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Demand at Largest US Electric Grid Hovers Near Winter Record

Electricity Grid, Energy Topics & Technology, Latest, US News / By

(Reuters) – The largest U.S. electric grid on Thursday operated near record levels for demand amid frigid temperatures as weather forecasters predicted another Arctic blast over the weekend. The PJM Interconnection, which manages the flow of electricity for 67 million people in 13 Midwest and Mid-Atlantic states and Washington, D.C., reported electric demand at about …

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US Eases Sanctions on Venezuelan Oil Industry

Conventional Energy, Latest, Oil, US News / By

(Reuters) – The Trump administration on Thursday eased some sanctions on the Venezuelan oil industry as it seeks to expand production there after U.S. forces ousted the South American country’s President Nicolas Maduro on January 3. The U.S. Treasury issued a general license authorizing transactions involving the government of Venezuela and state oil company PDVSA …

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US Natgas Futures Soar 140% During Arctic Blast, Boosting Consumer Costs

Conventional Energy, Energy Topics & Technology, Finance, Forecasts, Latest, LNG, Natural Gas, US News / By

(Reuters) – U.S. natural gas futures jumped 140% over the past seven trading days, and cash gas and power prices hit record highs this week as an Arctic blast sent heating demand soaring and froze oil and gas wells, cutting gas output to a two-year low. The sharp jump in power prices will ultimately hit …

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US Faces Growing Risks of Power Outages Due to Rising Winter Demand, Changing Fuel Mix

Electricity Grid, Energy Topics & Technology, Latest, US News / By

(Reuters) – The risk of U.S. power outages is worsening due to a changing mix of electricity supplies and rapidly growing demand in the winter months, the North American Electric Reliability Corporation said on Thursday. Before the end of the decade, the Mid-Atlantic, Midwest, Northeast and Texas regions may be at high risk of power …

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Coterra Energy and Devon Energy in Advanced Talks to Merge, Source Says

Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

(Reuters) – Coterra Energy and Devon Energy could announce an agreement to merge as soon as next week, in what would be the largest oil and gas deal in the U.S. shale industry in almost two years, a source familiar with the matter told Reuters on Thursday. The Financial Times was the first to report …

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Venezuela’s National Assembly to Discuss Sweetened Oil Reform on Thursday

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – Lawmakers are expected to discuss on Thursday a sweetened reform of Venezuela’s main oil after a proposal submitted by interim President Delcy Rodriguez was modified to introduce a new hydrocarbon tax, the possibility of asset privatizations and oilfield operation outsourcing, a draft seen by Reuters showed. The changes are expected to encourage oil …

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US Crude Production Ticks Back Up After Massive Output Hit From Winter Storm

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, US News / By

(Reuters) – U.S. crude production continued to recover on Thursday after a winter storm ravaged production and losses peaked at 2 million barrels per day over the weekend, while analysts adjusted output forecasts for January in the aftermath of outages. Nearly all of North Dakota’s production was back online, Justin Kringstad, director of North Dakota …

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US, Europe Fall Behind in the Race to Control the Arctic: Vladimirov and Petrova

CDN and International News, Latest / By

(Reuters) – The Arctic is no longer a frozen periphery, especially not after the U.S. spat with Europe over Greenland. As sea ice melts, the High North is emerging as a strategic hub for energy, shipping and critical minerals. It is warming nearly four times faster than the rest of the planet, but what’s also …

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Europe’s Gas Storage is Draining, But Prices Reflect No Urgency: Bousso

CDN and International News, Conventional Energy, Latest, LNG / By

(Reuters) – Europe’s vast natural gas storage network is set to exit winter at its lowest level in years, yet market prices indicate a complacency starkly at odds with the enormous challenge traders face in refilling inventories. Replenishing underground storage has become a central feature of Europe’s gas market – and by extension, the international …

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