Southeast Asia Poised for $100 Billion Offshore Gas Boom

Offshore gas production in Southeast Asia is poised to unlock a $100 billion potential, driven by a flurry of planned final investment decisions (FIDs) expected to materialize by 2028, according to Rystad Energy’s latest analysis. This represents a mor…

International Oil Companies Caught in Kurdish Smuggling Web

Kurdistan hasn’t been able to export its oil via a pipeline for more than a year now, but crude continues to flow out of the semi-autonomous Iraqi region—on tank trucks to the border with Iran.  More than 1,000 such tank trucks are estimated to be tran…

Banks Still Play a Major Role in Oil and Gas Funding

Despite increasing pressure to defund oil and gas firms in support of international decarbonisation efforts, many major banks are continuing to provide financing to fossil fuel companies. A recent report from the U.S. organisation Rainforest Action Net…

Azerbaijan Envisions Turkic States as ‘Prominent International Force’

As they eagerly pursue an expansion of trade relations with the West, the leaders of Turkic states in Eurasia are clearly wary of importing Western values. This dichotomy of interests was on full display at a recent summit of Turkic heads of state, hos…

Automakers Hit the Brakes on Electric Vehicle Investments

Via Metal Miner Month over month, the Automotive MMI (Monthly Metals Index) failed to break very far outside of its year-long sideways trend. All in all, the index dropped by 4.23% Numerous factors tugged the index down month-over-month, including slow…

Houston we Have a Problem

Hurricane Beryl barreled through Houston last Monday leaving over three million electric utility customers without power in the sweltering summer heat. Hurricanes, despite appearing with increasing frequency and greater force, are still relatively infr…

India To Launch 10th Round for Oil, Gas Blocks

India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for explorat…

India Looks to Russia for Reliable Uranium Supply

For the first time in five years, Indian Prime Minister Narendra Modi landed in Russia for a state visit on Monday, where he is holding talks with President Vladimir Putin to help re-energize relations between the two countries, with an eye on strategi…

Weekly Natural Gas Spot Prices Climb as Heat Dome Spreads High Temps Across Country; Futures Tick Up

Weekly natural gas cash prices were higher amid demand impacted by a heat wave and former Hurricane Beryl, while a slow inventory reduction that was spooking the futures market empowered the bears.

Short-Covering Cited as Natural Gas Prices Climb in ‘Head Scratcher’ Session

August Nymex natural gas futures were higher Friday, abruptly ending a three-day routing to close the week with a 6.1-cent gain, as traders covered short positions and anticipated a demand boost.

Zimbabwe’s Steel Industry Revitalized with New $1.5 Billion Plant

Via Metal Miner Zimbabwe’s got itself a brand new iron and steel manufacturing plant, courtesy of the Chinese. This U.S. $1.5 billion Chinese-built plant’s blast furnace recently came online and is already producing pig iron, a crucial ingredient for m…

Golar Setting Stage for Argentina’s LNG Exports by 2027 with Pan American Energy

Golar LNG Ltd. has inked an agreement with oil and natural gas producer Pan American Energy S.L. (PAE) to begin exporting liquefied natural gas from Argentina for 20 years starting in 2027.

Honeywell Betting on Rising Global Natural Gas Consumption with Air Products Deal

Industrial conglomerate Honeywell International Inc. sees a future fueled by natural gas, CEO Vimal Kapur said. To that end, the company is expanding its global LNG prowess with the takeover of Air Products’ liquefied natural gas process technology and…

Natural Gas Forward Prices Falter as Stout Supply Overshadows Strong Cooling Demand

Against a backdrop of strong production, hefty supplies in storage and a demand-thwarting hurricane, natural gas forward prices struggled for direction and ultimately gave up ground.

China’s Role in Russia-Ukraine War Draws Scrutiny at NATO Summit

As NATO leaders gathered in Washington for a landmark summit and issued “irreversible” support for Ukraine and deep criticism of Beijing for its support of Russia, China was holding maneuvers with Belarusian troops on the alliance’s eastern edge. The 1…

Market Looks Past ‘Hurricane From Hell’ to Push Natural Gas Futures Higher — MidDay Market Snapshot

Prompt-month natural gas futures were on track to end a three-day losing streak through midday trading Friday, pushed higher by short sellers taking chips off the table ahead of the weekend.

U.S. Sheds One Natural Gas Rig as Domestic Activity Steadies; Canadian Units Climb

The U.S. natural gas rig count fell by one unit to 100 for the week ended Friday (July 12) as drilling activity leveled off, according to updated Enverus and Baker Hughes Co. (BKR) data.

U.S. Oil, Gas Drilling Activity Continues To Drop

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1to 584 this week, compared to 675 rigs this same time last year. The…

Oklo to Start Building First Small Modular Reactors in 2027

Sam Altman-backed nuclear company Oklo is “push[ing] towards its target of building its first small modular reactor by 2027 at the Idaho National Laboratory,” according to a new report from Reuters.  The company – which we have highlighted as the poten…

Emerita Resources (TSXV:EMO) Expands Mineralization at El Cura Deposit, Intersects High-Grade Copper-Gold

Emerita Resources (TSXV:EMO) has announced additional significant mineralization from its drilling program at the El Cura deposit area, part of the company’s wholly owned Iberian Belt West (IBW) project. David Gower, P.Geo., CEO of Emerita, commented in a press release: “We are very encouraged with the recent results at El Cura. Drilling on the western […]

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Nigeria’s Dangote Refinery Branches Out Into Brazilian Crude

Nigeria’s Dangote refinery is set to receive its first shipment of Brazilian crude oil as it continues towards full operational capacity. The purchase of Brazilian crude is a first for Nigeria. The refinery will import a one-million-barrel cargo of Bra…

OPEC+ Cuts and Demand Woes Keep Oil Prices in Narrow Trading Range

Oil prices have remained in a narrow $75 to $90 a barrel trading range since the end of 2022, as the OPEC+ group continues to keep supply off the market but often-resurfacing concerns about global oil demand have dampened bullish sentiment.   After spi…

Short Term Demand Boosts Oil Market

Weekly Recap of Crude Oil Market The crude oil market experienced a volatile week, influenced by a mix of geopolitical events, economic indicators, and supply-demand factors. Despite some downward pressure, the overall trend remained bullish on the wee…

Maduro Inserts Himself 13-Times on Venezuela Election Ballot

Politics, Geopolitics & Conflict – On the Russia-Ukraine war front, Zelensky is now asking NATO to lift restrictions on using long-range weapons to target deep inside Russian territory during a summit in Washington on Wednesday. Much like the carefully…

Both Supply and Demand Point to Higher Crude

For a while now, crude prices have been driven largely by demand, both existing and forecast. Supply has been quite tight, but that has been offset by expectations for an economic slowdown, particularly in the US. Over the last few weeks, though, the v…

Neither Israel Nor Hezbollah Want All-Out War

There is growing concern that any significant escalation in the Israel-Hezbollah conflict would disrupt gas supplies, first and foremost to Egypt, which is monitoring this with a fair amount of dread. The situation continues to intensify. On Tuesday, I…

Russian Oil Product Shipments Slipped in June

Russian shipments of oil products dropped by 4.2% in June compared to May, on the back of stronger domestic fuel consumption and unplanned maintenance at refineries, according to Reuters estimates and data from industry sources.  While oil product ship…

Europe Increasingly Reliant on American Diesel

Numbers Report – July 12, 2024 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanat…

Japan builds gas markets in Asia to boost LNG trading, energy security

Japanese companies foreseeing a growing surplus in stocks of liquefied natural gas (LNG) as their demand for the fuel wanes in coming years, are scrambling to invest in regional markets to provide potential outlets to sell the gas.

Electric snowmobile trailblazer files for creditor protection: What went wrong?

Taiga was on a mission to revolutionize the powersport industry — instead it ran out of money

Norway’s Oil Producer Aker BP Beats Q2 Profit Estimate

Norwegian oil and gas producer Aker BP reported on Friday a net profit of $561 million for the second quarter, slightly beating a company-provided analyst consensus estimate.   Aker BP, one of the biggest independent oil companies in Europe, was expect…

Norway’s Oil Producer Aker BP Beats Q2 Profit Estimate

Norwegian oil and gas producer Aker BP reported on Friday a net profit of $561 million for the second quarter, slightly beating a company-provided analyst consensus estimate.   Aker BP, one of the biggest independent oil companies in Europe, was expect…

Brent Tops $86 on Hopes of Fed Cut in September

Brent crude soared to $86 per barrel as better-than-expected U.S. inflation data stirred hopes of a September Fed rate cut. The beginning of this week has seen a slight downward correction for oil prices, with anticipated damages from Hurricane Beryl t…

Vitol Doubles Down on LNG Marine Fuel Growth with Bunkering Vessel Deals

Trading house Vitol Inc. is expanding its exposure to the LNG marine bunkering market as demand for cleaner fuels in the shipping sector reaches record levels.

Williams Project Clears Another Legal Hurdle for Louisiana Natural Gas Pipe Crossings

A second Louisiana court has sided with Williams in its dispute with Energy Transfer LP over natural gas pipeline crossings, clearing another obstacle for the Louisiana Energy Gateway (LEG) system that would supply LNG export terminals.

FTC Requests More Info On $22.5 Billion ConocoPhillips-Marathon Oil Deal

The U.S. Federal Trade Commission (FTC) has sent a second request for additional information to ConocoPhillips and Marathon Oil while reviewing their proposed $22.5 billion merger, ConocoPhillips said on Friday.  On July 11, 2024, ConocoPhillips and Ma…

Natural Gas Futures Trade Even as Market Waits for Hotter Weather, Freeport LNG Restart

Natural gas futures seesawed between gains and losses early Friday as traders weighed a coming stretch of severe heat against mounting surpluses – and the slow recovery in Texas from Beryl.

Shell’s bet on gas boom takes shape with string of deals

Shell has replaced liquefied natural gas (LNG) volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan’s bet on growing demand for the fuel as he reduces the focus on renewable energy.

China’s Crude Oil Imports Slump 11% in June

China’s imports of crude oil slumped by 11% in June from a record-high in the same month of 2023, amid tepid fuel demand and lower run rates at independent refiners.  In the first half of 2024, crude arrivals also dropped, by 2.3% compared to the first…

US power generators burn record amounts of natgas on hottest day of summer so far

U.S. power generators burned a record amount of natural gas on Tuesday, the hottest day so far of this summer, according to preliminary data from financial firm LSEG on Thursday.

China’s Natural Gas Imports Rose by 14% in First Half of 2024

China’s imports of natural gas, including via pipeline and LNG cargoes, increased by 14.3% in the first half of 2024 compared to the same period of last year.  China imported 64.65 million tons of natural gas in the first six months of 2024, LNG Prime …

China’s Natural Gas Imports Rose by 14% in First Half of 2024

China’s imports of natural gas, including via pipeline and LNG cargoes, increased by 14.3% in the first half of 2024 compared to the same period of last year.  China imported 64.65 million tons of natural gas in the first six months of 2024, LNG Prime …

China’s Natural Gas Imports Rose by 14% in First Half of 2024

China’s imports of natural gas, including via pipeline and LNG cargoes, increased by 14.3% in the first half of 2024 compared to the same period of last year.  China imported 64.65 million tons of natural gas in the first six months of 2024, LNG Prime …

Power Utility Urges New UK Government To Speed Up Wind Growth

German RWE, the largest power generating utility in the UK, has urged the new Labour government to speed up the expansion of offshore wind capacity if it is to meet its own net-zero targets. “We would urge them to increase [the budget] significantly an…

OIES Podcast – The outlook for LNG in Japan, Korea and Taiwan [GGP]

In this latest OIES podcast, from the Gas Programme, James Henderson talks to Graeme Bethune about his latest paper on the outlook for LNG in Japan, Korea and Taiwan.

APA signs gas transport deal with Senex for Atlas project in Queensland

APA will provide capacity for 60 TJ/day of natural gas transport along APA’s Reedy Creek Wallumbilla Pipeline to the Wallumbilla Hub.

Oil Tanker Seized by Iran Last Year Returns to International Waters

A tanker that Iran’s Navy seized in the Gulf of Oman last year is currently moving into international waters, Reuters has reported, citing data from its affiliate data-cruncher LSEG. As for its cargo, Iran unloaded that earlier this year and said the o…

About 1 million in Texas without power, Freeport LNG to restart after Beryl

About 1 million homes and businesses in Texas remained without power on Thursday, four days after Hurricane Beryl lashed the state with fierce winds and flooding, sparking frustration among companies, officials and residents who were facing extreme heat. [Image: Freeport LNG]

Economic Data is Driving Oil Price Movements

Crude oil prices were set for a weekly decline despite earlier gains made largely on the back of economic data. The latest update that caused the benchmarks to climb higher was U.S. inflation data, which showed a monthly decline for June—the first in f…

China’s gas imports surge 14% in H1

In June alone, imports reached 10.42mn tonnes.

India’s E&P sector offers $100bn investment opportunities: minister

Indian oil and gas minister Hardeep Singh Puri highlighted the potential of India’s 26 sedimentary basins, containing substantial reserves of crude oil and natural gas. [Image: PIB]

AG&P LNG, BKLS sign pact to supply spot LNG cargo to China

In addition to the spot cargo transaction, AG&P LNG and BKLS have agreed to collaborate on small-scale LNG initiatives. [Image: AG&P]

California Refiners See Margins Shrink Despite Capacity Decline

Oil refiners in California saw lower-than-average margins in the past few months in an unusual twist where lower operating capacity did not automatically lead to higher margins. According to new data from the Energy Information Administration, the shri…

Sanctions Strand Over 50 Russian Oil Tankers

More than 50 oil tankers that have previously transported Russian oil are now sitting empty and idle in the Baltic Sea, the Black Sea, offshore Russia’s Far East, China, South Korea, and near the Suez Canal. All these tankers have been targeted by U.S….

Natural Gas Futures’ Losses Extended After Upside Storage Build Surprise

August Nymex natural gas futures deepened losses Thursday despite excessive heat across much of the country. The market appeared to defy the outlook for heavy gas demand in favor of robust supplies.

Big Oil is Quietly Investing in the Lithium Revolution

Big Oil is quietly investing in the renewable revolution – not through solar and wind power, but through lithium. The ‘white gold’ is an essential ingredient in a laundry list of clean energy technology components, most notably the lithium-ion batterie…

Natural Gas, Oil Groups Encouraged by Supreme Court Decision to Pause ‘Good Neighbor’ Smog Rule

In a split decision, the U.S. Supreme Court last month temporarily halted a Biden administration plan designed to reduce air pollution from natural gas and coal power plants that crosses state borders. Industry groups cheered.

Storm Season Hitting Demand in Texas, Mexico as Natural Gas Prices Slump — Spotlight

The Atlantic storm season has come on strong early this year and with great force, leading to reduced demand for natural gas on both sides of the U.S.-Mexico border.

Will China’s Central Bank Cut Rates to Boost Sagging Economy?

China’s economy showed mixed signals in June with consumer prices rising modestly for the fifth straight month but missing expectations, while producer prices stayed in deflationary territory.  These developments come ahead of an important policy meeti…

China’s Natural Gas Imports Rose by 14% in First Half of 2024

China’s imports of natural gas, including via pipeline and LNG cargoes, increased by 14.3% in the first half of 2024 compared to the same period of last year.  China imported 64.65 million tons of natural gas in the first six months of 2024, LNG Prime …