J-Power, a Japanese gas-power company, will sell its stake to a US gas-power company
J-Power, a subsidiary of Japan's Electric Power Development, announced on Thursday that it had decided to sell its 50 percent stake in an American gas-fired energy company as part a reshuffle to its asset portfolio. This was done to increase capital efficiency. ACR IV Frontier Holdings, an investment fund, will purchase the Japanese utility's stake in Tenaska Frontier Partners, which operates a gas-fired 830 megawatt (MW), power station in Texas, for $155 millions. J-Power is expecting to book $93,000,000 in investment income after the transfer.
US crude, fuel inventories fall last week, EIA says
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory fell last week. The EIA reported that crude inventories dropped by 515,000 barrels, to 425.5 millions barrels for the week ending October 25. This was in contrast with the analysts' polled expectations of a rise of 2.3 million barrels. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 681,000 bbls. Exports increased by 149,000 barrels per day, to 4,26 million bpd. The futures for U.S. Crude and Brent crude were not significantly affected by the report.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock. ONEOK's NGL unit adjusted Core Profit rose 1.3%, to $624 Million during the quarter reported.
EIA: US crude and gasoline inventories increase, while distillates are drawn down.
The Energy Information Administration (EIA), which is responsible for the U.S. Energy industry, announced on Wednesday that crude oil and gasoline stocks in the United States increased while distillate stockpiles fell. The EIA reported that crude inventories increased by 5.5 millions barrels, to 426,000,000 barrels for the week ending October 18. This was compared to analysts' expectations based on a poll of 270,000 barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 346,000 barrels. U.S. Crude and Brent Futures extended losses following the data.
US crude, fuel inventories fall last week, EIA
The Energy Information Administration reported on Thursday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 2.2 millions barrels, to 420.6 million in the week ending Oct. 11. This was in contrast with the analysts' polled expectations of a 1.8-million barrel increase. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 108,000 barrels during the past week. Crude production increased by 100,000 barrels per daily (bpd), reaching a record of 13.5 million bpd. Meanwhile, net U.S. imports dropped by 1,04 million bpd and weekly crude exports increased by 329,000 bpd. U.S.
Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.
According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico. Chad Wilkerson is the senior vice-president of the Federal Reserve Bank of Kansas. He said that the activity in the region will not be rebounding in the next few months. Wilkerson predicted that activity would increase over the next six-months in the Kansas Fed's last survey.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Maguire: Slow rollout of charge points could stall US EV sales momentum
The United States has seen a 140% increase in electric vehicle sales since 2023. However, further growth could be hindered if public charging stations are not rolled out more evenly and at a slower pace. According to the Alternative Fuels Data Center, U.S. electric vehicle registrations will reach just over 3.5 millions by September 2024. This is up from 1.4m registrations in 2023 and represents the steepest growth rate ever in EV adoption in the country. AFDC data show that the number of public EV chargers has increased by just 22% in the same time period to 176 032 units.
Sources say that Citizen Energy, a producer of shale oil and gas, will buy Validus in a deal worth more than $2 billion.
According to sources familiar with the situation, Validus Energy, a privately held oil and natural gas producer, has agreed to purchase Citizen Energy, a rival company, for over $2 billion including debt. The U.S. Shale industry has seen a record wave of consolidation. After the COVID, oil prices surged and buyers were eager to secure the best drilling locations. Sources who requested anonymity because the talks are confidential said that Validus won the auction for Tulsa's Citizen Energy. Sources said that Citizen, which is backed by Warburg Pincus private equity…
EIA reports that US crude, gasoline, and distillate stocks are falling.
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 4.5m barrels, to 413m barrels for the week ending Sept. 20. This was in contrast with the analysts' polled expectations of a 1.4m barrel draw. Last week, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), were at their lowest level since April 2022. The EIA reported that stocks at Cushing, Oklahoma's delivery hub for U.S. Crude Futures increased by 116,000 barrels. Following the report, oil futures traded in negative territory.
Senators ask Biden to reduce South Korean import quotas for piping products
Three Democratic U.S. Senators called on the Biden Administration on Friday to lower the current import quota for oil and gas drilling pipe from South Korea. They said it had impacted businesses in Ohio and Pennsylvania. Sherrod Brown, Bob Casey, and John Fetterman, senators from Ohio, Pennsylvania, and Pennsylvania, all noted that the market for Oil Country Tubular Goods - used in drilling, extraction, and transportation of oil and gas - has decreased, resulting in layoffs at companies operating within the United States. Senators…
US crude, gasoline stockpiles fall, distillates build, EIA data shows
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude and gasoline inventories decreased last week while distillate stocks increased. Data showed that crude stocks dropped by 846,000 barges to 425.2 million bars in the week ending August 23. This was far below what analysts had predicted in a poll, which expected a draw of 2.3 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 668,00 barrels during the past week. The global benchmark Brent and U.S. Crude futures both extended their losses after the data revealed the lower than expected draw.
EIA: US crude oil inventories are rising, but fuel consumption decreased last week.
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles unexpectedly rose last week while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 1.36m barrels, to 430.7m barrels for the week ending August 9, compared with the 2.2m barrels analysts expected in a poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.7 millions barrels. Crude futures continued to lose money following the unexpected build. Brent futures traded at $80.32 per barrel at 10:48 am, down 37 cents. ET (1448 GMT), whereas U.S. crude dropped 63 cents to $76.72 a barrel.
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential. Sources said that potential buyers such as oil and gas producers, other investment firms would be required to assume nearly $800,000,000 of Maverick’s debt.
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks due to a growing belief that the country has more than enough gas in storage for the rest of the winter and expectations that Freeport LNG's liquefied natural gas (LNG) export plant in Texas is still…
Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers.Chesapeake was co-founded by Aubrey McClendon, an early and high profile advocate of shale drilling who died in 2016 in a fiery one-car crash in Oklahoma while facing a federal probe into bid rigging.
Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts
Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT.West Texas Intermediate (WTI) crude futures rose 0.56%, or 20 cents, to $35.64 a barrel.Brent has doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, a grouping dubbed OPEC+.Both Brent and WTI prices…
EXIM Bank Amends Mozambique LNG Loan. Earmarks $1.8B for Offshore Work
The U.S. EXIM Bank has amended its previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Total-operated LNG project located on the Afungi Peninsula in northern Mozambique.The original scope of the $4.7 billion loan for the project has been amended from exclusively the onshore portion of the LNG plant and related facilities to also allocate an estimated $1.8 billion to support the project’s offshore production. "As a result, the transaction now will support an increased number—16,700—of estimated American jobs over the five-year construction period," EXIM said Friday.The number of U.S.
When Oil Became Waste
A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so much oil there was nowhere to put it.While the unusual circumstance of negative oil prices may not be repeated…
U.S. Oil Firms' Quarterly Reports to Show Depths of Slump
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector's biggest companies report quarterly results following the historic collapse in oil prices.Forecasts for U.S. energy sector earnings this year have dropped along with oil prices, weighing on shares along with worries over debt, layoffs and possible bankruptcies.Analysts see a 58.9% year-over-year decline in energy earnings for the first quarter, steeper even than the 37.7% decline they projected at the start of the month, according to IBES data from Refinitiv. For the year, energy earnings are estimated to drop more than 95%.Down a whopping 46% since Dec.