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.
US Supreme Court tests which courts can hear EPA Cases
Wednesday, the U.S. Supreme Court set rules for determining when cases challenging the actions of the U.S. Environmental Protection Agency relating to air pollution or greenhouse gas emissions are heard by regional appellate courts or a Washington appeals court that hears many regulatory cases. The ruling of 7-2 held that the U.S. Court of Appeals District of Columbia Circuit and not the 5th U.S. based in New Orleans, should hear the lawsuits challenging actions by the U.S. Environmental Protection Agency related to air pollution and greenhouse gas emissions.
US crude stockpiles slump, products build, EIA says
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped sharply last week while gasoline and distillate stocks rose. The EIA reported that crude inventories dropped by 11.5m barrels, to 420.9m barrels for the week ending on June 13. This was compared to analysts' expectations based on a poll of a 1.8m barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 995,00 barrels. Oil futures continued to fall despite EIA figures showing that crude inventories had declined more than expected. Brent crude traded down $1.61 to $74.77 per barrel at 10:37 am EDT (1437 GMT), whereas U.S.
Rural Oklahoma aims to become a hub of critical minerals processing in the United States
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, hopes to make Oklahoma the epicenter of critical minerals processing in the United States, a field that was largely abandoned by the country decades ago. To get there, the state must overcome several obstacles, including the lack of important mineral deposits, the weak education system, and its central location in the United States, far from the international shipping lanes.
EIA: US crude stocks fall as refiners increase output
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped last week, as oil refiners increased production to coincide with the start the summer driving season. Fuel inventories, however, rose due to a weaker demand. The EIA reported that crude inventories dropped by 4.3 millions barrels, to 436.1 million in the week ending May 30. This was in contrast with the analysts' polled expectations of a draw of 1 million barrels. The EIA reported that refinery crude runs increased by 670,000 barrels a day. Utilization rates also rose 3.2 percentage points, to 93.4%.
Treasury yields are easing with US stocks flat or up; investors evaluate US tax bill
The 30-year U.S. Bond yields rose to their highest level in nearly 19 months, before falling on Thursday. Worries about the U.S. Fiscal Outlook and the demand for government bonds remained, while Wall Street stocks ended either flat or slightly higher. After recent losses, the U.S. Dollar has strengthened. The yields increased earlier, after the U.S. House of Representatives approved President Donald Trump's proposed tax bill with a single vote. This added to concerns about the debt burden of the country. Moody's was the last major credit rating agency to remove the U.S. from its triple-A status late last week.
US crude oil demand surges as traders prepare for OPEC+ pricing war
The Tank Tiger storage broker reported that the demand for crude oil in the United States has risen in recent weeks, to a level similar to the COVID-19 epidemic. This is as traders prepare to receive a surge in supply from the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the coming months. OPEC+ has agreed to increase oil production for a second month in a row, June. The group is looking to punish members who are overproducing. OPEC leaders also plan to increase oil production in July. This could return up to 2.2 million barrels per day (bpd), according earlier reports.
Continental Resources, a US oil company, claims that Hess has defrauded them of $69 Million
Continental Resources, a U.S. producer of shale gas, has filed a suit against Hess Corp. The lawsuit alleges that the company was defrauded of up to $69,000,000 through a series deals conducted by Hess Corp. with its subsidiaries. Continental claimed that Hess - which operates hundreds wells in North Dakota - artificially inflated its midstream service fee by entering into agreements between itself and its subsidiaries. The lawsuit claimed that the net revenues from hydrocarbons produced by the wells in which Continental has a non-operating interest were below market value because of excessive service fees paid to Hess Midstream Partners.
Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production, dropped to their lowest level since February 2021. This was due to concerns about rising OPEC+ supply and a trade conflict continuing to impact crude prices. Enverus reports that operators in Texas filed 570 new drilling permits in April, down from the 795 applications submitted in March, and the lowest number of new permits since February 2021. Mark Chapman who heads up Enverus' oilfield services intelligence, said that after Liberation Day, there was a decline in the number of permits issued on a weekly basis.
EIA: US crude stocks have unexpectedly impacted export and refinery demand
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped unexpectedly due to higher exports and refinery demands, while gasoline inventories fell for the ninth consecutive week. The EIA reported that crude inventories dropped by 2.7m barrels, to 440.4m barrels for the week ending April 25. This was in contrast with the analysts' polled expectations of a 429,000 barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub for futures contracts, rose by 682,000 barges in a week. Crude prices have pared their losses despite the unexpected build.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years, supported by record flows into LNG export facilities as well as concerns about supply leading up to summer.
EIA: US crude and distillate stocks rise while gasoline inventories fall
The Energy Information Administration reported on Wednesday that U.S. crude and distillate oil inventories increased while gasoline inventories decreased last week. The EIA reported that crude inventories increased by 6.2 millions barrels, to 439.8million barrels for the week ending on March 28. This was compared to analysts' expectations based on a poll of a 2.1-million barrel draw. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 2.4 millions barrels. The crude prices have remained relatively unchanged despite the surprising build-up of inventories.
ConocoPhillips is looking to sell assets in Oklahoma worth more than $1 billion, according to sources
People familiar with the situation said that ConocoPhillips has begun exploring the possibility of selling oil and gas assets it acquired from Marathon Oil when it bought the company for $22.5 billion last year. Sources said that the energy producer hired Moelis & Co as an investment bank to manage the sale of the assets. However, they added that talks were at a very early stage, and a deal was not guaranteed. Sources, who requested anonymity because the discussions are confidential, said that the assets, which include operations in the Anadarko basin, which spans approximately 300,000 acres net, will fetch a price greater than $1 billion.
EIA: US crude stocks fall as refining increases.
The Energy Information Administration reported on Wednesday that U.S. crude inventories dropped last week, as refiners increased production. Gasoline and distillate stocks also fell. The EIA reported that crude inventories dropped by 3.3 millions barrels, to 433.6 million in the week ending March 21. This was a far cry from the 956 thousand barrels analysts had predicted in a survey. Refinery crude production increased by 87,000 barrels a day. The refinery utilization rate also rose, by 0.1 percent, to 87%, for the third consecutive week, as refiners finished their seasonal maintenance. Brent crude futures, and U.S.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week. The report prompted a rise in oil futures. Oil futures rose after the report. This week, oil production was lower than expected.
US Supreme Court dismisses state climate lawsuits against oil companies
The U.S. Supreme Court on Monday rejected a bid from 19 Republican-led state led by Alabama, to stop five Democratic-led state from pursuing lawsuits against major oil companies for deceiving public about the role that fossil fuels played in climate change. The justices refused to hear a case filed directly at the Supreme Court by Republican attorneys general. This case targeted cases filed against Exxon Mobil and other companies such as Chevron, ConocoPhillips Shell, BP, Shell, ConocoPhillips. These lawsuits were brought by California, Connecticut Minnesota, New Jersey, and Rhode Island.
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels. Cushing, Oklahoma's delivery hub for U.S. Crude Futures, saw its stocks rise by 1.3m barrels. They now total 24.6m barrels. This is the highest level since November. The U.S.
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per day to Validus’s growing footprint in Oklahoma's Anadarko Shale Basin, making it one of the biggest private players in U.S. Mid-Continent region oil. According to its website, 89 Energy III produces 70% gas. Kayne Anderson announced the formation of this company in May 2021, after a merger between three Mid-Continent oil and gas producers.
EIA: US crude and distillate stocks fall; gasoline increases last week
The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose. The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 148,000 bbls. Crude futures extended their losses after the data showed the smaller-than-expected drawdown.
The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines. However, it also increased the use of fuel for heating homes and businesses. Prices rose in several hubs on the spot market with the U.S. Henry H Hub benchmark. In Louisiana, the price per MMBtu has more than doubled since Friday.
