Canada exports first LNG cargo from Pacific Coast
A spokesperson for Shell-led LNG Canada confirmed on Monday that Canada's first LNG export cargo was shipped from its Pacific Coast to Asia. The cargo was loaded on the tanker Gaslog Glasgow at LNG Canada's Kitimat site, British Columbia. This happened just over a weeks after the facility had confirmed its first production. It became the first large commercial LNG operation of the country. LNG Canada is North America's first major LNG plant with direct access to Pacific Coast. The project…
Orlen Will No Longer Purchase Russian Oil Starting July
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement."We freed Central Europe from Russian oil today," Fafara told a news conference.The Czech Republic had said in April that it had become fully independent of Russian oil supplies for the first time in its history following the completion of capacity upgrades on the TAL pipeline coming from the west.Since
Investors flock to Europe due to the stability of the bloc, compared with US concerns
Peter Roessner feels both sides of Donald Trump’s trade war. Investor interest in European projects has increased despite the fact that tariff risks have forced H2Apex, a Luxembourg-based firm specializing in hydrogen, to stop relying on U.S. manufacturers for a project worth more than 200 millions euros ($235 million). He said that investors in the hydrogen industry are now more focused on the European market because of the uncertainty and insecurity surrounding the planning process in the USA. This included both U.S. and local players.
US energy company EQT settles lawsuit for $167.5 Million
According to a filing made by plaintiffs in federal court on Thursday, U.S. Energy Company EQT has agreed to pay $167.5 Million to settle a lawsuit brought by investors who alleged that EQT had overstated its benefits from its $6.7 Billion merger with Rice Energy. Officials from EQT did not respond to a request for comment immediately. The case includes the Eastern Atlantic States Carpenters Annuity Fund (the plaintiff), the Eastern Atlantic States Carpenters Pension Fund (the defendant) and the Cambridge Retirement System.
SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected, as several rigs were demobilized, and operations at the Jafurah unconventional gas field have been paused. The company also reported that short-cycle work was down in Latin America…
Sources: Canadian funds pull out of $6 billion deal with renewables company Cubico
Three people with knowledge of the situation said that LONDON/NEWYORK on June 26th, two Canadian pension funds halted an auction they were running for renewable energy developer Cubico Sustainable Investments, which was valued at over $6 billion including debt. Nearly two years ago, the Montreal-based Public Sector Pension Investment Board and Ontario Teachers' Pension Plan decided to investigate a possible sale of a company that operates solar and wind farms in Europe, North America, South America, and Australia.
US to sell Gulf of Mexico oil and Gas Leases in December
According to the U.S. Bureau of Ocean Energy Management, the Trump administration proposes to sell oil and gas drilling on 80 million acres of the Gulf of Mexico by December 10. Donald Trump has changed the name of the Gulf of Mexico to the Gulf of America. This sale is the first in a five-year drilling program, launched by Biden during the period of the auction. BOEM, an Interior Department division, said that the administration planned to offer approximately 15,000 unleased offshore blocks, located between 3 and 231 miles off shore.
Brazil increases biofuels, sees self-sufficiency in gasoline
The Brazilian National Energy Policy Council approved an increase in the amount of biofuels blended into fossil fuels on Wednesday. This move was also hailed by renewable energy lobbyists who had earlier claimed that the blends wouldn't be changed this coming year. Pietro Mendes from the Energy Ministry's Oil and Gas Department announced the changes during a press conference. Alexandre Silveira, Minister of Mines and Energy at the event, also stated that a change in the mandate for biofuels would allow Brazil to become "gasoline-independent for the first 15 years".
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil. John Duvenaud, Winnipeg, Canada's crop markets analyst, said that the fall in vegetable oil prices was "totally connected" to the collapse of crude oil futures on Monday and Tuesday.
The government reports that Guyana's oil production rose to 667, 000 bpd during May.
In a government bulletin, published on Tuesday, Guyana's oil production rose from 611,000 barrels per day to 667,000 bpd by May, thanks to increases at Exxon Mobil's two facilities. Exxon, U.S. Hess, and China's CNOOC, which control all oil and natural gas output in South America, are expected to increase production beyond 900,000.bpd when a fourth floating plant begins operating later this year. According to data, the group's May production reached a new monthly record, bringing its total output for this year up to 634,000 bpd. Guyana's oil production last year was 616 000 bpd.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close. It has also given up on its earlier rally which saw it reach as high as $81.40 - the highest since January 17.
What is more influential on crude oil? What is more influential: US bombs, or Iran's quiet allies?
The sharp decline in the Israel-Iran War Premium for Crude Oil shows how a few key words can move the market. However, it also hides the influence of those who remain largely silent. Brent futures, the global benchmark, plunged after U.S. president Donald Trump announced a "complete" and "total" ceasefire will be implemented between Israel and Iran. Brent crude oil ended Monday at $71.48 per barrel, down 7.2% compared to its previous close. It has also given up on its earlier rally which saw it reach as high as $81.40 - the highest since January 17.
Canada Produces First LNG For Export
The Shell-led Canada facility has produced its first liquefied natural gas for export in Kitimat, British Columbia, a spokesperson for the project confirmed on Sunday.The new production, which will go mainly to Asia, comes amid concerns over disruptions to the 20% of global gas supply coming from Qatar, due to the Israel-Iran conflict and the possibility of Tehran closing the Strait of Hormuz, a key shipping lane.The facility has not yet loaded its first LNG export cargo, although LNG…
BP and other oil companies pulling staff out of Iraqi oilfields; output remains steady
BP, Eni, and TotalEnergies began evacuating their foreign personnel from the Iraqi oilfields in which they operate on Monday, according to state-run Basra Oil Company. Two oil officials said that the output from Iraq's south oilfields is currently unchanged, with exports of 3.32 million barrels each day. These measures are in response to the U.S. strikes on Iranian nuclear facilities and clashes that have occurred between Israel and Iran which borders Iraq. Kataib Hezbollah, an Iraqi group with ties to Iran, warned that it would re-attack U.S. forces in the area if the United States intervened in Iran.
Soybeans and grain prices fall as Middle East tensions are in the spotlight
Chicago soybean futures slipped lower on Monday as they unraveled gains made after crude oil prices rose on fears that a U.S. strike on Iranian nuclear facilities would disrupt supply. By 1128 GMT, the most active soybean contract had fallen 0.2% to $10.58-3/4 a bushel. Soyoil rose 0.8% to $54.9 cents per pound. The oil price surged in the early trade after the U.S. attacked Iranian nuclear sites on the weekend. As a biofuel, soyoil prices are closely linked to crude oil because it is used as a replacement for fossil fuel. The weak demand for U.S.
GRAINS: Soybeans rise as soyoil increases on Middle East tensions, but corn falls on favorable weather
Chicago soybean futures edged higher on Monday. This was supported by soyoil price gains after the U.S. attack on Iranian nuclear installations stoked fears about global crude oil supply. As of 0301 GMT, the most active soybean contract increased 0.09% to $10.61-1/2 per bushel. Soyoil rose 1.14% to 55.09 Cents per Pound. The U.S. launched a major attack on Iranian nuclear sites at the weekend. This escalation boosted soyoil prices, which are closely linked to biofuels. Andrew Whitelaw said, "Fundamentally not much has changed from the end of last week," an agricultural consultant with Episode 3.
LNG Canada produces first liquefied natural gas for export
A Shell-led LNG Canada facility in Kitimat has produced the first liquefied gas for export, confirmed a project spokesperson on Sunday. This milestone is in anticipation of LNG Canada loading its first LNG cargo at the facility, which it said will be done by the middle this year. It is also the first major LNG plant in North America to have direct access to the Pacific Coast, thereby reducing the sailing time to Asian markets compared to U.S. Gulf Coast facilities. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa).
LNG Canada produces first liquefied natural gas for export, sources say
Two people who were familiar with the start-up of the plant said on Sunday that the Shell-led LNG Canada has produced its first liquefied gas for export. One of the sources said that "at 4 a.m. This is the first large-scale Canadian project to start production. It's also the first major North American facility with direct access on the Pacific Coast, reducing the sailing time to Asian markets. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa). LNG Canada has not responded to an immediate request for comment.
INSIGHT-Oklahoma! How America hopes it can compete with China on critical minerals
A two-story warehouse nestled under Oklahoma's Wichita Mountains contains the only machine capable of refining Nickel, an important energy transition metal that is now dominated by China. The facility, which is owned by Westwin Elements a startup, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned a few decades ago. To get there, the state must overcome many obstacles, such as a lack in major mineral deposits and a weak educational system, not to mention its central location, far from the international shipping routes.
Strathcona backs MEG's alternative strategic process after C$6 billion rejected bid
Strathcona, a Canadian oil and natural gas producer, said it supported MEG Energy’s decision on Friday to explore strategic alternatives and initiate a strategic alternative process after MEG Energy urged its shareholders to reject Strathcona’s hostile takeover offer of C$6 billion (US$4.38 billion). MEG Energy told shareholders on Monday to reject the proposal, calling it inadequate and against their interests. The board launched a review of strategic alternatives to MEG's current plans to remain an independent company.
