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In 2018, the United States consumed more energy than ever before

Primary energy consumption in the United States reached a record high of 101.3 quadrillion British thermal units (Btu) in 2018, up 4% from 2017 and 0.3% above the previous record set in 2007. The increase in 2018 was the largest increase in energy consumption, in both absolute and percentage terms, since 2010. Consumption of fossil fuels—petroleum, natural gas, and coal—grew by 4% in 2018 and accounted for 80% of U.S. total energy consumption. Natural gas consumption reached a record high, rising by 10% from 2017. This increase in natural gas, ...

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Russia’s Gazprom Neft sees global oil deal ending in mid-2019

Gazprom Neft , the oil arm of Russian gas giant Gazprom, expects the global oil deal between OPEC and its allies to end in the first half of the year, a company official said on Tuesday. Vadim Yakovlev, first deputy CEO of Gazprom Neft, said the global oil alliance should still remain in place, at least in the form of coordination between the world’s top global oil producers. “In our current-year forecasts, we assume the deal will be effective until the middle of the year. In that case, our oil ...

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World’s largest sovereign wealth fund to cut oil and gas investments

Norway’s $1tn (£760bn) sovereign wealth fund is continuing to distance itself from mostly investing in oil and gas investments in a bid to shake-off its heavy exposure on oil prices. The world’s largest sovereign wealth fund, known formally as the Government Pension Fund, said in a statement that “the oil industry will be an important and major industry in Norway for many years to come,” but “a permanent reduction in the oil price will have long-term implications for public finances.” The fund currently owns $37bn (£28.2bn) of shares in oil ...

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President’s Order To Speed Oil And Gas Infrastructure Permits A Winning Move

During his campaign and as president, Donald Trump promised to take bold action to support American energy supply. Now he’s delivering. Last week the president issued two new executive orders to aid permitting of much-needed oil and gas pipelines. With energy demand rising across the country, the administration’s move is critical to ensuring that additional oil and gas supplies continue creating jobs, spurring innovation, new tax revenue and economic growth. Why is pipeline permitting so critical? Consider, for example, that a 124-mile pipeline project from Pennsylvania to New York has ...

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Kuwait plans to boost northern crude output “Al-Ritqa” in August

The first phase of heavy crude oil production at a northern Kuwaiti oil field, known as south “Al-Ritqa” is expected to reach 11,000 barrels per day (bpd), in August, Kuwait Oil Company (KOC) said on Monday. The project aims to ratchet up heavy crude output to 430,000 bpd from 60,000 bpd through multiply phases by January, Fatama Al-Kanderi, who oversees project planning at KOC, said amid a panel discussion organized by the Kuwaiti oil ministry. Boosting heavy crude output in Kuwait’s northern Ratqa area is a major part of a ...

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Asia jet fuel cracks slip to 9-month low, traders expect further weakness

The front month May Singapore jet fuel/kerosene price against Brent — or the crack spread which measures the relative value of the product to crude oil — slumped to a 9-month low Monday on the back of weak market fundamentals. At the Asian close Monday, Asian jet fuel/kerosene against Brent was $11.81/b, down 50 cent/b and the lowest since July 16, 2018, S&P Global Platts data showed. Market participants attributed the slump to lackluster market fundamentals in the physical spot market. The Asian jet fuel/kerosene spot market remains fundamentally weak, ...

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Oil up 1 percent as market focuses on supply risks

Oil prices rose 1 percent on Tuesday, as fighting in Libya and falling Venezuelan and Iranian exports raised concerns over tightening global supply, but uncertainty surrounding an OPEC-led production cut limited gains. Brent crude futures rose 54 cents, or 0.8 percent, to settle at $71.72 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 65 cents, or 1 percent, to settle at $64.05 a barrel. Prices extended gains in post-settlement trade after data from industry group the American Petroleum Institute showed that U.S. crude inventories fell unexpectedly last week, ...

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Middle East Crude-Benchmarks hit fresh highs this month

Middle East crude benchmarks rose on Tuesday to fresh highs this month, while Brent’s premium to Dubai swaps fell for the first time in four sessions. DME Oman’s premium to Dubai swaps edged up 2 cents to $1.48 a barrel while cash Dubai’s premium to swaps rose 11 cents to $1.25 a barrel. Brent’s premium to Dubai swaps fell 43 cents to $1.86 a barrel after touching the highest since October on Monday. QATAR: Al-Shaheen crude loading in June has been sold prior to Qatar Petroleum’s tender at premiums of ...

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Shanghai crude oil futures close lower

Crude oil futures closed lower Tuesday at the Shanghai International Energy Exchange (INE). The most active crude oil contract for May delivery was down 8.2 yuan (1.2 U.S. dollars) to close at 465.6 yuan a barrel. On Tuesday, the total trading volume for 7 listed crude oil futures contracts on the exchange was 296,718 lots, with a turnover of 139.1 billion yuan. China launched the crude oil futures trading, which is open to overseas investment, on March 26 last year. Source: Xinhua

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Hedge funds’ oil positions start to look stretched: Kemp

Hedge fund managers continue to accumulate positions in crude and gasoline in the most sustained bull market since 2017 but the market is starting to look stretched and the balance of risks is shifting to the downside. Hedge funds and other portfolio managers have boosted their net long position in the six most important petroleum futures and options contracts by 503 million barrels over the last 13 weeks. Fund managers have added 294 million barrels of bullish long positions since Jan. 15 while trimming 215 million barrels of bearish short ...

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Alaskan oil developers face technical challenges to exploit new plays

As Alaska’s oil production declines, enormous attention is being paid to even the slightest hint of a find that could turn the state’s fortunes around. Much hope has been pinned on the development of the Nanushuk, a broadly-dispersed set of rocks along the Colville River that extends west into the National Petroleum Reserve-Alaska. Some companies have had success finding oil, with claims ranging from a conservative 500 million barrels to over 3 billion barrels of recoverable resources. But a recent dry hole in the Nanushuk has brought to light some ...

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Oil slips to $71, hit by talk of higher OPEC+ production

Brent oil slipped to around $71 a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute. [EIA/S] “We have already seen these inventories going higher in the last week’s print,” said Naeem Aslam, chief market analyst at TF Global Markets in ...

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Middle East leads the pack in 2018 FID bonanza

Last year marked a turning point for the upstream industry. In 2018, the number of project FIDs rose globally to pre-crisis levels. The Middle East was the focal point for much of this activity and was the site of 11 out of the 49 projects sanctioned globally. The region led the pack in both sanctioned capex and reserves, accounting for almost 40% of global volumes and 55% of capex. And of the projects sanctioned globally in 2018, the Middle East is home to 3 of the 4 biggest in terms ...

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U.S. shale output forecast to hit record 8.46 million bpd in May -EIA

U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day (bpd) in May to a record 8.46 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report. The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 42,000 bpd to a fresh peak of about 4.14 million bpd in May. In North Dakota’s Bakken region, shale production is estimated to rise by about 11,000 bpd to ...

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Russia’s oil export duty to rise to $104.6/T in May

Russia’s oil export duty CL-EXPDTY-RU is expected to rise to $104.6 per tonne in May from $97.4 per tonne in April following a rise in oil prices, the finance ministry said on Monday. The level of the duty is calculated by the finance ministry and is based on the monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices. The ministry made its calculations for the May export duty from prices recorded between March 15 and April 14. Export duty per tonne, in U.S. dollars: May April RICs Average price for ...

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