U.S. energy firms this week cut the number of oil and natural gas rigs operating for first time in three weeks, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 11 to 630 in the week to Sept. 22, the lowest since February 2022. Baker Hughes said that puts the total rig count down 134 rigs, or 18%, below this time last year. U.S. oil rigs fell by eight to 507 ...

Northwest European diesel barge refining margins eased to about $37.4 a barrel on Friday as buying activity slowed down, but a Russia ban on fuel exports limited further losses. Russian oil pipeline company Transneft has stopped export shipments of diesel fuel from the Primorsk and Novorossiysk ports, the TASS news agency cited the company as saying on Friday. Russia on Thursday temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, the government ...

Northwest European gasoline refining margins dipped to a two-week low at around $20 a barrel on Friday as exports to the United States remained subdued. Northwest Europe (NWE) gasoline exports in September are lagging well behind those shipped out a month ago due to poor transatlantic arbitrage economics, said LSEG analyst Raj Rajendran. Shipments bound for the United States diverted south to Latin America and the Caribbean, while those to West Africa are recovering after an even slower start, he added. NWE gasoline exports to the United States in September ...

Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Wholesale fuel prices in Russia had been steadily rising this year amid fuel shortages, reaching all-time highs. In response, Russia on Thursday temporarily banned exports of gasoline and diesel to all countries apart from four ex-Soviet states. Russia has ...

U.S. natural gas futures edged up about 1%on Friday on forecasts for warmer-than-normal weather in early October that should promptpower generators to burnmore gas to keep air conditioners humming. Prices were also up with exports to Mexico on track to hit a record high in September and as the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants rises as Cheniere Energy’s LNG.A Sabine Pass plant in Louisiana pulls in more fuel. Capping those gas price gains were expectations that Tropical Storm Ophelia willknock out power after ...

The last major piece of infrastructure needed to startproduction at Mexico’s first floating liquefied natural gas (LNG) plant is set to depart from a Texas shipyard next week, the U.S. Coast Guard said in a notice to shippers. LNG developer New Fortress Energy NFE.O is planning to begin production at the 1.4-million-tons-per-year floating plant off the coast of Altamira, Mexico, in the coming weeks. The company had in August said the first cargo from the project should depart in October. The first of three rigs that willcompose the floating LNG ...

The departure of BP CEO Bernard Looney is an unexpected disrupter for a company struggling to balance investment in oil and gas — demanded by shareholders and spurred by oil price rises — against pressures from society and governments to transition to low-carbon energy. It is still too early to assess the fallout from Looney’s shock Sept. 12 resignation, stemming from undisclosed personal relationships at the company, with an internal investigation still underway. Some may see the prospect of a “new broom” as an opportunity to accelerate change, perhaps in ...

Saudi Arabia stressed the importance of collective cooperation with OPEC+ for the stability of global oil markets, the kingdom’s foreign minister said on Saturday in his speech to the United Nations General Assembly. “The kingdom is keen on maintaining the stability, reliability, sustainability and security of oil markets,” Prince Faisal bin Farhan added. Source: Reuters (Reporting by Enas Alashray; Editing by Andrew Cawthorne)

Ukraine’s natural gas consumption is expected to fall below 20 billion cubic metres (bcm) this year from about 27 billion in 2021 before the full-scale war with Russia began, the CEO of the country’s biggest oil and gas company Naftogaz said on Friday. Oleksiy Chernyshov told Reuters he expected Ukrainian gas reserves to exceed 16 bcm at the start of the current heating season, enough to get the country through the upcoming winter. The heating season typically starts in mid- to late-October. “Overall Ukraine’s gas consumption, annual, is below 20 ...

Momentum behind low-emissions hydrogen continues to grow despite the slow roll-out of financial incentives and stubborn cost pressures that threaten to delay projects, a new IEA report says today. But production levels can still increase substantially by 2030 if all announced projects are realised and greater efforts are made on encouraging uptake. The number of announced projects for low emissions hydrogen continues to expand rapidly while more than 40 countries worldwide have set out national hydrogen strategies to date. Yet, installed capacity and volumes remain low as developers wait for ...

Asia’s naphtha refining profit margin more than doubled this week amid volatility in crude oil benchmarks and lower Russian supplies to the Singapore trading hub. The crack rose by $2.50 to $19.55 per metric ton over Brent crude on Friday and the first-half November naphtha price jumped by $10 to $720.50 a ton. The gasoline crack, on the other hand, posted a weekly loss of about 39% amid worries of lower demand as U.S. driving season ends. The crack plunged below $10 per barrel on Friday. There was negligible impact ...

The oil and gas CAPEX market is expected to witness significant growth owing to factors, including strong profitability due to a trend toward reducing project costs and optimizing portfolios, which has led to divesting of low-margin fields, as well as a greater emphasis on investments in higher-margin growth opportunities. Capital expenditure (CAPEX) refers to the funds utilized by a company/organization to acquire, upgrade, and maintain physical assets, such as property, plants, buildings, technology, or equipment. It is often used to undertake new projects or investments by a company. The global ...

Brazilian independent oil and natural gas producer Prio pumped first oil from the POL-Q well at the offshore Polvo field, boosting output from the mature heavy oil producer by about 15%, according to a regulatory filing. “Initial production was stabilized at approximately 1,000 b/d,” Prio said Sept. 20 after local markets closed. “The new well is producing from the field’s Eocene reservoir, where the POL-K and POL-L wells are already in production.” The POL-K and POL-L wells, which were drilled in 2020 and 2021, pumped about 2,500 b/d at startup. ...

Oil prices edged lower on Friday as a hawkish stance from the U.S. central bank spurred fears of slowing demand, outweighing supply concerns stemming from Russia’s fuel export ban. Brent futures were down 32 cents, or 0.4%, at $92.95 a barrel by 12:25 p.m. ET (1625 GMT). U.S. West Texas Intermediate crude (WTI) futures fell 23 cents, or 0.3%, to $89.41 a barrel. For the week, both benchmarks were set for a decline exceeding 1%. In the previous three weeks, they rose more than 10% on concerns about tight supply. ...

China’s natural gas demand this year is expected to grow by 8% from 2022, an analyst from state-owned oil major CNOOC’s research division said, a pace higher than analysts’ forecasts on the back of cooling gas prices and China’s economic recovery. Xie Xuguang, from CNOOC Gas and Power Group’s research centre, told a conference on Thursday that China’s total gas demand may reach396.4 billion cubic metres (bcm) this year. Imports of liquefied natural gas (LNG) are expected to reach 70.79 million metric tons this year, up 10.9% from last year, ...