Daily News

Oil slides near $68 as U.S. crude stocks expand, gasoline drops

Oil slipped toward $68 a barrel after mixed U.S. government data sowed uncertainty about the strength of demand in the biggest fuel-consuming nation. Futures in New York fell as much as 1.3 percent after the data showed a surprise gain in nationwide crude inventories and record-high production, while robust fuel demand depleted gasoline stockpiles by […]

Oil prices fall on rising inventory levels

Simmering trade tensions and an increase in U.S. crude oil inventories helped send the price of oil lower before the start of trading Wednesday in New York. A survey of analysts from commodity pricing group S&P Global Platts revealed expectations of a decline in commercial crude oil inventories in the world’s largest economy of 3 […]

US Chamber: America No. 1 in oil and natural gas, exports set to multiply

Driven by expanding energy development from shale, America “today” is the world’s top producer of oil and gas and an explosion in exports is expected to follow, according to a new report from the U.S. Chamber of Commerce. “Today, the United States is the world’s top producer of oil and natural gas. And the future […]

Republican bill aims to deter NATO members from using Russian pipeline

A Republican-backed bill introduced Wednesday in the Senate would impose sanctions on entities involved in a controversial Russian natural gas pipeline, part of an effort to deter NATO countries from participating in the proposed project. The largely ceremonial bill, introduced by Senate Environment and Public Works Committee Chairman John Barrasso (R-Wyo.), aims to “improve energy security” for NATO members […]

Russia’s Novatek ships first LNG cargo to China via Arctic

Russian natural gas producer Novatek delivered on Thursday the first ever liquefied natural gas (LNG) cargo to China via the Northern Sea Route (NSR) alongside the Arctic coast, which drastically cuts delivery time to Asian consumers. The shipments of LNG from Yamal LNG project via the NSR to China cuts transportation time and costs in […]

Dispute settled over rig contract offshore Ghana

Kosmos Energy said Wednesday it succeeded in arbitration with Tullow Oil over a rig contract canceled because of maritime disputes off the coast of Ghana. The International Chamber of Commerce ruled in favor of a Ghanaian subsidiary of Kosmos in arbitration over expenses related to the cancellation of a rig contract two years ago. As […]

OPEC To Rule Oil Markets Till Peak Demand

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term outlook for global oil supply. […]

Texas to pass Iraq and Iran as world’s No. 3 oil powerhouse

Don’t mess with Texas. It’s a global oil superpower. The shale oil boom has brought a gold rush mentality to the Lone Star State, which is home to not one but two massive oilfields. Plunging drilling costs have sparked an explosion of production out of the Permian Basin of West Texas. In fact, Texas is […]

Canadian LNG Seen Having Knock-on Boost to Country’s Oil Output

Combined liquids production could return to near-2014 level Gas output would exceed 22.2 billion cubic feet a day by 2025 British Columbia liquefied natural gas plants will have knock-on benefits for oil producers, restoring output to levels almost equal to the peak of 2014. Should two planned LNG plants be built along the B.C. coast, […]

Permian region natural gas prices fall as production continues to grow

The natural gas spot price spread between the Permian Basin, as priced at the Waha Hub in western Texas, and the U.S. national benchmark Henry Hub in Louisiana has grown considerably in the past year. Natural gas prices at Waha are nearly a dollar per million British thermal units (MMBtu) lower than Henry Hub prices. […]