Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539, the lowest level since October 2021. Baker Hughes released its report a day early than usual due to Friday's Fourth of July holiday in the United States. Baker Hughes reported that the total number of rigs is down 46 or 8% from this time last week. This week, oil rigs dropped by seven, to 425, the lowest level since September 2021.
The U.S. Senate has preserved some tax credits for renewable energy in the Trump bill
The shares of U.S. renewable-energy firms showed mixed results in the early trading on Monday after the U.S. Senate passed President Donald Trump's tax and spending bill. The final version of the bill preserved tax credits for solar leases -- an arrangement in which a third party owns and installs solar panels on the property of a customer for a fee for the use of the system and electricity it produces. After weeks of uncertainty, the provision has lifted several solar names. First Solar shares rose 7.1% to $163.00, while Sunrun and Fluence Energy both gained 3.1%.
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week, or about 6% from this time last year. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109.
Baker Hughes reports that US oil/gas rig counts have fallen for the 4th consecutive month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109. Drillers cut 16 oil-and-gas rigs in June, bringing the total down for the fourth consecutive month for the first since June 2024.
Egypt to Import LNG to Cover July 2025 to June 2026 Demand
Egypt plans to import liquefied natural gas to cover demand from July 2025 to June 2026, the Egyptian cabinet said in a statement on Wednesday, as it ramps up purchases to meet power demand despite strained government finances.Reuters reported on June 12 that Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas to complement its domestic production and pipeline imports from Israel, according to industry sources.Egypt's gas production has been on a downward trend in the past few years…
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 Canada said it remains on track to do by the middle…
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for eight weeks running.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the eighth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending June 20 to 554. This is the lowest it has been since November 2020. Baker Hughes reported that the number of rigs is down by 34, or 5.8% from this time last year. Baker Hughes reported that oil rigs dropped by one this week to 438, the lowest level since October 2021. Gas rigs also fell by two, to 111, the lowest level since May 30.
Canada Could Produce First LNG by This Weekend
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday.The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast, significantly reducing sail time to Asian markets.When fully operational it will have a capacity to export 14 million metric tonnes per annum (mtpa), according…
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline this week brings the total number of rigs down by 35 or 6% from this time last. This week the oil rig count dropped by three, to 439, its lowest level since October 2021. Gas rigs fell by one, to 113.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline in rig counts this week is 35 rigs, or 6% less than this time last. This week the oil rig count dropped by three, to 439, its lowest level since October 2021. Gas rigs fell by one, to 113. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Egypt stops fertilizer production after Israeli gas shortages increase energy strain
Industry sources report that Egyptian fertilizer producers had to stop operations Friday because of a decline in natural gas imported from Israel. After Israel's attacks on Iranian nuclear and missile facilities, they said that major Israeli gasfields had halted operations. Egypt's Petroleum Ministry announced that an emergency plan had been implemented to prioritise gas allocations and cut supply to certain industries. The ministry reported that power stations are using fuel oil at maximum levels and switching to diesel is being done to protect the stability and load of the gas grid.
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand. It returned to being a net importer of gas last year, buying dozens of cargoes and abandoning plans to become a supplier to Europe as domestic production tumbled.But the cost of keeping the lights on is pressuring the resources of a government already facing a cost of living crisis…
Sources say that Egypt has agreed to purchase up to 160 LNG cargoes by 2026.
Industry sources familiar with the matter said that Egypt has signed agreements with various energy firms and trading companies to purchase between 150-160 cargoes liquefied gas (LNG) from now until 2026 to meet its power needs. Gas purchases will cost over $8 billion at current prices and add to the pressure already placed on the government's coffers, which are already struggling to keep lights on in the face of falling gas production, rising costs, and an economic crisis. Egypt's currency crisis has caused a delay in payments to international oil companies, reducing exploration and lowering oil and gas production.
Baker Hughes reports that US oil/gas rig counts have fallen for the 6th consecutive week, to levels not seen since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the sixth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 6, to 559, the lowest level since November 2021. Baker Hughes reported that oil rigs dropped by nine this week to 442 while gas rigs increased by five to 114. The company has announced that it has corrected the oil and gas classifications of approximately 8 to 10 rigs located in the Marcellus-Utica basins as of April 4, 2019.
Edison confident in positive outcome of Venture Global LNG arbitration
The chief executive of Italian utility Edison said that it is confident in a favorable outcome of an arbitration between Venture Global, a U.S. supplier of liquefied gas, expected to be completed by the end the year. Edison is among several European energy firms, including Shell, BP, and Galp that have filed arbitration cases claiming Venture Global intentionally failed to fulfill its supply contracts by dragging their feet when commissioning a plant so they could profit from higher prices. Venture Global said that the Calcasieu Pass process took longer than expected due to several unforeseen factors.
US Natural Gas Prices Fall 6% in Volatile Contract Expiration Trade
U.S. natural gas futures fell about 6% on Wednesday to a one-week low in volatile contract expiration trade, pressured by an expected decline in gas flows to liquefied natural gas (LNG) export plants.Traders said Freeport LNG in Texas might reduce output and they pointed to forecasts for less demand this week than previously expected.On its last day as the front-month, gas futures for June delivery on the New York Mercantile Exchange (NYMEX) fell 19.4 cents, or 5.7%, to settle at $3.214 per million British thermal units (mmBtu), their lowest close since May 19.The contract's price was highly volatile, up as much as 3% and down as much as 7% during the session.
US drillers reduce oil and gas rigs at lowest level since November 2021, according to Baker Hughes
Baker Hughes, an energy services company, said Friday that U.S. firms have cut back on the number of natural gas and oil rigs for the fourth consecutive week, making it the lowest count since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by 10 in the week ending May 23. This was the first time in 2024 that drillers had reduced their number of rigs for four consecutive weeks. Baker Hughes reported that the number of rigs is down by 34 or 6% from last week. Baker Hughes reported that oil rigs dropped by eight this week to 465, the lowest level since November 2021. Gas rigs dropped by two, to 98.
Egypt In Talks to Buy LNG Cargoes Amidst Energy Crunch
Egypt is in talks with energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told Reuters.The country faces spending up to $3 billion at current prices to secure the LNG, squeezing government coffers already under strain to keep the lights on amid falling gas production and a cost of living crisis.President Abdel Fattah al-Sisi on Wednesday directed the government to "preemptively take whatever needs necessary to ensure stable electricity flow…
US drillers have cut oil and natural gas rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the third consecutive week for the first since mid-April. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending May 16 to 576, the lowest level since January. Baker Hughes reported that the rig count was down 28 rigs or 5% from this time last week. Baker Hughes reported that oil rigs dropped by one to 473 in the past week, which is their lowest level since January. Gas rigs also fell, by one to 100, marking their first decline since early April.
US drillers have cut oil and natural gas rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the first week since mid-April. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending May 16 to 576, the lowest level since January. Baker Hughes reported that the rig count is down 28 rigs or 5% from this time last week. Baker Hughes reported that oil rigs dropped by one to 473 in the past week, which is their lowest level since January. Gas rigs also fell, by one to 100, marking their first decline since early April.
