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By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …
U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »
By Reuters (Reuters) – Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region. However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment. …
Baker Hughes Sees Lower North America Activity; Bets on Foreign Demand Read More »
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row, boosting the monthly count by the most since November 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose …
(Reuters) – Energy major Exxon Mobil said on Thursday it has entered into a carbon capture and storage (CCS) agreement with ammonia producer CF Industries. Carbon capture is a process through which carbon dioxide (CO2) generated from industrial activity is stored underground. The process has been embraced by oil companies including Chevron, Occidental Petroleum and Talos Energy. …
Exxon Mobil, CF Industries Sign Carbon Capture and Storage Deal Read More »
(Reuters) Russian President Vladimir Putin’s oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the world’s second largest oil exporter would compensate for its overpumping. Russia said on Wednesday that its crude oil production in June exceeded quotas set by the OPEC+ …
Russia’s Novak Says No Friction with OPEC+ Over Exceeding Production Quotas Read More »
Meme-stock investors lose millions on energy company takeover Tellurian is a cautionary tale for amateur traders hoping to outsmart Wall Street Bloomberg News For Bjorn Bos and other retail investors who piled into energy company Tellurian Inc. in the past few years, it wasn’t meant to end this way. Several meme stocks, including GameStop and …
Meme-Stock Investors Lose Millions on Energy Company Takeover Read More »
Tesla stages US$386-billion comeback as Musk focuses on AI The chief executive managed to get investors to pay more mind to the automaker’s AI potential than its sluggish sales Bloomberg News This year has been a testament to Elon Musk’s ability to lead Tesla Inc.’s shares into and out of trouble. It’s been a volatile time even …
Tesla Stages US$386-Billion Comeback as Musk Focuses on AI Read More »
Summary Mexico will likely need to import crude after 2030 Zama and Trion fields to lift output but others decline rapidly (Reuters) – Mexico’s incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply. …
Declining Mexican Crude Output Could Shatter Energy Independence Dream Read More »
(Reuters) Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if any energy company is found by …
U.S. Democrats Launch Bill Holding Oil Firms Accountable for Any Work with OPEC Read More »
(Reuters) U.S. gasoline demand rose to 9.46 million barrels per day (bpd) last week, the most for this time of the year since 2021’s record high of over 10 million bpd, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. Product supplied of gasoline, EIA’s measure of demand, rose by 673,000 bpd in …
US Gasoline Demand Rose Last Week to Highest Seasonal Level Since 2021 – EIA Read More »
