Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite
Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S. light crude was 55 cents higher at $68.30."A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S.
Canada Environment Minister: 'No Apologies' for Oil Sector Support
Canada's top climate change official on Thursday said she would make no apologies for the nation's support for its oil producers, saying environmental and economic policies must consider the needs of all Canadians.Prime Minister Justin Trudeau's government has sought to cast Canada as a global leader in combating climate change, particularly since U.S. President Donald Trump withdrew Washington's support for an international…
China LNG Tariff Casts Shadow Over New US Export Terminals
China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.The rate was smaller than the 25 percent tariff China had touted earlier…
New U.S. LNG Projects, Enough to Double Exports, on Verge of Launch
New U.S. liquefied natural gas terminals with enough capacity to double U.S. exports have either begun commissioning their facilities or are waiting for approval from the energy regulator, a review of their documents showed this week.Although long planned, the actual commissioning of plants has been a moving target in the past.Yet the process not only kicks off a new era for the global industry as the United States turns into a significant exporter.
GE Says Four Flagship Power Turbines are Shut Down in U.S.
General Electric Co said on Thursday that four of its new flagship power turbines in the United States have been shut down due to an "oxidation issue" and warned it expects the problem to affect 51 of the giant machines it has shipped, sending shares lower.The problem was discovered a few weeks ago on turbine blades in a natural gas-fueled turbine, known as the 7HA, operated by Exelon Corp in Texas, GE told Reuters. "We expect the same issue will impact other HA units…
Oil Falls as Refined Products' Stocks Rise
Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.Both contracts were set for their first weekly loss in three.U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels <C-STK-T-EIA> in the week to Aug.
OPEC Sees Slower 2019 Oil Demand Growth, Warns on Economy
OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year.In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the…
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel…
LNG Shipping Rates Spike With no Respite Seen Through 2019
The price of shipping liquefied natural gas (LNG) has spiked in September and is likely to remain high next year, buoyed by rising production from new plants and concerns that demand for LNG vessels will outpace supply.The rate for vessels shipping LNG from the Atlantic Basin to Asia has jumped to $90,000 to $95,000 a day this week from $75,000 a day at the end of August, brokers and traders said.Rates, which broadly hovered around $30…
Oil Approaches $80 a Barrel
The oil price rallied towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.Brent crude futures were last up 41 cents on the day at $79.47 a barrel by 1323 GMT, having touched a session peak of $79.66, the highest since late May, when the price pushed above $80. U.S.
California Offshore Wind Project Progresing
Northern California energy authority RCEA and a consortium of private companies, including Aker Solutions and Principle Power, have submitted a lease application to advance the first commercial scale project for floating offshore wind in the United States.The application for the offshore wind energy development off the coast of Humboldt county in Northern California has been submitted to the Bureau of Ocean Energy Management (BOEM).In April this year…
U.S. Energy Secretary to Russia: Joint Work Could Help Market Stability
U.S. Energy Secretary Rick Perry said on Thursday he had told his Russian counterpart Alexander Novak in talks in Moscow that Washington and Moscow could work together as leading energy producers to ensure global market stability.Perry said he told Novak that both the United States and Russia were interested in the market remaining competitive and that their interests overlapped in the energy sphere.Reporting by Katya Golubkova Writing by Tom Balmforth
Oil Slips as Trade War Worries Outweigh Iran Sanctions
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization, his latest salvo in…
Nord Stream 2 Pipeline on Track Despite Sanctions Risk, Operator Says
The Nord Stream 2 pipeline to transport Russian gas to Germany is progressing on schedule, its operator said on Friday, with European investors still committed to the project despite criticism from the United States and the threat of sanctions.In July, Washington repeated a warning to Western firms invested in the pipeline that they were at risk of sanctions, saying Moscow was using the project to divide Europe.Berlin and Moscow have been at odds since Russia annexed Crimea four years ago…
Cheniere Inks 15-year LNG Sales Pact with Vitol
Cheniere Energy Inc said on Monday that it signed a 15-year agreement to supply liquefied natural gas (LNG) to the world's largest oil trader, Vitol Inc.Cheniere said it will sell 700,000 tonnes of LNG every year to Vitol, starting 2018 and the purchase price will be pegged to the Henry Hub monthly average, plus a fee.The United States has become a major LNG exporter in the last two years, mostly due to the ramp up of Cheniere's Sabine Pass terminal in Louisiana.
Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns
Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy Secretary Rick Perry said in an interview with Reuters on Friday that he did not expect any price spikes and that the world's top three oil producers could between them raise global output in the next 18 months.Brent crude oil was up 70 cents a barrel at $78.79 by 1345 GMT. U.S.
Germany to Build LNG Terminal in 'Gesture to U.S.'
Germany will chose a city to host a new liquefied natural gas (LNG) terminal by year end's in what its economy minister on Tuesday called "gesture" to the United States, which wants to increase gas exports to Europe."This is a gesture to our American friends," Peter Altmaier said after a meeting with the EU's energy chief in Brussels.
Russia's Novak to Meet with U.S. Counterpart Perry
Russia's energy minister Alexander Novak will meet with his U.S. counterpart Rick Perry on Thursday to discuss the situation on global oil and gas markets, Russia's Energy Ministry said in a statement on Monday.Novak and Perry will also discuss the activities of Russian companies in the United States and of U.S. companies in Russia, the statement said. Reporting by Olesya Astakhova; Writing by Andrey Kuzmin
Uniper Sees Merit in Building LNG Terminal at Wilhelmshaven
Germany's Uniper on Tuesday said it favors a liquefied natural gas (LNG) terminal at the Wilhelmshaven deep sea port on the North Sea coast, less than a week after peer RWE said it secured access to capacity should a rival project at Brunsbuettel go ahead."Wilhelmshaven in particular can be a suitable location, there are many arguments in favour of it," spokesman Leif Erichsen said in a written statement.He cited the port's ability to offer infrastructure for LNG vessels of all sizes and its proximity to the German long-dist
Environmentalists File Second Complaint to Block Nord Stream 2
Environmental campaign group ClientEarth has filed a complaint with a court in Sweden to block the construction through Swedish waters of the Nord Stream 2 gas pipeline intended to transport Russian gas to Germany, it said on Wednesday.Sweden approved the pipeline in June, but ClientEarth's complaint argues that the Swedish Ministry of Enterprise and Innovation failed to consider the impact the project would have on wildlife…