Downstream

This post was originally published on this site(Reuters) – U.S. energy firms kicked off the new year by continuing to add oil and natural gas rigs this week after increasing the rig count in 2021 after two years of declines. The oil and gas rig count, an early indicator of future output, rose two to […]

This post was originally published on this site(Bloomberg) U.S. retail gasoline prices are creeping back up for the first time in about two months amid gains in crude oil and still-strong demand from consumers. National average retail gasoline prices hit $3.303 per gallon on Thursday, the highest since Dec. 19, according to auto club AAA. This

This post was originally published on this siteJan 6, 2022 (Bloomberg) A rally in oil prices lifted U.S. energy stocks to the highest since the pandemic emerged more than two years ago.The S&P 500 Energy Index rose 2.3% Thursday to the highest close since Jan. 7, 2020, when the virus was still thought to be contained

This post was originally published on this siteU.S. natural gas futures rose almost 3% to a one-week high on Friday as a major winter storm blanketed the Northeast in snow, driving overall gas demand to its highest in a day since hitting a record in 2019. As homes and businesses in New York and New

This post was originally published on this siteRoyal Dutch Shell said it will pursue its $7 billion share buyback programme after selling its U.S. shale business “at pace” as its liquefied natural gas (LNG) production was hit once again by unplanned outages. Fuel sales were also hit by a slowdown in global economic activity due

This post was originally published on this siteJan 6 (Reuters) – Publicly traded U.S. oil and gas companies are unlikely to increase spending or output significantly in 2022, as they keep a promise to focus on shareholder returns, Coterra Energy Chief Executive Officer Tom Jorden said on Thursday. Jorden said he was bullish on oil

This post was originally published on this siteHOUSTON, Jan 6 (Reuters) – Exxon Mobil Corp (XOM.N) on Thursday rejected a proposal by the United Steelworkers union (USW) to end an eight-month lockout of about 600 workers at the company’s Beaumont, Texas, refinery, the company said. The union’s proposed modifications to contract language do not meet the company’s

This post was originally published on this siteJan 7, 2022 (Bloomberg) Oil was poised for a third weekly gain as demand remained resilient while supplies are frayed across the OPEC+ coalition and beyond. Futures increased again on Friday to trade near $80 a barrel in New York, bringing this week’s increase to almost 7%. Kazakhstan’s biggest

This post was originally published on this site(Bloomberg) The shale industry is no stranger to accusations of promising more oil than it could deliver and spending shareholders’ money unwisely, but one group of alleged Ponzi schemers in Texas took that to a whole new level.The U.S. Securities and Exchange Commission this week sued Heartland Group Ventures LLC,

This post was originally published on this siteJan 6, 2022 (Bloomberg) EOG Resources Inc., one of the biggest U.S. shale oil producers, is ready to ramp up output as soon as this summer if the market demands it. The company has yet to resume pre-pandemic levels of production, but that could change this year under