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July 1, 2022

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Column: Oil market confronts U.S. and EU policymakers with unpalatable choices: Kemp

Reuters
LONDON, June 29 (Reuters) – With global inventories steadily falling and spare capacity eroding, the oil market resembles a geological fault line in which stress is quietly accumulating and will eventually be relieved by an earthquake of as yet unknown magnitude. The most likely stress relief will come from a......

A shale booster shot: ‘Re-fracs’ rise as cheap way to lift U.S. oil output

Reuters
June 27 (Reuters) – U.S. shale oil producers are returning to existing wells and giving them a second, high-pressure blast to lift output for a fraction of the cost of a finishing a new well. These “re-fracs” are taking hold as shale oil producers look to take advantage of $100......

Russian missiles hit Ukraine’s Yavoriv military base – regional governor

Reuters
June 25 (Reuters) – A Russian strike on the Yavoriv military facility in western Ukraine wounded four people, Lviv governor Maxim Kozitsky said in a video post on Saturday. Kozitsky said six missiles were fired from the Black Sea, with four hitting the base and two being intercepted and destroyed......

Texas repeatedly raises pollution limits for Cheniere LNG plant

Reuters
PORTLAND, Texas, June 24 (Reuters) – Cheniere, the largest U.S. exporter of liquefied natural gas, boasts that it’s helping to “improve local air quality in communities globally” because the cleaner burning fuel it ships displaces coal in power plants. But in the Corpus Christi, Texas region, where the fuel is......

Russia seeks new fuel markets in Africa, Middle East as Europe turns away

Reuters
MOSCOW, June 23 (Reuters) – Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said. The development is likely to increase competition......

Biden asks Congress to pause gas tax amid record pump prices

Reuters
June 22 (Reuters) – U.S. President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. The president also urged states to temporarily suspend state fuel taxes, which......

Italy’s De Nora IPO oversubscribed despite turbulent market -bookrunner

Reuters
De Nora’s logo is displayed on a smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration Register now for FREE unlimited access to Reuters.com Register June 22 (Reuters) – Industrie De Nora, Italy’s first initial public offering (IPO) since Russia invaded Ukraine, overcame market turbulence on Wednesday with its......

Italy’s Saipem sets terms for cash call, shares drop 15%

Reuters
A Saipem logo in seen on the bridge of the Saipem 10000 deepwater drillship in Genoa’s harbour, Italy, November 19, 2015. REUTERS/Alessandro Garofalo Register now for FREE unlimited access to Reuters.com Register New shares offered at 1.013 euros each Capital hike to run from June 27 to July 11 Core......

Ukraine hits oil Crimean drilling platforms, pro-Russian regional head says

Reuters
June 20 (Reuters) – Ukrainian forces attacked drilling platforms in the Black Sea owned by a Crimean oil and gas company, the pro-Russian head of the annexed peninsula said on Monday, giving no details of what weapons were used. Three people were wounded and a search was under way for......

Libya oil output rises to about 700,000 bpd, minister says

Reuters
A view shows the Zueitina oil terminal west of Benghazi, Libya October 4, 2020. Picture taken October 4, 2020. REUTERS/Esam Omran Al-Fetori Register now for FREE unlimited access to Reuters.com Register BENGHAZI, June 20 (Reuters) – Libyan oil total production is at about 700,000 barrels per day (bpd), the Libyan......

Gazprom’s gas exports to Europe via Ukraine slightly up on Sunday

Reuters
The logo of Gazprom is seen on the facade of a business centre in Saint Petersburg, Russia, March 31, 2022. REUTERS/Reuters photographer/File Photo Register now for FREE unlimited access to Reuters.com Register June 19 (Reuters) – Russian gas producer Gazprom (GAZP.MM) said its supply of gas to Europe through Ukraine......

Venezuelan oil exports to Europe set to resume after two years

Reuters
The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi Register now for FREE unlimited access to Reuters.com Register June 17 (Reuters) – A 650,000-barrel-cargo of Venezuela’s oil chartered by Italy’s Eni (ENI.MI) is about to set sail carrying......

U.S. energy chief to discuss record pump prices with refiners next week

Reuters
WASHINGTON, June 16 (Reuters) – U.S. Energy Secretary Jennifer Granholm called an emergency meeting with refining executives for next week, a department spokesperson said on Thursday, as tensions between the Biden administration and Big Oil mount over soaring gasoline prices. The planned talks come as President Joe Biden, under pressure......

Russian gas flows to Europe fall, hindering bid to refill stores

Reuters
A train moves past oil tanks of the NNK-Primornefteproduct petroleum depot in the far eastern port of Vladivostok, Russia June 11, 2022. REUTERS/Tatiana Meel Register now for FREE unlimited access to Reuters.com Register Nord Stream 1 pipeline capacity down to 40% Europe’s gas price jumps up to 30% after disruption......

Biden blasts oil refiners for record high gasoline prices, profits

Reuters
Gas prices over the $6.00 mark are advertised at a 76 Station in Santa Monica, California, U.S., May 26, 2022. REUTERS/Lucy Nicholson Register now for FREE unlimited access to Reuters.com Register WASHINGTON, June 15 (Reuters) – U.S. President Joe Biden on Wednesday demanded oil refining companies explain why they are......

Energy executives at transition conference still lean on fossil fuels

Reuters
NEW YORK, June 14 (Reuters) – Energy company executives at a conference on the global transition insisted on Tuesday that fossil fuels, especially natural gas, are still needed at a time when global markets grapple with tight energy supplies and skyrocketing prices. Oil and gas supplies have becomeconstricted in many......

U.S. gasoline average price tops $5 per gallon in historic first

Reuters
June 11 (Reuters) – The price of U.S. gasoline averaged more than $5 a gallon for the first time on Saturday, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. The national average price for regular unleaded gas rose to $5.004 a gallon......

Freeport LNG plant blast adds to strain on global supplies

Reuters
HOUSTON, June 9 (Reuters) – Freeport LNG, operator of one of the largest U.S. export plants producing liquefied natural gas (LNG), will shut for at least three weeks following an explosion at its Texas Gulf Coast facility, raising the risk of shortages especially in Europe. Freeport LNG, which provides around......

Argentina announces tender to build new Vaca Muerta gas pipeline

Reuters
BUENOS AIRES, June 4 (Reuters) – Argentina has launched a tender process to build a new gas pipeline out of its huge Vaca Muerta shale formation that is expected to increase current transport capacity by 25%, the government said late on Friday. Companies have until July 8 to submit bids,......

U.S. Interior must weigh climate impacts of oil, gas leasing -settlement

Reuters
WASHINGTON, June 2 (Reuters) – The Biden administration must thoroughly analyze the climate impacts of oil and gas leasing on nearly 4 million acres (1.6 million hectares) of federal land in five states before drilling can take place, according to legal settlements reached late Wednesday. The requirement comes after Judge......

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