Oil’s rally soared amid a summer liquidity slump, leaving the commodity at the mercy of broader, more volatile markets. While signs of tightening physical supplies in recent weeks had pushed crude oil futures to their longest winning streak in a year, West Texas Intermediate on Monday balanced Wall Street on renewed concerns about the U.S. economy. the china Open interest in US crude oil is near its lowest levels this year as investors travel for the summer. “Crude oil prices are softer as the dollar rebounds and concerns weigh in with China’s real estate sector, which will be a drag…
Author: Automotivedealernews.com
Beach Energy has opted for experience with the appointment of Brett Woods as its new general manager and CEO. Woods will assume his role on February 21, 2024 or such other date as may be mutually agreed upon, Beach Energy said in a media release. Woods has more than 25 years of upstream oil and gas experience, including the most recent 10 years at Santos, where he served in various executive roles, including chief operating officer, vice president of development and business unit vice president of Eastern Australia. “Brett is a seasoned oil and gas executive with a track record…
North America has once again dropped rigs week-over-week, according to Baker Hughes’ latest rotating rig count, which was released on August 11. The U.S. dropped five rigs week-over-week, while Canada added two rigs over the same time period, resulting in an overall loss of three week-over-week North American rig counts, highlighted Baker Hughes in the count. The total North American rig count is now 844, including 654 teams from the US and 190 from Canada, the count showed. Of the total US rig count of 654, 632 are land rigs, 18 are offshore rigs and four are inland water rigs,…
Algonquin Power & Utilities Corp. (AQN) is pursuing the sale of its renewable energy business, the Renewable Energy Group, to focus on its utilities business. The decision comes after the company’s board of directors launched a strategic review of its renewables division, AQN said in a press release on Thursday. Following the successful sale of the division, AQN said it expects to be a “competitive, pure-play capital regulated utility with a stable and healthy growth outlook,” according to the statement. “Over the past few months, AQN’s Board of Directors, together with our independent financial advisor, has conducted a comprehensive review…
Argentina’s state energy company Enarsa has canceled another shipment of liquefied natural gas, according to a person familiar with the matter. That cancellation is due to low demand stemming from warmer-than-usual winter temperatures in the South American country, said the person, who asked not to be named because the information is private. TotalEnergies SE was the seller of the cargo, the person said. Enarsa did not immediately respond to requests for comment. TotalEnergies could not be reached for comment outside Paris business hours. Last month, Argentina rejected a cargo that was scheduled to be delivered by Swiss trading house Gunvor,…
Just a couple of years ago, TC Energy finally threw in the towel on its long-planned and delayed Keystone XL pipeline project, which would have substantially increased the flow of heavy crude oil from western Canada to refineries and the Gulf Coast export docks. It was a bitter loss. Since then, however, two more companies based north of the 49th parallel have assumed leading roles in the North American crude oil market or, more specifically, in crude oil exports. First, Enbridge acquired the No. 1 U.S. oil export terminal, now called the Enbridge Ingleside Energy Center (EIEC), and related assets…
The Biden administration is betting on technology that sucks planet-warming carbon dioxide from the air, selecting the first winners of a $3.5 billion fund dedicated to developing the machines that scientists say will be needed to stop the worst effects of climate change. The projects proposed by a subsidiary of Occidental Petroleum Corp. for Kleberg County, Texas, and for Climeworks AG, Battelle Memorial Institute, and Heirloom Carbon Technologies, Inc. for Calcasieu Parish, Louisiana, were selected for the first tranche of funding, up to $1.2 billion. , the Department of Energy said. The technology is “essentially a giant vacuum that can…
Coal’s share of CEZ Group’s electricity generation mix fell to 27 percent in the first half of 2023, hitting a record low, partly due to European Union emission prices, it said the Czech electricity company. CEZ’s contributions to the nuclear and renewable energy grid increased by 2% to 17.2 terawatt hours (tWh) from January-June 2022. Driving the increase was the higher generation of hydropower plants and the Dukovany nuclear power plant, the majority state-owned company said in earnings. Press release. “On the other hand, generation from coal and steam-gas sources with emissions fell 22 percent to 7.8 TWh due to…
The U.S. Energy Information Administration’s (EIA) latest gasoline and diesel update, released this week, revealed what consumers paid for a gallon of regular gasoline and diesel in the U.S. in June ‘this year. According to the update, which pegged the retail price of gasoline at $3.57 a gallon in June, 47 percent of that total went to crude oil costs, 24 percent went to costs of refining, 14 percent went to distribution and marketing costs and the remaining 14 percent. percent went to taxes. The update, which pegged the retail price of diesel at $3.80 a gallon, showed that the…
Vital Energy Inc. has reported net income of $294.811 million in the second quarter on revenue of $335.062 million and record production of 44,360 barrels of crude oil per day.. The Oklahoma state-owned company’s earnings after deductions represented an increase from $113.93 million in the prior three-month period and $262.546 million in the second quarter of 2022, according to filings with the Commission of the US Securities and Exchange Commission (SEC). The oil and gas producer, which operates in the Permian Basin, generated $248.888 billion in cash from operations in the second quarter of 2023. Despite achieving record output, Vital…