Home / Oil & Energy (page 5)

Oil & Energy

Russian refineries targeted by Ukraine’s drones

Rosneft’s Kuibyshev oil refinery in Russia’s city of Samara halted refining unit CDU-5, knocking out half of its capacity following a drone attack over the weekend, two industry sources told Reuters on Monday. Russian oil refining capacity that was shut down in the first quarter due to Ukrainian drone attacks on at least seven refineries amounts to about 4.6 million tons (370,500 barrels per day), or some 7% of the total, Reuters calculations show, on top of maintenance related to other reasons. What was targeted and what do Russian oil ...

Read More »

Middle East Crude-Benchmarks extend gains; Russian Sokol backlog clears

Middle East crude benchmark Dubai extended gains on Tuesday, supported by firm bids from PetroChina and Shell on the Platts window that led to the delivery of two morecargoes. Similarly, Oman and Murban also extended gains for a second straight session. RUSSIAN CRUDE The seventh and final tanker carrying Sokol oil and sanctioned by the United Stateswill arrive at China’s Tianjin port on Tuesday night to discharge its Russian oil cargo, LSEG and Kpler shipping data showed, clearing a backlog of the crude stored on ships. The six other sanctioned ...

Read More »

EUROPE GAS-Prices ease on higher Norwegian supply, milder outlook

Dutch and British wholesale gas prices edged down on Tuesday morning as Norwegian supply ramped up to continental Europe and due to milder weather forecasts for the first week of April. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub edged up by 0.03 euro to 28.0 euros per megawatt hour (MWh) by 1008 GMT, while the May contract TRNLTTFMc2 was 0.40 euro lower at 27.95 euros/MWh, LSEG data showed. In Britain, the front-month contract TRGBNBPMc1 was 0.70 pence lower at 71.90 pence/therm and the May contract TRGBNBPMK4 fell ...

Read More »

Can carbon offsets deliver for oil and gas companies?

A slower energy transition poses a conundrum for oil and gas companies. Stronger fossil fuel demand is positive for balance sheets but magnifies the challenge of emissions reduction. With companies across all sectors struggling to neutralise hard-to-abate emissions, carbon offsets offer an additional string to the decarbonisation bow. Many oil and gas companies will depend on offsets to achieve net zero, and the industry is already buying offsets and increasingly developing offset projects, acquiring offset companies and establishing partnerships with offset project developers. But the sector faces numerous challenges. The ...

Read More »

Improving arbitrage to Asia sparks higher Med LNG prices

Improving arbitrage opportunities to Asia have pushed up LNG prices in the Mediterranean with buyers in the East of the region looking to attract additional cargoes while West Med players seek to redirect cargoes to Asia. Although cyclone disruptions in Australia, as well as unplanned maintenance in Norway and lower LNG deliveries to Europe have heightened market sentiment, leading to volatile flat prices, the market remains fundamentally weak with supply outpacing demand, analysts said. The widening arbitrage to Asia saw some new opportunities open up in the week started March ...

Read More »

US gas producers shrug off low prices, bet on LNG boom

Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand – and prices – for the fuel. Natural gas prices have fallen by one-third this year, undercut by a warmer winter, outages at LNG facilities and higher-than-expected output. The growth in solar and wind power and a pause on new U.S. LNG export permit reviews also have clouded the outlook for future gas demand. “Domestic U.S. markets are oversupplied,” said Chad Zamarin, a ...

Read More »

Evolving blockchain technology can transform diverse oil and gas applications, says GlobalData

Blockchain is emerging as a technology that demands attention within the oil and gas sector. It presents novel approaches to service contracts, review pricing, and support the entirety of the transaction life cycle. It thus promises potential cost reductions and enhanced process efficiencies. Moreover, the advantages of blockchain in the oil and gas industry manifest through enhanced transparency, compliance, and data security, says GlobalData, a leading data and analytics company. GlobalData’s thematic report, “Blockchain in Oil and Gas,” provides an overview of the blockchain technology and its potential implications in ...

Read More »

Oil little changed as markets weigh Russian supply woes

Oil was little changed on Tuesday after rising in the previous session as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks while a slightly weaker U.S. dollar offered some support. Brent crude futures for May slipped 12 cents to $86.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 8 cents to $81.87 a barrel at 1005 GMT. Brent rose 1.5% in Monday’s session while WTI gained 1.6% higher after Russia’s government ordered companies to cut output in the ...

Read More »

The Commodities Feed: US inflation data in focus

Energy – European natural gas trades strong Crude oil prices have been trading flat this morning after recovering back to $86.75/bbl yesterday amid ongoing supply concerns. The Joint Ministerial Monitoring Committee of OPEC+ will be meeting next week, and the committee is unlikely to recommend any changes to the current production cuts agreement until the end of second quarter of this year. Meanwhile, uncertainty over Venezuelan supply lingers as the current sanction relief comes to an end in April 2024, and the US is yet to decide on further relief. ...

Read More »

Oil market saw frenzy of hedge fund buying

Investors have purchased oil at the fastest rate for more than four years, amid optimism that Saudi Arabia and its OPEC+ allies will continue to restrict production while an improving economic outlook boosts consumption. Ukraine’s drone attacks on oil refineries and export terminals in Russia, which threaten to disrupt production and exports of both crude and fuels, have turbocharged the shift in sentiment to more bullishness. Over the seven days ending on March 19, hedge funds and other money managers purchased the equivalent of 140 million barrels in the six ...

Read More »

December natural gas price in Southern California was the lowest since 2015

Natural gas prices at SoCal Citygate, the major price hub in Southern California, averaged $3.61 per million British thermal units (MMBtu) in December 2023—the lowest December price since 2015 when adjusted for inflation—according to data from Natural Gas Intelligence. The main drivers for the low price this past December were: Annually, natural gas consumption typically peaks in California during December. The unusually high natural gas prices at the end of 2022 were partially due to weather-related demand. November 2022 was the coldest November in California since 2000. California experienced 399 ...

Read More »

Europe, Africa oil markets weaken on refining maintenance, extra supply

Crude oil physical markets in Europe and Africa have weakened in response to peak refinery maintenance and extra supply from the United States and Saudi Arabia, dampening the impact of Red Sea shipping delays, according to traders, flows data and analysts. These factors, to some extent, mitigate the effect that rising crude prices will have on energy costs. A jump in energy costs could threaten to unwind some of the recent falls in global inflation just as central banks are expected to begin cutting interest rates. The outright Brent futures ...

Read More »

Oil traders expect stocks to fall significantly after OPEC extends cuts

Global petroleum inventories are only slightly below the long-term seasonal average but futures prices have already moved into a steep backwardation as traders anticipate they will deplete further over the rest of 2024. OECD commercial inventories of crude oil and refined products are estimated to have been around 75 million barrels (-3% or -0.48 standard deviations) below the prior ten-year seasonal average at the end of February. The U.S. Energy Information Administration’s “Short-Term Energy Outlook” shows the deficit has changed very little since March 2023 despite some fairly significant swings ...

Read More »

US natgas prices ease 1% to one-week low on mild forecasts

U.S. natural gas futures eased about 1% to a one-week closing lowon Fridayon forecasts for milder weather over the next two weeks than previously expected, ample gas in storage and expectations gas flows to liquefied natural gas (LNG) export plants would remain low through May due to outages at Freeport LNG’s plant in Texas. Freeport LNG anticipated two of the three liquefaction trains at itsexport plant will remain out of service for testing and repairs through May. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange ...

Read More »

Exxon ahead of schedule on doubling LNG portfolio, exec says

Exxon Mobil XOM.N is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, the company’s LNG chief said on Thursday. Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. The oil major is relatively small in LNG trading compared to TotalEnergies TTEF.PA ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping