The most likely outcome of the next OPEC and non-OPEC meeting is for the group to maintain its current production schedule. That’s the view of analysts at BMI, a Fitch Solutions company, according to a new report sent to Rigzone this week, which notes that the group’s next meeting is scheduled for October 4. “Oil is now trading at a healthy level and consensus expectations are for a sustained deficit in the market over the coming months,” the analysts said in the report. “Also, further price gains could prove to be a mixed blessing for the group, bolstering earnings in…
Author: Automotivedealernews.com
Just as homeowners in the Northeast are thinking about turning the heat back on, the market for heating oil, diesel and other middle distillates in PADD 1 is unusually tight. Inventories are near five-year lows; prices have gone up a lot; and the near-term prospects for rebuilding stocks are modest at best. On the one hand, the region that depends on imports cannot rely on them as much as before; on the other hand, at least a couple of Canadian refineries in the region and nearby that the Northeast has are offline for major changes. In today’s RBN blog, we…
QatarEnergy has officially started construction on the North Field Expansion Project, which will increase Qatar’s liquefied natural gas (LNG) production capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2026. The opening ceremony of the project in the industrial city of Ras Laffan was attended by Qatari Amir Sheikh Tamim bin Hamad Al Thani, who laid the foundation stone for the project, QatarEnergy said in a press release on Monday. The first phase of the North Field expansion project will increase Qatar’s LNG production capacity to 110 Mtpa, while the second phase, called the North Field South…
In a new report sent to Rigzone on Monday, Macquarie strategists revealed that they expect US crude inventories to fall by 3.0 million barrels in the week ending September 29. “This follows a 2.2 million barrel draw for the week ended Sept. 22, with total U.S. crude stocks realizing significantly looser than we anticipated, more than offsetting tighter balances than expected in the previous two weeks,” strategists said in the report. “Starting this week, from refineries, we model another reduction in crude runs (-0.4MBD). Among net imports, we expect a large reduction week-over-week, with exports significantly higher in terms of…
Oil edged higher after a volatile session in which traders weighed physical market stiffness against macroeconomic concerns that are clouding the outlook for demand. West Texas Intermediate settled near $89 a barrel after swinging in a range of about $2.50 during the day, tracking equity markets. Traders are digesting messages that the Federal Reserve will have to leave borrowing costs higher for longer, which has strengthened the dollar in recent sessions. “Oil’s move down has very little to do with fundamentals and everything to do with rising Treasury yields and the strength of the U.S. dollar,” said Warren Patterson, chief…
Petrobras is studying how Chevron Corp. managed to resume operations in Venezuela to see if it makes sense for the state-controlled Brazilian oil company to re-enter the oil-rich nation, Chief Executive Jean Paul Prates said. It makes “geopolitical sense” for Petrobras to consider expanding into Venezuela and Bolivia because they are neighboring countries with great oil and gas potential, Prates said in a televised interview Monday afternoon. Prates said he sees potential for natural gas in Bolivia even though production has been declining. Prates warned that Venezuela’s oil industry has suffered “extreme decline,” adding that Petrobras will not “carry Venezuela…
The US Department of Energy (DOE) has issued final energy-saving standards for residential gas furnaces to curb the planet-warming emissions of these ubiquitous appliances by replacing polluting older models, as well as to lighten the bills of the consumers. “These standards, which take effect in late 2028, require unheated gas furnaces and those used in mobile homes to achieve an annual fuel utilization efficiency of 95 percent, saving energy and improving residential heating,” the DOE said in a news release. It expects adoption of the standards, over 30 years, to cut $24.8 billion from energy bills and avoid 332 million…
As OPEC+ ministers prepare to review global oil markets, the group shows no signs of cooling off a rally that has pushed prices close to $100 a barrel. Crude has soared more than 20% in three months as alliance leaders Saudi Arabia and Russia tighten supplies as global fuel demand hits records. The increase threatens to undermine a fragile global economy, hurt consumers with another inflationary spike and derail plans by central banks to end interest rate hikes. However, delegates from the Organization of the Petroleum Exporting Countries and its partners do not expect Wednesday’s meeting of the Joint Ministerial…
Executives from 144 oil and gas companies have revealed what they expect Henry Hub natural gas prices to be at the end of 2023 as part of the Dallas Fed’s latest energy survey. When asked what they expected the commodity to be worth by the end of the year, executives gave an average answer of $3.14 per million British thermal units (MMBtu). The poll’s low forecast was $2 per MMBtu and its high forecast was $7 per MMBtu. Henry Hub’s price during the survey’s collection period was $2.68 per MMBtu, the third-quarter survey showed. In the second quarter of the…
Israeli power and renewable energy generator and developer Ellomay came out of the red in the first half of 2023 with a profit of 4.6 million euros ($4.8 million), up from a loss of 2 .2 million euros ($2.3 million) during the first half of 2022. . The company said in a press release that its revenue for the period was approximately 25.5 million euros ($26.8 million), compared with 29.2 million euros ($30 .7 million dollars) reported for the corresponding half a year ago. This decrease in income was mainly attributed by the company to the decrease in electricity prices…