Daily News

To boost confidence in oil cut, OPEC issues quota list

OPEC on Friday published a list of oil production cuts by its members and other major producers for the six months to June, an effort to boost confidence in the move designed to avoid a supply glut in 2019. In a statement, an OPEC and non-OPEC ministerial panel also called on participating members of the […]

Oil climbs 1 percent as OPEC output drop eases concerns about glut

Brent crude LCOc1 was up 82 cents, or 1.3 percent, at $62 a barrel at 1200 GMT. Brent has risen more than 2 percent this week, its third straight week of gains. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 78 cents, or 1.5 percent, at $52.85 per barrel. The Organization of the […]

IEA doubts Russia’s commitment to OPEC accord

The Paris-based International Energy Agency on Friday cast doubt on whether Russia would meet its agreement with OPEC to cut crude oil output to support prices, while Russia’s Energy Minister Alexander Novak said it is impossible for his country to quickly cut production. “Data show that Russia increased crude oil production in December to a new record […]

GLOBAL LNG-Asian prices slip, but plant outages limit losses

Asian spot prices for liquefied natural gas (LNG) continued to fall this week as importers in North Asia have largely finished their purchases for winter, but losses were stemmed as plants closed for maintenance. Spot prices for March delivery to Asia <LNG-AS> this week slipped to $8.20 per million British thermal units (mmBtu), down 10 […]

Bad bets on oil, gas spark wave of energy-fund closures

 Energy fund managers took heavy losses last year with wrong-way bets on the prices of oil and natural gas, leading to a wave of closures in the volatile fund sector. The number of active energy-focused funds fell to just 738 in 2018 through September from about 836 in 2016, according to the latest available data […]

Awash In Natural Gas

Last August I warned that a Natural Gas Price Spike May Be Looming. The reason for the warning was that natural gas in storage – which the Energy Information Administration (EIA) reports every Thursday – had fallen to abnormally low levels just ahead of high-demand season. Indeed, natural gas inventories remained low throughout the fall, and […]

Record production of natural gas to continue through 2020, Energy Department projects

The U.S. natural gas market will continue full speed ahead through 2020, delivering low prices and booming exports, the Energy Department predicts in its Short-Term Energy Outlook. Planned capacity additions for natural gas will continue to replace coal-fired plants coming offline in 2019. Natural gas will continue as the primary source of U.S. electricity, the report states, […]

Dems, green groups tell Interior to halt oil leasing during shutdown

A day after House Democrats told the Interior Department to stop plans to bring back staff for an offshore lease sale in the Gulf of Mexico in March, on Thursday environmental groups including the Center for Biological Diversity and the Natural Resources Defense Council urged Acting Interior Secretary David Bernhardt to stop all oil and […]

Focus: After billion-barrel bonanza, BP goes global with seismic tech

Buoyed by the success of seismic imaging that found an extra billion barrels of oil in the Gulf of Mexico, BP is looking to take its latest technology to Angola and Brazil. The software used in the Gulf, based on an algorithm created by Xukai Shen, a geophysicist straight out of Stanford University, led to […]

House Dem blasts Interior move to bring back workers to handle oil-drilling land sales

House Natural Resources Chairman Raul Grijalva is asking the Interior Department to stop bringing back employees who were furloughed during the government shutdown to work on sales of land for oil and gas drilling purposes in the Gulf of Mexico, calling the move “an outrageous step.” In a letter sent on Wednesday to acting Interior Secretary David Bernhardt, Grijalva, […]