Phillips 66 Calls Open Season for Blue Line NGL Transport
Phillips 66 Pipeline’s, a subsidiary of Phillips 66, NGL network Blue Line System provides services from Kansas to Missouri and Illinois.
Goldman Expects Summer Demand to Lift Brent Crude to $86/Bbl in Q3
A healthy growth in consumer spending and solid summer demand will push the oil market to a 1.3 million barrels per day (bpd) deficit in the third quarter and lift benchmark Brent prices to $86 a barrel, Goldman Sachs said. The bank cut its 2024 oil demand growth forecast by 0.2 million bpd to 1.25 …
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COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on …
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Noble to Acquire Diamond Offshore Drilling for $1.6B in Cash, Stock
The combination of offshore drilling powerhouses Noble Corp. and Diamond Offshore Drilling will create the “leading tier one drillship fleet,” Noble said.
U.S. Manufacturers in Halting Recovery but Diesel Use Tepid
By John Kemp (Reuters) – U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices. The Institute for Supply Management’s manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) …
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BP Tightens Workplace Relationships Policy After Looney Dismissal
Summary BP updates its conflict of interest policy Senior staff have three months to disclose relationships Staff face potential sacking for failure to comply (Reuters) – BP employees must disclose any intimate relationships with colleagues or risk losing their jobs, the oil major told staff in a policy update, following the sacking of former CEO …
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Oil Nudges Higher on Hopes of Summer Fuel Demand
Summary US jobs data dampens hope for near-term interest rate cuts Goldman Sachs forecasts Brent rise to $86 in third quarter Other analysts expect inventory draws to support prices (Reuters) – Oil prices edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the …
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Study: Time Running Out for FID on Next Permian NatGas Pipeline
To meet natural gas takeaway demand by 2026, a final investment decision on a new Permian Basin pipeline will be needed before the end of the year, according to Enverus analysis.
COP29 Host Sees Gas Demand Soar Despite Phase-Out Plans
Azerbaijan has agreed to double gas exports to Europe by 2027 ‘Long list’ of nations asking for gas, deputy minister says Months after the world agreed to transition away from fossil fuels at UN-led climate talks, the demand for natural gas from the host of this year’s COP29 is growing in Europe and elsewhere. Azerbaijan, …
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New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half
Government says reversing the ban will bolster energy security Green Party labels the move a backward step for climate aims New Zealand’s government is pressing ahead with plans to lift a ban on offshore petroleum exploration, citing energy security challenges from “rapidly” declining natural gas reserves. Gas is “critical” for the economy during periods of …
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