Devon Energy beats profit estimates, raises production forecast
Devon Energy, an oil and gas company, reported a third-quarter profit that was above expectations due to strong production. It also forecast higher production for the current quarter as a result of its $5 billion Grayson Mill purchase. In after-market trading, shares of the company rose 1.5% to $39.92. The U.S. Energy Information Administration reported that total oil consumption in the United States reached its highest level for the season since 2019.
The future EU energy chief says he will speed up the end of Russian gas imports
Dan Jorgensen wants to end the EU's dependency on Russian fossil fuels as soon as possible, he said at a Tuesday parliamentary hearing. Ursula von der Leyen, President of the European Commission, has given Jorgensen the task to lower energy prices in order to restore Europe's competitiveness as an industrial powerhouse. She also wants to decarbonise Europe's economy and stop the remaining Russian energy imports.
Orsted Addresses Swedish Baltic Sea Wind Concerns
Orsted CEO assures Sweden that the offshore wind industry has solutions that would address defense concerns. At issue: Sweden's rejection of a proposed 13 offshore wind farms in the Baltic Sea.Swedish Defense Minister Pal Jonson said on Monday that building wind farms in the Baltic Sea would pose defense risks, by making it harder to detect and shoot down missiles. As…
MPLX's earnings for the third quarter increase as pipeline throughputs rise
The U.S. midstream firm MPLX announced a higher net profit for the third quarter 2024 compared to the previous year on Tuesday, as it transported more energy products via its pipeline system. The adjusted earnings before taxes, depreciation, and amortization (EBITDA), were $1.7 billion, compared to $1.6 billion at the same period a year earlier. MPLX’s Logistics and Storage segment saw its adjusted EBITDA rise to $1.16bn…
Oil hedging activity reaches record levels in October as traders take on market risks
Oil futures and option trading reached record levels during October as investors sought to hedge against the growing uncertainty caused by the ongoing war in the Middle East, and an upcoming bearish supply and demand forecast for 2025. This led to big swings in oil prices. By locking in an oil price, hedging can protect producers from market volatility and reduce their risk. This can give traders the opportunity to make money during volatile times.
Orsted says US Green Energy Demand Will Grow Regardless of Election Results
Orsted said that the demand for green power will continue to grow in the United States, regardless of the person who is elected as president. However, the group also pointed out construction issues and increased costs at an offshore wind farm in the United States.The U.S. offshore industry is a young one, and it has already been affected by cancelled projects. Lease sales have also been put on hold.
German Spot Jumps on Flagging Renewable Supply
On Tuesday, the German spot electricity price for Wednesday increased as wind and solar supplies were expected to decline while demand was expected to increase. LSEG data show that German baseload power for the day ahead was up 58.9% at 236 euros per Megawatt Hour (MWh) by 0948 GMT. This is its highest level since June 25. The French equivalent contract was flat, at 119 Euros/MWh.
India's Apollo Green Energy plans a solar module plant and targets an IPO in 2025.
The chief executive of India's Apollo Green Energy said that the company, which is an engineering and construction company, intends to build a 500 Megawatt (MW), solar module plant within two to three years, and to tap into domestic public markets by 2025 for new projects. Sanjay Gupta, the CEO of the company that focuses on renewable energy projects, said the company…
Uniper buys German hydropower to hedge against future price increases
The German utility Uniper said that it has sold large quantities of future hydropower production as part of an hedging strategy. Uniper sold 75% (134.86 euros) of its German hydropower production for 2025 and 30% (2026) at an 88 euro/MWh average, according to a presentation made for a conference call with analysts on the earnings of the first three months of 2024. LSEG…
Australia suffers wide losses when central bank keeps rate at 12-year high
The Australian share market continued to decline on Tuesday, after the central bank maintained the key policy rate in a 12-year-high level. This was done in order to maintain a restrictive policy until the core inflation rate is brought under control. By 0352 GMT, the S&P/ASX 200 Index had fallen 0.4% to 8,131.4. The benchmark index was trading at a 0.3% decline ahead of the policy announcement. The benchmark closed Monday 0.6% higher.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions.
Diamondback Energy misses Q3 profit estimates, raises annual production forecast
Diamondback Energy missed Monday's estimates for the third quarter profit as it was hit by lower prices. However, its forecast for production for this year got a boost thanks to its acquisition of Endeavor Energy for $26 billion. Oil prices dropped in the third quarter, after an interest rate reduction by the Federal Reserve that was larger than expected sparked concern about the U.S. economic situation as well as global demand.
Egypt's Petroleum Ministry ties arrears payment to production boost amid decreasing gas output
According to a statement from the petroleum ministry on Monday, Egypt plans to link arrears payment to increased production as part of its plan to settle outstanding debts with international oil companies. The statement said that the ministry recently introduced an incentive package to encourage partners to increase output above current levels. Additional revenue generated by this increase will be used to reduce existing debt.
Canada proposes a sharp reduction in emissions from the oil and gas industry by 2030
On Monday, the Canadian government released draft regulations which would cap greenhouse gas emissions from the oil and natural gas sector. Producers will be required to reduce emissions by 35% from 2019 levels and 2030. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050.
Canada wants the energy sector to reduce emissions up to 35% from 2019 levels
The Canadian government released on Monday a draft regulation that would limit emissions of greenhouse gasses from the oil and natural gas sector to 35% below 2019 levels. This is a little less than originally anticipated. In a press release, the Environment Ministry said that the regulations would create a cap and trade system to reward companies with better performance.
OPEC is optimistic about global oil demand and does not see a peak in sight
Haitham Al Ghais, secretary general of the Organization of Petroleum Exporting Countries in Abu Dhabi, said that oil demand is expected to be very high in the near and medium term. He said that while there are challenges, the overall picture is not as bad as it sounds. The so-called "peak demand" will not occur as long as the global economy grows. Ghais stated that the oil producing group was optimistic about the global economy. He noted growth in the U.S.
TSX Futures Rise as Oil Supports; US Election in Focus
Crude prices lifted futures linked to Canada's major stock index on Monday as investors prepared for the highly anticipated U.S. Presidential election this week and Federal Reserve policy decision. At 6:00 a.m., December futures for the S&P/TSX Index were up 0.4%. ET (11:00 GMT). As polls show, Donald Trump and Kamalah Harris are in a close race for the U.S. elections on Tuesday. The United States is Canada's largest trading partner.
Sweden rejects 13 Baltic Sea Wind Farms, citing defense concerns
The Swedish government announced on Monday that it has rejected 13 applications for offshore wind farms to be built in the Baltic Sea because of defence concerns. However, it has approved one project on the west coast. Pal Jonson, the Swedish Defence Minister, said at a recent press conference that wind farms built in the Baltic Sea could harm defence interests. This…
Spot prices rise due to low renewables production and increasing demand
European spot electricity prices rose to multi-month highs Monday. Renewables are expected to continue to be low, while demand is projected to increase. By 0901 GMT, the German baseload contract for Tuesday had reached its highest level since June 25, at 145 Euros ($157.99 per megawatt-hour (MWh). On Friday, during the All Saints Holiday, no equivalent price was traded.
