LNG demand will double by 2040: Shell

Worldwide liquefied natural gas demand is expected to double by 2040 to 700 million tonnes, according to third party forecasts, Royal Dutch Shell reports in its Fourth Annual LNG Outlook, Kallanish Energy reports. LNG in 2019 rose a robust 12.5%, to 359 million tonnes, Shell stated. “The global LNG market continued to evolve in 2019,

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Crude gains on smaller-than-expected inventory build

Crude oil prices rose Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude inventories, Kallanish Energy reports. Gains, however, were held down by continuing worries about the spread of the Coronavirus outside China. The Energy Information Administration reported yesterday crude inventories rose only 414,000 barrels for the week ended Feb. 14, compared

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US crude inventories jump in new EIA survey

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended Feb. 7, increased by 7.46 million barrels (Mmbbl) from the previous week, the Energy Information Administration reported Wednesday. At 442.47 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early February, Kallanish Energy reports. U.S.

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Volume of working gas placed in storage shrinks

The volume of working gas injected into underground storage slowed to the smallest amount in seven months in the latest weekly survey by the Energy Information Administration, Kallanish Energy calculates. For the week ended Nov. 1, just 34 billion cubic feet of working gas was placed into storage — the smallest amount since 25 Bcf

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Aramco will offer less than 1% of shares to individuals

Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history, Kallanish Energy reports. The process begins Nov. 17, and closes on Dec. 4, the company said in its IPO prospectus, released last Saturday. The 658-page document comes almost four years after

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Oil gains on trade deal hopes, better demand outlook

Crude oil prices rose more than 1% Tuesday on hopes for a U.S.-China trade agreement and optimism Washington could roll back some of the tariffs it has imposed on Chinese imports, Kallanish Energy learns. Brent crude futures gained 84 cents, or 1.4%, to settle at $62.94 a barrel, while West Texas Intermediate crude futures gained

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Years of offshore investments could be worthless: Rystad

International E&P companies are struggling to make money from offshore investments made during the latest investment upturn, according to a new study by Rystad Energy, Kallanish Energy reports. The independent research company has evaluated all offshore oilfields sanctioned since 2010 and ranked them by estimated value per barrel of oil under various oil-price scenarios. The

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Offshore wind set to be $1T business by 2040: IEA

Offshore wind should become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase, Kallanish Energy reports. According to the IEA’s Offshore Wind Outlook 2019, investment last year in the sector neared $20 billion, compared to under $8 billion in 2010. With today’s investment

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Trump nominates Brouillette to be Energy secretary

President Trump last Friday announced he has nominated deputy energy secretary Dan Brouillette to replace departing energy chief Rick Perry, Kallanish Energy reports. “I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan

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Oil falls as China’s economic concerns outweigh refining

Crude oil prices were lower Friday, as concerns about China’s economy outweighed strong signals from its refining sector, Kallanish Energy learns.  But losses were limited on hopes for progress toward a U.S.-China trade agreement. Brent crude oil futures fell 49 cents, to settle at $59.42 a barrel, while U.S. West Texas Intermediate crude futures lost

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Schlumberger loses $11.4B amid big pretax charges

The world’s largest oilfield services company surpassed Wall Street expectations on third-quarter revenue, but took a huge hit on the bottom line due to pretax charges, Kallanish Energy reports. Schlumberger reported an $11.4 billion loss on $8.54 billion of revenue during the quarter, a loss per share of $8.22 for common stockholders. One year ago,

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US crude oil exports continue growing in first half of 2019

U.S. exports of crude oil rose to average 2.9 million barrels per day (Mmbpd) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018, the Energy Information Administration reports. U.S. crude oil exports also set a record-high monthly average in June, at 3.2 Mmbpd, Kallanish Energy learns. Despite

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Oil rises on Saudi supply concerns

Crude oil rose slightly Monday, after gaining nearly 7% last week, as lingering concerns over global supplies following the Sept. 14 attack on Saudi oil facilities offset prospects for a faster-than-expected restoration of the kingdom’s output and on signs of European economic weakness. Global benchmark Brent futures were up 40 cents to $64.68 a barrel,

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US producible gas volume jumps in latest biennial survey

Energy industry experts who comprise the Potential Gas Committee announced Wednesday the volume of producible natural gas in the U.S. has jumped roughly 20% since their last assessment two years ago. The increase of 557 trillion cubic feet (Tcf) reported by the Pgc is the highest assessment in its 54-year history. The organization estimates total

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US crude oil inventories drop more than expected

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.91 million barrels (Mmbbl) during the week ended Sept. 6, from the previous week, the Energy Information Administration reported. The American Petroleum Institute had U.S. crude inventories down 7.2 Mmbbl in the week ended Sept. 6, to 421.9 Mmbbl, compared with analysts’

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