Oil’s recovery continued to cool with investors looking for a new catalyst to support further buying. While some physical crude loads are commanding high premiums and fast time spreads are the widest in a year, indicating supply shortages, macro headwinds are limiting gains. The dollar has risen to an eight-month high, reducing the appeal of commodities priced in the currency, and expectations of a rate hike are fueling risk sentiment across markets. Still, oil has risen about 25% since June and is headed for the biggest quarterly gain since March 2022 on supply curbs from OPEC leaders + Saudi Arabia…
Author: Automotivedealernews.com
Russia’s daily diesel exports fell 28% in the first 20 days of September, before the government banned overseas shipments of the fuel in a move to curb domestic prices. The country’s oil companies exported an average of about 65,700 tonnes of diesel per day from September 1 to 20 via seaports and railways, according to a person with knowledge of the matter. This compares with an average of about 91,800 tonnes per day for most of August. Russia, the world’s biggest seaborne exporter of diesel-type fuels, shocked global markets last week by imposing a temporary ban on foreign supplies of…
The Texas oil and natural gas industry has added 12,100 jobs by 2023, the Texas Oil and Gas Association (TXOGA) noted in a news release, citing recently released data from the Workforce Commission Texas Work (TWC). In August alone, employment in the sector increased by 1,200 jobs, highlighted TXOGA. “The oil and natural gas industry serves as a primary driver of the Lone Star State’s robust economy,” said Todd Staples, president of TXOGA. “The 1,200 jobs reported in August add to already strong employment growth figures for this year, continuing evidence of strong demand for these irreplaceable resources both at…
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author) One of Rigzone’s regular market watchers takes a look at the reaction to the latest Fed policy, oil price trends, what to watch for this week and more. Read on for more details. Rig zone: What were some market expectations that actually played out over the past week, and which expectations didn’t? Barani Krishnan, Senior Commodity Analyst at uk.Investing.com: Oil rose to around $90 a barrel for US crude and slightly below $95 for…
The US Department of Energy (DOE) has awarded $325 million in grants to 15 projects that support the development of long-term energy storage (LDES) technologies. “As we build our clean energy future, reliable energy storage systems will play a key role in protecting communities by providing reliable sources of electricity when and where it’s needed most, especially after ‘extreme weather events or natural disasters,’ said Energy Secretary Jennifer. M. Granholm said in a recent DOE press release announcing the funding. Energy storage technologies support the deployment of renewable energy, as generation systems using variable sources such as wind and solar…
In a recent report sent to Rigzone, analysts at Standard Chartered noted that in their view there were two main talking points for oil markets last week, “one top-down and one bottom-up “. “The macro consideration is the latest Federal Open Market Committee (FOMC) meeting, with its positive message for the economy but its negative message for asset markets due to an implied longer wait for to policy rate cuts,” analysts said in the report. “In our view, the added uncertainty generated by the Fed makes it much less likely that major OPEC producers will relax production cuts this year,”…
Petroliam Nasional Bhd. (Petronas) has signed a terms sheet with Mitsui OSK Lines Ltd. (MOL) and MISC Bhd. for a potential joint venture (JV) that would advance the commercial-scale deployment of liquefied carbon dioxide (CO2) carriers. The purpose of the planned entity is to “invest in the development and monetization of liquefied carbon dioxide (LCO2) carriers for carbon capture and storage (CCS) projects in Malaysia,” the national oil company said and gas in a recent press release. Petronas would be part of the joint venture through its wholly owned subsidiary Petronas CCS Ventures Sdn. Bhd., which signed the deadline at…
For the past three-plus years, Corpus Christi has dominated the U.S. crude oil export market, largely due to the availability of direct pipeline access from the Permian to two Corpus-area terminals in Ingleside: Enbridge Ingleside Energy Center (EIEC) and South Texas Gateway (STG) – which can partially load the huge 2 MMbbl Very Large Crude Carriers (VLCCs). But pipeline capacity to Corpus is now nearly exhausted, and with rising Permian production and strong exports, an increasing share of West Texas crude output is sent to Houston by pipeline with capacity to spare. The catch for Permian shippers with Permian pipeline…
Energy major Eni revealed that it has worked with Libya’s National Oil Corporation (NOC) to help people affected by the floods that hit the country after Storm Daniel. Eni noted in a press release that it has provided medicines and medical equipment, food supplies, hygiene kits, temporary shelters and bedding (including tents, beds, blankets, pillows), as well as mobile electricity generators . Through the Mellitah Oil and Gas joint venture, Eni and NOC have also provided logistical support in the form of supply ships, helicopters and rescue trucks equipped with food and drinking water, Internet communication units and medical and…
Britain’s once-booming offshore wind industry faces years of pain, including project delays and possible cancellations, due to rising costs and higher interest rates. That’s the view of Per Lekander, chief executive of Clean Energy Transition LLP, a London-based hedge fund that manages $2.6 billion in assets in sectors including renewables, utilities, oil and gas. “The industry needs a complete reset,” he said in an interview. “It will be a very long period with very disappointing growth, where projects could be delayed or not even built.” Across Europe, wind developers face a toxic mix of challenges, including higher turbine costs, supply…