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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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Colombia’s gas demand set to climb as government removes gasoline subsidies

Thousands of Colombian car owners are converting their vehicles to natural gas as the nation’s first left-wing government strips away gasoline subsidies that had been in place for decades while providing tax breaks for cars that run on natural gas. As more people in Colombia seek less-expensive fuel alternatives, demand for fuels derived from natural gas is expected to climb by 8% a year until 2030, said Luz Stella Murgas, president of Naturgas, an association funded by the nation’s main gas producers and distributors. Statistics that Naturgas compiled show that ...

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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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Asian spot LNG prices inch up on emerging Chinese demand

Asian spot liquefied natural gas (LNG) prices inched up on Friday after remaining flat this week, amid concerns over some cargo delays due to bad weather in Australia and as Asian buyers embraced the low prices. The average LNG price for April delivery into north-east Asia LNG-AS, which expires on Friday, remained unchanged from last week at $8.60 per million British thermal units (mmBtu), a level last seen in late April 2021, industry sources estimated. However, the price for May delivery jumped to $9/mmBtu, the sources added. “Market players continue ...

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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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Ukrainian drones attack Russian oil refinery in Kaluga region – source

Ukraine attacked a small oil refinery in Russia’s Kaluga region with drones early on Friday, causing damage in an operation that was conducted by the GUR military spy agency, a Ukrainian intelligence source told Reuters. Kyiv has conducteda string of drone attacks on major Russian oil facilities in the last week, trying to target the lifeblood of the Russian economy more than two years after Moscow launched itsfull-scale invasion of Ukraine. The privately-owned Kaluga refinery, located some 65 kilometres (40 miles) from the outskirts of Moscow, is not one of ...

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Prices edge up on lower wind, LNG concerns

Dutch and British wholesale prompt gas prices edged up on Friday morning as Norwegian supply was stable but wind generation was expected to remain low over the coming week and concerns about liquefied natural gas (LNG) supply remain. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub inched up by 0.10 euros to 26.40 euros per megawatt hour (MWh) by 1013 GMT, while the June contract TRNLTTFMc3 was 1.25 euro higher at 26.20 euros/MWh, LSEG data showed. In Britain, the contract for working days next week TRGBNBPWDNW rose by ...

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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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Asia Naphtha/Gasoline-Naphtha crack falls below $100/t on poor demand

Asia’s naphtha refining profit margin extended losses on Friday as persistently high prices of the product dented demand sentiment, while steam crackers continued to prefer cheaper alternative feedstock propane, market players said. The crack fell by about $4 to $98.43 per metric ton over Brent crude in a steady backwardation of $16 per ton. At the deals window, there were no trades for both naphtha and gasoline, market participants said. Meanwhile, gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were steady at 1.23 million ...

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Three key takeaways from our Europe gas markets short-term outlook Q1 2024

European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set to stay that way? Our latest quarterly Europe gas markets short-term outlook takes a deep dive into European gas demand, supply and pricing in 2024 and beyond. Fill in the form to download an extract from the full report, or read on for three key takeaways. 1. Demand should recover slightly in 2024 under normal weather Warm temperatures and low electricity demand meant European gas demand ...

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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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Softer spot LNG prices see demand gain, contrast with contract pain

Lower spot prices for liquefied natural gas (LNG) in Asia have yet to drive a significant boost in demand for the super-chilled fuel, although there is an increase in appetite from price-sensitive buyers such as India and China. Asia’s imports of LNG are estimated at 22.59 million metric tons for March by commodity analysts Kpler, slightly below the 22.69 million recorded for February. Given the seasonality of LNG demand, which peaks in the northern winter and summer, it’s worth looking at the year-earlier months, and here the story is of ...

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