Natural gas futures have soared since March on speculation that supplies are finally falling after a decade of gains. Production numbers tell a different story. Prices have gained about 30 percent from a 17-year low in March, the biggest advance for the period since 2002, as investors including Greenlight Capital’s David Einhorn bet the market… Continue Reading »
U.S. oil and gas producer Noble Energy Inc said it expects to spend less than the $1.5 billion it had budgeted for the year, but would consider spending more on U.S. shale assets if crude oil prices moved and stayed above $50 per barrel. The company also reported a smaller-than-expected loss for the first quarter… Continue Reading »
Libya’s crippled oil production appeared at risk of further decline on Wednesday after an escalating stand-off between rival eastern and western political factions prevented a cargo belonging to trading giant Glencore from loading. A Tripoli oil official warned the country’s oil output could fall by 120,000 barrels-per-day (bpd) if the Benghazi-based National Oil Corporation (NOC),… Continue Reading »
There are currently no proposals on the table for OPEC to revive limits on crude output at its June meeting after the failure of talks to freeze production last month, according to six delegates from the group. A meeting of representatives from the Organization of Petroleum Exporting Countries in Vienna Wednesday discussed how the fundamentals… Continue Reading »
(Bloomberg) — Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share. Utilities from EON SE to Centrica Plc are beneficiaries as Europe’s two biggest gas suppliers provided a record amount of the fuel in the first quarter, according to Societe Generale SA. The glut… Continue Reading »
U.S. Democratic presidential candidate Bernie Sanders on Monday said he opposes a proposed natural gas pipeline between Pennsylvania and New York and called on New York officials to reject the project. “The possibility of methane leaks from the proposed Constitution Pipeline would be catastrophic to our air and our climate – and if this pipeline… Continue Reading »
Australia’s Woodside Petroleum Ltd. reported Wednesday that its unit Woodside Energy Trading Singapore Pte Ltd. has signed a Heads of Agreement (HOA) with Indonesia’s national oil company PT Pertamina (Persero) to supply approximately 0.5 to 1.0 million tons of liquefied natural gas (LNG) a year from the firm’s LNG portfolio for a period of 15… Continue Reading »
As oil markets look for the green shoots of a price recovery, LNG participants are hunkering down for a long winter. The most influential executives, investors and traders in the liquefied natural gas market will gather in Perth, Australia, this week for the industry’s biggest conference. While Brent oil has surged about 50 percent since… Continue Reading »
Marathon Oil Corporation said on Monday it had signed agreements to sell non-core assets for $950 million, bringing its total sales through divestitures to about $1.3 billion since last August. The oil and natural gas producer, which did not identify the buyers, said it will divest all of its Wyoming upstream and midstream assets for… Continue Reading »
U.S. energy firms cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite crude futures prices jumping roughly 50 percent since hitting a near 13-year low in February. Drillers cut 8 oil rigs… Continue Reading »
