US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand
Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online. After the pandemic, and Russia's invasion in Ukraine, which boosted margins at record levels, refiners are now reversing their favorable pricing and high demand.
Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years…
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag…
US Natural Gas Demand Nears Record High
U.S. homes and businesses will likely use record amounts of natural gas for heating on Wednesday as an Arctic-like freeze blankets the eastern half of the country, according to energy analysts.Harsh winds brought record-low temperatures across much of the Midwest, unnerving even residents accustomed…
Oil Gains Despite Potential Supply Glut on the Horizon
Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.The Organization of the Petroleum Exporting Countries (OPEC)…
Leach Xpress Pipeline Service Delayed until Mid-July
TransCanada Corp's Columbia Gas Transmission unit pushed back the date of its Leach Xpress natural gas pipeline in West Virginia. Service will be resumed mid-July. The pipe was damaged in a blast on June 7. The Leach shutdown forced producers using the line to find other pipes to move gas out of the Marcellus and Utica shale regions of Pennsylvania…
Coal's Future Remains Uncertain
A year after Donald Trump was elected president on a promise to revive the ailing U.S. coal industry, the sector’s long-term prospects for growth and hiring remain as bleak as ever. A Reuters review of mining data shows an industry that has seen only modest gains in jobs and production this year - much of it from a temporary uptick in foreign demand for U.S.
North Sea Oil Market Waves Red Flag at Brent Bulls
A recovery in U.S. crude exports and falling European refining margins have sent prices of North Sea barrels tumbling, which may encourage traders to keep oil in storage and could undermine OPEC's efforts to drain inventories. The Organization of the Petroleum Exporting Countries, Russia and 10 other…
Clean Power Plan Lawsuit Put on Hold
A U.S. appeals court on Friday granted a Trump administration request to put on hold a legal challenge by industry and a group of states to former President Barack Obama's regulations aimed at curbing greenhouse emissions mainly from coal-fired power plants, rules that the Republican president is moving to undo. A 10-judge panel of the U.S.
Trump Signs Order Sweeping away Obama-era Climate Policies
U.S. President Donald Trump signed an executive order on Tuesday to undo a slew of Obama-era climate change regulations that his administration says is hobbling oil drillers and coal miners, a move environmental groups have vowed to take to court. The decree's main target is former President Barack…
Trump to Reverse Many Obama-era Climate Policies
U.S. President Donald Trump will sign an executive order on Tuesday to undo a slew of Obama-era climate change regulations, a move meant to bolster domestic energy production and create jobs, but environmentalists say the order is dangerous and vow to challenge it in court. The decree's main target is former President Barack Obama's Clean Power Plan…
As Trump Targets Energy Rules, Oil Companies Downplay their Impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S.
Oil Slips on Dollar's Strength but OPEC Provides Balance
OPEC secretary general optimistic on output cuts. Global oil prices slipped on Wednesday as the U.S. dollar, in which payments for crude are made, rose but they traded broadly at multi-week highs after OPEC signalled optimism over its deal with other producers to curb output. The U.S. West Texas Intermediate April crude contract…
Trump's Energy Policies Not Yet Defined: Kemp
Donald Trump's victory in the U.S. presidential election will trigger a race among journalists, analysts and traders to explain what it means for energy policy and markets. But the president-elect does not yet have clearly formed policies on most energy issues so the implications will become clear…
Asian Oil Refiners Cut Output to Fight Oversupply, Low Margins
Oil refiners in Asia are processing less crude as they grapple with margins that plunged to five-year lows after the region was flooded with supply of refined products and as slowing economic growth hits demand for fuels. Asian refiners typically increase utilisation rates from July after carrying out regular maintenance in the second quarter…
Oil Edges Up On Dollar Retreat After Mixed IEA Report
Oil rose slightly on Thursday after the International Energy Agency (IEA) trimmed its forecast for demand growth but said a fall in oil output in the United States was speeding up. Oil rose after data showed consumer prices rising less than expected, pushing the dollar lower. A weaker dollar supports oil, making it more affordable to holders of other currencies.
Oil Passes $50 on Brazil Supply Worries
Follows Tuesday rally on U.S. pipeline outage, Libya. Oil prices held above $50 a barrel on Wednesday following a 3 percent jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures. Brent and U.S.
Algeria's Sonatrach Looks to Restructure
Algeria's state energy firm Sonatrach has begun a restructuring aimed at saving money and coping with the dramatic slide in global oil prices, an internal document seen by Reuters shows. The measure is the latest attempt by the Algerian energy giant to help the North African OPEC state manage a sharp…
Oil Steadies as Dollar Eases, Oversupply Still Worries
Impact on Brent from Iran crude may be milder. LONDON, July 21 (Reuters) - Oil prices steadied on Tuesday, helped by the dollar's first daily fall in a week, but remained set for their biggest monthly drop since March in the face of a global supply glut. Expectations of more Iranian supply following…
Oil Steadies Ahead of OPEC Meeting
OPEC expected to keep oil production high, roll over target. Oil prices steadied on Thursday as a weaker dollar offset worries over a global supply glut ahead of a meeting of OPEC oil producers. The Organization of the Petroleum Exporting Countries (OPEC) is widely expected on Friday to keep a group output target of 30 million barrels per day (bpd)…
