Equinor sold around 30% of its US Gas on the spot market during January's price spike
Equinor, a Norwegian company, sold 30% of its U.S. natural gas assets in January on a'spot basis,' capitalizing on a chilly snap which boosted demand and prices. A January Arctic blast sent U.S. heat demand skyrocketing and frozen oil and gas wells. This cut gas production to a 2-year low, pushing prices at some Northeast gas hubs to record levels. Equinor has stakes in onshore gas production on the U.S.
Sunrise Wind, Orsted, challenges US suspension of wind lease
Denmark's Orsted said on Wednesday that its unit Sunrise Wind will challenge the U.S. Government's 'decision' last month to suspend their offshore wind project lease, and seek a court order. On December 22, the U.S. East Coast announced that it had leased five large offshore wind projects currently under construction. Orsted stated that the Sunrise Wind Project was?about 45%complete.
Equinor challenges US Order to Suspend Empire Wind Project
Norwegian energy group Equinor announced on Friday that it had filed a civil lawsuit in the U.S. district?court for the District of?Columbia?challenging a U.S. Department of the Interior's order to suspend the Empire Wind project. Equinor added: "As part in that case, Empire will seek a preliminary order and allow construction to proceed while…
Orsted contests US stoppage of its $5 Billion offshore wind project
Orsted, a Danish company, said it would seek an injunction to stop its $5 billion offshore wind project after the U.S. government suspended the lease of its Revolution Wind joint-venture. The Trump Administration suspended on Monday leases?for?five large offshore projects that are currently under construction off of the U.S. East Coast due to what it called "national security concerns"…
Democratic Governors ask Trump Administration to lift the freeze on offshore Wind Projects
Four Democratic Governors wrote to U.S. Interior Secretary Doug Burgum wrote to the Trump Administration on Wednesday, requesting that it lift the halt placed on 'five offshore wind project on the U.S. East Coast. On Monday, the Department of the Interior attributed the suspension of leases on the projects to concerns about national security.
US Natural Gas Futures Rise Alongside LNG Export Demand
U.S. natural gas futures rose 4% on Tuesday, boosted by record gas flows to liquefied natural gas export plants and forecasts for more demand than previously expected over the next two weeks.Front-month gas futures for January delivery on the New York Mercantile Exchange rose 15.3 cents, or 4%, at $4.105 per million British thermal units by 08:59 AM ET. Priced ended 0.5% lower on Monday.
Wall Street Journal, December 23,
These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not verified these stories, and cannot vouch for the accuracy of their content. Trump's administration has suspended the leases for?five? large offshore wind farms that are currently under construction off of the U.S. East Coast due to what they called national security concerns.
Orsted, a Danish company, raises $9.35 Billion in a share issue
Orsted, the Danish offshore wind developer, said it raised $9.35 billion in a heavily-discounted share issue on Monday. The company is bolstering its finances amid uncertainty caused by Trump's administration. The company reported that 99.3% was subscribed. Demand for the remaining shares is "extraordinarily" high. The price per share was 66.6 crowns…
Orsted reduces profit forecast ahead of $9.4 billion rights issue vote
Orsted, the Danish developer of wind farms, cut its outlook for operating profits in 2025 just before shareholders voted on a capital raise that was crucial to Orsted's fight against President Donald Trump and his opposition to wind energy. Orsted, once hailed as an innovator in offshore wind power, is now in dire straits. It faces industry-wide issues and risks further losses for its two remaining projects on the U.S.
US Natural Gas Prices Drop 4% on Record Output
U.S. natural gas futures fell about 4% to a nine-month low on Tuesday on near-record output, ample fuel in stockpiles and forecasts for less hot weather and lower demand through early September than previously expected.Another factor weighing on gas prices was a decline in the amount of gas flowing to liquefied natural gas export plants due…
US Natural Gas Prices Drop 3% Ahead of Cooler Weather Forecasts
U.S. natural gas futures fell about 3% on Monday on near-record output, ample fuel in stockpiles and forecasts for less hot weather next week than previously expected.Front-month gas futures for September delivery on the New York Mercantile Exchange fell 9.5 cents, or 3.3%, to $2.821 per million British thermal units by 5:53 a.m. EDT (0953 GMT).The U.S.
US Natgas Prices Rise on Increasing Demand
U.S. natural gas futures edged up about 1% on Wednesday after dropping to an eight-month low in the prior session on forecasts for more demand over the next two weeks than previously expected and near-record gas flows to liquefied natural gas (LNG) export plants.That small price increase came despite near-record output, ample supplies of the fuel in storage, and the approach of a storm that could affect the U.S.
EIA reports that the US has become a net crude exporter to Nigeria for first time.
In February and March the United States became an exporter of crude to Nigeria, due to a slowdown in demand for crude on the U.S. East Coast, which was caused by refinery maintenance. The Dangote refinery also increased Nigeria's need for inputs. This is according to a Tuesday note from the U.S. Energy Information Administration. It is the first instance that the U.S. exported more crude to Nigeria than they imported.
Want to reduce your trade surplus with Trump Russell
There are certain trends that will likely emerge amid the chaos and confusion created by U.S. president Donald Trump's global tariff rollout and retreat. One is that countries looking to make a deal will purchase more U.S. products in order to reduce their trade surpluses. Even relative successes like Boeing aircraft highlight the lack of U.S. products that are competitive.
Want to reduce your trade surplus with Trump Russell
There are certain trends that will likely emerge amid the chaos and confusion created by U.S. president Donald Trump's global tariff rollout and retreat. One is that countries looking to make a deal will purchase more U.S. products in order to reduce their trade surpluses. Even relative successes like Boeing aircraft highlight the lack of U.S. products that are competitive.
Trump exempts oil imports from his sweeping tariffs
The White House announced on Wednesday that imports of refined products, oil and gas were exempted by President Donald Trump from his new sweeping tariffs. The exemption is a welcome relief for the U.S. Oil Industry, which was concerned that new taxes could disrupt flow and increase costs of everything from Canadian crude oil to Midwest refineries and European cargoes to the Eastern Seaboard.
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.
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.
The cold weather in the US boosts diesel prices, but masks economic challenges
Since the beginning of the year, the cold temperatures in the Northeast U.S. have led to an increase in demand for heating oil. This has helped to offset the slowdown in recent years due to reduced industrial activity. The Energy Information Administration (EIA), according to its data, reported that the U.S. inventory of distillate fuels…
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970…