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The premium for front-month U.S. crude oil futures over the second-month contract widened to its highest since October on Wednesday, LSEG data showed, as stocks at the WTI delivery point, Cushing, Oklahoma, fell last week to a three-month low. The market structure called backwardation means investors can sell their oil at a higher price in …
WTI Futures Backwardation Widens to 8-Month High as Cushing Stocks Fall Read More »
Exxon Mobil’s legal bid to stop Chevron’s proposed $53 billion acquisition of Hess rests on whether the transaction would involve a change of control of Hess’ prize subsidiary in Guyana, according to people knowledgeable about the argument. The two top U.S. oil producers are in an arbitration battle over the world’s largest oil discovery in almost …
Exxon Clash with Chevron Hinges on Change of Control of Hess’ Guyana Asset Read More »
Crude oil prices are swinging this week, flipping between bullish signals from the United States, the world’s biggest consumer, and bearish tones from China, the top importer. Prices are rising for a second session on Thursday, buoyed by a larger-than-expected decline in U.S. stockpiles, which slipped by 4.9 million barrels last week, massively more than …
A federal court in Alaska overturned on Tuesday night an oil and gas lease sale that had been mandated by the Biden administration’s signature climate law as part of a political compromise, on grounds that the U.S. government violated the law when holding the sale. This ruling affects a lease sale held in December 2022 …
U.S. Court Overturns Alaska Oil Lease Sale in a Win for Environmentalists Read More »
(Reuters) – Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world’s largest oil consumer. Brent futures rose 41 cents, or 0.5%, to $85.49 a barrel by 0819 GMT and U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 0.8%, at …
Oil Prices Rise on Bigger Than Expected Drop in U.S. Crude Stocks Read More »
CALGARY — A free trade arbitration tribunal has tossed out TC Energy Corp.’s claim that it is owed US$15 billion in damages as a result of U.S. President Joe Biden’s cancellation of the Keystone XL pipeline permit. TC Energy launched a claim in 2021 under the legacy rules tied to the old North American Free …
TC Energy’s US$15B Keystone XL Claim Thrown Out by Trade Tribunal Read More »
July 17 (Reuters) – New York Governor Kathy Hochul announced the start of construction on Sunrise Wind, a 924-megawatt offshore wind project developed by Oersted (ORSTED.CO), the New York State Energy Research and Development Authority (NYSERDA) said on Wednesday. The project will provide enough clean energy to power about 600,000 New York homes once completed …
NY Governor Announces Start of Construction on Sunrise Wind Project Read More »
A federal judge has ordered the U.S. Bureau of Land Management to pause approving new permits to drill for oil and gas on nearly 120,000 acres of federal land in Wyoming until it finishes reevaluating the environmental impacts of a lease sale. Tuesday’s decision by U.S. District Judge Christopher Cooper in Washington, D.C., followed his …
Judge Pauses Wyoming Oil and Gas Drilling Leases Pending Review Read More »
Did you know that the United States Secret Service has a Chief of Communications? Does that not seem a little odd? To excel at his job, would he be perfectly silent? Well, he’s not…Over the weekend the Chief of Communications of the United States Secret Service took to Twitter to start acting not very secret …
The amount of natural gas flowing to U.S. liquefied natural gas (LNG) export plants was on track to drop to a 12-week low on Wednesday due to reductions at several plants, including Freeport LNG in Texas, according to data from financial firm LSEG. For years, LNG feedgas has been the fastest growing source of new …
U.S. LNG Natgas Feedgas on Track to Fall to 12-Week Low, LSEG Figures Show Read More »
