Oil was near year highs as the International Energy Agency added to a pace of forecasts that the market will tilt towards a significant supply shortfall in the second half of this year. Demand will outstrip supply by 1.2 million barrels a day on average in the second half, the IEA forecast on Wednesday. This follows a forecast by the Organization of the Petroleum Exporting Countries that the fourth quarter could see the biggest deficit in more than a decade. The figures reinforce a sharp shift in sentiment in recent weeks. The options price shows increasing demand for bullish call…
Author: Automotivedealernews.com
The U.S. trucking industry appears poised for a rebound, and that bodes poorly for a diesel market already struggling with some of the lowest inventories in more than two decades. Domestic demand for goods is rising after hitting a seven-month low in April, industry figures showed. Construction projects spurred by President Joe Biden’s stimulus programs are also increasing the use of diesel truck fleets, said Craig Fuller, CEO of data and pricing information firm FreightWaves Inc. This means that diesel consumption will increase at a time when household fuel is stored. are at the second lowest seasonal level since 2000.…
BP Pulse, the EV Network (EVN) and the NEC Group have opened a public electric vehicle charging center at the NEC campus in the West Midlands. Called the Gigahub, BP said in a press release that it is the largest facility of its kind in the UK. “This is the largest private investment in electric charging in the UK and is a huge vote of confidence in the UK’s role as a leader in green industries,” said RT Hon Jeremy Hunt MP. “The innovative site will be an important transportation hub for the future and marks an important step in…
Diamondback Energy Inc. and Five Point Energy LLC have formed a joint venture, Deep Blue Midland Basin LLC, which creates the largest independent hydro infrastructure platform in the Midland Basin with substantial excess capacity to pursue third-party growth, Diamondback said. The joint venture results in an integrated network of medium water infrastructure with more than 800 miles of pipelines for collection, transportation, disposal and reuse, Diamondback said in a news release Monday. Headquartered in Houston and Midland, Texas, Deep Blue also has a permitted disposal capacity of approximately two million barrels per day and more than 65 million barrels of…
Ithaca Energy has agreed to buy Shell’s stake in the Cambo oil and gas field. Ithaca said in its press release that the acquisition of Shell’s 30% stake will have minimal short-term cost exposure for the company. The business stressed that the acquisition will give it full control over the progression of future development of Cambo, which it called the second largest undeveloped oil and gas discovery in the UK North Sea. Consideration for the asset is payable on the earlier of first oil or receipt of proceeds from any subsequent sale of an active interest in Cambo by Ithaca…
Canceling valid leases, removing acreage from future sales, and attempting to reduce production in Alaska while taking steps to allow Iran and Venezuela to produce more oil, with less environmental regulations, is senseless and downright shameful. That’s what Joe Manchin, a Democrat from West Virginia and chairman of the US Senate Committee on Energy and Natural Resources, said in a statement posted on his website after the Department of the Interior (DOI) of the The United States revealed that it canceled oil and gas leases. in the Arctic National Wildlife Refuge (ANWR) and proposed new protections in the Alaska National…
Adnoc Gas PLC has signed an agreement with PetroChina International Co. Ltd. (PCI) to supply liquefied natural gas (LNG) to China’s main fossil fuel distributor. The deal is worth $450-550 million, subsidiary Abu Dhabi National Oil Co. said. (Adnoc) in a press release, without revealing the agreed volumes. “This agreement highlights the growing global presence of ADNOC Gas, particularly in the East and South Asian markets,” the press release said. “Natural gas plays a crucial role as a transition fuel, generating lower carbon emissions compared to other fossil fuels, and ADNOC Gas is committed to ensuring a reliable supply to…
Valaris Ltd. has won contracts from BP PLC and TotalEnergies SE for offshore drilling programs in Brazil and Indonesia, with a total contract portfolio of $65 million. The Valaris DS-15 platform has been commissioned for a BP well in Brazil. The contract is expected to start in the first half of 2024 with an estimated duration of 80 days, Valaris, an offshore drilling company incorporated in Bermuda, said in a press release. The drillship has already been deployed in the South American country under a previous contract awarded this year by TotalEnergies, according to Valaris’ fleet status report published on…
Wolf Midstream Canada LP has made a final investment decision to extend its existing Alberta Carbon Trunk Line (ACTL) system through the core of the Alberta Industrial Heartland and into the Edmonton region to support industrial facilities existing and new to reduce their greenhouse gas emissions. Wolf has received approval from the Alberta Energy Regulator and other government agencies and has begun construction on the new extension, called the ACTL Edmonton Connector, the company said in a news release. The ACTL Edmonton Connector will collect carbon dioxide from local industrial facilities for transport through ACTL and delivery to permanent underground…
While weather-related headlines may still scream “summer” in some places, from sweltering heat to powerful hurricanes to rain-induced mudslides at Burning Man in the Nevada desert, we’ve actually turned the corner in a weather drop. Oil and gas prices have rallied from Q2 2023 lows and supply issues, particularly for oil, are top concerns as the heating season approaches. Long-term production from peer group Diversified E&P, whose production streams are 40% to 60% weighted to gas and oil, respectively, is a significant factor in US supply. In today’s RBN blog, we look at the crucial topic of reserve replacement by…