Florida Republicans oppose Trump's offshore oil leasing plan
Florida Republicans, led by Governor Ron DeSantis have said that they are opposed to a plan of the Trump administration which could allow for new oil and natural gas drilling off Florida's Gulf Coast. The reactions were in response to a proposal by the Interior Department published on Thursday, which contemplated future oil leasing in an eastern portion of Gulf of Mexico that is heavily used for military training and testing. Congress ruled out energy development in the region nearly 20 years ago. President Donald Trump, who is a Republican and was elected during his first term, extended this moratorium to 2020 at Florida officials' request.
Schedule for US Energy Data in the week of Nov. 23
Thanksgiving Day, which falls on Thursday November 27, will impact the schedule for the release of major energy data during the week beginning Nov. 23. The schedule below shows the weekly release of the U.S. Petroleum, Oil and Natural Gas Supply and Inventory. WEEK OF 23 NOV. API's weekly report on petroleum stocks will be released, as per usual, on Tuesday 25th November at 4:30 pm EST. The EIA will release its weekly report on crude oil, gasoline, and distillate stocks as usual, Wednesday, November 26 at 10:10 a.m. (EST) (1530 GMT). The EIA will release its weekly report on natural gas stocks one day early, on Wednesday, November 26 at Noon (1700 GMT).
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 oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production, increased by five, to 554 - its highest level since June. Baker Hughes reported that oil rigs increased by two this week to 419, the highest level since October. Gas rigs also rose by two, to 127. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Ukraine increases gas imports via Transbalkan route amid intensifying Russian strikes
Import data from transit operators shows that Ukraine will dramatically increase its gas imports via southern Transbalkan route, which links it to Greece on Friday in order to replace supplies lost because of Russian attacks. In recent months, drone and missile attacks on Kyiv's infrastructure has forced it to import 4 billion cubic meters of additional gas to cover the gap. Operator data indicated that Ukraine anticipated to import 2,28 million cubic meters of gas via this route on Friday, compared with 1,28 million on Thursday. It did not provide any further figures.
Kyiv confirms that work is continuing on a technical level between teams studying US proposals
A senior Ukrainian official stated on Friday that Ukraine is calling on its partners respect its position while work continues at the technical level in order to study the U.S.-backed end of war plan. Rustem Umerov, secretary of the National Security and Defence Council said Ukraine's principles would not change: "sovereignty of the people, safety, and just peace". According to the U.S. plan, as seen by, Kyiv will be required to renounce the entire Donbas area and reduce its military. Ukraine's allies have long considered these conditions to be tantamount capitulation. The plan states that Ukraine will have to limit their army to 600,000.
After 0.2% price cap increase, energy bills for most Britons are on the rise
The regulator Ofgem has announced that it will increase its domestic price caps by 0.2% in January, due to increased policy costs. The government will suffer a setback, even though the increase is small. It has promised to lower energy prices, and it faces pressure next week to unveil budget measures to help reduce household bills. The increase is due in part to an addition of nearly one pound per bill to pay for the new Sizewell nuclear plant, which is estimated to cost around 38 billion pounds ($50billion). This is despite wholesale energy prices falling by 4%. Ofgem's formula for calculating the price cap includes wholesale gas and electricity prices.
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers said that the partnerships could continue to operate the Boqueron oilfield and Perija through 2041. The goal is to produce 91 million barrels of crude or 16,600 barrels a day. Total investment is estimated to be around $616 million. Two lawmakers confirmed that an agreement had been signed between PDVSA, Roszarubezhneft and Petromost in Moscow.
Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied gas, financial services and advanced materials manufacturing, as well as procurement of materials and other services. Saudi Arabian and U.S. officials highlighted billions of dollars in new investments, and the growing financial ties that exist between the two nations on Wednesday. This coincided with Crown Prince Mohammed Bin Salman's visit to the White House.
US and Saudi announce new business deals during investment forum
Saudi Arabian and U.S. officials highlighted billions of dollars in new investments on Wednesday, coinciding the Saudi Arabian Crown prince Mohammed bin Salman’s Washington visit. According to the program for the event, the CEOs of Chevron and Qualcomm as well as General Dynamics, Cisco, General Dynamics, Pfizer, and Alphabet's Google will attend the U.S. Saudi Investment Forum in Washington. Also attending are senior executives from IBM and Andreessen Horowitz as well as Boeing, Halliburton Adobe, Aramco State Street, and Parsons Corp. Howard Lutnick, Commerce Secretary, said that the agreements signed yesterday will allow U.S.
London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This is good news for the government ahead of the annual budget next week and increases the chances of a Bank of England rate cut. The markets are pricing about 86% of the odds that a quarter point reduction will occur in December.
Shell UK sells its 50% stake in Tobermory Gas to UK-based Ithaca Energy
Ithaca Energy, a North Sea oil-and-gas producer, announced on Wednesday that it had agreed to purchase a 50% stake from Shell UK in the Tobermory Gas discovery located in the West of Shetland Basin off Scotland. Shell's Tobermory interest will be part of Adura. This joint venture between Equinor and Shell is expected to launch later this year. This partnership will be announced in December 2024 and combine Shell and Equinor’s UK offshore oil and natural gas assets. Shell spokesperson stated that the announcement made with Ithaca on Wednesday supports Shell's West of Shetland Gas Growth Strategy. Shell and Ithaca are already 50/50 partners on the Tornado discovery.
Saudi Crown Prince tries to improve image of Saudi Arabia with top corporate executives
WASHINGTON, November 19 - Saudi Arabian crown prince Mohammed bin Salman, who was reintroduced to Washington by President Donald Trump with a glowing White House endorsement, will rub shoulders on Wednesday with some of the most powerful corporate executives in America. According to the program for the event, the CEOs of Chevron and Qualcomm will attend, along with senior executives from IBM and Alphabet's Google. Also attending are Boeing, Halliburton Adobe, Aramco State Street, Parsons Corp., and Salesforce. Tesla CEO Elon Mosk and Nvidia's CEO Jensen Huang are scheduled to take part in the AI discussion at the Forum. This is bin Salman's first visit to the U.S.
Gas prices to drop next week due to warmer weather
The wholesale gas prices in the Netherlands and Britain fell on Wednesday morning, as forecasts of warmer weather next week reduced demand. LSEG data revealed that the benchmark Dutch front-month contract for the TTF hub had fallen 0.29 euros to 31.12 Euros per Megawatt Hour (MWh), or $10.55 /mmBtu by 0942 GMT. The Dutch day-ahead rate was down by 0.85 euros at 81.95 euro/MWh. The British day-ahead contracts was down 0.65 pennies at 82.50 pence/therm. Mind Energy analysts stated that the weather forecasts for the next week indicate a cold, calm climate in Northern and Central Europe. However, by the end of the week, it appears the situation will begin to normalize.
Elon Musk, Jensen Huang to talk AI at US-Saudi investment forum
According to a document that was seen by us, Elon Musk of Tesla and Jensen Huang of Nvidia will be taking part in a panel discussion about artificial intelligence and technology on Wednesday at the U.S. Saudi Arabia Investment Forum in Washington. The document stated that "This conversation will examine the emerging forces shaping a new wave of technological advancement, highlighting architectures, models and investments driving a more interconnected and intelligent future." The event will take place the day following the meeting between President Donald Trump and Saudi Crown Prince Mohammed bin Salman (also known as MBS). Abdullah Alswaha will moderate the discussion.
The Japanese Governor is set to approve the restart of the world's largest nuclear plant
Kyodo reported that the Japanese governor who oversees the region which is home to the largest nuclear power station in the world is expected to approve its restart this week. The approval is one of the last remaining milestones for Tokyo Electric Power Co to bring back the Kashiwazaki/Kariwa power plant, which was shut down more than 10 years ago after the Fukushima disaster. Kyodo reported that Niigata Prefecture governor Hideyo Hanadazumi will announce his approval for a partial resumption of Kashiwazaki - Kariwa by Friday. This was based on multiple sources unnamed in the prefecture's government. TEPCO plans to bring the two largest units of the plant online, No.
US data center demand will raise power risks in winter, says regulator
The North American Electric Reliability Corporation warned on Tuesday that the growing power demand from data centers will shrink U.S. energy supplies, increasing the likelihood of an energy shortage if winter weather is extreme this year. Electricity use in the U.S. is increasing faster than the supply of power. This is due to the rapid proliferation of data centres, as well as the electrification and modernization of buildings and transport. This dwindling power supply could lead to power shortages during extremely cold weather when heating systems are used more. NERC officials reported in their winter annual assessment of reliability of U.S.
Syria signss gas cooperation agreement with ConocoPhillips & Novaterra
Syria's Energy Ministry announced on Tuesday that the Syrian Petroleum Company and U.S. ConocoPhillips have signed a Memorandum of Understanding to expand their cooperation in natural gas. Syria produces only a fraction (of the electricity needed) of what it requires today due to the destruction caused by its 14-year civil conflict. However, the power supply has significantly improved in recent months, thanks to gas imported from Azerbaijan, and Qatar. The Ministry said that the MoU covers the development of existing fields of gas and the exploration of new ones, using the latest technical and technological standards.
Can West Virginia be green when Trump supports coal mining?
He is a member of Economic Development Greater East, an initiative that promotes projects in a region devastated by the decline in coal production. He said he was a fourth-generation coal miner who had moved from one mining job to another in the past. He met EDGE's founder Jason Tart when he returned to Berwind and with their support, he opened a chicken business. Startups and non-profits, like EDGE, have taken on projects aimed at clean energy and land reclamation. But Donald Trump wants the coal industry to be revived, if only to supply fuel for artificial intelligence systems that are energy hungry and data centers.
Bousso: TotalEnergies' ROI-TotalEnergies power play shows Big Oil how to make energy transition work
TotalEnergies of France is betting heavily on renewables and power, positioning itself as a leader in the global energy demand wave. It also offers investors an alternative to its rivals who are doubling down on gas and oil. Since 2022, the strategies of European oil companies have been in a constant state of flux. The sanctions and full-scale Russian invasion of Ukraine created a shock to the energy system that shifted the focus from long-term energy transformation to near-term security. Shell and BP shifted their focus from investing billions in renewables to focusing on legacy operations and aligning themselves with Exxon Mobil, Chevron and other U.S. competitors.
Trade sources claim that Yanchang, a Chinese refiner, buys crude oil from the UAE and Kazakhstan instead of Russia.
Several sources confirmed that Yanchang Petroleum, a Chinese refiner, has purchased 3 million barrels from the United Arab Emirates (UAE) and Kazakhstan, for arrival in January, after having suspended its Russian oil purchases due to concerns over Western sanctions. They said that the state-owned company purchased 2 million barrels Abu Dhabi Murban crude oil from Swiss trader Mercuria, and 1 million barrels CPC Blend from Vitol. Prices were not immediately available. Yanchang published a tender for non-Russian crude oil to be delivered between December and February.