Conventional Energy

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Oil Prices Rise on U.S.-Iran Tensions; Broader Selloff Caps Gains

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Investors monitor Washington-Tehran developments Drone attack and tanker incident in focus Prices also supported by US inventory draw (Reuters) – Oil prices rose on Wednesday after the U.S. shot down an Iranian drone and armed Iranian boats approached a U.S.-flagged vessel, rekindling fears of an escalation between Washington and Tehran ahead of planned talks. …

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US Says it Has Returned to Venezuela All $500 Million of Initial Oil Sale

Conventional Energy, Latest, US News / By

(Reuters) – The United States has now returned to the Venezuelan government all $500 million from the initial sale of oil that was part of a deal reached between Caracas and Washington last month, a U.S. official said on Tuesday. The last $200 million from the sale has been sent to Venezuela, the official said, speaking …

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Malaysia’s Petronas Set to Sign LNG Supply Deal With QatarEnergy, Sources Say

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

By Emily Chow and Yousef Saba DOHA, Feb 3 (Reuters) – Malaysia’s state-owned firm Petronas is set to sign a liquefied natural gas supply deal with QatarEnergy as the southeast Asian nation seeks more supplies of the super-chilled fuel, two sources familiar with the matter told Reuters. Petroliam Nasional, or Petronas, will sign a contract …

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US Soon to Issue General License for Oil Production in Venezuela, Sources Say

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(Reuters) – The U.S. government is working to issue as early as this week a general license allowing companies to produce oil and gas in Venezuela, as Washington seeks to encourage expanded output in the OPEC nation since capturing its president, three sources close to the matter told Reuters. The move by the Treasury’s Office …

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Commonwealth LNG Strikes 20-Year Supply Deal With Mercuria as US Pushes LNG Export Growth

Conventional Energy, Latest, LNG, Natural Gas, US News / By

(Reuters) – Commonwealth LNG said on Tuesday it has signed a 20-year sale and purchase agreement to supply 1 million tons per annum of liquefied natural gas to Mercuria. Under the deal, Mercuria will provide 1 million tons of natural gas per year to Commonwealth, and Commonwealth will convert it into LNG for Mercuria to …

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US Refiners Struggle to Absorb Sudden Surge in Venezuelan Oil Imports

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(Reuters) – Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month’s flagship $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data. The soft U.S. demand represents an early obstacle for President …

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Ovintiv Announces Closing of NuVista Energy Acquisition

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Press Releases / By

DENVER, Feb. 3, 2026 /CNW/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) announced today that it has completed its acquisition of all of the common shares (“NuVista Shares”) of NuVista Energy Ltd. (TSX: NVA) (“NuVista”) in a cash and stock transaction valued at $2.7 billion. The acquisition is expected to add approximately 930 net 10,000-foot equivalent …

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US-Driven Gas Turbine Crunch May Speed Global Clean Power Uptake

Conventional Energy, Latest, Natural Gas, US News / By

(Reuters) – A rush by U.S. utilities and tech giants to snap up as many gas turbines as possible to boost local power output is causing a global shortage of gas-power equipment and may spur other power systems to fast-track cleaner alternatives. The amount of U.S. gas-fired capacity that is under construction has more than …

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Marathon Petroleum Profit Beats as Margins Rebound From Multi-Year Lows

Conventional Energy, Latest, Oil, US News / By

Feb 3 (Reuters) – Marathon Petroleum  reported fourth-quarter profit above Wall Street estimate on Tuesday, as a 44% jump in refining margins underscored stronger operational performance after a prolonged downturn in 2024. Shares of the country’s top refiner gained nearly 7% in premarket trading. U.S. fuel maker margins have begun to rebound from multi-year lows …

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US Crude Oil Production Nears Full Recovery After Storm Hit Output

Conventional Energy, Latest, Oil, US News / By

(Reuters) – Crude oil producers in the United States continued bringing oil wells back online on Monday, with only around 0.7% of national output still halted in the aftermath of a winter storm that ravaged production last month. Some 100,000 barrels per day of crude output remained shut, according to consultancy Energy Aspects, with outages …

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