HOUSTON, June 20 (Reuters) – U.S. sweet and sour oil differentials narrowed significantly this month, pricing data showed, as demand for higher sulfur crudes climbed from refineries and exporters while supplies tightened. The spread between Light Louisiana Sweet and Mars sour crude, both priced in Louisiana, narrowed to $1.70 a barrel last week from about …
U.S. Sweet, Sour Oil Price Spread Narrows on Strong Sour Demand Read More »
June 19 (Reuters) – Civitas Resources Inc (CIVI.N) is nearing a deal to acquire oil and gas operations in the Permian basin from private equity firm NGP Energy Capital Management LLC for close to $5 billion, including debt, people familiar with the matter said on Monday. The deal would transform Civitas, currently valued at $5.6 billion, expanding …
Civitas Resources Nears $5 Bln Deal to Expand into Permian Read More »
Woodside Energy Group Ltd. gave the go-ahead for a $7.2 billion oil field off Mexico, the Australian producer’s first major fossil fuel investment since acquiring BHP Group Ltd.’s petroleum business last year. The Trion oil field, a joint venture with state-owned oil company Petroleos Mexicanos, will be Mexico’s first offshore deepwater oil project, according to …
Woodside Greenlights $7.2 Billion Mexico Deepwater Oil Project Read More »
Reuters NEW YORK, June 15 (Reuters Breakingviews) – The approach of peak oil demand is bad for oil producers, but it’s worse for companies that help dig and service new wells. A $5 billion merger between Patterson-UTI Energy (PTEN.O) and NexTier Oilfield Solutions (NEX.N), two small oil field services firms, offers a way out. Touted as a merger of equals, …
Oil Servicers Patterson-UTI and NexTier Sweeten the Pill Read More »
Oil held steady as investors tracked China’s plans to support its economy while a prior rally in wider markets ran out of steam. Benchmark Brent futures traded near $76.50 a barrel after climbing more than 2% last week as China cut interest rates and hinted that further support would be delivered. Still, Friday’s State Council meeting in …
Oil Steadies as Focus Returns to China Stimulus on U.S. Holiday Juneteenth Read More »
LAKE CHARLES, Louisiana, June 16 (Reuters) – The global battle to reshape the lithium industry is sucking in oil producers, tech startups and entrenched mining giants, each jockeying to be the first to reinvent how a metal key to the green energy transition is produced. A fleet of direct lithium extraction (DLE) technologies are on …
Inside the Race to Remake Lithium Extraction for EV Batteries Read More »
June 17(Reuters) – A U.S. judge has ordered Canadian energy company Enbridge (ENB.TO) to shutter portions of an oil pipeline that runs through tribal land in Wisconsin within three years and to pay the tribe nearly $5.2 million for trespassing plus a portion of its profits until the shutdown is completed. U.S. District Judge William Conley …
Legal & General Investment Management, the UK’s largest asset manager, said it wants Shell Plc to explain how it thinks it can still reach net zero emissions by 2050 while ratcheting up investments in fossil fuels. Shell said Wednesday it intends to devote an ever larger chunk of annual spending to oil and gas, a …
Shell Challenged on Net Zero After Fossil-Fuel Investment Boost Read More »
China’s May refinery runs hit second-highest total on record Russia says ‘realistic’ for oil prices to reach $80/bbl Bank of England expected to raise interest rates next week U.S. oil rigs fall to lowest since April 2022 NEW YORK, June 16 (Reuters) – Oil rose on Friday and posted a weekly gain, as higher Chinese …
Oil Gains for the Week as Supply Cuts Balance Demand Concerns Read More »
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row for the first time since July 2020, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of …
US drillers cut oil and gas rigs for seventh week in a row, Baker Hughes says Read More »
