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North America

Oil & Gas

US oil stocks rise as crude exports drop and fuel demand falls, EIA reports

The Energy Information Administration reported on Wednesday that U.S. crude oil and fuel stocks rose during the past week, despite a drop in demand and exports. The EIA reported that crude stockpiles increased by 3.9 millions barrels, to 424.6million barrels for the week ending September 5. This was compared to analysts' expectations of a drawdown of 1 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 365,000 barges in the past week. U.S. crude oil exports dropped by 1.1m barrels per day, to 2.8m bpd. Meanwhile, net crude imports increased by 668,000 barrels a...

Refined Products

EIA: US natgas production and demand will reach record highs by 2025, before declining in 2026

The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that the U.S. Natural Gas Production and Demand will both reach record highs by 2025 before declining in 2026. EIA predicted that dry gas production would rise from 103.2 billion cubic feet per day (bcfd) in 2024 to a record 106.6 bcfd by 2025, before slipping to 106.0 bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.5bcfd by 2025. It then eases to 91.4bcfd by...

Mining

INSTANT VIEW - Teck and Anglo forge a $53 billion mining giant to bet on soaring copper demand

Anglo American, a London-listed company, and Teck Resources, a Canadian firm, will merge for $53 billion, both companies announced on Tuesday. This is the largest mining deal in over a decade. Anglo Teck will have its headquarters in Canada and a primary listing on the London Stock Exchange, according to the companies. RUSS MOOD, INVESTMENT DIRECTOR FOR AJ BELL ON ANGLO AMERICAN "Anglo American is no longer a prey, but a predator. If the deal is completed, Anglo will not only have pulled itself out from a difficult situation, but it will also be sending a strong message to its...

Natural Gas Liquids

US-sanctioned LNG tanker Zarya arrives in China, ship-tracking data showed

Ship-tracking data revealed that a third tanker carrying natural gas liquefied from Russia's Arctic LNG 2 project, sanctioned by the United Nations, arrived in a Chinese port Tuesday. According to Kpler, a provider of ship tracking data and LSEG, the sanctioned Russian gas tanker Zarya has arrived at Tieshan's LNG terminal in China's southwest province of Guangxi. LSEG data shows that the cargo is larger than 160,000 cubic metres and was loaded at Arctic LNG 2 in Gydan, northern Siberia, on July 30. The Arctic Mulan tanker delivered the first cargo of the project sanctioned in late August. Second cargo...

Fossil Fuels

Blue Water makes bid of $10 billion for Citgo parent

Blue Water Acquisition Corp announced on Friday that it had submitted a $10 billion offer for Citgo Petroleum's parent company, which is owned by Venezuela. The offer also includes a $3.2billion settlement proposal to bondholders of Venezuelan bonds in default. The court has said that it will accept unsolicited bids if they are received after the deadline. Blue Water Acquisition Corp. is a special-purpose acquisition company that was formed to identify high-potential businesses in diverse sectors and to complete them. The company offers cash or stock distributions for creditors and settlements for PDVSA 2020 bonds holders to be paid in...

Crude Oil

India's finance minister said that India would continue to purchase Russian oil despite US tariffs.

India's finance minister stated on Friday that it will continue to purchase Russian oil if it is economical. This was despite the Trump Administration's decision to impose high import tariffs on Indian products due in part to its energy purchases. India, which is the world's largest purchaser of Russian crude oil, has taken advantage discounts on Russian production to become the biggest buyer. New Delhi says its purchases of Russian crude oil has kept markets balanced. Donald Trump, the U.S. president who is trying to end the Ukraine conflict by brokering a settlement, said that India's oil imports were helping...

Oil & Gas Refining

Indian Oil skips US crude, buys Nigerian, Mideast oil via tender, say sources

Indian Oil Corp, a top refiner in India, has opted to buy West African oil and Middle Eastern grade instead of buying U.S. crude. This was revealed by trade sources on Friday. People said that the state refiner bought from TotalEnergy a million barrels from each Nigerian oil grade Agbami or Usan, and Shell a million barrels from Abu Dhabi's Das crude. Das oil was purchased on a free-onboard basis, and Nigerian oil on a delivery basis. Both are due to arrive in Indian ports by the end of October or early November. IOC purchased 5 million barrels U.S. West...

Fossil Fuels

Oil prices drop for the first time in three weeks as a glut of supply looms

The oil prices continued to fall into the third session of Friday. They are now headed for a loss on a weekly basis for the first time since three weeks, as supply expectations increase and a surprising buildup in U.S. crude stock adds to concerns about demand. Brent crude futures dropped 10 cents or 0.15% to $66.89 per barrel at 0420 GMT. U.S. West Texas Intermediate Crude fell 13 cents or 0.20% to $63.35. Brent is down 1.78%, and WTI is down 1% this week. ANZ Research analysts said in a Friday note that the price of crude oil remained...

Oil & Gas

ConocoPhillips will begin layoffs in November, the company states in a state notice

ConocoPhillips, a U.S. oil company, will start company-wide layoffs on Nov. 10 according to a notice that was sent out by the company Thursday. ConocoPhillips' CEO Ryan Lance told employees via video on Wednesday that the company would be cutting 20-25% from its workforce in order to undergo a restructuring. Later, the company confirmed that report. ConocoPhillips spokeswoman Dennis Nuss stated that the company informed the Texas Workforce Commission on Thursday that they anticipate the number of job cuts in Houston will reach the threshold required to report the information to the state. Nuss said that ConocoPhillips offers 60-day notice...

Refined Products

EIA: US crude stocks rise as refineries start maintenance

The Energy Information Administration reported on Thursday that U.S. crude inventories increased last week, as refineries prepared for maintenance, and gasoline stocks decreased ahead of the long Labor Day Weekend. The EIA reported that crude inventories increased by 2.4m barrels, to 420.7m barrels for the week ending August 29. This was compared to analysts' expectations based on a poll of a 2m barrel draw. John Kilduff of Again Capital said, "This report is a bit bearish with the crude build." He added that refineries would be reducing production for maintenance in autumn, which could put pressure on crude stock levels....

Crude Oil

Sources say that China Concord's floating oil facility has arrived in Venezuela to support the project.

According to two sources, and based on images, the first floating crude production facility for a $1 billion China Concord Resources Corp project in Venezuela is now in Lake Maracaibo. This is Venezuela's second-largest output region. The Chinese firm, CCRC is aiming to increase production at two oilfields located in western Venezuela – Lago Cinco, and Lagunillas Lago – and hopes to reach 60,000 barrels a day by the end next year, up from 12,000 bpd. This is a rare boost for a Chinese private firm in an OPEC-sanctioned country that has been struggling to attract foreign investments. CCRC began...

Oil & Gas

Was the US attack on a Venezuelan vessel, which resulted in the death of a man, legal?

On Tuesday, the U.S. Military killed 11 people on a vessel that was in the Caribbean. President Donald Trump claimed that the vessel carried illegal drugs and belonged to the drug cartel that he had designated as a terrorist group responsible for killings in the United States. Here is an overview of the legal basis for the attack. PRESIDENTIAL POWER OF USE OF MILITARY According to the Constitution, Congress has the power to declare a war, but it is the president who is in charge of the armed services. Presidents from both parties have carried out military operations overseas without...

Europe

Oil & Gas Refining

Chevron wins tender for offshore gas exploration in Greece - Source

Stavros papastavrou, Greece's Energy minister announced on Wednesday that U.S. Oil Major Chevron had submitted a bid for exploration of natural gas in four offshore blocks in a consortium along with Hellenic Energy. The tender was launched this year, after Chevron Oil Refinery and Hellenic Energy showed interest in four deep sea blocks near the Peloponnese Peninsula and Crete. The bid deadline was Wednesday at 1400 GMT (1700). Greece, a country that produces very little oil, has increased its renewable energy production in recent years, but it still heavily relies on gas to generate electricity. The country wants to tap...

Oil & Gas

Polish stocks fall after NATO member shoots down Russian aircraft in its airspace

Polish stocks fell on Wednesday, after Poland shot down Russian Drones that had entered its airspace as part of a Russian offensive in western Ukraine. At 0829 GMT the Warsaw blue-chip index slid to 2.6%, making it one of only a few European indices that were trading lower. Konrad Ryczko is an analyst with DM BOS. He said that the future of the situation was uncertain. Robert Maj, an Ipopema Securities analyst, said that the drop was a reaction to overnight events, and gave investors a reason to take advantage of recent gains. Maj added: "It is also a form...

Oil & Gas

INSTANT VIEW: Gold and oil spikes after Israel attacks on Qatar

Investors bought traditional safe-haven investments on Tuesday. Gold briefly reached a record high after the Israeli military claimed it had attacked Hamas leaders in Qatar. This marked an escalation in the conflict in this region. The Japanese yen, Swiss franc and oil prices all rose by about $1 per barrel. COMMENTS: MICHAEL BROWN SENIOR RESEARCHER, PEPPERSTONE LONDON. The immediate reaction to the spike in crude benchmarks, and a slight increase in spot gold is logical. Qatar's response immediately shows that it is not looking to escalate tensions or retaliate. "I'd expect the rally in crude to fade relatively rapidly, as...

Western Europe

Middle East

Fossil Fuels

ADNOC close to finalising EU remedies for Covestro deal, sources say

People familiar with the situation said that ADNOC, Abu Dhabi's state oil company, is preparing remedies to deal with an EU investigation on subsidy allegations in its bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro. It will likely convert a proposed capital increase of 1.2 billion euros into a shareholder loan. This is ADNOC’s largest acquisition ever and the largest foreign takeover of an EU-based company by a Gulf State. The European Commission (the EU's competition watchdog) has warned that ADNOC could be benefiting from subsidies, such as a guarantee that is unlimited, and that foreign aid may...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and orchestrated it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Fossil Fuels

Israel attacks Hamas leaders and blasts are heard in Doha

Israel attacked the Hamas leadership in Qatar on February 2, expanding its military operations that had been sweeping the Middle East, to include the Gulf Arab State where the Palestinian Islamist movement has its long-standing political base. Unofficially, an Israeli official confirmed that Israel attacked Hamas leaders in Qatar. Al Jazeera TV in Qatar, citing Hamas sources, reported that the attack was on Hamas Gaza peace negotiators. Witnesses reported hearing several blasts in Doha, Qatar on Tuesday. Legtifya's petrol station was erupting with black smoke. The small residential compound next to the petrol station has been guarded 24 hours a...

Fossil Fuels

OPEC+ agrees to increase oil production from October in order to gain market share

OPEC+ agreed to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the pace will be slower than previous months because of an expected weakening of demand worldwide. OPEC+ increased production in April, after years of cutting to support the oil markets. But the decision on Sunday to boost output further came as a shock amid a possible looming oil surplus during the winter months in the Northern Hemisphere. In a Sunday online meeting, eight members of OPEC+ decided to increase production by 137,000 barrels a day from October, according to OPEC+. This is...

Oil & Gas

Kurier reports that Austrian oil giant OMV is planning to reduce its staff by a twelfth in the evening across the globe.

The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis...

Oil & Gas

ADNOC slams EU regulators for 'invasive' demands in subsidy probe into Covestro deal

ADNOC, the state-owned oil company of Abu Dhabi, criticized EU antitrust regulators on Thursday for their disproportionate and intrusive requests for information regarding its $17 billion bid for Covestro in Germany. The warning was that such demands could even compromise the acquisition. The criticism comes after the European Commission (which acts as the EU's competition watchdog) announced on Wednesday that it has temporarily halted an investigation in order to wait for ADNOC, the company who requested the information, to respond. "We are disappointed with the decision today. "The Commission's requirements have gone beyond what is reasonable and relevant for this...

Oil & Gas

Kuwait Finance Minister sees a boost in projects and diversification due to suspension of parliament

Kuwait's acting Finance Minister said that the temporary suspension will allow the government to be more flexible in its decision-making, and also carry out infrastructure projects. This is part of the efforts being made by the government to diversify their economy and implement structural changes. Kuwait's non-oil industry is expected to grow "slightly" by 3.6% in 2024. However, the Acting Minister for Finance Subaih Al-Mukhaizeem stated in his most recent economic report that it will see a stronger growth due to what he called "fiscal consolidate." Kuwait has experienced two decades of political crisis marked by clashes between appointed government...

Oil & Gas

Kuwait invites bids on 1.8 GW water and power project

Kuwait has opened the bids for phase one of the Al Khairan water and power project. The project is a 1.8-gigawatt energy source that aims to alleviate Kuwait's power shortages. Kuwait Authority for Partnership Projects invited pre-qualified international consortiums to submit bids for Al Khairan Phase 1 independent water and power producer project. The project will also produce 125 millions imperial gallons per day of water. Kuwait, a member of OPEC and a major oil producer, is facing a severe electricity shortage because of rapid population growth, urbanization, rising temperatures, and maintenance delays in certain plants. The government has had...

Refined Products

Oil prices drop as the market considers US summer driving, India's supply and the end of summer driving.

Oil prices dropped on Thursday, as investors assessed the outlook for U.S. gasoline demand as the summer driving season draws to a close. They also considered possible shifts in crude supply as India is facing punishing U.S. duties for importing Russian fuel. Brent crude futures fell 31 cents or 0.46% to $67.74, at 0027 GMT. West Texas Intermediate crude futures also dropped 36 cents or 0.56% to $63.79 after rising more than 1% the previous session. U.S. Energy Information Administration announced on Wednesday that U.S. oil inventories dropped by 2.4 millions barrels during the week ending August 22. This was...

Fossil Fuels

The US tariffs on Indian oil imports were triggered by the peace talks in Ukraine and India's Russian oil imports

India, which is the third largest oil consumer in the world and also the biggest buyer of Russian crude oil by sea, has been caught up in the diplomatic negotiations between Russia, and the United States, to end the conflict in Ukraine. Why has Trump imposed additional tariffs on Indian goods? In retaliation against New Delhi's increased purchases of Russian oil, President Donald Trump has added an additional 25% to the tariffs already in place on Indian goods. This is among Washington's most severe. Peter Navarro, White House's trade adviser, said that India's purchases were funding the war of Moscow...

Oil & Gas Refining

Qatar reduces the October term price of al-Shaheen crude oil, according to sources

QatarEnergy lowered its term price for al-Shaheen oil loadings in October. It now stands at $2.52 per barrel, a dollar higher than the Dubai quotations, according to sources on Friday. This was a drop of 81 cents compared to the high of $3.33 per barrel in September for oil loading, which was a five-month-high. The price reduction followed a drop in spot premiums on Middle East crude this month. This was due to rising supply, as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies continued their policy of increasing output to regain market share. Qatar sold al-Shaheen...

Energy Markets

Israel's Leviathan signs a $35 billion natural gas deal with Egypt

NewMed, a partner in the Leviathan field, announced on Thursday that Israel's Leviathan gas field had signed the largest gas export agreement in Israel's history. The deal is worth up to 35 billion dollars and will supply gas to Egypt. Leviathan will sell gas to Egypt for about 130 billion cubic meters (bcm) until 2040 or until the full contract quantity is met. After production started in 2020, the Leviathan reservoir began to supply Egypt. The initial contract was signed in 2019 and is for 60 bcm, or 4.5 billion cubic meters per year. It will be supplied to Egypt...