US crude production returns to normal after winter storm's massive impact
U.S. crude oil production recovered on Thursday, after a winter storm ravaged the production. Losses peaked over the weekend at 2'million barrels of crude oil per day. Analysts revised their output forecasts for the month of January as a result. Justin Kringstad of the North Dakota Pipeline Authority stated?on Thursday that nearly all of North Dakota’s production is back online. North Dakota, according to the latest data from the Industrial Commission, is the third largest oil producing state in the United States.
Prices for gas in Europe are on the rise amid low storage levels
The benchmark British and Dutch wholesale gasoline prices increased on Thursday morning, as the market was supported by concerns about Europe's low storage levels and cold temperatures. LSEG data shows that the benchmark Dutch front-month contract was 39.53 euros per Megawatt Hour (MWh), or $13.86/mmBtu at 0923 GMT. This is an increase of 0.53 Euro. The Dutch March rate was 0.95 euros higher at 37.90 Euro/MWh. Gas Infrastructure Europe has revealed that Europe's gas reserves are currently at 44% capacity…
Three companies compete for Indian gas company GAIL's tender of US LNG project
Sandeep Kumar Gupta, Chairman of GAIL India, said that three companies were competing to acquire up to 26% in a "liquefied gas project" in the United States. GAIL published a tender last year to purchase up to 26% of an LNG project in America, in conjunction with a 15-year deal for gas imports. India's largest distributor of gas invited companies to submit initial bids as it looks to purchase equity in a?existing LNG project or a brand new project, which would be completed by 2030.
Ribera warns EU of increased dependence on US LNG
The European Union’s 'competition chief' warned on Wednesday that Europe was becoming more dependent on LNG imports from the United States. It should consider how to best harness its local resources. In a video message,?European Commission Vice President Teresa Ribera stated that "we are significantly increasing our dependency on liquefied gas imported from the U.S." at a "Hydrogen day" event organized by Spain's Enagas. She said that LNG imports from the U.S. will account for 58% of EU total imports by 2025.
Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S. Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves. In recent years, despite frequent U.S. changes in policy towards Venezuela, its gas projects have made slow progress.
EUROPE GAS-Dutch prices fall tracking U.S. futures
Dutch wholesale gas prices fell on Wednesday morning, as U.S. Natural Gas Futures fell. Demand and supply forecasts in north-west Europe were stable. LSEG data revealed that the benchmark European gas contract - the front-month Dutch contract on TTF hub - was?down 1.67 euros to 37.95 euros for a megawatt hour (MWh), which is $11.03/mmBtu, at 0908 GMT. The contract for March fell by 1,54 euros, to 36.26 Euro/MWh. Prices continued to decline after Tuesday's partial recovery of feedgas for the Sabine Pass terminal (LNG).
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S. official have stated that Washington will ease sanctions on Venezuela's Energy…
Ship-tracking company says that US Gulf Coast LNG and oil exports were zero on Sunday as a result of the freeze.
Vortexa, a ship tracking service, reported that exports of liquefied gas and crude oil from U.S. Gulf Coast ports fell to zero on Sunday, before resuming on Monday after a major winter storm hit the nation. A recent Arctic blast has pounded the United States, straining power grids and energy infrastructure. According to some estimates, up to 2 million barrels of oil per day were shut down over the weekend because of the cold weather.
Norway Police File Charges Over Suspected Oil Bribery In Congo Republic
Norwegian police said Monday that they have charged two Norwegian executives and an oil company with paying millions of dollars to family members of Congo Republic president Denis Sassou-Nguesso. Norwegian police said that the investigation began after Monaco police requested legal assistance in relation to a suspicious banking transaction. They also stated that other countries such as France and the United States provided substantial assistance.
Trump touts the economy in Iowa as protests roil Minnesota
U.S. president Donald Trump arrived in Iowa, Tuesday. He was seeking to shore up his support in a Midwestern battleground. An escalating conflict over immigration enforcement in Minnesota could drown out the economic message. The Republican President, whose economic and immigration policies are lagging, will try to rally his rural supporters in an area that is hosting key congressional elections?in November. The mounting stress on the farm economy…
NextEra eyes nuclear power expansion as data center pipeline grows
NextEra Energy may expand its nuclear fleet in order to provide electricity for?data centres. The giant U.S. energy provider said on Tuesday that they are 'in advanced discussions' to power 9 more gigawatts to the server warehouses. Big Tech's massive data centers have pushed up the demand for electricity in the United States, which has led to historic agreements with electric utilities across the country, including the revivals of several shut down nuclear power plants.
Benchmark European Gas Prices Follow Lower US Market
The Dutch and British wholesale prices of gas fell on Tuesday, reversing gains made earlier and following the declines in the United States. Prices fell about 13% after production began to recover from the recent winter storm. The freezing weather in the United States had put a strain on energy infrastructure, and more than 548 000 homes and businesses were left without power. The storm would be the most expensive severe weather event since wildfires that ravaged the Los Angeles region early last year.
Prices for gas in Europe go up after US winter storm restricts LNG exports
The Dutch and British wholesale prices of gas rose slightly Tuesday morning, as the freezing weather in America continued to?curb liquefied gas exports. A winter storm in the U.S. has left more than 548, 000 homes and businesses without power. The storm is set to be the most expensive severe weather event since wildfires that ravaged the Los Angeles area in early 2025. LSEG data shows that the benchmark European gas contract…
Prices of EUROPE Gas are slightly higher as US cold continues a curb on LNG
The wholesale gas prices in the Netherlands and Britain rose slightly Tuesday morning, as freezing temperatures in the United States continue to limit liquefied natural gas exports. By 0931 GMT the benchmark Dutch front-month contract was 0.60 euros higher, or $14.02/mmBtu at the TTF Hub. On Monday, the price of oil reached its highest level since April of last year. The British day-ahead contract rose 3.70 pence, to 105 pence a therm. Meanwhile, the front-month contract increased by 0.22 pence, to 103.60 cents therm.
Major Gulf bourses see gains as earnings season progresses
Investors focused on corporate earnings drove the early trading on Tuesday on major stock markets across the Gulf. Saudi Arabia's benchmark indices gained?0.4% led by an increase of 0.9% in Al?Rajhi bank. The bank's net profit was 24.79 billion Saudi riyals, up from 19.72 billion the year before. Al Rajhi announced a dividend of 1,75 riyals per share for the second quarter, a rise of nearly 20% compared to last year's same period. Other gainers include Saudi National?Bank, the largest lender in the country by assets.
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him. India will have the fastest growing energy demand in the world…
Venezuelan oil reform encourages immediate investments, but executives still need to go deeper
Foreign and local executives and attorneys said that a proposed reform to Venezuela's oil laws is sufficient to encourage existing companies to expand, and to start investing. However, deeper reforms are needed to attract the $100 Billion the U.S. estimates is necessary to overhaul the nation's energy industry. The U.S. now controls Venezuela's oil revenue and exports after a military invasion to capture President Nicolas…
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. The Permian basin is likely to have experienced the greatest share of this decline, at about 1.5 million bpd. Production losses decreased on Monday.
US energy sector reels as winter storm knocks 2 million bpd crude production
Analysts and traders estimate that U.S. producers of oil lost up to two million barrels per day, or about 15% of the nation's production, over the weekend as a winter storm swept through the country, straining the energy infrastructure and the power grids. According to a report by?consultancy energy?Aspects, oil production outages peaked Saturday. The Permian basin is likely to have been the most affected, as it lost around 1.5 million barrels of oil per day.
Select Eagle Ford assets are being sought by RPT-Exxon XTO.
Exxon Mobil subsidiary XTO Energy, which is part of the oil major Exxon Mobil, is looking for buyers to purchase?some assets? in the Eagle Ford shale in South Texas. In recent days, ?top ?U.S. Two sources said earlier that Exxon, the oil giant, opened a virtual dataroom to start marketing the assets. Sources said the assets, which cover 168,000 acres net, are worth over $1 billion. Sources said that XTO was selling over a 1,000 wells. Some of these are operated by Exxon, while others have passive or "nonoperated" interest.