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U.S. Drillers Add Oil and Gas Rigs for First Time in Five Weeks – Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks, 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 by 2 to 619 in the week to April 19. Despite …

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Shell’s Value Gap is More Strategy Than Geography

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Yawen Chen (Reuters Breakingviews) – It is generally a good thing when a chief executive worries about his company’s share price. The danger is seeking superficial fixes. Ever since Shell CEO Wael Sawan took charge last year, he has made it his …

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Iran Oil Sanctions in U.S. Aid Package for Ukraine

U.S. lawmakers have tucked sanctions on Iran’s oil exports in the House of Representatives’ aid package for Ukraine, Israel and the Indo-Pacific after Tehran’s missile and drone strike on Israel last weekend. If passed through both the House and Senate and signed by President Joe Biden and then implemented and enforced, the measures could eventually …

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New York’s First Electric Skyscraper Promises Luxury With Lower Emissions

An apartment tower in downtown Brooklyn has ditched fossil fuel heating and appliances as new city rules on energy efficiency are phased in.  By Kendra Pierre-Louis In a city that often feels stitched together by scaffolding, the development known as the Alloy Block — on a bustling street in downtown Brooklyn, across from the red-and-silver sign …

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U.S. EPA to Announce Temporary Expanded Sales of Higher-Ethanol Gasoline Blend

(Reuters) – The U.S. Environmental Protection Agency will announce by Friday plans to temporarily expand sales of higher-ethanol blends of gasoline this summer, a win for the corn ethanol industry that will likely see demand increase, three sources familiar with the matter said. The measure would lengthen the period during which Americans can keep buying …

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Oilfield Firm SLB’s Profit Rises on International Drilling Demand

(Reuters) – Top oilfield services firm SLB  reported a 14% rise in first-quarter profit on Friday, in line with analysts’ estimates, as strong oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America activity. The company, which also reaffirmed its previous guidance of mid-teens profit growth for the full …

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Oil Slips Despite Reported Israeli Attack on Iran

(Reuters) – Oil slipped on Friday after prices spiked earlier on reports that Israel had attacked Iran as market fears of a major escalation to hostilities in the Mideast appeared to ease. After the benchmark contracts jumped more than $3 in the session, Brent futures were down 46 cents, or 0.5%, at $86.65 a barrel …

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Goldman Sachs Hikes Brent crude Forecasts for 2024 and 2025

Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80.It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical …

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U.S. Natgas Prices Up 3% Ahead of Storage Report as LNG Feedgas Rises

U.S. natural gas futures climbed about 3% on Thursday on forecasts for cooler weather and more demand next week than previously expected and with an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants, including Freeport LNG. That price rise also came ahead of a federal storage report expected to …

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Kinder Morgan Meets Profit Estimates, Sees New Demand from AI Operations

(Reuters) – Pipeline and terminal operator Kinder Morgan  on Wednesday reaffirmed its annual profit outlook and said it expects demand for natural gas to grow substantially between now and 2030. The company, which operates about 79,000 miles of pipelines, said it is banking on growth in electric demand primarily driven by demand from new and expanding …

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