Summary Oil benchmarks head for weekly gain IEA lifts demand growth forecast, sees well supplied market North Dakota oil output down 40% due to cold weather LONDON, Jan 19 (Reuters) – Oil was little changed on Friday and heading for a weekly gain, as Middle East tensions and oil output disruptions caused by cold weather …
Oil Heads for Weekly Gain as Middle East Tensions Support Read More »
The annual share of OPEC’s oil in India’s crude imports fell to its lowest level ever in 2023 while that of discounted Russian barrels surged to an all-time high, data obtained from trade and industry sources show. India, the world’s third-biggest oil importer and consumer, has long relied on the nearby middle eastern nations for …
Cheap Russian Oil Cuts OPEC’s Share of India Imports to Record-Low 50% Read More »
(Reuters) – U.S. crude oil stockpiles fell more than expected last week on strong demand from refineries, while gasoline and distillate inventories rose to multi-year highs, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 2.5 million barrels to 429.9 million barrels in the week ended Jan. 12, the EIA said, compared …
U.S. Crude Stockpiles Fall More than Expected on Strong Refiner Demand – EIA Read More »
Summary OPEC sees oil demand rising by 1.85 mbpd in 2025 Sticks to 2024 oil demand growth forecast of 2.25 mbpd IEA to publish updated forecasts on Thursday LONDON, Jan 17 (Reuters) – OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see …
In First Look at 2025, OPEC Expects Robust Oil Demand Growth Read More »
The amount of natural gas flowing to U.S. liquefied natural gas (LNG) export plants dropped to a one-year low this week as an Arctic freeze caused some energy firms to divert fuel to the domestic market and Freeport LNG’s facility in Texas experienced mechanical problems. Gas flows to the seven big U.S. LNG export plants …
U.S. LNG Feedgas Cut by Arctic Freeze, Problems at Freeport LNG Read More »
Cameron LNG export plant scrapped at least one scheduled cargo Global impact should be limited due to high inventories of gas The recent freeze across Texas and Louisiana disrupted scheduled exports of US liquefied natural gas, temporarily tightening some supply of the heating and power-plant fuel. The Cameron LNG export plant in Louisiana canceled at least one …
Deep Freeze Forces U.S. LNG Exporters to Cancel, Delay Cargoes Read More »
Summary Raises demand growth projection by 180,000 bpd World supply growth in 2024 to exceed demand growth IEA demand forecast remains lower than OPEC’s projection Sees supply surplus in Q2 if OPEC+ unwinds cuts LONDON, Jan 18 (Reuters) – The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though …
IEA Raises 2024 Oil Demand Forecast But Lags OPEC View Read More »
(Reuters) – Record crude output from the top U.S. oilfield and busy crude pipelines to export hubs are boosting the price of the country’s flagship crude at the Gulf Coast, analysts and traders said. West Texas Intermediate crude at Magellan’s East Houston terminal (MEH), on average this month traded at a 45-cent premium per barrel …
U.S. Crude Prices Firm at Gulf Coast as Takeaway Capacity Tightens Read More »
(Reuters Breakingviews) – The United States has grand plans for carbon markets. Washington’s idea, for an Energy Transition Accelerator (ETA) targets one of climate finance’s biggest challenges – the need, to increase clean energy investment in the developing world excluding China sevenfold by the early 2030s, to $1.9 trillion annually. John Kerry, U.S. President Joe Biden’s …
U.S. homes and businesses used a record amount of natural gas on Tuesday as demand for the fuel for heating and power generation soared during an Arctic blast that also cut gas output to near a 13-month low by freezing wells. The severe winter storm dumped snow across a broad part of the nation on …
U.S. Natural Gas Demand Hits Record High Amid Severe Cold Snap Read More »
