Oil steadied after rising to a 10-month high as broader risk-off sentiment cooled a rally fueled by OPEC+ supply cuts and comments from the minister of ‘Energy of Saudi Arabia that prevented any change of course. The shrinking supplies have prompted a flurry of predictions that oil could return to $100 on a list that includes industry heavyweights such as Chevron Corp. Chief Executive Officer Mike Wirth and traditional bears Citigroup Inc. Global benchmark Brent futures neared $96 a barrel for the first time since November before paring gains to settle at $94.34. “The new upside target” is near $95…
Author: Automotivedealernews.com
Texas upstate employment figures for the month of August have increased over July figures. Citing the latest Current Employment Statistics (CES) report from the US Bureau of Labor Statistics (BLS), the Texas Association of Producers and Copyright Owners (TIPRO) said that Upstate Texas employment for August 2023 totaled 208,500, which TIPRO said was up 1,200 jobs from July numbers. According to TIPRO’s analysis, Texas upstream employment in August 2023 represented the sum of 18,200 jobs compared to August 2022, including an increase of 2,300 jobs in oil extraction and natural gas and 15,900 jobs in the services sector. New employment…
North Dakota’s state utility regulator has granted reconsideration of a carbon dioxide (CO2) pipeline project by Summit Carbon Solutions previously rejected due to concerns, including safety. The North Dakota Public Service Commission (NDPSC) had rejected the permit application for the Midwest Carbon Express project because of “broad concerns” relayed to the regulator during public consultations, the agency said in a published decision on the 4th of August. The concerns span “eminent domain.” , safety, the policy of permanent CO2 sequestration and storage, setback distances, irreparable damage to underground drainage systems, impacts on property values and the ability to obtain liability…
Dated Brent is very likely to move above $100 per barrel. That’s what Bjarne Schieldrop, SEB’s chief commodity analyst, said in a new report, which was sent to Rigzone on Monday. “It’s now less than $5 a barrel from that level and all it takes is noise to push it higher,” Schieldrop said in the report. “Tupis crude in Asia traded at $101.3 a barrel last week, so some crude benchmarks are already above $100 a barrel,” he added. In the report, the SEB analyst noted that while Datad Brent looks set to hit $100 per barrel “before long,” SEB…
Dynagas LNG Partners LP reported a 29.7% year-over-year increase in net income to $14.4 million for the second quarter, which it attributed to lower operating costs and higher amortization of deferred revenue. “The increase in net income for the three months ended June 30, 2023 was primarily attributable to a decrease in dry dock and special survey costs, attributable to the scheduled dry docks of Net Energy and the Amur River. [vessels]which were completed in April 2022 and July 2022, respectively, as well as the increase in the amortization of deferred revenue as a result of the increase in the…
The heads of Saudi Aramco and Exxon Mobil Corp. took to the stage at a major industry event on Monday to voice their support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come. Both CEOs touted carbon capture and storage, a climate solution viewed with skepticism by environmentalists, as one of the best ways to significantly reduce emissions from burning fossil fuels. They also stated that reducing oil use too quickly would be dangerous, given the growing global demand for energy. “There seems to be…
Nauticus Robotics Inc. has sealed a contract with Shell plc for inspection services on a Shell subsea field development in the Gulf of Mexico. Nauticus, a developer of ocean robots and artificial intelligence for autonomous services for offshore industries, said in a press release that the contract has the potential for future inspection services projects. The value of the contract was not disclosed. The contract follows the successful qualification phase of Nauticus for autonomous methods of subsea operations for inspection services and recognizes the company’s “successful transition to a fully operational offshore service provider,” according to the statement. Nauticus said…
Brazil’s state-controlled oil company Petrobras must settle a dispute involving billions of reais in back taxes with the federal government to show it has a duty to the country and not just its private investors, according to the Minister of Energy of the country. Alexandre Silveira’s call for the oil giant to set an example for other companies with outstanding tax debts comes as President Luiz Inacio da Silva’s administration seeks to cut deals with them in order to boost revenue and balance the nation’s budget. “Petrobras has an obligation to sit at the table with Brazil’s federal revenue office…
A draft environmental impact statement (DEIS) tied to a key water crossing along the Dakota Access Pipeline (DAPL) has finally been completed and released, ending another chapter in the long-running drama on the final destination of DAPL, which is by far the largest crude oil pipeline out of the Bakken. While the DEIS doesn’t end the story, the document offers clues about possible outcomes and an opportunity to revisit how important the 750 Mb/d pipeline really is to Bakken producers and shippers. In today’s RBN blog, we discuss the latest developments on DAPL and Bakken production. More than 10 years…
Societe Generale SA plans to halt lending to some new oil and gas projects as part of an updated strategy unveiled on Monday. The French bank set a deadline of January to stop supplying financial products and services dedicated to so-called greenfield oil and gas projects. It also plans to phase out exposure to “pure private players” in upstream oil and gas early next year. And SocGen pledged to cut its funded oil and gas emissions by 70% by the end of the decade, from a 2019 baseline. It is the latest bank to restrict access to capital for companies…