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Reliable European demand fuels US natural gas boom

Rising demand from Europe has added to a US natural gas investment boom even as the industry struggles to overcome opposition to pipeline construction. Production of the fuel reached 3.1 trillion cubic feet for the month of October, according to the most recently available US data, an all-time high and up almost 50 percent from the level a decade ago. The industry has been in growth mode since the summer of 2021 when Russia began trimming shipments to Europe, according to Steven Miles, a fellow at Rice University’s Banker Institute ...

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The Commodities Feed: FOMC day

Energy – OPEC+ to meet The oil market had a choppy trading session over the last day of January. Brent initially came under pressure, although a broader risk-on move saw oil still manage to settle higher on the day. API numbers released overnight were relatively bearish. The numbers show that US crude oil inventories increased by 6.3MMbbls over the last week. In addition, crude inventories at the WTI delivery hub, Cushing, are reported to have increased by 2.7MMbbls and justify the contango that we are seeing at the front end ...

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Oil stable as market awaits Fed, OPEC decisions

Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index, which supported oil prices as a weaker greenback makes the commodity cheaper ...

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Russia’s invasion of Ukraine will reduce oil and gas consumption while speeding up transition to cleaner fuels, BP says

The Russian invasion of Ukraine will reduce demand for oil and natural gas and speed up the transition to cleaner products, according to oil giant BP. BP, in its annual energy outlook, said it’s now forecasting 2.3% less consumption for energy in 2035 than it did a year ago, as declines for natural gas, oil and coal will be partly offset by increases fornuclear and renewable energies. The invasion has led to heightened energy security concerrns. “The increased focus on energy security triggered by concerns about energy shortages and vulnerability ...

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OPEC oil output falls as Nigerian rebound falters -Reuters survey

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87 million barrels per day (bpd), the survey found, down 50,000 bpd from December. In September, OPEC output hit its highest since 2020. Output from OPEC and allies including Russia, known collectively as OPEC+, increased for most of 2022 as demand ...

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Gasoil margins extend losses on cautious sentiment

Asia’s 10 ppm sulphur gasoil margins extended losses for a second consecutive session, as cautious trading sentiment continue to weigh on discussion levels and market activity on Tuesday. This was following a drop in overnight heating oil futures in the U.S. and weaker margins in northwest Europe. Thin market liquidity however cushioned market weakness, with market participants noting more tenders in the market for jet fuel instead of 10 ppm sulphur gasoil. Economics for selling jet fuel are significantly better in comparison with gasoil, one northeast Asian refiner said. Refining ...

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Germany should consider strategic gas reserve – regulator

Germany should consider the idea of a national gas reserve, the head of the country’s network regulator said, after months of concern that a drop in Russian gas supplies could spark severe energy shortages in the country. “Apart from the Gas Storage Act, there is no strategic gas reserve in Germany,” the head of the Federal Network Agency, Klaus Mueller, told reporters in Duesseldorf late on Monday, referring to legislation that last year drove state-led gas purchases in global markets to avoid shortfalls. Source: Reuters (Reporting by Tom Kaeckenhoff, writing ...

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Dubai, Murban inch up; OPEC+ output plan awaits

Middle East crude benchmark Dubai and Murban edged higher in the last trading session in January, as the market awaits production plans from major oil producers. Ministers from OPEC+ countries – members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia – are due to hold a virtual meeting at 1100 GMT on Feb. 1. OSP SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 13 cents to $1.13 a barrel. Vitol will deliver two March-loading Upper Zakum to Mercuria following the trade. Source: Reuters

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Gasoline crack falls, naphtha rises

Asia’s gasoline refining profit margin declined on Tuesday amid demand concerns in the South Asian region. The crack slipped by around $2 to $12.90 a barrel over Brent crude. In physical markets, energy trader PTT sold 50,000 barrels of the benchmark grade gasoline at $97.40 per barrel on free-on-board basis, market participants said. Meanwhile, the naphtha crack rose by $1.50 to $62.63 a tonne over Brent crude on Tuesday. NEWS – Indonesian state energy company Pertamina is looking into developing a fuel product by mixing gasoline, methanol and ethanol, its ...

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Despite sanctions, Iran’s oil output rises 140,000 bpd in 2022: EIA

The U.S. Energy Information Administration (EIA) in a recent report has put Iran’s average oil production in 2022 at 2.54 million barrels per day (bpd), 140,000 bpd more than the previous year. Iran’s oil production in 2021 was about 2.4 million bpd. Based on the EIA report, dubbed “Short-term Energy Outlook”, the Islamic republic managed to produce 2.56 million bpd of crude oil on average in the last quarter of 2022. Iran’s oil output stood at 2.58 million bpd in the last month of 2022, according to EIA data. Accordingly, ...

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Texas trade group calls out bull case for US oil, gas despite bleaker forecasts

Amid declining forecasts for US oil and natural gas consumption, a different story is being told in the Texas shale patch, where oil and gas proponents are heralding record-high gas production and robust job creation as signs of the industry’s good health. The Texas Independent Producers and Royalty Owners Association, or TIPRO, on Jan. 30 released its annual State of Energy Report, which compiles estimations of employment trends in US oil and gas, as well as long-term forecasts for production. According to TIPRO, a trade group representing oil and gas ...

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US FERC pulls back from expanded environmental reviews for gas projects

In a change that could speed natural gas project review timelines, the US Federal Energy Regulatory Commission appears to be pulling back from a practice of conducting environmental impact statements for most projects that add capacity and have incremental greenhouse gas emissions. The potential shift comes as Democrat Willie Phillips settles in as acting chairman at FERC, following a period when the agency at times faced criticism for slowing project reviews from gas sector allies in the US Congress. In a sign it may be adjusting the approach, the commission ...

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Exxon smashes Western oil majors’ profits with $56 billion in 2022

Exxon Mobil Corp (XOM.N) posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies. Exxon’s ...

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Proved reserves of natural gas increased 32% in the United States during 2021

Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. U.S. proved reserves had previously decreased 4% in 2020 as a response to prices that fell with decreased consumption during the first year of the COVID-19 pandemic. At year-end 2021, however, five of the eight states with the most proved reserves of natural ...

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Crude oil price likely to test $100/bbl in 2023; go long around Rs 6800/bbl with upside target of Rs 7100/bbl

Oil prices could see better 2023 than 2022. We believe the price will sustain above $90 as money managers have increased their long position after Brent breached $80 on the back of expectation of increased oil demand from China and rest of the world. Both IEA and OPEC have issued in their report, that they expect crude oil demand to increase in 2023. Global oil demand will grow to 101.2 million barrels per day in the current year and will continue growing to hit 106 mb/d by 2030. Global oil ...

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