TTF (Title Transfer Facility) natural gas prices have collapsed since the third quarter of 2022. That’s what BofA Global Research analysts said in a report sent to Rigzone on July 6, adding that volatility has soared “with prices doubling and then falling 30 percent in June “. “From their peak in 2H22, global gas prices fell significantly, with warm winter weather and soft demand helping to push TTF prices from a high of EUR340/MWh in late August from 2022 to a low of EUR 23/MWh at the beginning of June, the lowest levels since the beginning of 2021,” the analysts…
Author: Automotivedealernews.com
The US Department of Energy (DOE) has awarded $207.6 million in the third rollout of an outage prevention grant, bringing total awards to nearly $350 million. Nine states and three tribal nations have been chosen for the third batch of Grid Resilience State and Tribal Formula Grants, a five-year, $2.3 billion program to protect the grid from natural disasters such as storms and wildfires. The Metlakatla Indian Community of the Annette Island Reserve has secured the largest share of the latest round with $113 million, to invest in distributor Metlakatla Power & Light. “The tribe will prioritize workforce development and…
BP Plc is investing in a California-based startup that will use uneaten food and other waste to make low-emissions fuel. The oil giant is investing $10 million in WasteFuel, which turns municipal and agricultural waste into sustainable energy, including biomethanol for shipping. “BP is taking action to produce more biofuels, aiming to deliver around 100,000 barrels per day by 2030, to help decarbonise transport,” said Philipp Schoelzel, the company’s vice president of next-generation biofuels. The shipping industry transports more than 80% of world trade and is responsible for almost 3% of human-caused CO2 emissions. High-level talks are currently underway at…
When the calendar changed from June to July, it did more than close the book on the first half of 2023, it also allowed some pipelines regulated by the Federal Energy Regulatory Commission (FERC) to raise their rates by more than 13%. Yes, you read that correctly. This is the largest increase in the index rate since FERC began its current methodology in 1992 and follows last year’s nearly 9% increase. In today’s RBN blog, we look at what’s happening with index rates at FERC and what it means for producers and shippers. Let’s start with some background. As we…
Aker BP has cleared the final regulatory hurdle for two projects that would add around 930 million barrels of oil equivalent (MMboe) of reserves to its North Sea assets. The Ministry of Petroleum and Energy has approved development plans for the Yggdrasil area, the volume of reserves of which has increased to more than 700 million boe with a new discovery, and the extension project of the Valhall field, which has about 230 million boe, according to Aker BP last week. “These developments are incredibly important for Norway. We will celebrate together with politicians, trade unions, other national stakeholders, our…
Oil settled a penny higher after a choppy session in which mixed signals, including a rally in Saudi crude prices and broader risk-off sentiment, pushed traders in opposite directions. Saudi Arabia on Thursday raised the official selling prices of its flagship Arab Light in all regions, a sign that it is confident in market demand. The decision has caused spreads to tighten quickly on expectations that buyers will redirect to the Atlantic basin and tighten the Brent and US crude markets. “I think Saudi Arabia realizes that there is a mismatch between different crude grades due to production cuts and…
Saudi Arabia issued big price increases for its crude in Europe and the Mediterranean, while unexpectedly raising the cost of barrels in Asia, a move that risks choking demand for the kingdom’s barrels. State-owned Saudi Aramco raised prices for all grades in the US, northwest Europe and the Mediterranean compared with July, according to a price list seen by Bloomberg. It also raised its Arab Light prices in the key demand region of Asia, contrary to expectations in a Bloomberg survey. Official selling prices in Europe rose by 80 cents a barrel, far outstripping increases in the US and Asia.…
Texas’ oil and gas sector is prepared for hurricane season, the Texas Oil and Gas Association (TXOGA) has said. “As hurricane season begins, Texas’ oil and natural gas industry is taking proactive steps to ensure safe operations and minimize disruptions,” TXOGA said in a statement posted on its page yesterday from Twitter. As hurricane season begins, Texas’ oil and natural gas industry is taking proactive steps to ensure safe operations and minimize disruption. #HurricaneReady pic.twitter.com/J6fa0noX77— Texas Oil & Gas Association (@TXOGA) July 5, 2023 In a dedicated hurricane section of its website, TXOGA states that its companies and employees…
For oil bulls, one of the biggest price caps this year is turning into a tailwind. Oil’s 10% fall so far in 2023 confounded analysts’ and traders’ expectations of triple-digit prices as China reopened businesses after anti-Covid 19 measures. Instead, one of the most aggressive rate tightening cycles by central banks in decades has created a perceived drag on demand, while encouraging traders to sell stored oil. This increased short-term supply in the market at a time when Russian and Iranian oil exports also increased. But now, with the help of OPEC+ cuts and the same high borrowing costs, stocks…
Brent prices would probably already be well above the stubborn $74-$76 per barrel if not for a typically high degree of speculative shorting. That’s what Standard Chartered analysts said in a market report sent to Rigzone at the end of July 4, adding that the latest positioning data from the Commodities Futures Trading Commission and Intercontinental Exchange show that speculative shorts in the four The main Brent and WTI contracts rose by 45.029 million barrels to a 33-month high of 273.682 million barrels in the week to June 26. “The net money manager fell 65.647 million barrels week-over-week to a…