EQT CEO: US could experience LNG oversupply between 2027 and 2029
Toby Rice told reporters on Thursday that the U.S. may experience a glut of liquefied gas in 2027-2029 but it will be tightening by 2030. Rice spoke on the sidelines a conference held in Houston. Patrick Pouyanne, CEO of TotalEnergies, warned in a recent statement that if all U.S. gas projects are completed as planned there could be a glut on the market. According to the U.S. Energy Information Administration, the U.S. will be the top LNG exporter in the world this year with a total annual capacity of 115 million tonnes. Rice said that EQT has timed its exposure to LNG market for the expected market conditions.
India launches its first national policy on geothermal power
India launched Monday its first national policy for geothermal power, joining the growing list of countries that are relying on underground heat to drive their clean energy transitions. The Ministry of New and Renewable Energy in India said that the policy is designed to unlock India's geothermal potential, which has been untapped. This will be done through incentives and regulations. The use of ground-source heat pumps to provide heating and cooling and to repurpose abandoned oil and natural gas wells is also encouraged. Germany has accelerated its geothermal expansion, and Big Tech firms in the U.S. are searching for low-carbon energy to fuel AI growth.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production.
US EIA: Oil prices will drop dramatically in the months ahead, as OPEC+ increases output
The U.S. Energy Information Administration's Short-Term Energy Outlook, released on Tuesday, said that global oil prices will drop in the months to come as OPEC+'s increased production will result in large oil inventories. Brent crude, a global benchmark, will fall to an average price of $59 a barrel by the fourth quarter of 2025. This is down from $68 if you compare it to August. The EIA report was completed before the weekend's decision of the OPEC+ to increase output further in October. The EIA stated that oil inventories would continue to rise by an average of 2.1 million barrels a day in the second half of 2025, and will remain high through next year.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S. oil company, has joined majors Chevron, BP and SLB, as well as the world's two largest oil service companies, Halliburton and SLB, in cutting its staff. The slump in crude oil prices is due to increased production from OPEC+, economic uncertainty caused by unpredictable U.S.
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum Exporting Countries (OPEC) and its allies within the OPEC+ group of producers are increasing production to regain market share lost in recent years to the United States. OPEC+ decided on Sunday to increase production by 137,000 barrels a day from October. These increases have caused international oil prices to drop around 12% in this year, just above breakeven for many U.S. companies.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 7 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since seven weeks. The number of oil and gas rigs, a good indicator of future production, increased by one in the week ending September 5. Baker Hughes reported that despite this week's increase in rig count, the total number was still 45 rigs or 7.7% below what it was at this time last year. Baker Hughes reported that oil rigs increased by two this week to 414, while gas-rigs decreased by one to just 118. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S.
US biodiesel imports and renewable diesel plummet after tax credit changes
The U.S. Energy Information Administration reported on Thursday that imports of biodiesel in the United States and renewable diesel in Canada fell to their lowest level in a decade in the first half 2025 following a change of tax credits for these fuels. This year, the U.S. revamped its tax credit program to encourage biofuel production and use. The changes have effectively ended such incentives for imported biodiesel or renewable diesel. Up until last year, both imports and domestic production received the same $1 credit per gallon. The new program only applies to domestic production. The EIA stated that "this tax credit change put imports at an economic disadvantage".
NextDecade's Rio Grande Train 5 Export Facility will supply EQT with LNG
The companies announced on Wednesday that U.S. energy company EQT would purchase 1.5 million tons of liquefied gas per year from NextDecade’s Rio Grande Export Facility in Texas, for a period of 20 years. NextDecade, also known by the name of a train or its fifth liquefaction plant, will provide superchilled fuel at Rio Grande from their fifth liquefaction unit. The agreement is on a free on-board basis, at a price indexes to Henry Hub. This will only be possible if NextDecade makes a positive Final Investment Decision (FID) for Train 5. The companies didn't disclose the financial costs of the deal. The commercial activity in the U.S.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on oil and gas rigs for the second consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending August 29 to 536, the lowest level since August 2021. Baker Hughes reported that the total number of rigs is down 47 or 8.1% from the same time last year. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by three to 119. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the fourth consecutive week. The number of oil and gas drilling rigs, a leading indicator of future production, dropped by one in the week ending August 22 to 538, the lowest level since mid-July. Baker Hughes reported that the number of rigs has dropped by 47 this week. Below this time last Year. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. The number of rigs in the largest oil and gas producing state of the country,, fell by two, to 240. This is the lowest level since September 2021.
Oil Prices Steady as Ukraine Peace Process Stalls
Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices remaining on track for their first weekly gain in three weeks.Brent crude futures were down 3 cents at $67.64 a barrel as of 1:00 p.m. EDT (1700 GMT). West Texas Intermediate (WTI) crude futures gained 5 cents to $63.57.Both contracts gained more than 1% in the previous session. Brent has risen 2.7% so far this week while WTI is up 1.2%."Everyone is waiting for President Trump's next step," said UBS commodity analyst Giovanni Staunovo. "Over the coming days, it seems nothing will happen," he added.U.S.
Baker Hughes: US drillers have cut oil and gas rigs four times in the last five weeks.
Baker Hughes, a leading energy services company, said that the U.S. firms cut back on the number of natural gas and oil rigs for the fourth consecutive week in its widely read report. The number of oil and natural gas rigs, a good indicator of future production, dropped by one in the week ending August 22. This is the lowest level since mid-July. Baker Hughes reported that oil rigs dropped by one this week to 411, while gas-rigs remained at 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices…
Increasing US LNG Exports to Catalyze Shale Production Growth
U.S. liquefied natural gas exports will soar by roughly 10% a year through 2030 as energy firms double their LNG production capacity, according to analysts, providing a shot in the arm to the country's maturing shale industry which has seen growth slow and costs rise.The U.S. is the world's largest oil and natural gas producer, but many of its best drilling locations have been tapped. While oil production is expected to plateau or fall in coming months, gas remains a bright spot for the industry thanks primarily to the country's booming exports.U.S.
ConocoPhillips to Buy 4 Million Tons LNG from Sempra's Port Arthur Phase 2 Project
U.S. oil and gas producer ConocoPhillips said on Thursday it would secure 4 million tonnes per annum of liquefied natural gas from Sempra's Port Arthur LNG Phase 2 project in Texas to serve key global markets.Commercial activity in the U.S. LNG sector has picked up pace after President Donald Trump lifted a moratorium on new liquefied natural gas export permits soon after taking office in January.ConocoPhillips will buy LNG over a 20-year term on a free-on-board basis, the company said in a statement.The United States is the world's largest LNG exporter, with a total capacity that is expected to reach 115 million metric tons per annum this year, according to the U.S.
ConocoPhillips will purchase LNG from Sempra Port Arthur Phase 2 Project
ConocoPhillips, a U.S. oil-and-gas producer, announced on Thursday that it will secure 4 million tonnes of liquefied gas per year from Sempra’s Port Arthur LNG phase 2 project in Texas for key global markets. The commercial activity in the U.S. liquefied gas sector has increased since President Donald Trump lifted his moratorium on new export permits for liquefied natural gases shortly after taking office. ConocoPhillips said it would buy LNG for a period of 20 years on a "free-on-board" basis. According to the U.S. Energy Information Administration, the United States is currently the largest LNG exporter in the world.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S. Natural Gas could also increase natural gas prices.
Maguire: US gas-heavy pipeline to fuel tensions with LNG exporters
U.S. energy firms are building the largest gas-fired generation capacity in the world, cementing the position of the United States as the world's biggest natural gas consumer and the gas-fired producer. The growing dependence on natural gas in the domestic power sector will also exacerbate tensions between the rapidly expanding LNG export sector and the domestic power industry, as the latter is relying on cheap natural gas and abundant supplies to expand. The increasing competition between power companies and LNG exporters for U.S. Natural Gas could also increase natural gas prices.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. energy companies this week kept the number of oil rigs and natural gas rigs at a constant level. The number of oil and gas drilling rigs, which is a good indicator of future production, was 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412 while gas rigs decreased by one to 122. Texas, which is the largest oil and gas producing state, saw its rig count drop by one, to 242, marking the lowest level since September 2021. In Wyoming, rig counts fell to 13 from 1, the lowest level since August 2024.
Baker Hughes reports that the US oil and gas rig counts are stable this week.
Baker Hughes, a leading energy services company, said that the U.S. firms held steady this week on the number of natural gas and oil rigs. The oil and natural gas rig count - an early indicator of future production - remained at 539 during the week ending August 15. Baker Hughes reported that oil rigs increased by one this week to 412, while gas-rigs decreased by one to 122. Oil and gas rig counts declined by around 5% in 2020 and 20% in 2023, as lower U.S. gas and oil prices in the last couple of years led energy firms to place more emphasis on increasing shareholder returns and paying off debt than increasing production. The U.S.