Industry Trends ///

UK weighs options to weather natural gas crisis

The UK is considering all options to address the energy crisis, but people should prepare for longer-term high prices, Business Secretary Kwasi Kwarteng told a committee of Parliament.

OPEC warns natural gas crisis may create oil market turbulence

As the global natural gas crunch hits suppliers and consumers alike, OPEC nations are warning of the knock-on impact for oil markets.

EIA reports Cushing, OK crude inventories down 40% from start of 2021

The U.S. Energy Information Administration reported crude oil inventories in Cushing, Oklahoma, totaled 32.9 million barrels (excluding pipeline fill and stocks in transit by water and rail) in the week ending September 10, which is a 42% decrease since the beginning of the year.

Shell shows it favors investor returns over renewables deals

Royal Dutch Shell Plc is proving it’s taking a different approach to the energy transition.

Gastech 2021: OPEC chief says Euro gas crunch highlights need for more fossil fuel investment

The world’s biggest gas traders and producers are meeting in Dubai this week for the Gastech conference -- the first major in-person event for the industry since the onset of the coronavirus pandemic.

Russia decides against increasing European gas flows, sending prices higher

European gas prices surged more than 10% as Russia is keeping its grip on the market, opting to cap additional flows to the continent.

Equinor ramps up Norwegian exports to help meet European gas demand

Equinor and its partners have received permission to increase gas exports from two fields on the Norwegian continental shelf to supply the tight European market.

Europe isn’t buying LNG despite record gas demand – here’s why.

A record rally in natural gas prices in Europe doesn’t mean it’s become lucrative to send every available molecule to the region.

Europe faces a winter energy crisis years in the making

Europe is bracing for a tough winter as an energy crisis that’s been years in the making leaves the continent relying on the vagaries of the weather.

Chevron’s Mike Wirth sees higher energy prices, supply crunches ahead

The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.’s top executive.

Democrats to investigate oil industry over “climate disinformation”

House Democrats are investigating the role major oil companies and their trade groups are alleged to have played in misleading the public on the role of fossil fuels in causing global warming.

Oil prices climb as U.S. crude, gasoline inventories tighten

Oil jumped amid indications of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.

European gas price rally continues on U.S. LNG export, UK power issues

Natural gas prices in Europe continued their record-breaking run as uncertainties about supply security this winter worsen. Power prices also surged to a new high after a disruption on a power link with France.

Extra OPEC oil production canceled out by hurricane Ida outages

The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy Agency said.

Joe Manchin holds America’s energy independence, and economic future, in his hands

West Virginia Senator Joe Manchin stands alone among his fellow Democrats, recognizing the long-term economic damage Biden's $3.5T liberal wish list would inflict on America’s ability to meet its own energy needs, and compete in the global economic arena.

OPEC sees global oil supply disruptions boosting demand for its crude

The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production.

Biden’s budget plan spurs lobbying frenzy, with all eyes on Joe Manchin

West Virginia Senator Joe Manchin (D), who commands a linchpin vote in the Senate, is at the center of a lobbying crossfire over President Joe Biden’s $3.5 trillion economic package, with the energy industry and environmental advocates both vying for his support.

Chevron pursues green joint ventures as shareholder climate focus sharpens

Amid rising shareholder pressure on climate issues, Chevron is proactively forging climate-friendly joint ventures with an array of startups as well as corporate giants that include Caterpillar Inc., and Alphabet Inc.’s Google.

Biden’s clean energy future won’t include natural gas

Natural gas won’t count as clean energy under a House Democratic plan that would eventually rid the electric grid of carbon and is part of the $3.5 trillion tax-and-spending package moving through Congress.

World’s largest economies are surpassing pre-Covid oil demand

Higher consumption across major economies is buoying oil prices that have rallied around 40% this year. Against this backdrop, the OPEC+ alliance decided to keep restoring crude supply earlier this month, citing tighter balances into year-end.