Argentina's Vaca Muerta shale formation could produce more than 1 million barrels per day of crude oil by 2030, consultancy Rystad Energy said on Wednesday, but cautioned this relied on the country solving transport capacity bottlenecks.
U.S. pipeline operator Kinder Morgan
Inc (KMI) said on Wednesday it plans to expand the working gas storage capacity at its Markham facility in Matagorda County, Texas, by 6 billion cubic feet. The decision comes after Kinder Morgan (KMI) earned about $1 billion during February's U.S. winter blast as heating demand pushed natural gas prices to record highs.
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday. The higher crude output came as production in Texas rose 1.8% to 5.398 million bpd, also its highest since March 2020, the EIA data showed.
By Trixie Yap and Florence Tan. Finnish refiner Neste expects renewable fuels from its new facilities in Singapore and the U.S. to drive its growth this year despite expectations of lower oil product margins in the second quarter, its chief executive said on Wednesday. "The macroeconomic situation is something that is affecting many businesses," Matti Lehmus said in an interview.
By Trixie Yap and Florence Tan. Finnish refiner Neste expects renewable fuels from its new facilities in Singapore and the U.S. to drive its growth this year despite expectations of lower oil product margins in the second quarter, its chief executive said on Wednesday. "The macroeconomic situation is something that is affecting many businesses," Matti Lehmus said in an interview.
- Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday. A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73.
The Fujairah Oil Industry Zone on Wednesday published the following
inventory data for oil products for the week ended May 29, according to industry information
service S&P Global Commodity ...
Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. Brent crude futures for August delivery settled down $1.11 to $72.60 a barrel. At their session lows, both benchmarks were down more than $2 to multi-week lows.
-Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. Brent crude futures for August delivery settled down $1.11 to $72.60 a barrel. At their session lows, both benchmarks were down more than $2 to multi-week lows.
U.S. natural gas futures dropped about 4% on Tuesday on record output and forecasts for milder weather
and lower demand over the next two weeks than previously expected.
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