Oil prices continue to rise despite resistance

Oil prices are set to close another week of gains despite fears of a return to Iranian production and OPEC + preparing to increase production.

Friday 25 June 2021

Oil looks set to close another week of gains, although trade has turned volatile this week as OPEC + prepares to increase production.

Biden supports line 3. The Biden administration supported the Line 3 pipeline litigation in Minnesota in connection with a yard infill.

Amazon buys renewable energy. Amazon mentionned it would buy 1.5 GW of renewable energy from 14 different solar and wind projects. Amazon is the world’s largest renewable energy buyer.

American LNG is becoming more and more expensive. Even though US LNG exports have grown, supplying liquefied natural gas to the growing Asian market has become more expensive for US producers this year, a report from Rystad Energy reveals. Rystad Energy estimates that the short-term marginal cost (SRMC) of US LNG exports to the Asian market rose to around $ 5.60 per MMBtu in June 2021, up 65% from $ 3.4 per MMBtu in mid-2020 and 30% more than last year. annual average of $ 4.30 per MMBtu.

Venezuela’s descent into anarchy fuels Maduro’s despair. After more than 15 years of US sanctions that caused the collapse of Venezuela’s only powerful oil industry, the Latin American state in crisis appears on the verge of failure.

Chevron will not reduce oil and gas production. Unlike European supermajors, US Chevron has no plans to reduce its oil and gas activities to invest in solar or wind power, CFO Pierre Breber told a Reuters conference on Thursday.

BP to stick to oil and gas for decades. PA will continue to produce oil and gas for decades and benefit from rising oil prices even as it cuts production as part of its transition to low-carbon energy, said Chief Executive Officer Bernard Looney Reuters Tuesday.

Japan restarts its nuclear reactor. Japan restarted the first nuclear reactor in more than three years, restarting a unit offline for a decade. Only 10 of Japan’s 33 operational nuclear units have resumed operations under the regulatory regime created following the Fukushima nuclear disaster.

Court cancels FERC permit for pipeline. A rare FERC reprimand took place in federal court this week. The court rejected a license for a pipeline, saying the pipeline company had failed to demonstrate its project was necessary and that FERC should have looked at it further. the decision could have broader implications for obtaining pipeline permits.

Uncertainty hangs over Canada’s oil sands. One of Canada’s five largest oil companies, Suncor Energy has a plan to reduce emissions. Reuters examines the difficult road ahead for Canada’s oil sands.

Schlumberger sets a goal of net zero. Schlumberger define a net-zero target by 2050 for Scope 1 and 2 emissions, and a target to reduce Scope 3 emissions by 30%.

Related: Judge Blocks Biden Oil Rental Ban

The Indian public service relies on renewable energies. India’s largest power producer, NTPC Ltd., double its long-term commitment to renewables, promising to build 60 GW by 2032, against a target of 32 GW announced last year.

The judge closes the case against Dakota Access, for now. A U.S. district court on Tuesday dismissed a long-standing case against the Dakota Access pipeline, but allowed Native American tribes and other opponents of the line to file additional lawsuits against it, according to Reuters.

Honda is banking on electricity. Honda Motor Co. has become the first Japanese automaker to publicly declare that it will cut gasoline car sales altogether, setting 2040 as a target.

400% increase in hydraulic fracturing teams. Even a surge of more than 400% in the number of hydraulic fracturing crews working on the U.S. shale land is not enough to spike oil production, according to Bloomberg.

Gas infrastructures in Europe are leaking methane. The powerful greenhouse gas methane is leaking from natural gas infrastructure across the European Union due to leaks and ventilation, video footage made available to Reuters shows.

Army corps to review line 5. The Corps of Engineers of the United States Army mentionned On Wednesday, he would conduct a thorough review of Enbridge Energy’s plan to build an oil pipeline tunnel under a Great Lakes channel in Michigan, which could significantly delay the project.

Gas stocks are falling, world gas prices are rising. A rebound in demand for gas and LNG is pushing up prices, just as heat waves are hitting parts of North America and Europe. Now there is a risk of lack of supply for everyone. The prices are rising sharply in Europe, resulting in greater consumption of coal.

The EU will tighten the carbon market. The EU is preparing to remove certain allowances in its carbon market with the aim of reducing emissions. The decision is still evolving and will be part of a series of new policies to be unveiled in mid-July, but the move could increase the cost of carbon, pushing back coal and imposing higher costs on gas.

Oil companies see a deficit by 2023. A New Dallas Fed investigation finds that three in four executives in the oil and gas industry see a global supply shortage by 2023.

Refiners win in the Supreme Court. Oil refiners have won a major Supreme Court lawsuit over federal biofuel blending requirements. The tribunal mentionned that the EPA has broad authority to issue waivers to refiners.

By Tom Kool for Oil Octobers

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