Baker Hughes reports that US oil/gas rig counts have dropped for the 11th consecutive week, to their lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas production for the 11th consecutive week for the first since July 2020. This was when the COVID-19 epidemic reduced demand for fuel. The number of oil and gas drilling rigs, a good indicator of future production, dropped by two in the week ending July 11 to 537, the lowest level since October 2021. Baker Hughes reported that the rig count is down by 47 or 8% this week compared to this time last. Baker Hughes reported that oil rigs dropped by one this week to 424, the lowest level since September 2021. Gas rigs remained unchanged at 108.
CPC Corp Looks to Buy US Shale Gas Assets
Taiwan's state-owned energy company CPC Corp is in early stage discussions to buy shale-gas producing assets in the United States, three sources familiar with the matter said, in a bid to secure natural gas supplies to fuel Taiwan's economy.If a deal is struck, CPC would join a growing list of Asian companies taking ownership of U.S. natural gas assets, gaining exposure to the commodity at a time that the United States is expanding its export capacity by building more liquefied natural gas plants.Taiwan would also be gaining political leverage with the Trump administration, which has linked increasing imports of U.S.
EIA: US power consumption will reach new highs by 2025 and 26.
The U.S. Energy Information Administration stated in its short-term outlook for energy on Tuesday that the U.S. will reach record levels of power consumption in 2025 and in 2026. The EIA predicted that the power demand would rise to 4,189 kilowatt-hours in 2025, and 4,278 kWh by 2026. This is up from 4,097 kWh at a record in 2024. These increases are due to the data centers that focus on artificial intelligence, cryptocurrency and homes and businesses using more electricity for heating and transportation and less fossil fuels. EIA estimates that by 2025, residential customers will consume 1,517 billion kWh of electricity.
Baker Hughes reports that US drillers have cut oil and natural gas rigs in the US for the 10th consecutive week.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of oil rigs and natural gas wells for a tenth consecutive week for the first since July 2020. The number of oil and gas drilling rigs, a good indicator of future production, dropped by eight in the week ending July 3 to 539, the lowest level since October 2021. Baker Hughes released its report a day early than usual due to Friday's Fourth of July holiday in the United States. Baker Hughes reported that the total number of rigs is down 46 or 8% from this time last week. This week, oil rigs dropped by seven, to 425, the lowest level since September 2021.
Lindsey Oil Refinery, UK insolvency proceedings
The government's insolvency services announced on Monday that Britain's Lindsey refinery had begun insolvency procedures, raising the possibility of it closing weeks after Grangemouth stopped processing oil. According to the U.S. Energy Information Administration (EIA), Lindsey, one of Britain's six remaining oil refineries, is set to close, increasing Britain's dependence on fuel imports. According to its website, Prax has a capacity of 113,000 barrels a day. The government placed Prax Storage Lindsey and Prax Terminals Killingholme under judicial winding up orders.
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week, or about 6% from this time last year. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109.
Baker Hughes reports that US oil/gas rig counts have fallen for the 4th consecutive month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that oil rigs dropped by six this week to 432, their lowest level since October 2021. Gas rigs also decreased by two, to 109. Drillers cut 16 oil-and-gas rigs in June, bringing the total down for the fourth consecutive month for the first since June 2024.
Crude Prices Fall After Report of OPEC+ Planning August Production Increase
Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC+ was planning to hike production in August following an increase planned for July.Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04.Four delegates from OPEC+, which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day (bpd) following a similar size output increase already planned for July."The report about an OPEC increase came out and prices cratered…
Canada Produces First LNG For Export
The Shell-led Canada facility has produced its first liquefied natural gas for export in Kitimat, British Columbia, a spokesperson for the project confirmed on Sunday.The new production, which will go mainly to Asia, comes amid concerns over disruptions to the 20% of global gas supply coming from Qatar, due to the Israel-Iran conflict and the possibility of Tehran closing the Strait of Hormuz, a key shipping lane.The facility has not yet loaded its first LNG export cargo, although LNG Canada said it remains on track to do by the middle of this…
LNG Canada produces first liquefied natural gas for export
A Shell-led LNG Canada facility in Kitimat has produced the first liquefied gas for export, confirmed a project spokesperson on Sunday. This milestone is in anticipation of LNG Canada loading its first LNG cargo at the facility, which it said will be done by the middle this year. It is also the first major LNG plant in North America to have direct access to the Pacific Coast, thereby reducing the sailing time to Asian markets compared to U.S. Gulf Coast facilities. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa).
LNG Canada produces first liquefied natural gas for export, sources say
Two people who were familiar with the start-up of the plant said on Sunday that the Shell-led LNG Canada has produced its first liquefied gas for export. One of the sources said that "at 4 a.m. This is the first large-scale Canadian project to start production. It's also the first major North American facility with direct access on the Pacific Coast, reducing the sailing time to Asian markets. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa). LNG Canada has not responded to an immediate request for comment.
Baker Hughes reports that US drillers have cut their oil and gas rigs in the US for eight weeks running.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the eighth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending June 20 to 554. This is the lowest it has been since November 2020. Baker Hughes reported that the number of rigs is down by 34, or 5.8% from this time last year. Baker Hughes reported that oil rigs dropped by one this week to 438, the lowest level since October 2021. Gas rigs also fell by two, to 111, the lowest level since May 30.
Canada Could Produce First LNG by This Weekend
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday.The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast, significantly reducing sail time to Asian markets.When fully operational it will have a capacity to export 14 million metric tonnes per annum (mtpa), according to…
Sources say Canada could produce its first LNG this weekend
Two people who are familiar with the launch of the plant said on Wednesday that Canada could produce the first liquefied gas ever this weekend. This facility will be the only LNG plant in North America that has direct access to the Pacific Coast, reducing the sailing time to Asian markets. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa). "We started cooling down Train 1 Monday. As long as there are no unexpected difficulties, we expect to start producing LNG in six days." One of the people who is familiar with the startup said that we should expect the first LNG between Saturday and Sunday.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline this week brings the total number of rigs down by 35 or 6% from this time last. This week the oil rig count dropped by three, to 439, its lowest level since October 2021. Gas rigs fell by one, to 113.
Baker Hughes reports that US drillers have cut oil/gas drilling rigs by 7th week, to the lowest level since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the seventh consecutive week. This is the lowest level since November 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 13 to 555. Baker Hughes reported that the decline in rig counts this week is 35 rigs, or 6% less than this time last. This week the oil rig count dropped by three, to 439, its lowest level since October 2021. Gas rigs fell by one, to 113. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
EIA: US natgas production and demand will reach record highs by 2025
The U.S. Energy Information Administration's (EIA) Short-Term Energy Outlook, published on Tuesday, predicted that both the U.S. Natural Gas output and demand would reach record levels in 2025. EIA projects that dry gas production in 2024 will increase from 103.2 billion cubic feet per day (bcfd), to 105.9 in 2025, and then 106.4 in 2026. This compares to a record-breaking 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.3 bcfd by 2025 and then ease back to 91.1bcfd by 2026. The EIA forecasts for June 2025 are higher than the 104.9 billion cubic feet per day (bcfd) supply forecast from May.
Baker Hughes reports that US oil/gas rig counts have fallen for the 6th consecutive week, to levels not seen since 2021.
Baker Hughes, a leading energy services company, said that the U.S. firms have cut back on the number of natural gas and oil rigs for the sixth consecutive week for the first since September 2023. The number of oil and gas drilling rigs, a good indicator of future production, dropped by four in the week ending June 6, to 559, the lowest level since November 2021. Baker Hughes reported that oil rigs dropped by nine this week to 442 while gas rigs increased by five to 114. The company has announced that it has corrected the oil and gas classifications of approximately 8 to 10 rigs located in the Marcellus-Utica basins as of April 4, 2019.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13,45 million bpd, which was set in October 2024. EIA data show that crude oil production in Texas, which is the top oil producing state in the United States, increased by 50,000 barrels per day (bpd) from February to 5,71 million bpd, the highest level since November 2024.
US terminal operator warns that its ethane and butane exports could fall
Enterprise Products Partners said on Thursday that the U.S. Department of Commerce's requirement for it to apply for a licence to export to China could hurt its ethane-and-butane exports. Reports on Wednesday said that the United States had ordered a wide range of companies to cease shipping products, such as ethane or butane, without a permit to China and revoked permits already granted to some suppliers. The Bureau of Industry and Security (an agency of the Department of Commerce) informed the company of an unacceptable risk of military use in China for exports of butane and ethane.
