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(Reuters) – Profit margins for diesel are slumping as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand, putting oil prices under further downward pressure. The lower refining margins for diesel, one of the world’s key industrial and transport fuels, have already prompted some refiners …
Bear Market for Diesel Spells Fresh Troubles for Oil Read More »
Summary U.S. crude stockpiles fall, products post surprise build, EIA says China April oil imports rise 5.45% from a year ago (Reuters) – Oil prices rose on Thursday as falling U.S. crude inventories amid rising refinery intake and a rise in Chinese imports last month supported higher demand expectations for the world’s two largest crude …
Oil Rises on U.S. Crude Storage Draw, China Imports Up Read More »
U.S. gas inventories are near record highs for this time of year after exceptionally mild temperatures linked to the El Nino weather phenomenon slashed gas and electricity consumption for heating during the winter of 2023/24. But ultra-low prices are maximising gas combustion by power generators and forcing producers to cut back drilling, which should ensure …
U.S. Gas Surplus will be Eliminated Before End of Winter 2024/25: John Kemp Read More »
Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated …
Insurance Firms Deny Chevron’s $57 Million Claim for Iran Oil Seizure Read More »
Kimmeridge Energy Management Co. said shale driller SilverBow Resources Inc.’s board prioritizes itself over investors as the proxy battle comes to a head. “The Board’s worst-in-class corporate governance that prioritizes itself and management over shareholder returns appears to have permeated throughout the entire organization in a cyclical, self-serving manner,” Kimmeridge wrote in a presentation Tuesday. This is …
Kimmeridge Calls SilverBow ‘Worst-in-Class’ as Proxy Fight Heats Read More »
American Petroleum Institute seeks appeals court review Mandates aim to curb methane leaks from oil wells, tanks Bloomberg The oil industry’s top trade group filed a petition in federal court challenging Biden administration mandates cracking down on planet-warming methane emissions from wells, tanks and pipelines, even as it pushes the government to make administrative changes. The American Petroleum Institute …
Oil Heavyweights Challenge Biden Methane Rule in Bid for Changes Read More »
Faced with a mixed bag of earnings, shareholders are looking for direction. Bloomberg The world’s oil supermajors wrapped up earnings season leaving investors with more questions than answers. BP Plc was last to report, missing estimates and suggesting it’ll do more deals in low-carbon energy — despite pledging to dial back renewables investments and focus on the core fossil-fuel …
Big Oil Needs to Figure Out Its Strategy, and Fast Read More »
(Reuters Breakingviews) – Patrick Pouyanné is seriously considering a U.S. primary listing for his $170 billion oil major TotalEnergies. The French company’s chairman and CEO will report back to his board by September. It shouldn’t take that long to decide that the move is a bad idea. Pouyanné’s main reason for considering the move is that U.S.-based …
(Reuters) – TC Energy’s planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up. The South Bow spin-off, which TC investors will vote on June 4, will help Calgary, Alberta-based TC …
TC Energy’s Oil Pipeline Spin-Off Faces Obstacles in Bet on U.S. Gulf Read More »
Oil and gas producers Santos and Repsol are exploring a sale of a minority stake in oilfields in Alaska they jointly own and develop in a deal that could be worth about $1 billion, according to people familiar with the matter. The oilfields include the Pikka project, which is one of the largest oil prospects in Alaska …
Energy Producers Santos, Repsol Explore Sale of Stakes in Alaska Oilfields Read More »
