Oil edged higher after struggling for direction throughout the session as traders weighed rising supplies and a shaky economic outlook. West Texas Intermediate futures settled little changed near $79. With open interest near January lows, prices saw exacerbated moves that largely followed the path of equity markets. The U.S. Oil Fund ETF reported its biggest daily outflow since 2020 on Wednesday, with more than $180 million pulled from one of the oil market’s largest exchange-traded products. Oil fell this week amid signs that more barrels could enter the market. The Biden administration is in talks with Venezuela to explore a…
Author: Automotivedealernews.com
EQT Corporation has closed the acquisition of THQ Appalachia I Midco LLC (Tug Hill) and THQ-XcL Holdings I Midco LLC (XcL Midstream) for total consideration of approximately $2.4 billion in cash and 49.6 million shares of common stock. ‘EQT, after the purchase price. adjustments Tug Hill’s upstream assets currently produce approximately 800 million cubic feet of gas equivalent per day at a 20 percent liquids yield. XcL Midstream’s gathering and processing assets add to 145 miles of owned and operated midstream gathering systems that connect to all long-haul interstate pipelines in the southwestern Appalachians, EQT said in a news release…
India will need to invest $12.7 trillion in its energy system, or more than three times its gross domestic product, to reach net-zero emissions by mid-century and help the world avoid catastrophic global warming , according to BloombergNEF. Achieving that goal early, ahead of India’s official 2070 target, which lags behind the world’s biggest economies, will require rapid progress to clean up the country’s sprawling, coal-dependent power sector, according to the BNEF’s New Energy Outlook for India, published on Thursday. . This means investments in the grid to manage variable renewable energy and also increasing cash for green energy. The…
A cargo ship has completed its journey from Ukraine to Turkey via the Black Sea, following a route established by Kiev to avoid the Russian blockade of its ports. This is what Dryad Global noted in its latest Maritime Security Threat Alert (MSTA), which was published this week, adding that “this successful transit marks the maiden voyage under the newly introduced ‘humanitarian corridor’ of Kiev, with the aim of ensuring safe navigation in the middle of the Black Sea. mined areas”. “The Ukrainian Navy claims that this channel will primarily serve civilian vessels that have been stationed in the Ukrainian…
Toronto-based Kalkee Energy Ltd has completed the acquisition of four oil and gas projects in Texas through its Texas subsidiary Estacado Energy LLC. Kalkee has acquired the Red Horse exploration project, encompassing 1,920 net mineral acres on the JE Clark Ranch in Terrell County, for $100,000 in cash with an agreement to drill its first well within three years from of the date of signature. The company has also signed a stand-alone agreement that gives it the option to lease additional acreage on the 45,000-acre property and signed an area of mutual interest agreement with the project’s geological developers on…
Given all the recent attention, you might think that the prospects for carbon capture project development are fantastic. In the US, last year’s Inflation Reduction Act (IRA) included significant increases to the 45Q tax credit for carbon capture, improving the economics of a wide range of carbon capture projects. Globally, it seems clear that efforts to reduce greenhouse gas (GHG) emissions and reach a net zero world will continue for a long time. Almost all plans to achieve this target include a significant reliance on carbon capture, with the International Energy Agency (IEA) predicting that 7.6 billion metric tons per…
The US Department of Energy (DOE) is offering $30 million in grants for research into “environmentally benign” ways to extract minerals and other byproducts from coal. With land-based production in mind, the funding aims to curb reliance on offshore supplies as well as reduce costs, according to a DOE press release this week. Eligible projects are those working on the “development of advanced processes for the production of rare earth metals and the co-production of minerals and critical materials from coal-based resources”, as well as projects on the “production of minerals and critical materials excluding rare earths”. materials from coal-based…
Houston-based Commonwealth LNG has signed a strategic agreement with Baker Hughes to work on Commonwealth’s 9.3 million tonne per annum (MMtpa) liquefied natural gas (LNG) facility under development in Cameron Parish, Louisiana, located on the Calcasieu River in the Gulf of Mexico. . Baker Hughes will work with Commonwealth LNG to maximize the project’s production and minimize emissions by using Baker Hughes’ LM9000 aeroderivative gas turbine technology, Commonwealth LNG said in a press release on Monday. Commonwealth expects the order for the LM9000 equipment to be awarded in conjunction with the financial close of the Commonwealth LNG project, which is…
Hundreds of ships were left unable to move between the Black Sea and the Aegean after Turkey closed the Dardanelles Strait to clear the area of planes fighting nearby forest fires. Around 300 ships were waiting to cross the Dardanelles and Bosphorus straits as of Wednesday afternoon, according to Mustafa Can, president of Istanbul-based shipping company Transbosphor. The disruption could start to affect transport fares if the fires in Turkey’s Canakkale province are not put out in the coming days, Can said by phone. The Coast Guard said the Dardanelles would remain closed until at least Thursday to allow firefighting…
Crude oil futures fell as signs of a thaw in US relations with sanctioned oil producers Iran and Venezuela undermined expectations of tightening global supply. West Texas Intermediate fell below $79 to the lowest closing price in more than a month. The Biden administration is in talks with Venezuela to explore easing sanctions that have hampered its oil sales if the country holds cleaner elections. Meanwhile, Iran’s observed exports rose this month as backdoor diplomatic efforts with the US appear to be easing pressure on the Middle Eastern nation. Capping crude’s losses was a bullish inventory report that showed supplies…