Diesel refining margins in both Europe and the United States have hit all-time highs as strikes at French refineries exacerbate a global shortage of distillate fuels. The price of diesel, heating oil and other refined products was already elevated after Russia’s invasion of Ukraine and with overall...
As war rages in Ukraine, and Europe thirsts for fuel, the liquified natural gas (LNG) industry along the US Gulf Coast is preparing to expand — a distressing development to some nearby neighbors. “It’s our life they took here,” says Travis Dardar from the doorstep of his camper trailer. An imposing...
https://www.hellenicshippingnews.com/along-us-gulf-coast-huge-gas-plants-jostle-for-space/
The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market – but with more U.S. bettors opting for a bearish stance, data from CME Group (NASDAQ:CME) showed. OPEC+, as the group is known,...
https://www.hellenicshippingnews.com/opec-cut-spurs-u-s-hedging-but-against-lower-oil-prices/
BP is targeting the North Sea and U.S. shale basins to boost oil and gas supplies in the short term in response to the global energy crisis, its head of oil and gas operations told Reuters. BP aims to cut its oil and gas output by 40%, or 1 million barrels of oil equivalent per …
We hosted our EMEA Global Energy and Natural Resources Summit in London last week. Here are some of the big themes debated on the stage. The global economy needs more oil and gas At least for the short term. Energy security is dominating the agenda and fossil fuels are a vital part of the solution,...
https://www.hellenicshippingnews.com/the-energy-crisis-whats-on-ceos-minds/
The Kremlin on Sunday praised OPEC+ for agreeing production cuts that had successfully countered the “mayhem” sown by the United States in global energy markets. The OPEC+ decision to cut oil production despite stiff U.S. opposition has further strained already tense relations between President Joe...
https://www.hellenicshippingnews.com/kremlin-praises-opec-for-countering-u-s-mayhem/
OPEC+ surprise deep oil production cuts agreed this week are set to benefit Russia most while tightening supply to the West already suffering from record energy prices. OPEC+ and the West traded blame on Wednesday after the group reduced supply by a steep 2 million barrels per day or 2% of global...
https://www.hellenicshippingnews.com/why-russia-stands-to-gain-most-from-opec-oil-production-cuts/
With less than three months left in 2022, natural gas has led the gains among actively traded commodities on the futures markets, given tight U.S. supplies and an energy crisis in Europe. Industrial commodities such as iron ore and steel, however, have failed to garner much interest in the face of...
Based on our latest Drilling Productivity Report (DPR), drilled but uncompleted wells (DUCs) in all U.S. DPR regions totaled an estimated 4,283 wells in August 2022, the least in any month since we started estimating DUCs in October 2013. The decline in DUCs in most major U.S. onshore oil- and...
Leaders of European Union countries will debate whether and how to cap gas prices on Friday, after member states increased the pressure on Brussels to limit fuel costs. European Commission President Ursula von der Leyen on Wednesday suggested gas price cap options for the EU leaders to discuss,...
https://www.hellenicshippingnews.com/caps-and-corridors-how-can-europe-contain-gas-prices/