The tightening sanctions on Russia’s oil exports are raising freight costs for moving Russian crude.
Argus has estimated that shipping a barrel of Russian crude from a port in the Baltic Sea to China has cost around $14.50 since December.
The U.S. levied new sanctions against Russia last month on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician Alexey Navalny.
U.S. domestic producers continue to be optimistic about the long-term prospects of gas as a fuel.
This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as -$1.16 per million British thermal units.
U.S. natural gas producers and pipeline operators acknowledge there is an oversupply hanging over the market, but they believe that gas will continue to be in demand domestically and internationally for decades to come.
While the upstream mega deals in the U.S. shale patch have been drawing the most market attention, pipeline operators are also embarking on a merger spree in a quest to add scale, optimize assets, and gain more exposure to export markets.
A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the United States.
American Petroleum Institute figures show surprise increase in inventory while, investors are reining in expectations for US rate cuts
Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
Once oil rivals Diamondback Energy and Endeavor Energy Resources announced Monday (Feb. 12) that they are merging to create a $50 billion oil giant in the Permian Basin. The deal is just the latest in a wave of consolidation in the US energy sector.
LONDON: Saudi state oil company Aramco has started trading a US crude oil grade that underpins the global Brent benchmark in a process run by S&P Global Commodity Insights, the publisher said on Monday, according to Reuters.
Standard Chartered has predicted very little incremental growth in US crude oil supply in 2024.
Stanchart sees y/y growth U.S. crude production growth decelerating strongly and even turn negative in December 2024.
StanChart says the deceleration in supply growth is the result of capex barely meeting high natural decline rates in shale oil production.
Crude oil prices have ticked up over 2% in the aftermath of the rejection of a ceasefire in Gaza.
Israeli Prime Minister Benjamin Netanyahu vowed to continue the war until “victory”.
The rejection of a ceasefire deal comes a day after the U.S. launched one of a series of retaliatory strikes following the death of three American soldiers in Jordan.