By John Kemp (Reuters) – Global consumption of petroleum and other liquids hit a record high last year and is forecast to increase further in both 2024 and 2025, but that does not necessarily mean prices must rise to ensure demand is met. Worldwide consumption averaged 101.1 million barrels per day (b/d) in 2023, narrowly beating …
Oil Consumption and Prices Revert to Trend – John Kemp Read More »
(Reuters) – The Canada Energy Regulator (CER) on Friday approved a request for a change in construction for the final stretch of the Trans Mountain oil pipeline expansion project, clearing the path for its completion early this year. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta …
DONE DEAL! Canadian Trans Mountain Oil Pipeline Change Approved by Canadian Regulator Read More »
The U.S. on Friday proposed a fee on emissions of methane from big oil and gas producers as required under the 2022 climate law and as a backstop to wider regulations on the greenhouse gas from energy operations. The fee, proposed by the Environmental Protection Agency, applies to large oil and gas facilities that report …
U.S. Proposes Fee on Methane from Big Oil and Gas Producers Read More »
Jan 12 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 619 …
U.S. Drillers cut Oil and Gas Rigs for Second Week in a Row – Baker Hughes Read More »
U.S. natural gas futures soared about 8% to a 10-week high on Friday ahead of the long Martin Luther King Day holiday weekend when extreme cold is expected to boost gas demand to record highs while also cutting gas supplies by freezing wells. In recent years, the combination of soaring demand for gas for heating …
U.S. Natgas Prices Soar 8% to 10-Week High Ahead of Frigid Cold and Record Demand Read More »
Summary 2023 crude imports 11.28 mln bpd, +11% on yr 2023 natgas imports 2nd highest on record; Dec imports at record 2023 refined fuel exports +16.7% on yr (Reuters) – China’s annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite …
China’s 2023 Crude Oil Imports Hit Record as Fuel Demand Recovers Read More »
Grid operator Southwest Power Pool on Thursday issued a cold weather advisory for its 14-state region in the central U.S., warning of extreme arctic temperatures throughout the weekend and into early next week. The transmission system operator said it expects to have sufficient capacity to meet an anticipated surge in energy demand, but warned that …
U.S. Grid Operator Issues Cold Weather Advisory for Central U.S. Read More »
Both crude distillation units (CDUs) and two vacuum distillation units (VDUs) shut down on Thursday at TotalEnergies 238,000 barrel-per-day (bpd) Port Arthur, Texas refinery, sources familiar with plant operations said on Thursday. The units, which convert crude oil into feedstock for all other units at the refinery, were shut following a malfunction on the gasoline-producing fluidic …
All Crude Units Shut at TotalEnergies Texas Refinery Read More »
At least four oil tankers have diverted course from the Red Sea since overnight strikes by the U.S. and Britain on Houthi targets in Yemen, shipping data from LSEG and Kpler showed. The attacks were carried out from the air and sea in response to the Iranian-backed Houthi militia’s attacks on ships in the Red …
Oil Tankers Divert From Red Sea After U.S., UK Strikes in Yemen Read More »
(Reuters) – Venture Global LNG has told a U.S. regulator that it cannot meet contracts to provide liquefied natural gas (LNG) cargoes to several major customers because its export plant is not yet ready to meet three criteria in the contracts, according to a letter to the Federal Energy Regulatory Commission (FERC). Shell PLC , BP …
Venture Global LNG Explains to U.S .Regulator its Failure to Sell Commercial Cargoes Read More »
