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All the latest in Oil, Gas, Commodity news and analysis

The Top 10 Producers Leading A Global Shale Bonanza
by Robert Rapier
23 Feb 2024 at 4:00pm
The U.S. is the global leader in the production of natural gas and oil derived from shale formations. However, there are other countries with significant quantities of technically recoverable resources. In 2015 the U.S. Energy Information Administration updated its assessment of world shale oil and shale gas resources. The U.S. has the world?s largest estimated recoverable resource of tight oil. This refers to crude oil that is trapped within low-permeability rock formations, such as shale, sandstone, or limestone. The oil is extracted using?

Could Solar Power Become America?s Leading Electricity Source?
by Felicity Bradstock
23 Feb 2024 at 2:00pm
Solar energy operations have been flourishing in recent years, following decades of sustained investment and recent innovations in solar panel technology. There has been a solar manufacturing boom, which is expected to continue at a faster pace. Countries worldwide are investing heavily in increasing their solar energy capacity in support of a green transition, with China and the U.S. leading the way. The International Energy Agency?s (IEA)World Energy Outlook(WEO) 2023 explores the potential for growth in the solar energy?

UK Trade Authority Probes Steel Import Quotas
by Metal Miner
23 Feb 2024 at 1:00pm
Via Metal Miner The United Kingdom?s Trade Remedies Authority (TRA) recently initiated a suspension review on safeguard measures against hot rolled flat and coil steels. Steel news sources report that the move also came alongside a tariff quota review. TRA reported on February 9 that both Tata Steel UK (TSUK) and steel trader Kromat Trading filed applications for the suspensions. ?Both reviews respond to TSUK?s recent proposal to close its two blast furnaces in Port Talbot, Wales, as part of a transition to an electric arc furnace,??

Uzbekistan Set to Bolster Russian Gas Imports with $500 Million Investment
by OilPrice.com
23 Feb 2024 at 12:00pm
The government of Uzbekistan plans to invest $500 million on expanding capacity in its natural gas transportation system to enable a significant increase in imports from Russia, according to reporting by news website Gazeta.uz. Uzbekistan, whose own gas reserves have not been sufficient to meet annually surging demand, started receiving supplies of the fuel from Russia in October. Under a two-year deal with Gazprom, Uzbekistan imports 9 million cubic meters of gas daily. Gazeta.uz reported on February 20, citing a government decree published earlier?

U.S. Oil Drilling Sees 6-Rig Gain
by Julianne Geiger
23 Feb 2024 at 10:09am
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 5 to 626 this week, compared to 753 rigs this same time last year. The number of oil rigs rose by 6 this week after falling by 2 in the week prior. Oil rigs now stand at 503--down by 97 compared to this time last year. The number of gas rigs fell by 1 this week to 120, a loss of 31 active gas rigs from this time last year. Miscellaneous rigs stayed at 3. Meanwhile,?

Native American Tribes Given Power To Halt Hydropower Projects
by Charles Kennedy
23 Feb 2024 at 9:30am
The Federal Energy Regulatory Commission (FERC) has granted Native American tribes more power to block hydropower projects on their lands if they oppose the plans. FERC has previously applied the general policy of granting permits to planned hydropower projects even where Tribes have raised issues over the impact of such projects, which require enormous amounts of water in areas such as the Southwest, where water is scarce. However, FERCdeniedlast week preliminary permit applications for seven pumped storage hydroelectric projects?

Oil Industry Thinks OPEC+ Will Extend Production Cuts Into Q2
by Julianne Geiger
23 Feb 2024 at 9:00am
Oil industry watchers and analysts are betting on OPEC+ extending its oil production cuts beyond the first quarter of 2024 into the next quarter, a new Bloomberg survey revealed on Friday. The anonymous survey has overwhelmingly predicted that OPEC+ will be forced to extend the cuts into Q2 2024, with 14 of the 17 traders and analysts surveyed betting that OPEC+ will not make any changes to its production plans next quarter. ?Supply is exceeding demand, and to keep prices stable, OPEC+ has to keep that oil off the market,? Bob McNally,?

Iraq Reopens Refinery after a Decade-Long Shutdown
by Charles Kennedy
23 Feb 2024 at 8:30am
Iraq reopened on Friday its rehabilitated North Oil Refinery in Baiji, which had been inactive for more than 10 years and which brings OPEC?s second-largest crude producer closer to being self-sufficient in oil products, the Prime Minister Media Office said in a statement. The Baiji refinery was damaged by insurgent violence when Al Qaeda and later ISIS were fighting for control of Iraqi territories and for control of the oil refinery. The refinery was shut down in 2014 when Islamic State fighters seized it and stole crude and petroleum?

Russian Energy Is Too Cheap for Some Countries To Resist
by Felicity Bradstock
23 Feb 2024 at 8:00am
Two years into the Russia-Ukraine war and following the introduction of a wide array of sanctions, several countries still refuse to cut ties with Moscow, instead benefitting from low-cost oil and gas. Following Russia?s invasion of Ukraine, the U.S., Europe and several other countries decreased their reliance on Russian energy products, developing alternative supply chains and increasing other sources of oil and gas production to meet demand. As they succeeded in this task, they began to introduce sanctions on Russian energy, aimed at harming?

Loophole Allowed Russia to Earn $1.2 Billion From Fuel Sales to the EU
by Charles Kennedy
23 Feb 2024 at 7:30am
An EU sanctions loophole that allows imports of Russian crude if it?s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an investigation by NGO Global Witnessshowedon Friday. For more than a year, the EU has had a ban in place on imports of seaborne crude oil and fuels from Russia ? with a temporary derogation for Bulgaria ? as the bloc and its U.S., UK, and other allies look to stifle oil?

Oil Prices Remain Rangebound As Volatility Fades
by Michael Kern
23 Feb 2024 at 7:00am
Oil prices have remained rangebound in recent weeks, with macro concerns driving the direction of both Brent and WTI.Friday, February 23rd, 2024Oil trading in the past weeks has seen remarkably little volatility, with Brent futures moving within a narrow bandwidth between $81 and $84 per barrel lately. Macro factors seemto be dominating the minor day-on-day moves in crude, with two Federal Reserve governors warning against interest rate cuts in the next two months. Consequently, oil prices are set to end the week at a slight decline, with?

France Misses Its Renewables Capacity Installation Target
by Tsvetana Paraskova
23 Feb 2024 at 6:30am
France missed its target of adding new solar and wind power capacity last year, despite adding more than 5 gigawatts (GW) to its renewable energy fleet, according to data from the French Energy Transition Ministry reported byMontel. France installed a total of 3.1 GW of solar power in 2023, including a quarterly record-high of 0.9 GW in the last quarter of the year, as well as 1.1 GW of onshore wind and 1 GW of offshore wind. But its capacity additions missed the solar installation target by 830 megawatts (MW) and the combined onshore?

Plunging Natural Gas Prices Is Bad News for Drillers
by Editorial Dept
23 Feb 2024 at 6:03am
1. Plunging Natural Gas Prices Is Not Good News for US Oilmen- The once red-hot labor market for oil services and drilling firms has been contracting in recent months, mostly driven by a pronounced decline in natural gas drilling amidst slumping Henry Hub prices. - According to the Energy Workforce & Technology Council, some 4,680 oilfield jobs have been lost in the past two months, a reversal of a two-year trend that saw almost continuous growth in drilling jobs. - The soon-to-be largest US natural gas producer Chesapeake announced this week?

A Signal of Strong Short Term Demand in Oil Markets
by Editorial Dept
23 Feb 2024 at 5:31am
This week, crude oil prices are inching higher, primarily driven by concerns over tightening supply. As of the latest trading sessions, April West Texas Intermediate (WTI) crude oil futures are showing an increase, currently up by 0.19% for the week. This rise, when compared to the stability or fluctuations in previous weeks, highlights a growing concern among traders. They are actively watching for a potential breakout above the January 29 main top of $79.09, indicating a bullish sentiment in the market due to these supply concerns. Spot vs. Futures?

Iraq Moves to Take Control of Kurdistan's Finances
by Editorial Dept
23 Feb 2024 at 5:30am
Politics, Geopolitics & Conflict The Federal Supreme Court in Baghdad has ordered the Kurdistan Regional Government (KRG) to relinquish all oil and non-oil revenue to the Iraqi Federal government, amid the ongoing dispute between Baghdad and Erbil over the latter?s unilateral oil operations and separate contracts with foreign oil companies. Baghdad has invalidated oil company contracts with the KRG and is not honoring them in the ?transfer? to federal hands. In other words, Baghdad is trying to renegotiate these contracts?

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