Business & Markets

Future Looks Bright for LNG in Post-COVID-19 Era

The onset of COVID-19 caused a decline in gas demand of around 4% with a similar decline in the LNG trade. Most forecasts expect gas demand to recover in 2021 to pre-pandemic levels. But what happens thereafter?

Continued Midstream Infrastructure Development Expected After Market Rebound

The INGAA Foundation released its report North American Midstream Infrastructure – A Near Term Update Through 2025, which shows the oil and gas markets should rebound and lead to further midstream infrastructure development.

China’s 2020 Crude Oil Imports Surged 7.3%

Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas and via pipeline, reached a record 11.23 million tons in December.

Noble Midstream, Chevron Agree on Oil Transmission from Wells Ranch

With this agreement, Noble Midstream will now be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.

Waha Hub Prices Rise with Permian Highway Pipeline in Service

The Permian Basin basis to the Henry Hub briefly went positive as the Permian Highway pipeline entered service, the U.S. Energy Information Administration’s latest weekly natural gas update announced.

Crude Oil Prices Mostly Flat After Trading Below $0 in Spring 2020

Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. It later recovered but remained largely flat for the remainder of 2020.

Phillips 66 Budget Down 43% From 2020’s Forecast

Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Despite a Late Surge, Oil Ends 2020 Down 20%

Brent and U.S. crude benchmarks have more than doubled from April's nadir as producers cut output to match weaker demand. News of coronavirus vaccine distributions also bolstered prices in the fourth quarter, helping futures recover to the highest in about 10 months.

Energy Sector Could Get Reprieve from ‘Golden Cross’ Chart Signal

Energy could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above the 200-day moving average.

Natixis Sees Deals from Gulf States Monetizing Oil Assets

Natixis expects oil-rich Gulf states to accelerate privatizations, including by extracting revenue from oil assets, with Saudi Arabia and possibly Oman as likely candidates for similar deals next year, the French bank’s regional head said.

Russia’s Gazprom Signs Deal on Gas Prices with Belarus for 2021

Russia and Belarus said the two countries signed a deal on gas prices for 2021, easing tensions between the two former Soviet countries.

LNG Prices Reach 6-Year High as Winter Storm Hits Asia

As an early winter chill grips China, South Korea and Japan, prices for LNG and power are rising due to supply crunches and a surge in demand with more cold weather expected.

Oil Settles Up, Marking 7th Straight Weekly Gain

Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on vaccine rollouts and a decline in the U.S. dollar.

Hilcorp Unit Completes BP Alaska Acquisition

Privately held Hilcorp Energy's unit completed a $5.6 billion acquisition of BP's business in Alaska, taking over the region the British oil major had operated in for 60 years.

Court Approves Williams' Deal with Bankrupt Chesapeake

A bankruptcy court has approved Williams' agreement to take ownership of some Chesapeake Energy assets in exchange for accepting lower gas gathering fees.

As Biden Cabinet Takes Shape, API Seeks Voice in Energy, Climate Policy

The American Petroleum Institute on Thursday reached out to the incoming Biden administration to collaborate on climate and energy policy, calling energy a non-partisan issue that modern life depends on.

APGA Focuses on Industry Safety, Advocacy

In this interview, APGA Chairman John Leary discusses the association's priorities for the coming year, helping members who are coping with the coronavirus and engaging the public concerning natural gas and other topics.

Uzbekistan to Cut Gas Exports Amid Domestic Shortages

Uzbekistan will cut natural gas exports, which mostly go to China, because of domestic energy shortages, the Central Asian country's energy ministry said on Thursday.

Oil Prices Hit 9-Month High after Inventory Draw

il climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.

Lloyd's Steps Back from Oil Sands, Coal in First Climate Change Policy

Lloyd's of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report, in a reversal of its traditional hands-off approach to climate change strategy.

Abu Dhabi Pipeline Sale May Signal Gulf States Trend

Bankers expect oil-rich Gulf states to accelerate privatizations like Abu Dhabi's pipeline deal, with Saudi Arabia and possibly Oman as likely candidates for asset sales next year.

Eni Lifts Force Majeure on Nigeria's Brass River Crude Exports

taly's oil major Eni said it was lifting force majeure on Nigeria's Brass River crude oil exports on Wednesday after pipelines had been repaired following sabotage.

Lacking Pipelines, U.S. Northeast Gas Prices Jump Ahead of Winter Storm

U.S. Northeast power and natural gas prices for Wednesday jumped to their highest level in almost a year as energy companies prepare for what could be the region's biggest winter storm in years.

Phillips 66 Lowers 2021 Spending Budget

U.S. oil refiner Phillips 66 on Monday set its 2021 capital budget at $1.7 billion, around 43% lower than forecast for the previous year, as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Pinnacle Midstream II Plans Gathering, Compression System in Midland Basin

Pinnacle Midstream II on Tuesday said it has signed a 15-year gas gathering, processing and purchase agreement with DoublePoint Energy that anchors Pinnacle’s greenfield build of a new natural gas gathering and compression system in the Midland Basin.

Husky Energy Shareholders Approve Sale to Cenovus

Husky Energy Inc said on Tuesday its shareholders approved the company's merger with rival Cenovus Energy Inc to create Canada's No. 3 oil and gas producer,

North Sea Could Shift from Oil Reservoir to CO2 Storage - Total CEO

The North Sea could be switched from a depleting oil and gas basin to a site for storing carbon dioxide under the seabed, Total CEO Patrick Pouyanne said on Tuesday.

Russia's Druzhba Pipeline Exports Set to Slide Amid Price Row

Exports of Russian Urals oil via the Druzhba pipeline are likely to fall in the first quarter as sellers have been pressing for higher crude prices that margin-strapped refiners say they can't afford.

EU Proposes Funding Shift Away From Natural Gas

The European Commission on Tuesday proposed rules to restrict funding for natural gas projects and instead funnel cash into low-carbon technologies to meet climate goals.

OPEC Cuts 2021 Oil Demand Outlook Again as Pandemic Impact Lingers

Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.