Baker Hughes reports that US drillers have added oil/gas rigs to their fleet for the first time in twelve weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since 12 weeks. The number of oil and gas rigs, a good indicator of future production, increased by seven in the week ending July 18, its largest weekly increase since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 42 rigs or 7% lower than this time last year. Baker Hughes reported that oil rigs dropped by two this week to 422 - their lowest level since September 2021 - while gas rigs increased by nine – the largest weekly increase since 2023 – to 117 — their highest since March 2024.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package approved by the European Union on Friday against Russia for its war in Ukraine. This package is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that a cap of approximately $47.60 per barrel is in place at the moment…
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine were approved by the European Union on Friday. It is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that the cap is currently around $47.60 a barrel, which is well below the $60 limit the Group of Seven Major Economies has been trying to impose from December 2022.
BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months. This has led to a new strategy that promises to reduce debt, increase cashflow and a pivot to oil and natural gas following a disastrous foray into alternative energy. The company aims to dispose of $3 billion to $4 million in assets by the end this year. Murray Auchincloss, the CEO of the company, has committed to selling $20 billion in assets by 2027.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine are listed below. This package was approved by the European Union on Friday, and is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without disrupting the global markets. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that the cap is currently around $47.60 a barrel, which is well below the $60 limit the Group of Seven Major Economies has been trying to impose from December 2022.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects. In a recent statement, CEO Olivier Le Peuch stated that the market was navigating multiple dynamics…
What is in the EU's 18th package of sanctions against Russia?
The European Union approved a new package of sanctions against Russia on Friday, in response to its conflict in Ukraine. This is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that the cap is currently around $47.60 a barrel, which is well below the $60 limit the Group of Seven Major Economies has been trying to impose from December 2022.
Prices of gas in Europe fall on the back of stronger Norwegian supply and wind power forecasts
The Dutch and British gas wholesale prices fell on Friday as the supply from Norway increased and forecasts of higher wind output next week in Germany curbed demand. LSEG data shows that the benchmark Dutch front-month contract was 34.20 euros per Megawatt Hour (MWh), or $11.67/mmBtu at 0847 GMT. This is a 0.90 euro decrease. The British day-ahead contracts was down 2.85 cents at 82p/therm. In a daily note, LSEG analyst Saku Jussila stated that "Total Norwegian Export Nominations are up a whopping 57 mcm/day (mcm/d), compared to yesterday's 317 mcm/d.
Malaysia increases coal power production and imports to meet growing demand
A data analysis showed that Malaysia was boosting its coal-fired electricity output and importing fuel at record-high levels. It is taking advantage of the low prices, even though it has pledged to increase the use of gas-fuelled power generation on a longer-term basis. Southeast Asia's nation is the 5th largest exporter of liquid natural gas, but it has stated that due to dwindling reserves and rising demand for the fuel, they may start importing super-chilled fuel. The nation has gradually increased coal-fired electricity production to meet the surge in demand from data centres. In May and June, coal-fired electricity production in Peninsular Malaysia grew by nearly 9%.
Malaysian exports in June record a surprise drop of 3.5% on an annual basis
Malaysian exports dropped unexpectedly by 3.5% from a year ago to the lowest level since December 2023. This was due to a drop in shipments of liquefied gas, chemicals and iron and steel, as well as other metals. According to the median forecast of economists interviewed, June's exports were expected to increase by 5.5% annually. The Trade Ministry released a statement that stated exports to the United States, European Union, and Taiwan grew in June, but exports to China dropped by 9.3% as a result of a drop in exports for LNG, chemicals, and metals.
Brazil Journal reported that Vibra had begun talks with Cosan to purchase its lubricants division.
Brazil Journal, a news outlet, reported that Brazilian fuel retailer Vibra had begun talks with Cosan about buying Cosan’s lubricants division, Moove. The report was based on sources who were familiar with the situation. Brazil Journal reported that the talks were initiated by CVC Capital Partners a European private equity company, which expressed interest in selling their stake. Vibra also showed interest in purchasing 100% of the firm. The article added that the talks had stalled because, according to its source, chairman Rubens Ometo, who is also the controlling shareholder, has no intention of selling his stake.
Prices of EUROPE GAS only marginally increase as demand is softened by the Norwegian gas outage
The Dutch and British wholesale prices of gas were slightly higher on Thursday. They traded in a narrow band, as a soft demand reduced the impact of a planned outage at Norway’s Nyhamna Gas Processing Plant. The benchmark Dutch front month contract at the TTF Hub was up 0.53 euros at 35.20 Euros per Megawatt Hour (MWh), which is $11.96/mmBtu by 0827 GMT. Meanwhile, the September contract had risen 0.25 euros to 35.50 Euros/MWh according to LSEG. The August contract in the British market was up 1.51 pence, at 84.60 cents per therm. Gassco, the Norwegian gas system operator…
Maurel & Prom revenue drops in first half due to falling oil prices
Maurel & Prom, a French oil company, reported a 30 percent drop in revenue for the first half of its fiscal year on Thursday. The fall in oil prices was to blame. The average price of oil products fell 16% on an annual basis to $70.90 per barrel. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum Exporting Countries, and its allies, such as Russia), began to undo the self-imposed production reductions of 2,17 million barrels a day that were imposed in April. TotalEnergies, a French oil company listed on the London Stock Exchange, warned on Wednesday of the negative impact of low crude oil prices on their second-quarter sales.
Santos adjusts its 2025 production forecast in response to the Cooper Basin Floods
Santos, Australia's largest oil and gas company, tightened its production forecast for the full year on Thursday in order to take into account flood-related disruptions. It also reported a decline of more than 2% in its second-quarter revenue. In 2025, the country's second largest gas producer is expected to produce 90 million to 95 million barrels equivalent oil (mmboe), compared with an earlier forecast of 90-97 million mmboe. Kevin Gallagher, the Chief executive officer of South Australia's Cooper Basin said that flooding submerged over 200 wells, causing a 15% drop in production.
Diplomats claim that the EU has again failed to approve new sanctions against Russia
Four EU diplomats said that the European Union had failed to approve new sanctions against Russia for the second time on Wednesday, as Slovakia sought concessions regarding gas supplies. Diplomats who were present at the meeting said that Slovakia had vetoed approval of the sanction during the meeting. Malta was also mentioned by two diplomats. The Slovakian government said that it would not approve sanctions until it received more assurances from the EU about the safety of the country in the event of a separate plan to phase-out Russian gas by 2027. These phase-out plans must be approved by an EU majority, which means that Slovakia cannot block them.
EIA: US crude stocks fall as exports increase; fuel demand falls
EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
Energy ministry reports that Russia's crude oil production fell 3.5% between January and May.
The Russian energy ministry announced on Wednesday that the country produced 211 millions metric tons of oil (10.24million barrels per day) between January and the end of May. This is a 3.5% decrease compared to the same period last year. The data were revealed during a presentation by Energy Minister Sergei Tsivilev before the Federation Council (Russia's upper chamber of parliament). Gas condensate is a form of light oil. , excluding condensate gas, increased by 41,000 bpd to 9,025 million bpd. This is below the country's OPEC+ quota, which is 9.161 millions bpd.
Prices of EUROPE GAS rise due to unplanned Norwegian outage
The wholesale gas prices in the Netherlands and Britain were mostly higher on Wednesday morning, due to a unplanned outage of Norway's Nyhamna Gas Processing Plant. LSEG data show that the benchmark Dutch front-month contract for the TTF hub rose by 0.45 euros to 34.92 euros per Megawatt Hour (MWh) at 0750 GMT. The September contract, however, was only 0.21 euros higher at 34.96 Euros/MWh. The August contract in the British market was up 0.81 penny at 83.01 cents per therm. LSEG data shows that Norwegian flows to the continent have decreased by 7 million cubic meters (mcm), after flows through Nyhamna's processing plant were restricted because of an unplanned failure.
China's naphtha imports will reach record levels in 2025 due to new plants and US trade concerns
Analysts and traders predict that China's imports of naphtha will reach record levels in 2018. New plants and the caution about U.S. propane, ethane and ethane will support demand for this petrochemical feedstock and improve refiners' margins. Sources said that cracker operators at the world's biggest petrochemical company, which has shifted in recent years from cheaper U.S. propane to ethane, have switched some of their demand back to naphtha, after becoming entangled in the U.S. China trade war, which disrupted the U.S. supply, they are now switching to naphtha.
Venture Global proposes larger expansion at Plaquemines LNG facility, filing shows
Venture Global plans to expand the Plaquemines LNG Export Facility by 24,8 million metric tonnes per annum (mtpa), which is almost 6 mtpa higher than what it proposed four months ago. Venture Global, which is currently building the second largest LNG plant in the United States, has announced on March 6 plans to expand it by an initial 18,6 mtpa. The filing indicates that it is asking the Federal Energy Regulatory Commission to increase the expansion from 18.6 mtpa to 24.8 mtpa. Venture Global was able to rapidly build and ramp-up production at its LNG facilities. According to LSEG, it has been a major factor in the U.S. remaining the largest exporter of super-cooled gas.
