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Winter freeze causes steep fall in North Dakota oil, gas production: DMR

North Dakota’s oil and gas production both fell by double-digit percentages in January on the month, according to the latest preliminary state figures from the North Dakota Department of Mineral Resources released March 14. NDPA’s oil production figures show a 13.5% drop to 1.102 million b/d, while natural gas output decreased 15% to 3.00 Bcf/d, Lynn Helms, oil and gas director for the DMR, said during the state’s monthly production webinar. “Winter can really bite here in North Dakota,” Helms said. “All of that [decrease in January] was due to ...

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Exxon Mobil CEO says not trying to acquire Hess

Exxon Mobil CEO Darren Woods on Monday said his company is trying to secure preemption rights over Hess Corp (NYSE:HES)’s Guyana assets in its dispute with Chevron (NYSE:CVX), not buy the company itself. In his first public remarks on the company’s pursuit of an arbitration case that could block Chevron’s $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess. “We’re basically standing up for what we believe is a fundamental right,” Woods told ...

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Oil prices inch higher amid attacks on Russian energy facilities

Oil prices climbed about 1% to a four-month high on Monday on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent futures were up 88 cents, or 1.0%, to $86.22 a barrel by 11:28 a.m. EDT (1528 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.3%, to $82.05. That put both benchmarks on track for their highest closes since Nov. 2 and pushed both into technically overbought territory. In other energy markets, U.S. gasoline ...

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Morgan Stanley expects Brent to climb to $90/bbl by summer 2024

Morgan Stanley raised its Brent oil price forecasts by $10 per barrel to $90 for the third-quarter of 2024, citing tighter supply and demand balances on OPEC+ commitment and Russia’s oil production curtailments after recent drone attacks on its refineries. Morgan Stanley lowered its supply forecast for OPEC and Russia by 0.2-0.3 million barrel per day (bpd) for 2Q/3Q as it sees a modest deficit in second quarter, increasing to a larger deficit in the third quarter. The bank also hiked its first-quarter Brent price outlook to $85 per barrel ...

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Oil mergers, clean fuels vie for attention at Houston energy conference

Top oil executives and ministers descend on Houston this week for one of the world’s biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scalemove to clean fuels. Global oil prices LCOc1 have remained in a range between $75 and $85 per barrel, a level fueling profits but not hurting economic growth, despite war in Eastern Europe and turmoil in the Middle East. Stock markets continue to spur deals, making Big Oil even bigger. The annual CERAWeek conference comes as demand for oil ...

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Oil prices dip, but set for weekly gain of over 3%

Oil prices dipped on Friday, a day after topping $85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from U.S. refiners completing planned overhauls. Brent crude oil futures slid 9 cents or 0.11% to $85.33 a barrel at 12:16 p.m. CDT (1716 GMT). U.S. West Texas Intermediate (WTI) crude was down 17 cents or 0.21% to $81.09. “Supplies are tightening” for motor fuels, said Phil Flynn, analyst at Price Futures Group. “Prices are at ...

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US export credit agency approves support for Bahrain oil project

The U.S. export credit agency on Thursday voted to approve a $500 million loan guarantee for an oil and gas drilling project in Bahrain, testing a U.S. climate pledge to stop backing projects that expand the use of fossil fuels. The board of directors at the Export-Import Bank of the United States (EXIM) approved the project after voting last month to notify Congress about potentially supporting the expansion of an oil and gas field in the Middle Eastern country with over 400 new oil wells and 30 gas wells. While ...

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Four countries could account for most near-term petroleum liquids supply growth

In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million b/d in 2024 and 2.0 million b/d in 2025. This growth will be driven primarily by rising crude oil production from four countries in the Americas—the United States, Guyana, Canada, and Brazil—which would partially offset near-term voluntary production cuts in ...

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Qatar raises May term price for al-Shaheen crude – sources

QatarEnergy raised slightly the May term price for al-Shaheen crude after selling two cargoes via its monthly tender, trade sources said on Friday. The term price for May-loading cargoes was set at $1.47 a barrel above Dubai quotes, up from $1.40 in the previous month, they said. In the tender, one of the May-loading cargoes was sold to Petronas at $1.50-$1.60 a barrel above Dubai quotes while the other went to Unipec at a premium of $1.20-$1.30 a barrel, traders said. Last month, QatarEnergy sold April-loading cargoes to Shell and ...

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Middle East Crude-Benchmarks nudge higher on firm demand

Middle East crude benchmarks Dubai and Oman edged up on Friday, ending the week on a firm note following robust sales of sour grades. Asian refiners snapped up spot cargoes this week as they prepare to ramp up operations in June after maintenance to meet peak summer demand. May-loading Upper Zakum crude cargoes have been sold at premiums of $1.40-$1.50 a barrel to Dubai quotes, traders said. Light sour grades have also been traded. One source said Murban and Umm Lulu traded at premiums of about $2 a barrel, while ...

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IEA sees economic headwinds putting damper on demand growth

The settling down of post-pandemic turbulence and a cloudy economic outlook will rein in demand growth this year, the International Energy Agency said on Thursday, even as shipping disruptions provide a short-term boost. “(Growth) reverts towards its historical trend after the extreme volatility of the pandemic years,” the Paris-based agency said in its monthly oil report. “The global economic slowdown acts as an additional headwind to oil use, as do improving vehicle efficiencies and expanding electric vehicle fleets.” The IEA sees growth this year at 1.3 million barrels per day ...

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Oil giant Shell waters down its near-term emission cuts in strategy update

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net carbon intensity on the third-party use of products it sells by 15% to 20% by 2030, compared with a previous target of 20%. Shell said it had also dropped its goal of a 45% reduction by 2035, citing “uncertainty ...

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US pump prices set to jump as refinery outages nip supply, analysts say

U.S. motorists are likely to see gasoline prices turn sharply higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal jump indemand, analysts said. The national average price for a gallon of gasoline has increased more than 9% from the start of the year to hover around $3.40 since March 8, the highest since early November, according to data from the motorist group AAA. Higher gasoline bills lifted consumer prices solidly last month, adding tostickiness in U.S. inflation. That is set to be a ...

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The Commodities Feed: IEA sees tighter oil market

Energy: Oil rises on the IEA’s oil supply deficit forecasts ICE Brent surged above US$85/bbl while NYMEX WTI rose over US$81/bbl yesterday for the first time this year, as the IEA flipped its supply surplus estimates to a deficit in 2024 assuming that OPEC+ continues to trim output over the second half of the year. Meanwhile, continued tensions between Russia and Ukraine also added to the risk premium for oil. In its latest monthly oil market report, the IEA made some upward revisions to its demand growth forecasts while lowering ...

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Oil prices set to end week over 3% higher

Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecasts and an unexpected decline in U.S. stockpiles. Brent crude oil futures were down 59 cents or 0.6% to $84.83 a barrel at 1020 GMT, after topping $85 a barrel for the first time since November on Thursday. U.S. West Texas Intermediate (WTI) crude were down 56 cents or 0.6% to $80.70. “Crude futures were staging a mild retreat from fresh four-month ...

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