Oil - Today in Oil and Gas

Rising Tungsten Prices Worsen Oil Drillers’ Inflation Worries

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, Natural Gas, Oil, US News / By mark

U.S. shale drillers are facing higher prices for tungsten, a rare, ultra-hard metal used for industrial tools like drillbits, as Chinese export controls have squeezed supply, threatening U.S. President Donald Trump’s ambitions to boost America’s fossil fuel production. Tungsten makes up as much as 75% of the drillbits deployed in oilfields. The metal’s price has …

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EU’s Plan to Phase out Russian Energy Clears First Political Hurdle

CDN and International News, Latest, Natural Gas, Oil / By mark

Summary EU considering phase-out of Russian oil and gas by January 2028 Ambassadors agree to forward proposal to ministers – diplomats Ministers’ meeting planned for October 20 (Reuters) – European Union countries’ ambassadors on Wednesday agreed to move ahead with the bloc’s plan to end Russian oil and gas imports by 2028, EU diplomats said, …

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“BEST AND FINAL” OFFER – Cenovus Energy Raises Takeover Offer for MEG Energy to US$6.2 Billion

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, Oilsands / By mark

Oct 8 (Reuters) – Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy raising the value of its proposed deal to C$8.6 billion ($6.16 billion), including debt, in an attempt to match a rival bid from Strathcona Resources. Cenovus raised its bid by C$2.35 to about C$29.80 per share, and said this …

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China Accelerates Oil Reserve Site Build Amid Stockpiling Drive

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

(Reuters) – China is building oil reserve sites at a rapid clip as part of a campaign to boost crude stockpiles that increased in urgency after Russia’s Ukraine invasion upended global energy flows and has accelerated this year, according to public data, traders and industry experts. State oil companies including Sinopec and CNOOC will add …

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Chevron Working to Restart Units at El Segundo Refinery After Fire

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By mark

(Reuters) – Chevron said on Tuesday it was working to restart some of the processing units that were shut down due to a fire at its El Segundo refinery last week. “The refinery continues to operate and create transportation fuels, although at diminished rates,” the company said. Last week, Chevron’s El Segundo refinery took multiple units offline after …

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As Oil Glut Fears Mount, OPEC+ Restrains Output Rises for Now

CDN and International News, Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil / By mark

Summary OPEC+ opted for modest hike due to glut concerns, sources say OPEC and non-OPEC supply rising Supply to far exceed demand in 2026 -Reuters poll (Reuters) – OPEC+ oil-producing countries opted for only a modest rise to November output due to concerns about a potential global glut, sources within the group said, as non-OPEC …

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Oil Steady After Smaller-Than-Expected OPEC+ Output Hike

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

Summary Brent, WTI steady after settling 1% higher previously OPEC+ to hike November output by 137,000 bpd, less-than-expected Oversupply outlook weighs slightly on prices (Reuters) – Oil prices were steady on Tuesday as investors assessed a smaller-than-expected November output hike by OPEC+ against the backdrop of oversupply expectations. Brent crude futures fell 9 cents, or …

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Exxon Expects Up To $300 Million Boost to Q3 Upstream Earnings From Oil Prices

Conventional Energy, Latest, Oil, US News / By mark

(Reuters) – Exxon Mobil said on Monday changes in crude oil prices over the third quarter could impact the company’s upstream earnings from negative $100 million to as much as a positive $300 million. The company also signaled in a regulatory filing that stronger margins in the refining business could boost earnings by $300 million …

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COMMENTARY: The Oil Market’s 2026 Tsunami Will Be Costly to Finance

CDN and International News, Conventional Energy, Energy Commentary, Energy Topics & Technology, Latest, Oil / By mark

By Javier Blas The oil market is heading for an immense surplus in early 2026. How large? “Cartoonish,” reckons Macquarie Group Ltd., a bank with a huge commodities business. What’s the solution? Stockpile millions of barrels of crude into tanks. It’s a tried-and-tested response, but this time there’s a catch: interest rates are much higher …

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LOOKING BACK: Why the Mark Carney Led Net-Zero Banking Alliance Did Not Work as Intended

CDN and International News, Conventional Energy, Finance, Latest, LNG, Natural Gas, Oil / By mark

EnergyNow Staff The Net-Zero Banking Alliance (NZBA) was established to mobilize the global banking sector in the fight against climate change, aiming for net-zero greenhouse gas emissions by 2050. Despite its ambitious goals, the NZBA has faced significant challenges and criticism, preventing it from working as intended. This document examines the history, founding members, reasons …

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