Oil news

European Officials Discuss Plans to Keep Russia-Ukraine Gas Pipeline Operational

Oil news - Wed, 06/12/2024 - 21:00
It is somewhat surprising (but also not surprising given energy scarcity fears) that after two-and-a-half years of war, hundreds of thousands of lives tragically lost, and brutal grinding warfare which has also killed many civilians on both sides... that the oldest and biggest economic link between Russia and Europe is still in place: the transit of Russian gas through Ukrainian territory. A five-year agreement which is set to expire by the end of 2024 has remained uninterrupted, though the share of Russia’s pipeline gas in EU imports has…
Categories: Oil news

The New Trucking Trend Transforming Chinese Oil Demand

Oil news - Wed, 06/12/2024 - 20:00
Passenger electric vehicles are not the only alternative in the transportation sector that are poised to displace part of China’s oil demand. LNG-fueled heavy-duty vehicles are also set to limit diesel use for transport, especially now that LNG is cheaper than diesel.  Chinese sales of LNG trucks have been booming in recent months, as global and Asian LNG prices are much lower than the record highs seen at the peak of the energy crisis in the summer of 2022.  A surge in LNG trucking is set to eat into Chinese oil demand for transportation…
Categories: Oil news

U.S. LNG Shipped to Asia Is Still Cleaner Than Coal

Oil news - Wed, 06/12/2024 - 19:00
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipped over long distances, according to new research from Rystad Energy. Natural gas that is produced and liquified in the US and shipped to Asia on return journeys of about 23,000 miles could emit up to 50% less than even the cleanest coal power plants. However, there are significant variations between US LNG sources, coal sources and types, and power plants, as well as uncertainties regarding methane emissions…
Categories: Oil news

Citi Says Oil Could Crash to Sub-$60 Level

Oil news - Wed, 06/12/2024 - 18:30
Citi analysts have painted a bleak picture for the oil market, forecasting a significant price drop by 2025. According to their latest note, they anticipate a decline to $60 per barrel for Brent crude, marking a decrease of over 20% compared to current market expectations. The report suggests that while short-term volatility may lead to some upside risks, the long-term trend is bearish. The expected surplus in the global oil market by 2025, despite efforts by OPEC+ to curtail production, is cited as the main reason behind the pessimistic outlook.…
Categories: Oil news

Citi Says Oil Could Crash to Sub-$60 Level

Oil news - Wed, 06/12/2024 - 18:30
Citi analysts have painted a bleak picture for the oil market, forecasting a significant price drop by 2025. According to their latest note, they anticipate a decline to $60 per barrel for Brent crude, marking a decrease of over 20% compared to current market expectations. The report suggests that while short-term volatility may lead to some upside risks, the long-term trend is bearish. The expected surplus in the global oil market by 2025, despite efforts by OPEC+ to curtail production, is cited as the main reason behind the pessimistic outlook.…
Categories: Oil news

Citi Says Oil Could Crash to Sub-$60 Level

Oil news - Wed, 06/12/2024 - 18:30
Citi analysts have painted a bleak picture for the oil market, forecasting a significant price drop by 2025. According to their latest note, they anticipate a decline to $60 per barrel for Brent crude, marking a decrease of over 20% compared to current market expectations. The report suggests that while short-term volatility may lead to some upside risks, the long-term trend is bearish. The expected surplus in the global oil market by 2025, despite efforts by OPEC+ to curtail production, is cited as the main reason behind the pessimistic outlook.…
Categories: Oil news

Oil Drops on Inventory Build

Oil news - Wed, 06/12/2024 - 17:38
Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 3.7 million barrels for the week to June 7. The change compared with a weekly build of 1.2 million barrels for the previous week that was also accompanied by builds in fuel inventories, pressuring benchmarks. Last week, the EIA estimated more builds in gasoline and middle distillate inventories. In gasoline, the authority reported an inventory build of 2.6 million barrels for the seven days to June…
Categories: Oil news

ADNOC Moves Ahead With Huge LNG Export Project in UAE

Oil news - Wed, 06/12/2024 - 17:30
Abu Dhabi’s national oil company ADNOC has taken the final investment decision to move forward with the Ruwais LNG project, which will more than double the existing LNG production capacity in the United Arab Emirates. ADNOC took on Wednesday the FID for the Ruwais LNG project, which will consist of two 4.8 million metric tons per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. This would more than double ADNOC’s existing UAE LNG production capacity to around 15 mmtpa, as the company builds its international…
Categories: Oil news

ADNOC Moves Ahead With Huge LNG Export Project in UAE

Oil news - Wed, 06/12/2024 - 17:30
Abu Dhabi’s national oil company ADNOC has taken the final investment decision to move forward with the Ruwais LNG project, which will more than double the existing LNG production capacity in the United Arab Emirates. ADNOC took on Wednesday the FID for the Ruwais LNG project, which will consist of two 4.8 million metric tons per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. This would more than double ADNOC’s existing UAE LNG production capacity to around 15 mmtpa, as the company builds its international…
Categories: Oil news

Chinese EV Stocks Tank on Tariff Drama

Oil news - Wed, 06/12/2024 - 17:00
Last week, the CEO of BYD Company Ltd (OTCBB: BYDDY) Wang Chuanfu scoffed at Western nations adopting a protectionist stance against China's clean energy sector, suggesting they are “afraid” of Chinese EVs,  “If you are not strong enough, they will not be afraid of you,” he declared. Well, it’s probably China’s turn to be afraid. Stocks of leading electric vehicle manufacturers are selling off after Turkey imposed 40% tariffs on EV imports from the Middle Kingdom. NIO Inc. (NYSE:NIO)…
Categories: Oil news

IEA Sees Massive Oil Supply Glut at the End of This Decade

Oil news - Wed, 06/12/2024 - 16:30
Oil demand growth is set to slow in the coming years and global demand will peak in 2029, while rising production will lead to a major glut this decade, the International Energy Agency (IEA) said in its new medium-term oil outlook on Wednesday.   The clean energy transition and the “stellar growth” in global EV sales are expected to lead to slowing oil demand growth with worldwide consumption set to peak in 2029 and begin falling the following year, according to the IEA’s report Oil 2024, the agency’s…
Categories: Oil news

Europe’s Natural Gas Prices Jump on Uncertainty Over Russian Supply

Oil news - Wed, 06/12/2024 - 14:46
Europe’s benchmark natural gas prices jumped by 3% on Wednesday morning after German energy giant Uniper terminated its Russian gas supply contracts, leaving the market concerned about the remaining flows of gas from Russia to Europe. Uniper said today it had decided to terminate its long-term Russian gas supply contracts and thus legally ended the long-term gas supply relationship with the Russian state-owned company Gazprom Export.   The decision was made possible after an arbitration tribunal last week awarded Uniper the…
Categories: Oil news

Is OPEC Too Bullish On China's Oil Demand?

Oil news - Wed, 06/12/2024 - 03:00
Chinese crude oil imports over the first five months of the year were down by 130,000 bpd from a year earlier. In any other country, this would have been business as usual. In China, it may spell doom for prices. The world’s biggest importer of crude is the logical focus of all demand projections and, consequently, price projections. Whatever their differences, the IEA and OPEC invariably point to China in their oil market reports as the driver of demand—and prices. This year, however, China may turn into a driver of pessimism…
Categories: Oil news

U.S. to Benefit From Improving India-UAE Relations

Oil news - Wed, 06/12/2024 - 02:00
The 13 August 2020 U.S.-brokered relationship normalisation deal between Israel and the United Arab Emirates (U.A.E.) underlined how important the Emirate was to Washington at that point, both as a key Middle Eastern ally, and by extension as critical link in its plans to use India as a counterbalance to China’s dominance in the Asia-Pacific region. Following the U.S.’s withdrawal from several major Middle Eastern positions after that, including further military drawdowns from Syria, its pullout from Afghanistan in May 2021, and its…
Categories: Oil news

Saudi Aramco Needs To Balance Investor Needs Against Oil Prices

Oil news - Wed, 06/12/2024 - 01:00
Saudi Arabia’s oil giant Aramco looks caught between a rock and a hard place. It seeks to win over new investors, especially foreign ones, while at the same time – as the world’s top crude oil exporter and the biggest OPEC producer – not allowing oil prices to crash. Aramco has just priced its secondary share offering at the lower end of the previously set range, in a sign that it is now focused on winning over international investors.   But as the most influential member of OPEC, Saudi Arabia – which controls…
Categories: Oil news

What Does ConocoPhillips’ Marathon Acquisition Mean for the Permian?

Oil news - Wed, 06/12/2024 - 00:00
ConocoPhillips announced plans to acquire Marathon Oil Corporation through an all-stock transaction valued at $22.5 billion, including $5.4 billion in net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon Oil common stock, reflecting a 14.7% premium over Marathon’s closing share price on May 28, 2024, and a 16.0% premium to the 10-day volume-weighted average price. The deal, subject to Marathon Oil shareholder approval, regulatory clearance, and customary closing conditions,…
Categories: Oil news

Inventories of U.S. Crude Oil & Products Slip

Oil news - Tue, 06/11/2024 - 23:52
Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7, according to The American Petroleum Institute (API), after analysts had forecast a 1.75 million barrel draw. For the week prior, the API reported a surprise 4.052 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.3 million barrels as of June 7. Inventories are now at 370.5 million barrels—the highest level since…
Categories: Oil news

Inventories of U.S. Crude Oil & Products Slip

Oil news - Tue, 06/11/2024 - 23:52
Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7, according to The American Petroleum Institute (API), after analysts had forecast a 1.75 million barrel draw. For the week prior, the API reported a surprise 4.052 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.3 million barrels as of June 7. Inventories are now at 370.5 million barrels—the highest level since…
Categories: Oil news

What’s Next for the EU?

Oil news - Tue, 06/11/2024 - 23:00
Despite all the headlines about the surge of the populist right, the main takeaway from the European Parliament elections is that the three biggest political groups in the chamber are unchanged. After EU citizens went to vote across the 27 EU member states between June 6 and 9, the center-right European People's Party (EPP) came in first -- as they have done in every European parliamentary election since 1999 -- with a projected 185 lawmakers in the 720-seat chamber. (The results are still provisional and being updated throughout the day. For the…
Categories: Oil news

Trade War Concerns Loom Over US and UK Elections

Oil news - Tue, 06/11/2024 - 22:00
Via Metal Miner 2024 will be a year of big elections, particularly for the United Kingdom and the United States. Amid what many experts consider to be an escalating trade war, citizens in both countries can’t help but wonder what lies in store for UK and US trade. On July 4, the UK electorate will go to the polls to vote in a national election. As in the United States, two parties will largely dominate the choice. The UK has a small Green party and a left-of-center Liberal/Democratic party, both of which perform well in local municipal elections…
Categories: Oil news

Pages