Iran conflict increases U.S. Gulf Oil prices to their highest level since 2020
The price of U.S. Gulf Coast Heavy Grades continued to rise?on Friday, as the Iran Conflict prompted several Middle -Eastern producers to reduce production. This prompted?buyers and?sellers to grab?U.S. barrels. Brokers said that the price of Mars sour crude, a flagship crude produced by the U.S. Gulf of Mexico, and preferred by refiners worldwide, traded Friday at an $11 premium over U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks. Baker Hughes reported that despite this week's increase in rigs the total count is still 41 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by four this week to 411, the highest since early February.
NY court refuses overturn arbitral ruling that favors Venture Global over Shell
A state judge in New York rejected Monday the request of British oil giant Shell to overturn an arbitration award which favored Venture Global. The dispute was about Venture Global's alleged improper sales of liquefied gas by American company. Justice Joel Cohen, of the Supreme Court of California, determined that no further discovery was necessary because the court must defer to arbitral rulings.
Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S.-based company that produces LNG, reported a core profit for 2026 below Wall Street's expectations due to the?impacts of Winter Storm Fern?and margin compression during?the first quarter. Last month, it was reported that the U.S. exports of natural gas liquefied in January fell to 11.3 mmt from 11.5 mmt during…
Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S. LNG company, forecast its 2026 core profit to be?below Wall Street's expectations on Monday. This was due to the?impacts of Winter Storm Fern as well as margin compression during the first quarter. Last month,?reported that?exports?of liquefied gas from the U.S. dropped to 11.3 million tonnes in January from…
Baker Hughes reports that US oil and gas drillers have cut back on rigs in the US for the first time in six-weeks.
Baker Hughes, an energy services company, said that the U.S. cut back on the number of natural gas and oil rigs for the first time since six weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending February 27. This is the lowest level since late January. Baker Hughes reported that the total number of rigs is down 43 or 7% from this time last week.
Woodside posts smaller-than-expected annual profit; CEO update imminent
Australian oil and gas ?producer Woodside Energy posted a ?smaller-than-expected fall in annual profit on ?Tuesday, ?as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026. The company stated at its results presentation that "the appointment of the CEO is an important…
Baker Hughes reports that US drillers have kept the number of oil and natgas drilling rigs unchanged for a second consecutive week.
Baker Hughes, a leading energy services company, said that the number of oil and gas rigs in the United States remained unchanged this week for a second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, remained at 551 during the week ending February 20. This is the same as the previous week.
Caturus to purchase some South Texas assets from SM Energy for $950 Million
SM Energy, a U.S. oil and gas company, announced?on Wednesday that it would sell selected assets in South Texas for $950 millions?in order to reduce its debt and bolster its capital structure. SM Energy shares increased 4.8% during afternoon trading on the back of a rise in crude oil prices. The sale achieves SM Energy’s main priority of selling assets worth more than $1 billion…
Baker Hughes reports that US drillers have cut three oil rigs and added three gas rigs to their weekly count, while maintaining the same number of rigs.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies this week reduced three oil rigs while adding three natural-gas rigs. The overall rig count remained unchanged. The 'oil and gas rig number, a leading indicator of future production, remained at 551 during the week ending February 13. Baker Hughes…
Caturus signs a 20-year LNG Supply Deal with Saudi Aramco
U.S. Gas Producer 'Caturus' said on Friday that its unit, Commonwealth LNG, had signed a twenty-year agreement with Saudi Aramco to supply 1,000,000 tonne per year of lNG from?its proposed Louisiana Export Project. The U.S. is working hard to surpass Qatar and Australia as the largest LNG exporter in the world. Since President Donald Trump lifted the pause on export permits last summer…
EIA: US natgas production to reach record highs in 2026 while demand remains steady
The U.S. Energy 'Information 'Administration stated in its Tuesday Short-Term Energy Outlook that U.S. Natural Gas output will reach a?record high in 2026 while demand will remain steady. EIA predicted dry gas production would rise from a new record of 107.6 billion cubic feet per day (bcfd) in 2025, to 110.0 bcfd by 2026, and 111.2 bcfd by 2027.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the third consecutive week for the first since November. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending February 6 to reach 551 - its highest level since November.
Germany's Uniper stresses diversification and downplays the increasing reliance on US Liquefied Natural Gas
DOHA, February 4 - A top executive of German utility Uniper played down European concerns about increasing reliance on liquefied gas (LNG), which is imported from the United States. He said that companies sign contracts with 'firms, not governments', and stressed the importance of diversification. The transactional diplomacy of U.S.
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from the country's largest importers have said that India's appetite is likely to increase in the next few years, due to the demand for liquefied gas across fertiliser, city-gas, refining, and power sectors. They added that a lower price would be necessary to increase consumption. India is currently the fourth largest buyer of LNG in the world.
US crude and natural gas production recovers after winter storms ravage output
U.S. crude and?natural-gas producers brought wells online on Wednesday following a severe storm that swept across the country at the weekend. The storm strained energy infrastructure and power systems. According to Energy Aspects consultancy, domestic crude production is down by around 600,000 barrels a day. This represents 4% of the total output.
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from India's leading importers have said that the demand for liquefied gas in India is expected to increase over the next few years. This will be driven by the demand for city gas, fertilizers, power, and refining. They added that a lower price would be necessary to encourage further consumption. India is the fourth largest…
US Northeast spot natgas, power and electricity prices reach record highs due to Arctic blast that boosts heating demand and freezes gaswells
U.S. spot gas and power prices soared in the northeastern region of the country as homes and businesses turned up their heaters. The cold Arctic air had frozen oil and gas wells, and pipes this week. This resulted in gas production dropping to a 2-year low. Pennsylvania's?has jumped by 47%, to a record of $59. In Pennsylvania and Maryland, the price of a megawatt-hour (MWh) soared by 146%.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers lost as much as 2 million barrels per day or 15% of their production during the weekend. This was due to a winter storm which ravaged the nation, straining the?energy grids and infrastructure. Energy Aspects estimates that oil production outages peaked at 2 million barrels per day on Saturday.
US natgas Futures Soar 89% in Five Days as Freezing Wells Cut Output to Two-Year Low
U.S. Natural Gas Futures rose by an unprecedented 89% in a period of?five days, reaching a three-year-high on Monday. This was after a weekend Arctic blast froze oil and gas wells. The result? A two-year-low gas production on Sunday. The front-month gas contracts for February delivery at the New York Mercantile Exchange rose by 64.3 cents or 12.2% to $5.918 for a million British thermal units.