Business & Markets

Oil Price Set to Test Fresh Peaks Barring Iran Breakthrough

Oil

Efforts by governments to drive an economic rebound are likely to add strain to tight oil supplies and could send prices to fresh peaks, unless international talks end sanctions on Tehran and lead to a surge in Iranian exports.

Factbox: Europe's Options in Case of Russian Gas Disruption

Europe relies on Russia for around 40% of its natural gas. What are the region's options in the event that Russian gas deliveries are suspended or pipeline flows are impacted by war damage?

Dakota Access Pipeline Suffers US Supreme Court Setback

The U.S. Supreme Court on Tuesday rejected a bid led by Dakota Access Pipeline operator Energy Transfer to avoid additional environmental review of a section that runs under an artificial lake and is opposed by nearby Native American tribes, leaving the pipeline vulnerable to being shut down.

Germany Must Regulate Gas Storage to Secure Supplies - Minister

Germany must introduce regulation that commits its privately operated gas storage facility to have full capacity before winter to avoid the kind of energy crunch gripping the country, Economy Minister Robert Habeck said on Monday.

LNG Supply-Demand Balance to Remain Tight in 2022 - Shell

The global LNG market is expected to remain tight this year following last year’s volatility, which saw demand rise 6% and gas prices hit an all-time high, Shell said on Monday.

NextEra Takes $800 Million Charge for Mountain Valley Pipeline

A unit of NextEra Energy recorded an $800 million impairment charge in the first quarter as the U.S. renewable energy company re-evaluates its investment in the long-delayed Mountain Valley Pipeline.

EIA Reports: North Dakota’s Producers Meet State’s Natural Gas Capture Target

In North Dakota, the rate of natural gas flaring declined to an average of 7.5% from January through September 2021.

EIA Reports: US LNG Export Capacity to Top Other Nations by End of 2022

LNG export capacity in the United States has grown rapidly since the Lower 48 states first began exporting LNG in February 2016. In 2020, the United States became the world’s third-largest LNG exporter.

Facing Texas Pushback, BlackRock Says it Backs Fossil Fuels

At the risk of being dropped from Texas pension funds, BlackRock Inc. has ramped up its message that the world's largest asset manager is a friend of the oil and gas industries.

Peru Oil Spill Affected 40-Square-Mile Area, Repsol Says

An executive of Spain's Repsol said an oil spill offshore Peru's capital Lima affected an area of 40 square miles (106 square km).

Russian Gas Exports to Europe Unaffected by Ukraine Pipeline Blast

Russian gas supplies to Europe were not affected after part of a gas pipeline near Luhansk in eastern Ukraine caught fire late on Friday, a Ukrainian gas official said.

SoCal Unveils Plan to Supply Los Angeles with Green Hydrogen

Southern California Gas, the largest U.S. natural gas utility, on Thursday unveiled a major proposal to deliver hydrogen produced by wind and solar energy to the Los Angeles area.

Energy Transfer Eyes Permian Gas Pipeline, Starts Gulf Run Construction

Energy Transfer has joined at least two other companies looking to build the next pipeline to transport growing natural gas production from the Permian Basin to export hubs on the Gulf Coast.

TAP Pipeline Could Boost Capacity a Year Early

The Trans-Adriatic Pipeline (TAP) is ready to expand its capacity one year in advance if needed to meet market demand, Managing Director Luca Schieppati said.

Carbon+Intel: Promises, Risks of Carbon Capture Investment

Without putting away massive amounts of carbon dioxide while awaiting renewable energy to mature commercially, there is no hope in stopping global temperature from rising beyond 1.5°C by the end of the century.

South Korea, Iran Discuss Resuming Oil Trade

South Korea and Iran have held working-level talks on resuming imports of Iranian crude oil and unfreezing Iranian funds held in the East Asian nation, South Korea's foreign ministry said on Wednesday.

US Natural Gas Jumps Nearly 10% on Colder Forecasts

U.S. natural gas futures jumped almost 10% to a near two-week high on Wednesday on forecasts for much colder weather and higher heating demand through early March than previously expected.

Russia Ready to Re-Route Gas Flows if Hit by Sanctions

Russia would be ready to re-route supplies to other markets should new Western sanctions target its energy sector, finance minister Anton Siluanov said on Wednesday.

Green Stream Pipeline to Resume Libya Gas Flows to Italy

Gas flows into Italy from Libya will restart on Thursday, ahead of schedule, following unplanned maintenance on facilities at the Mellitah Complex, Italian energy group Eni said.

Germany Ups Ambition on Hydrogen to Meet Climate Targets

Electricity generation from renewables has grown considerably in Germany over the years, but plenty more is needed to fuel the country’s green hydrogen ambition.

RWE Zeroing in on Green Hydrogen Production Plans

Germany’s RWE, one of Europe’s largest electricity and gas suppliers, signed a contract with professional services firm Jacobs to study the production and supply of green hydrogen at the Pembroke Power Station in Wales.

Oil Retreats From 7-Year High After Russia Says it Withdraws Some Troops

Oil

Oil tumbled over 3% on Tuesday, retreating from a seven-year high after Russia said some of its military units were returning to their bases after exercises near Ukraine.

Europe Remains Top Destination for U.S. LNG for Third Month

Europe's call for U.S. LNG continues to run hot in February and is poised to remain the top destination for U.S. shipments for the third month in a row, according to mid-month Refinitiv vessel tracking data on Tuesday.

Israel Will Not Object if Exported Gas Reaches Lebanon - Minister

Israel's energy minister said on Tuesday that it would not be a problem if Israeli natural gas that is exported to Egypt makes its way to Lebanon, a long-time enemy that is dealing with an energy crisis.

Venture Global to Buy Natural Gas from Repsol for LNG Plant

Venture Global LNG has agreed to buy natural gas for its Plaquemines LNG export plant in Louisiana, expected to start up in 2024, from a unit of Spanish energy company Repsol.

UAE's Dragon Makes Oil Discovery in Gulf of Suez

United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said Tuesday.

Guyana May Develop Offshore Oil Prospects on Its Own

Guyana could form a national oil and gas company to oversee its own exploration instead of conducting an offshore drilling auction this year, a government official told international oil executives on Tuesday.

EU Likely to Intensify Fact-Finding on Gazprom - Source

EU antitrust regulators are likely to intensify information gathering on Gazprom's European businesses, said a person familiar with the regulator's thinking, amid Europe's gas supply crisis.

Feed to U.S. LNG Plants Soars as 7th Terminal Loads First Cargo

Natural gas supplies to U.S. LNG export plants reached near record levels over the weekend as vessels docked for loading at all seven export terminals for the first time.

Oil Hits 7-Year High as Markets Fear Russian Attack on Ukraine

Oil

Oil prices rose to their highest in more than seven years on Monday as Ukraine's president declared a "day of unity" for Feb. 16, a date that some Western media have cited as a possible start of a Russian invasion.

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