LONDON, Dec 28 (Reuters) – OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cuts and member Angola’s exit, according to Reuters calculations and data from forecasters. The trend means the …
OPEC Faces Declining Demand and Shrinking Market Share in Early 2024 Read More »
U.S. crude stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, an extended Reuters poll showed on Wednesday. Seven analysts polled by Reuters estimated on average that crude inventories fell by about 2.7 million barrels in the week to Dec. 22. The poll was conducted ahead of reports from …
U.S. Crude Inventories Seen Down Last Week, Products Likely Rose Read More »
U.S. natural gas futures traded below the previous session’s three-week high on Thursday as investors awaited a weekly storage report due later in the day. Front-month gas futures for February delivery on the New York Mercantile Exchange were trading around $2.53 per million British thermal units as of 10:08 a.m. EST. Prices rose as much …
U.S. Natgas Prices Trade Below Three-Week Peak Ahead of Storage Report Read More »
(Reuters) – China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an outlook released on Thursday. Non-fossil energy supply, led by solar and wind, will likely exceed the equivalence of 3 billion metric tons of standard coal by 2045 to become …
Sinopec Forecasts China’s Coal Consumption to Peak Around 2025 Read More »
U.S. natural gas futures climbed more than 5% to a three-week high on Wednesday as the expiration of the January contract helped push up prices, while the outlook for colder weather also lent support. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 13.8 cents, or 5.4%, at $2.69 per million …
U.S. Natgas Prices Jump 5% Ahead of Contract Expiration Read More »
NextDecade said TotalEnergies has offered to sell a 17.5% stake in the U.S. liquified natural gas company. The offering by a unit of French oil major TotalEnergies includes 44.9 million shares of NextDecade, the company said in a filing dated Dec. 22. The shares were bought for $219 million in June as part of a broader …
TotalEnergies to Sell Shares of LNG Developer NextDecade Read More »
(Reuters) – Colombia will allow Indigenous, rural and other minority communities to form renewable energy generator and commercialization projects and develop joint ventures with private companies or the public sector, the energy ministry said. Leftist President Gustavo Petro has pledged to turn Colombia away from production of oil and coal, and toward renewables like solar …
Colombia Allows Indigenous, Minority Groups to Partner with Companies on Renewables Read More »
Front-month gas futures for January delivery on the New York Mercantile Exchange was down 11 cents, or 4.2%, at $2.50 per million British thermal units (mmBtu) at 10:08 EST (1508 GMT). Prices fell as much as 6% earlier in the session. Trading was thin on the day after Christmas and is expected to remain muted …
U.S. Natgas Prices Slip as Much as 6% on Record Output, Mild Weather Read More »
Gas pipeline developer calls Energy Transfer anti-competitive Soon-to-be governor weighs in on Louisiana gas pipeline battle By Rachel Adams-Heard and Elizabeth Elkin A natural gas pipeline developer is accusing Energy Transfer LP of “anticompetitive” behavior after the company denied three projects from crossing its pipelines in Louisiana, sparking a legal battle affecting more than than $2 billion of energy infrastructure. …
Energy Transfer Accused of Boxing Out Louisiana Pipeline Rivals Read More »
(Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation. A surge in oil demand as world economies shook off the pandemic downturn has …
Big Oil Enters 2024 Strengthened by U.S. Industry Consolidation Read More »
