran not to escalate Financial markets recover after strong US services sector data (Reuters) – Oil prices pared gains in volatile trade on Tuesday as fears of an escalation in the Middle East conflict and a drop in production at Libya’s largest Sharara …
Oil Prices Steady, Supported by Middle East Supply Fears Read More »
Venezuela is being run by a dictator, U.S. Republican presidential candidate Donald Trump said on Monday, without mentioning Venezuelan leader Nicolas Maduro by name. “I know it very well, and Venezuela is right now being run by a dictator,” Trump said in an interview on the Kick livestreaming platform. Following a July 28 election, Venezuela’s …
Chevron Corp said on Sunday that non-essential personnel from its Blind Faith and Petronius facilities in Gulf of Mexico have been removed as Tropical Storm Debby approaches.“There has been no effect to production at our Chevron-operated assets due to the tropical weather,” the company added. Tropical Storm Debby is expected to strengthen rapidly into a …
Chevron Removes Non-Essential Personnel from Gulf of Mexico Sites as Debby Approaches Read More »
A string of dramatic revisions to official U.S. oil consumption data have unnerved market participants who rely on the figures to trade. Traders and analysts watch weekly and monthly supply and demand data from the U.S. Department of Energy’s statistical arm, which given the U.S. is the top producer and consumer of crude and fuel …
Large Revisions to U.S. Energy Data Leave Traders and Analysts Befuddled Read More »
Bloomberg News See More from Bloomberg Energy News Here Tom and Christi Craddick wield influence in the energy industry while also owning a piece of the action. In the West Texas oil capital of Midland, Tom Craddick’s name is everywhere. The Nadine and Tom Craddick Highway helps drivers skirt the (not-very-heavy) traffic downtown. At the local hospital, …
A Father-Daughter Dynasty Looms Large in Texas Oil and Politics Read More »
