Month: April 2023

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since March, keeping the count steady in April, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more

Summary Crude futures down in week, mixed for the month U.S. officials in talks to rescue First Republic Bank U.S. crude production falls in February, oil demand rises – EIA U.S. oil rig count flat for week, down for month – Baker Hughes TOKYO, April 28 (Reuters) – Oil prices mostly rose over 2% on … Read more

Created by Getty Images Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Those big, beautiful evaporation ponds in the Atacama Desert are getting new owners: the government. What happened: Last week, Chilean President Gabriel Boric announced the country was nationalizing its lithium industry. The plan isn’t for sweeping change all at once, but instead … Read more

(Reuters) – Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent crude futures for June were up 42 cents, or 0.5%, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was … Read more

Think of them as speed cameras, but for methane. Just like roadside instruments used to identify drivers breaking traffic rules, new powerful satellites are starting to catch oil and gas operators releasing the planet-warming gas into the atmosphere. At least two dozen high-resolution satellites are expected to be in orbit by the end of this year, quietly … Read more

Irina Slav – More From Irina Slav Earlier this week, I wrote a post featuring abbreviations such as NZIA and NZAM. A reader and, I daresay, a friend, wrote to me joking about a typo I’d made, writing NIZA instead of NZIA. I like NIZA better, he said. It stands for Not Interested in Zero … Read more

(Reuters) – Oil prices have fallen back after a brief spike triggered by the surprise production cuts announced by Saudi Arabia and other members of OPEC+ on April 2. Front-month Brent futures finished trading at $81 per barrel on April 25, after hitting a high of $87 on April 12, though still up from a … Read more

(Reuters) – Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month. Brent crude was trading at $77.72 a barrel, up 3 cents, or 0.04%, by 1033 GMT, while U.S. West Texas Intermediate crude rose 1 cent or 0.01% … Read more

MOSCOW, April 27 (Reuters) – Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organisation can always adjust policy if necessary. He said Russia reached its targeted output this month after announcing cuts of 500,000 … Read more

Summary OPEC Sec Gen: lack of investments could lead to volatility Says OPEC+ does not target prices, focuses on fundamentals OPEC and IEA have jousted for months over outlooks OPEC+ dropped IEA as a source for market data last year DUBAI, April 27 (Reuters) – OPEC Secretary General Haitham Al Ghais said on Thursday the … Read more

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine HELSINKI, April 26 (Reuters) – The Kremlin warned on Wednesday it could seize more Western assets in retaliation for foreign moves against Russian companies, after taking temporary control of assets belonging to Finland’s Fortum and Germany’s Uniper. … Read more

OPEC should be wary of bolstering oil prices as it could hurt the global economy and accelerate the transition away from fossil fuels to clean energy, the International Energy Agency said. Saudi Arabia and other key OPEC+ nations surprised world oil markets by announcing new production cutbacks earlier this month, which triggered a brief rally … Read more

 (Reuters) – Oil prices were mixed on Wednesday as falling U.S. inventories lifted the U.S. WTI price while the Brent benchmark steadied as the market took stock of weak U.S. data that raised fears of recession in the world’s biggest economy. Brent crude eased by 9 cents, or 0.1%, to $80.68 a barrel by 1035 … Read more

Summary Nearly one in five cars sold in 2023 to be electric – IEA EVs could reduce oil demand by 5 million barrels daily by 2030 Large cars still dominate EV offering Two- or three-wheel EVs outnumber cars in emerging economies BERLIN, April 26 (Reuters) – Nearly one in five cars sold globally this year … Read more

Skyrocketing energy prices turned US natural gas drillers into cash machines that showered shareholders in returns over the past two years. But the heyday appears to be over. A US supply glut that no one saw coming triggered a collapse in the prices of the power-plant and furnace fuel, prompting analysts to slash free-cash-flow estimates … Read more

April 25 (Reuters) – Oilfield firm Halliburton Co (HAL.N) on Tuesday reported a first quarter profit that topped Wall Street estimates as a tight services and equipment market have helped drive demand and improve its pricing. Global oil futures are currently trading around $82 a barrel, down about 20% from a year ago but still higher than … Read more

Summary Investor hopes for oil demand in China support Iraqi northern export halt, OPEC+ cuts also underpin market US crude stockpiles expected to fall in weekly reports Coming up: API report, 2030 GMT April 25 (Reuters) – Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that … Read more

(Reuters) – After a bumper year for floating offshore wind farm tenders, the nascent industry is poised for explosive growth in the coming decade as countries strive to cut their carbon emissions. But it’s unlikely to be all plain sailing. Rising costs and supply chain bottlenecks have hit some projects and without investment in infrastructure … Read more

SINGAPORE, April 24 (Reuters) – Oil prices were steady on Monday as concern over rising interest rates, the global economy and the outlook for fuel demand were balanced by the prospect of tightening supplies. Brent crude slipped 22 cents, or 0.3%, to $81.44 a barrel by 1135 GMT. U.S. West Texas Intermediate crude was down … Read more

LONDON, April 24 (Reuters) – Floating wind is viewed as the final frontier for offshore wind as turbines can be installed in deeper waters than fixed-bottom foundations, harnessing stronger and more continuous wind to generate more power. There are two main types of tender for traditional and floating wind projects. Governments hold seabed, or site auctions, … Read more

Here are key facts about lithium and EVs: WHAT IS LITHIUM? The silvery-white element is the lightest metal and highly reactive, giving it strong energy storage potential per unit of weight. This makes the alkali metal the mainstream choice for EV batteries, where high energy density is key to enabling long distances between charging. WHERE … Read more

Oil set its first weekly loss in a month after erasing most of the gains stemming from OPEC+’s surprise output cut.Brent crude has wiped out almost all of the $7 that it gained after the Organization of Petroleum Exporting Countries and its allies blindsided markets with a pledge to cut production.Global supplies are showing signs of … Read more

By Aaron Foyer Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Carbon capture, utilization, and storage (CCUS) technologies are designed to reduce the amount of carbon dioxide (CO2) emissions that are released into the atmosphere. The growth in carbon capture involves the deployment of these technologies at an increasing number of industrial facilities, power … Read more

Hengli, Shenghong join Russian oil purchases China’s April Russian oil imports likely to exceed March record Teapots turn to cheaper Iranian oil, diluted bitumen SINGAPORE, April 21 (Reuters) – Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such … Read more

(Reuters) – Russian President Vladimir Putin discussed the OPEC+ deal to cap oil production with the Crown Prince of Saudi Arabia, Mohammed bin Salman, in a telephone call on Friday, the Kremlin said. The two expressed satisfaction with the level of cooperation between the two countries to bring stability to the global oil market, the … Read more

TOKYO, April 21 (Reuters) – Oil prices were on track for a hefty weekly loss as economic and interest rate uncertainty weighed, though prices were stable on Friday as the euro zone recovery gathered pace unexpectedly. Brent futures for June delivery edged down by 4 cents, or 0.05%, to $81.06 a barrel at 0932 GMT. … Read more

(Reuters) – SLB (SLB.N) beat Wall Street estimates for first-quarter profit on Friday, as elevated crude prices and tight supplies fueled demand for its oilfield services. Global oil prices averaged $81.24 a barrel in the January-March quarter, down nearly 20% from a year earlier but still well above a level where oil and gas producers can … Read more

By Irina Slav More From Irina Slav Note: Many thanks to Doug Sandridge for coming up with the title of this article and inspiring its writing. It had to be said. Yes, again. “Just when I thought I’ve seen it all” is a thought that has been occurring to me more and more frequently these … Read more

LITTLETON, Colorado, April 20 (Reuters) – Wind power may generate roughly 40% of North America’s electricity by 2050, and solar power another 32%, if current and projected capacity development plans proceed as expected, data from risk assessment firm DNV shows. With hydropower expected to generate an additional 11.5% and nuclear a further 7.3%, over 90% … Read more

(Reuters) – Oil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks. Brent crude futures were down $1.13, or 1.4%, to trade at $81.99 a barrel at 1141 GMT. West Texas Intermediate crude (WTI) futures dropped $1.04, or … Read more

OPEC+’s output-cut bombshell at the start of April spurred a rush for oil, but caution is now the watchword as traders gauge whether demand will be strong enough to sustain purchases. The alliance’s plan to curb production by as much as 1.7 million barrels a day initially triggered a buying binge in Asia and the North Sea, … Read more

April 19 (Reuters) – Oil prices dropped sharply on Wednesday, sliding by 2% as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell … Read more

April 19 (Reuters) – Oilfield firm Baker Hughes Co (BKR.O) beat first-quarter profit estimates on Wednesday, as stronger oil prices supported demand for its equipment and services. Global oil futures are currently trading around $83.12 a barrel, down about 22% from a year ago but still well above a level where firms can drill profitably. Markets have … Read more

Companies with a focus on the oil-rich Permian basin are likely to be at the center of the next wave of consolidation in the U.S. energy sector as favorable oil prices prompt cash-rich drillers to tap into the largest source of shale oil.Top producers have built a war chest to fund acquisitions after reaping windfall … Read more

Summary Nine or more applications seen; goal in a few years is four hubs All bidding for slice of $3.5 bln in govt grants Climeworks bids for three sites; plans 100 hires by 2025 Unproven tech, talent shortage, costs — all challenges (Reuters) – The world is failing to cut carbon emissions fast enough to … Read more