Energy News

Apr 20 - Energean's Karish gas development project in Israel is mostly complete, however there still remains some doubt on the timeline for first gas, according to Berenberg. The energy company said it is focusing on its Singapore yard, which has limited access to workers and yard productivity, and Energean said it is working with contractors to firm up the timetable, all of which could lead to a delay in first gas. "Given previous statements and confidence in the timeline, any indication of an additional delay would be taken negatively," says the brokerage. Berenberg maintains its buy rating on the stock with a target price of 1,090 pence.

Apr 20 - Tsakos Energy Navigation Ltd., a Greek oil shipping company, said Friday that it was under investigation by U.S. authorities for possible violations of an anti-bribery law. The company said it was conducting an investigation in parallel with the Department of Justice and Securities and Exchange Commission. The probes stem from offenses by various shipbrokers who have been charged in Brazil in connection with charters between a major state oil entity and certain international shipowners, Tsakos said in an annual report to the SEC. Bribery by its brokers could be considered a violation of the US Foreign Corrupt Practices Act by Tsakos, the company said. A long-running corruption probe in Brazil centers on a far-reaching bribery scheme involving the country's state-controlled oil company, Petróleo Brasileiro SA, also known as Petrobras.

Apr 20 - Saudi crude exports drop to eight-month low in February

Saudi Arabia's crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world's biggest oil exporter voluntarily capped output to support oil prices. Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.

Apr 20 - China boosts crude oil storage, but higher price may deter future builds: Russell

China boosted the flow of crude oil into storage tanks in March as strong imports and domestic output exceeded an increase in the volume of fuel being processed by refiners. About 1.63 million barrels per day (bpd) of crude was directed into commercial and strategic inventories last month, up from about 920,000 bpd in the first two months of 2021, according to calculations based on official data.

Apr 19 - SDG&E, Dominion starting hydrogen pilot programs to help reach net-zero emissions
US utilities are moving ahead with hydrogen pilot programs as part of their push toward net-zero emissions, with San Diego Gas & Electric and Dominion Energy April 19 providing details about projects to blend hydrogen into natural gas distribution systems, along with other applications.

Apr 19 - Crude edges higher amid weaker dollar, strong US demand outlooks
Crude oil futures finished a volatile session slightly higher April 19 on the back of a weaker dollar and strong US demand outlooks, but surging regional COVID-19 outbreaks added headwinds to global demand recovery outlooks.

Apr 19 - Guarantees of origin to ensure Norwegian hydrogen fueling is renewable: Hynion
Certified renewables to be used at Oslo station. H2 Trucks projects aims for 100 vehicles by 2025. Implenia, Teco in construction site agreement.

Apr 19 - Brazil's Petrobras to maintain diesel, gasoline prices at import parity: New CEO
Petrobras will maintain its policy of keeping domestic refined product prices at parity with international prices, while also looking to reduce volatility for consumers, new CEO Joaquim Silva e Luna said April 19.

Apr 19 - Saudi crude stock draws continue, exports fall due to production cut
Supplies to market fell to 8.241 million b/d in February. Output 8.15 b/d, following OPEC quota and voluntary cut. Closing stocks lowest since at least January 2002.

Apr 19 - USGC middle distillate shipments to Europe at 80,000 mt in April: cFlow
The European ULSD market remains heavy as a third wave of lockdowns have reduced mobility in several countries while refinery run rates remained unclear.

Apr 19 - Natixis to stop financing trade in Ecuadorian crude oil

French bank Natixis said it plans to stop financing the trading of Ecuadorian crude oil by 2022, after pressure from campaigners over the trade's links to environmental damage in the Amazon. The role of European banks in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to U.S. refineries.

Apr 19 - Clean crude? Oil firms use offsets to claim green barrels

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral. While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits.

Apr 16 - Oil to hit $40 by 2030 if climate goals are met - consultancy

Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023.

Apr 16 - Aramco pipeline investors to refinance loan with bonds next year – sources

EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco's oil pipeline assets, two sources said. The Washington, D.C.-based firm's consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by Aramco for potential suitors to take the 49% stake, the sources said.

Apr 15 - France's Total partners with Siemens Energy on LNG emissions reductions
French energy major Total said April 13 it is working with Germany's Siemens Energy to study ways to reduce carbon emissions in LNG production, amid similar efforts by North American exporters and liquefaction terminal developers.

Apr 15 - Crude price rally extends as US dollar approaches one-month low
Crude futures settled higher for a fourth straight session April 15, buoyed by bullish forward demand outlooks and a weaker US dollar.

Apr 15 - Crude eases from bull rally as prices reach a ceiling
Market drivers in the oil markets this week have been bullish, particularly on outward-looking sentiment. But rising COVID-19 infection rates in Europe and India have moderated further gains.

Apr 15 - Global energy leaders to work with India to meet hydrogen needs
US, UAE, Australia, Denmark pledge cooperation. ADNOC aims to supply both oil, hydrogen to India. US, Australia aim for green hydrogen under $2/kg

Apr 15 - Major industry groups urge UK, EU to agree emissions trading link before COP26
A coalition of more than 40 major industry associations from Europe and the UK has urged leaders from both regions to link up their respective emissions trading systems before the COP26 climate summit in November.

Apr 15 - Global SAF output will double when LanzaJet's plant starts up in end-2022
Can produce higher yield of SAF under new technology: CEO. Considered less carbon, capital intensive than other processes. Price between SAF-Jet A-1 will narrow as more airlines adopt SAF.

Apr 15 - Eni to upgrade Venice biorefinery units to eliminate palm oil feedstock use
Venice plant currently processing from 25% of waste oils. Expects to stop processing palm oil in 2023. Plans to double its biorefining capacity by 2024.

Apr 15 - IEA ups oil demand forecast as vaccinations brighten outlook

Vaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, though rising cases in some major oil-consuming countries show a recovery may be fragile. "Fundamentals look decidedly stronger," the IEA said in its monthly report.

Apr 15 - U.S. crude stockpiles fall as refiners ramp up output - EIA

U.S. crude oil stockpiles dropped more than expected as refiners increased activity heading into the summer driving season, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel drop.

Apr 15 - Natural gas prices end the session a tiny, 0.04% lower from yesterday's closing price, at $2.618/mmBtu. The small declines brings to an end a five-session streak of price increases and suggests investors are once again turning a bit bearish as they await a weekly EIA storage report tomorrow that may show a large increase in inventories due to weak demand amid mild weather. A WSJ survey of analysts is forecasting, on average, a 66B cubic feet injection into storage for the week ended April 9, which would be well over double the normal 26-bcf injection for that week.

Apr 15 - Oil prices roar back to life after stalling out in recent weeks, with WTI crude finishing today's session 4.9% higher at $63.15 a barrel, the biggest one-day gain in three weeks and the highest closing price in four weeks. The price-surge comes after a weekly EIA report showed a much-larger-than-forecast, 5.9M barrel decline in US oil inventories, and saw US gasoline demand jump to an eight-month-high 8.9M barrels a day. Also, oil refinery activity climbed to a nearly 13-month-high capacity utilization rate of 85%. "Despite recent concerns over both the AstraZeneca and J&J COVID vaccines, the crude demand outlook is starting to improve," says Edward Moya at Oanda.

Apr 14 - China's Iranian oil buying spree crushes demand for Brazil, Angola crude

China's record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe. The jump in Iranian volumes took the market by surprise and has capped global oil prices although the Biden administration had been expected to resume talks with Tehran to revive a nuclear deal. 

Apr 14 - OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.  Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month.

Apr 13 - China's crude imports jump 21% yoy on robust demand, maintenance season looms

China's crude oil imports jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand post-COVID-19, though purchases slowed ahead of the maintenance season. The world's top crude oil buyer imported 49.66 million tonnes last month, equivalent to 11.69 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday.

Apr 13 - Texas oil pipelines face dry months as production languishes

Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said.  Pipeline companies went on a construction spree throughout 2018 and 2019 to handle blistering growth in U.S. crude production to a record 13 million barrels per day (bpd). However, the coronavirus pandemic crushed both fuel demand and oil production, and neither have recovered fully, leaving many pipelines unused.

Apr 12 - Crude edges higher amid improved global demand outlooks
Crude prices settled higher April 12 as rising refined product consumption offset some concerns regarding the impact a resurgent pandemic would have on global demand.

Apr 12 - EMEA middle distillates: Key market indicators
European distillates were looking firm, despite rising COVID-19 cases, as easing restrictions in the UK and lower refinery production across the region supported markets.

Apr 12 - Sahara Energy doubles oil product storage capacity in Tanzania
Sahara now has a storage capacity of 72 million liters consisting of eight storage tanks and 20 loading arms, it said.

Apr 12 - East of Suez ULSD shipments to Europe set to rise to 700,000 mt in April: cFlow
The delay in arrivals due for March caused little stir in the European ULSD market, with good availability already in the region.

Apr 12 - India's March oil products demand up 17.9% on year to 4.8 mil b/d
The demand data reflects improvement in Asia's third-largest economy compared with a lower base of the year-ago month, when the coronavirus-induced lockdown was introduced.

Apr 12 - Aramco agrees $12.4 bln deal to sell stake in pipelines

Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners. Announced late on Friday, it is the company's largest deal since its record $29.4 billion initial public offering in late 2019.

Apr 12 - U.S. Army Corps allows Dakota Access pipeline to stay open during review

The U.S. Army Corps of Engineers on Friday said it will allow Energy Transfer LP's Dakota Access oil pipeline to keep running without a federal permit, frustrating activists who wanted the line shut after a key environmental permit was scrapped last year. The pipeline has been the flashpoint for a years-long legal battle between Energy Transfer and several Native American tribes who say it could contaminate drinking water supplies.

Apr 12 - Biden budget's $14 bln hike for climate includes big boosts for EPA, science

U.S. President Joe Biden on Friday proposed $14 billion in spending on initiatives to fight climate change in the 2022 budget, including large cash injections for environmental regulation and science research. The proposal underscores the administration's ambitions to decarbonizing the economy by 2050 to stem global warming, reversing a policy direction set by former President Donald Trump to slash red tape that hindered fossil fuel production.

Apr 12 - Commodities trader Trafigura launches carbon trading desk

Trafigura has begun launching a carbon trading desk led by Hannah Hauman, the global commodities trading firm said on Friday, as part of its push to gain a foothold in the global energy transition.  The Geneva-based firm set up a renewables and power division in 2019 to be a third core pillar alongside metals and oil trading. It also formed a joint venture called Nala Renewables to invest in green energy.

Apr 09 - East-West jet fuel shipments show uptrend, but uncertainty remains
Jet fuel shipments from the Persian Gulf and India to Europe improved marginally in March from February, propelled by optimism from vaccination programs and travel initiatives, which are poised to pave the way for the reopening of air travel. But several brokers tracking such deals said that concerns over their sustainability over the coming months remain.

Apr 09 - Higher supply pressures Middle East LPG prices as Chinese demand grows
Asia is bracing for higher Middle East LPG supply, as Saudi Arabia unwinds its voluntary 1 million b/d in extra crude production cuts over May through July, while US-Iran indirect talks over restoring the nuclear deal boost hopes of sanctions relief that could see restrictions on Iran oil sales lifted.

Apr 09 - Exxon mulls closure of Norway's Slagen refinery as region's clean fuel shift continues

ExxonMobil is considering closing its 116,000 b/d Slagen refinery in Norway to convert the site into a fuel import terminal, the company said April 8, marking a potential further casualty of Europe's surplus refining capacity as the region's fuel demand shrinks and competition from new markets continues to grow.

Apr 09 - Crude edges lower amid higher OPEC+ output, US-Iran talks
Crude oil futures settled lower April 9 as the market eyed rising global supply outlooks.

Apr 09 - Middle distillate stocks fall below 13 mil-barrel mark to a year low
Singapore's onshore commercial middle distillate stocks slipped for the sixth straight week as healthy jet fuel exports propelled yet another drawdown in inventories.

Apr 09 - UK to allow international travel from May 17 in boost for jet fuel
International travel from the UK could resume from May 17 at the earliest, Transport Secretary Grant Shapps has said, providing a boost for the jet fuel outlook in Europe.

Apr 09 - RINs costs offset refined products demand increase for smaller US refiners

US refinery margins have been rising this year as the lifting of coronavirus restrictions has boosted demand for transportation fuels, although that demand increase has been offset for some smaller refiners by the rising costs of adhering to the Renewable Fuel Standard.

Apr 09 - Total restarts crude extraction at Italy's Tempa Rossa after maintenance
Total's long-delayed Tempa Rossa heavy oil development in southern Italy, which began ramp-up operations toward the end of 2019 and is still short of reaching full capacity output levels of 50,000 b/d, has restarted extraction activities after an extraordinary maintenance cycle, the French company said April 8.

Apr 09 - U.S. renewable fuels market could face feedstock deficit

Demand for feedstocks from renewable fuel producers is expected to surge in the United States in coming years as companies scramble to expand output. Energy from material that comes from plants and animals, or biomass, currently accounts for roughly 5% of U.S. energy use, slightly more than wind and solar energy. Most U.S. energy use is still based around fossil fuels like petroleum and natural gas. 

Apr 09 - Saudi $7 trillion investment goal puts spotlight on oil prices

In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices. A multi-trillion dollar spending push designed to diversify the economy's sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said. It is not clear how much companies like oil group Saudi Aramco - whose $75 billion dividends last year were vital to support state revenues - would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.

Apr 09 - EDF Energy could bring forward decommissioning of Dungeness B nuclear plant

EDF Energy, owned by French utility EDF, is exploring a range of scenarios for its Dungeness B nuclear plant in Britain, including bringing forward its decommissioning date of 2028, it said on Thursday. The phasing out of ageing nuclear and coal-fired power plants, combined with declining North Sea oil and gas output, is putting pressure on Britain to develop new sources of energy and build new nuclear plants, something it has not done in around three decades. 

Apr 09 - Equinor, SSE aim to build the world's first hydrogen power plant

Norwegian energy firm Equinor and British utility SSE have agreed to jointly develop the world's first 100% hydrogen-fuelled power plant in Britain, the companies said on Thursday. Hydrogen is seen as a potential replacement for natural gas in power and heat generation, helping to achieve global climate goals.

Apr 08 - Russian gasoline prices to be capped by rising volumes: Spimex
Russia's St. Petersburg International Mercantile Exchange does not expect domestic gasoline prices to surge in April and May as the volumes being offered and traded on the exchange floor have increased.

Apr 08 - US April LPG exports estimates to Europe lower month on month: Kpler
US LPG exports to Europe and the Mediterranean so far in April have fallen overall from March as arbitrage economics for European delivery worsen.

Apr 08 - New coronavirus curfew may delay recovery in Argentina's crude, products demand
Argentina's demand for oil and petroleum products likely will won't fall by much during a three-week curfew starting April 9 as a second wave of the coronavirus hits the country, but it could delay a recovery in crude consumption as well as production, industry sources said April 8.

Apr 08 - Asia's prompt gasoil strengthens as demand gains momentum
The Asian gasoil market remained on an upward march as demand indications firmed, spurred by healthy cross-regional flows and firmer sentiment amid news of the imminent revival of international flights.

Apr 08 - Crude lacks direction amid rising supply outlooks, pandemic demand risks
Crude futures ended a volatile session mixed as the market searched for direction as a weaker US dollar offset weakened fundamental outlooks.

Apr 08 - Brazil's Bolsonaro warns of potential changes to Petrobras' fuel-price policy

Brazilian President Jair Bolsonaro has once again warned of changes at state-led Petrobras, raising the specter of renewed government interference at the company that could lead to changes in its policy for pricing transportation fuels.

Apr 08 - Bakken crude to be rerouted in every direction if DAPL shuts
Bakken Shale crude oil volumes would ship to the west, east and even up north into Canada and back into the US again as producers and pipeline operators target alternative routes if the Dakota Access Pipeline is shuttered, even temporarily, according to industry sources.

Apr 08 - Valero, Phillips 66 see negative first quarter from February freeze
Valero Energy warned it will post a loss when it reports first quarter earnings later this month, with mid-February polar vortex's impacting its earnings and operations, the company said in an April 8 statement.

Apr 08 - Russia tops up April oil exports yet again as output rises - traders

Russian Urals oil exports in April were revised up by 0.1 million tonnes on Wednesday following several other increases this week and last, pushing up overall Baltic exports of the grade to 4.5 million tonnes this month, according to traders. It was the sixth extra cargo added to the loading plan from Russia's Baltic ports after the final version was issued late last month, an unusually high number. The increases reflect a rise in Russian output, helped by warmer weather and more relaxed OPEC+ output limits, the traders said. 

Apr 08 - U.S. crude stockpiles drop, fuel inventories rise - EIA

U.S. crude oil stockpiles fell more than expected last week, while gasoline inventories jumped sharply as refining rates to the highest in over a year, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop. Stocks in the Midwest fell to their lowest since March 2020.

Apr 08 - Biden tax plan replaces U.S. fossil fuel subsidies with clean energy incentives

U.S. Treasury Secretary Janet Yellen on Wednesday released details of a tax hike proposal that would replace subsidies for fossil fuel companies with incentives for production of clean energy in President Joe Biden's infrastructure plan. Linked to the $2.3 trillion infrastructure package, it is part of wider plan that includes boosting the corporate income tax rate from 21% to 28%. 

Apr 08 - World Bank, IMF eye ways to link debt relief to climate change spending

The World Bank and the International Monetary Fund are planning to launch a platform to advise poor countries on funding climate and conservation activities, amid a broader push that could link such spending to debt relief, according to a draft document seen by Reuters. The advisers would include U.N. officials, nongovernmental organizations, private investors and even ratings agencies with expertise in sourcing investment, including grants, low- or no-interest loans and conditional debt relief, the document says.

Apr 07 - February air passenger demand down amid tentative recovery outlook
Air passenger demand in February was almost 75% lower than in February 2019, worse than in January, on the back of travel restrictions, the International Air Transport Association said in a statement April 7.

Apr 07 - Crude oil, fuel prices dip as US gasoline stocks spike
Both crude oil prices and fuel benchmarks dropped slightly April 7 following the news that US gasoline inventories rose by greater volumes than commercial crude stocks fell in the week ended April 2.

Apr 07 - NWE 0.1% gasoil at 2-month high on low production, weak demand

The Northwest Europe 0.1% gasoil cargo market's relative value has risen to a two-month high amid lower availability for finished grade products and despite poor demand, sources said.

Apr 07 - NWE jet fuel cargoes hit two-and-a-half month high despite bearish fundamentals
Cargoes of jet fuel trading in Northwest Europe strengthened to a two-and-a-half month high versus front-month ICE low-sulfur gasoil futures on April 6, with stocks having been drawn down amid lower eastern arrivals in the first half of April, as well as very limited regional production and a marginal increase in consumption.

Apr 07 - Republic of Congo produced 282,661 b/d in March, just above OPEC quota
The Republic of Congo pumped above its OPEC quota in March, producing 282,661 b/d of crude, a marginal increase from the previous month, according to a senior official from the country's hydrocarbons ministry.

Apr 07 - EIA says Gulf Coast ULSD stocks see largest regional week-on-week build
Ultra low sulfur diesel inventories on the Gulf Coast saw the largest regional week-on-week build in the US, rising 1.07 million barrels to 45.51 million barrels during the week ended April 2, US Energy Information Administration data released April 7 showed.

Apr 07 - Argentina launches incentive program to raise oil production, exports
Argentina launched an incentive April 7 to spur oil production and exports, allowing companies making new investments of more than $100 million to freely use 20% of their export proceeds.

Apr 07 - U.S. crude output to decline more than previously forecast in 2021 - EIA

U.S. crude oil production is expected to fall by 270,000 barrels per day (bpd) in 2021 to 11.04 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of 160,000 bpd. U.S. production has grown slowly as oil prices have climbed because large public companies, under pressure from investors, have maintained capital discipline and preserved cash.

Apr 07 - More crude to China helped Venezuela maintain exports in March - data

U.S.-sanctioned Venezuela managed to ship more crude in March directly to China, its main export destination, even as overall shipments dipped modestly last month, according to internal documents and Refinitiv Eikon data. The South American country's state-run oil company, PDVSA, and its joint ventures exported an average of 690,323 barrels per day of crude and fuel in March, a 3.9% decrease from the 718,180 bpd in February and a 14.5% fall from the 808,000 bpd shipped in March of 2020.

Apr 07 - Big ECB climate change role may be step too far warns Wunsch

A major role in tackling climate change may go beyond the European Central Bank's mission and competence, Belgian policymaker Pierre Wunsch said, weighing in on a debate that could reshape Europe's most powerful financial institution. The ECB is reviewing its role in fighting climate change, with options under consideration including the skewing of asset purchases or access to central bank funding to punish polluters and reward sustainable firms.

Apr 07 - Occidental CEO Hollub opposes a carbon tax despite rivals' support for idea

Occidental Petroleum Corp Chief Executive Vicki Hollub said on Tuesday she opposes a carbon tax, an idea that has gained the backing of large rival oil companies and some trade groups. "A carbon tax would be bad for a lot of the industry, a carbon tax would be bad for the consumers and especially for those consumers who are more disadvantaged from an economic standpoint," Hollub told the virtual summit of the Texas Independent Producers and Royalty Owners Association.

Apr 07 - American Petroleum Institute reports inventories of crude oil in the US fell by 2.6M barrels in the latest week, a source citing the data says, but gasoline supplies surged higher by 4.6M barrels. The mixed-to-bearish results were released ahead of official inventories data from the Department of Energy set to be published tomorrow morning. Average forecasts in a WSJ survey indicate the DOE report will show crude supplies fell by 1.6M barrels the previous week and that gasoline supplies fell by 900,000 barrels. In late trading, US benchmark oil prices that were higher before the data remained so afterward to trade up 1.1% at $59.31 a barrel.

Apr 07 - Natural gas prices reverse earlier gains to end the session 2.2% lower at $2.456 / mmBtu, the lowest closing price since Jan. 22. Natural gas investors have turned overwhelmingly bearish in recent days due to a combination of weakening demand and rising supply. The mild weather of spring began earlier than normal, and across most regions appears set to continue throughout April, leaving only negligible demand for gas to either cool or warm homes and businesses. At the same time, analysts say production is churning higher, in part because rising oil prices are leading to more drilling and production of crude oil, which often includes associated gas production.

 Apr 07 - US benchmark oil prices end the session 1.2% higher at $59.33 a barrel in a choppy, rangebound session, as investors remain hopeful that rising production for major global producers won't overwhelm the market but will instead be needed to meet recovering demand as the coronavirus pandemic eases. California is reportedly looking to fully reopen its economy--the largest state economy in the US--by June 15. At the same time, states like Texas that fully reopened last month are reporting ongoing success, with Covid hospitalizations now at a 10-month-low, according to the office of Gov. Greg Abbott. Oil investors next turn to weekly US oil inventory reports this afternoon and Wednesday.

Apr 06 - KKR to buy 20% stake in Sempra unit that includes North American LNG portfolio
Sempra Energy has agreed to sell a 20% stake in a new infrastructure unit that includes its North American LNG portfolio to private equity firm KKR for $3.37 billion in cash, the company said April 5.

Apr 06 - UK union threatens strike at Brent loading point Sullom Voe
UK trade union Unite is to ballot its members on possible strike action in May at the Sullom Voe oil terminal in the Shetland Islands, loading point for the Brent crude oil blend, it said April 6.

Apr 06 - ICE Dubai crude futures trading volumes hit one-year high in March

Total trading volume of Dubai crude futures forward curves on the Intercontinental Exchange surged in March as higher volatility brought about by the interplay of bullish and bearish developments increased the market's hedging needs.

Apr 06 - Elba Liquefaction train offline since 2020 fire could resume service in Q4: Kinder
Kinder Morgan may be able to restore service in the fourth quarter to one of the 10 units at its Elba Liquefaction facility in Georgia that has been offline for nearly a year following a fire, a spokeswoman said April 5.

Apr 06 - ARA jet/kerosene stocks slip 3.4% on week: Insights Global
Jet fuel/kerosene inventories in the Amsterdam-Rotterdam-Antwerp trading hub dip 3.4% week on week to 890,000 mt in the week to March 31, Insights Global data showed late on April 1.

Apr 06 - Asian benzene-naphtha spread rises to month high on benzene export demand
Asia's benzene-naphtha spread has widened to a month high of nearly $300/mt, due to the strength in the Asian benzene complex as a result of strong export demand for trans-Pacific shipment of Asian benzene to the US.

Apr 06 - US crude stock draws likely extend amid expected increase in refinery runs

US crude oil inventory draws likely extended in the week ended April 2 amid an expected uptick in refinery demand, an S&P Global Platts analysis showed April 5.

Apr 06 - Indian refiners deepen cuts to Saudi oil purchases in May – sources

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked. 

Apr 06 - Exxon sues Energy Transfer over charges from pipeline dispute

Exxon Mobil Corp's XTO Energy shale unit filed a breach of contract lawsuit against Energy Transfer LP over disputed payments for the Dakota Access Pipeline, according to a Texas state court filing. The suit alleges the pipeline operator hit XTO with deficiency charges and revoked other credits after the oil producer shifted some oil to other outlets last August.

Apr 06 - Winds of change: how Enel and Iberdrola powered up for the energy transition

Europe's biggest utilities Enel and Iberdrola saw the clean energy transition coming decades ago when others baulked at the high cost of producing energy from the sun and wind and instead stuck with coal and oil. Thanks to early decisions to buy power grids and build renewable plants, the once-staid utilities are now among a handful of global green energy majors going into battle with Big Oil to supply low-carbon power full of confidence.

Apr 06 - Sempra Energy to sell 20% stake in unit to KKR for $3.37 bln

Energy infrastructure company Sempra Energy said on Monday it would sell a 20% stake in its new business platform, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion in cash. The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.

Apr 05 - Crude slides 4% amid rising global supply, uncertain demand outlooks
Crude oil futures settled sharply lower April 5 as a rising supply picture was weighed against uncertain demand outlooks.

Apr 05 - Saudi Aramco Asian OSPs raised to higher end of expectations: traders
The hike in prices for its Asia-bound crude grades by Saudi Aramco, the region's leading oil producer, was at the higher end of market expectations, traders told S&P Global Platts April 5.

Apr 05 - Iran to seek removal of US sanctions in Vienna talks, having already boosted oil exports.

Apr 05 - Iraq March oil exports drop 0.8% amid signs of tighter OPEC+ compliance.

Apr 05 - OPEC+ to ease oil curbs from May after U.S. calls Saudi

OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers. The group, which has implemented deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

Apr 05 - Power play: India wields oil 'weapon' to cut dependence on Saudi

When India's government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world's energy maps. It was a move that had been in the works for years, fuelled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a "weapon" for his country.

Apr 05 - U.S. LNG export bonanza reshapes energy map in Asia

U.S. exports of liquefied natural gas (LNG) to China, Japan and South Korea, the biggest importers of the fuel, have surged to record highs in recent months as the heavily industrialised region recovers from the COVID-19 pandemic, Eikon trade data shows. As with the ramp-up of U.S. oil exports that forced heavyweights like Saudi Arabia to find other buyers, what was dubbed Freedom Gas by the administration of President Donald Trump is also changing global energy flows and quietly gaining a stranglehold on key markets in Asia.

Apr 05 - Pandemic slowdown led to record fall in EU carbon market emissions

Emissions regulated by Europe's carbon market fell by 14.4% in 2020, their biggest percentage decline yet, as pandemic restrictions stifled economic activity and grounded flights, official data examined by carbon analysts at Refinitiv showed. Around 45% of the European Union's output of greenhouse gases is regulated by the Emissions Trading System (ETS), the bloc's flagship instrument to tackle global warming by charging for the right to emit carbon dioxide (CO2).

Apr 05 - Sales of gasoline blended with 15% ethanol rose 24% in Iowa in 2020, setting a new record says the Renewable Fuels Association.
Iowa retailers sold 60.59M gallons of E15 in 2020, up from 48.96M gallons in 2019, according to the RFA--this despite a 14.3% drop in Iowa's overall motor gasoline consumption for the year due to the Covid-19 pandemic. Other states reported steady sales of E15 gasoline despite the pandemic, the RFA says. "These trends prove that consumers are actively seeking out lower-carbon, lower-cost fuels at the pump and that the expansion of retail infrastructure facilitated by USDA's Higher Blends Infrastructure Incentive Program is working," says RFA CEO Geoff Cooper.

Apr 02 - Saudi oil minister tells OPEC+ recovery 'far from complete'
The following is an edited summary of remarks made on April 1 by Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, at the opening of the meeting of the OPEC+ producer group.

Apr 02 - OPEC+ seeks clearer signs of oil recovery, as Saudi Arabia urges continued caution
The OPEC+ alliance's conservativeness in maintaining tight control over oil supply has been "proven right," Saudi energy minister Prince Abdulaziz bin Salman said April 1, urging his counterparts to stay disciplined in their mission to bring the market back to its pre-pandemic health.

Apr 02 - Pressure builds for European crude markets after buoyant start to 2021
European and African crude markets are leaving a relatively strong Q1 2021 behind them and heading into the second quarter under renewed pressure from the coronavirus pandemic, as lockdowns are extended and Chinese demand remains focused elsewhere.

Apr 02 - Brazilian Refined product sales retreat 6.8% on year in February
Brazil sold fewer barrels of diesel, gasoline and hydrous ethanol in February as the short month, the Carnival holiday and a second wave in the country's brutal battle against the coronavirus undermined sales, according to data released March 31 by the National Petroleum Agency, or ANP.

Apr 02 - OPEC+ throws caution to the wind with deal to unwind oil production cuts
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add more than 2 million b/d into the market by July.

Apr 02 - Brazilian Oil exports sink 12.4% on year in February
Brazilian crude-oil exports contracted 12.4% year on year in February amid expectations that Petrobras will have fewer barrels available for overseas buyers in 2021, according to data published March 31 by the National Petroleum Agency.

Apr 02 - Crude rallies more than 3% as OPEC+ announces production cut phaseout
Crude oil futures finished a volatile session higher amid reports the OPEC+ group has agreed to gradual production increases over the next three months.

Apr 02 - Crude MOC: Sour complex strengthens ahead of OPEC+ meeting
The gains come as the market keenly awaits the outcome of the OPEC+ meeting later in the day, where production quotas for May are expected to be decided.

Apr 01 - OPEC+ panel lowers oil demand growth forecast 

OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market's recovery as new coronavirus lockdowns take hold, a move that could strengthen the case for a cautious output decision this week. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy.

Apr 01 - Oil price structures show market balance returns in second half of 2021

The oil market is likely to be in balance in the second half of 2021, even though European coronavirus lockdowns and U.S. winter storms caused disruptions in March, crude and petroleum products market price structures showed. After sharp declines of oil inventories this year, the pace of destocking slowed in recent weeks, prompting OPEC and its allies, a group known as OPEC+, to lower its 2021 demand growth forecast by 300,000 barrels per day (bpd). The group now sees demand rising by 5.6 million bpd.

Apr 01 - World Bank revises climate policy but stops short of halting fossil fuel funding

A revised World Bank policy on climate change commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, according to a draft bank presentation seen by Reuters. The World Bank, the biggest provider of climate finance to developing countries, is finalizing a new five-year climate action plan amid growing political momentum in Britain, the United States and other countries for ending public financing of high-emission fossil fuel projects.

Apr 01 - Biden proposal seeks billions of dollars to advance climate change agenda

U.S. President Joe Biden's vast plan to modernize the nation's infrastructure includes hundreds of billions of dollars to boost the market for electric vehicles, renewable power and advanced clean energy technologies, while stripping away subsidies for fossil fuels. That makes the $2 trillion infrastructure blueprint one of the administration's biggest steps to date in achieving its agenda to decarbonize the U.S. economy by 2050 and restore the nation's leadership in addressing global warming.

Mar 31 - OPEC+ panel says uncertainties may impact oil demand recovery
OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures, according to a report from the group's experts panel meeting seen by Reuters on Wednesday. "Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions," the panel said in the report.

Mar 31 - Saudi Arabia announces $1.3 trln private sector investment push led by Aramco, SABIC
Saudi Arabia's crown prince said oil firm Aramco and petrochemical firm SABIC would lead investments of 5 trillion riyals ($1.3 trillion) by the local private sector by 2030 under a programme announced on Tuesday for economic diversification. The move aims to mobilise the Gulf Arab state's private sector to help wean the economy off its reliance on oil exports, which still account for more than half the state's income, and develop new sectors to help create jobs for millions of Saudis.

Mar 31 - Saudi Arabia expected to raise May crude prices for Asia - survey
Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for Asia for a second consecutive month in May, tracking stronger Middle East benchmarks, a Reuters survey showed on Wednesday. Sources at four Asian refiners expect the May OSP for flagship Arab Light crude to increase by an average of 34 cents a barrel, which would take it to the highest level since February last year.

Mar 31 - Fossil fuel shares drop in value compared with clean energy, think tank says
The value of share offerings in fossil fuel companies dropped by almost 20% since 2012, while low-carbon companies gained ground in the shift towards clean energy, a report by think-tank Carbon Tracker showed on Wednesday. From 2012 to 2020, investors have bought almost $640 billion of equities issued by oil, gas and coal producers, fossil fuel- dependent utilities, pipelines and service companies.

Mar 31 - Money, time and politics: how Pemex's wings got clipped on production goals
Shortly before taking office late in 2018, President Andres Manuel Lopez Obrador vowed to boost crude oil production at Mexican giant Pemex by nearly half, following more than a dozen years of decline. The ambitious goal of increasing the state-run company's oil output from 1.8 million barrels per day (bpd) to 2.6 million bpd by the end of his six-year term was cast as a national imperative, essential to powering Mexico's economy and development.

Mar 31 - Europe's lockdowns restrain global fuel demand recovery
Renewed lockdown restrictions in Europe and slower than expected vaccine rollouts are likely to check a global recovery in fuel demand and make OPEC+ oil producers take a cautious stance when the group reassesses output policy this week. With its extensive vaccination programme, Europe was central to forecasts for demand recovery, especially as many Europeans were hoping for a return to normality by the summer and holidays abroad. That now seems unlikely.

Mar 31 - Mercuria and Singapore fund manager Envysion cancel investment pact
Trading house Mercuria Energy Trading and Singapore-based asset manager Envysion Wealth Management have terminated an agreement to jointly invest in mining and energy projects that was signed only in January, Envysion said on Tuesday. "Regarding the co-investment agreement with Mercuria, both Envysion and Mercuria have agreed mutually to terminate the present agreement and put this project on hold," an Envysion spokesman said in a statement to Reuters.

Mar 30 - Traffic in Suez Canal resumes after stranded ship refloated
Shipping was on the move again late on Monday in Egypt's Suez Canal after tugs refloated a giant container ship which had been blocking the channel for almost a week, causing a huge build-up of vessels around the waterway. With the 400-metre-long (430-yard) Ever Given dislodged, 113 ships were expected to transit the canal in both directions by early Tuesday morning, Suez Canal Authority (SCA) chairman Osama Rabie told reporters. 

Mar 30 - China's Iran oil imports seen hitting new high in March, curbing OPEC output options
China will receive another large influx of cheap Iranian oil in March passed off as crude from other origins, curbing the top importer's appetite for crudes from other suppliers, according to traders and analysts. Close to 1 million barrels per day of Iranian crude could arrive at China this month, nearly half the volume that the world's top exporter Saudi Arabia supplied to China in the first two months this year.

Mar 30 - Saudi wants OPEC+ to extend oil cuts into May-June - source
Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday. With oil prices making steady gains earlier this year, OPEC and allies, known as OPEC+, had hoped to ease output cuts.

Mar 30 - Shell, Cosan JV Raizen taps banks for mega-IPO in Brazil - sources
Brazilian energy firm Raizen, a joint venture between Cosan SA and Royal Dutch Shell PLC, has chosen four investment banks to manage its initial public offering, expected to be one of the largest this year, raising up to 13 billion reais ($2.25 billion), four people familiar with the matter said on Monday. Raizen has picked Banco BTG Pactual SA, Bank of America, Citi and Credit Suisse AG to be the main banks in the transaction, and is expected to add more to the syndicate this week, the sources added, asking for anonymity to disclose private talks. 

Mar 30 - Money trail from Daphne murder probe stretches to China
A widening investigation into allegations of high-level corruption on the island of Malta, first levelled by murdered journalist Daphne Caruana Galizia, stretches to China and a $400 million investment into Europe by a Chinese state power company, Reuters has found. Caruana Galizia was murdered in October 2017 as she investigated a web of companies that she believed were funneling bribes to Maltese politicians.

Mar 30 - Biden targets big offshore wind power expansion to fight climate change
The Biden administration on Monday unveiled a goal to expand the nation's fledgling offshore wind energy industry in the coming decade by opening new areas to development, accelerating permits, and boosting public financing for projects. The plan is part of President Joe Biden's broader effort to eliminate U.S. greenhouse gas emissions to fight climate change, an agenda that Republicans argue could bring economic ruin but which Democrats say can create jobs while protecting the environment.

Mar 30 - Oil prices hit by wave of hedge fund profit-taking: Kemp
Fund managers sold petroleum last week at the fastest rate since successful coronavirus vaccines were announced in November, as a resurgence of infections and a loss of upward price momentum triggered profit-taking. Hedge funds and other money managers sold the equivalent of 88 million barrels of petroleum futures and options in the week to March 23, the fastest rate of selling since Nov. 3, according to exchange and regulatory data.

Mar 30 - Shell to link executive pay more closely to group's climate performance
Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes, it said on Monday. The weighting of Shell's energy transition performance on its targeted path to net zero emissions by 2050 would double to 20% of the directors' long-term incentive plan calculation if shareholders vote for the plan at a meeting on May 18.

Mar 30 - Singapore Hin Leong founder O.K. Lim faces another 23 forgery-related charges - prosecutor
Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd, is expected to face another 23 charges of forgery-related offences soon, Singapore's prosecution said. The 23 charges are expected to be tendered on April 8, Deputy Public Prosecutor Navin Naidu told a Singapore court on Monday.

Mar 29 - Stranded Suez Canal ship re-floated, undergoing checks - sources
The stranded container ship that blocked the Suez Canal for nearly a week was almost fully re-floated on Monday and has restarted its engines, a shipping source with knowledge of the matter said, raising hopes the busy waterway will soon be reopened. The 400-metre (430-yard) long Ever Given has been straightened in the canal and will undergo initial inspections before being moved, two sources said.

Mar 29 - Exxon, Chevron take a slow walk on the path to U.S. shale recovery
Exxon Mobil and Chevron Corp have scaled back activity dramatically in the top U.S. shale oil field, where just a year ago the two companies were dominating in the high-desert landscape. The cautious approach of the two largest U.S. oil companies is a major reason domestic oil production has been slow to rebound since prices crashed during pandemic lockdowns in 2020. Production now is about 11 million barrels per day (bpd), down sharply from the record of nearly 13 million bpd hit in late 2019.

Mar 29 - Sinopec aims for carbon neutrality by 2050, plans pivot to hydrogen
China's Sinopec Corp, Asia's largest oil refiner aims to be carbon neutral by 2050, with its near-term strategy focused on natural gas development and a long-term pivot to hydrogen, top executives said on Monday. As China's largest hydrogen producer, Sinopec will focus on fossil fuel-based hydrogen production over the next five years and also start introducing "green" hydrogen using solar and wind power, Chairman Zhang Yuzhuo said in an earnings call.

Mar 29 - Indonesia Pertamina aims to restarts refinery in days after blaze
Indonesian state oil company Pertamina said on Monday it hoped to restore operations at its Balongan oil refinery in West Java in four or five days, as firefighters worked to extinguish a massive blaze that broke out overnight, injuring five people. Pertamina shut the plant and evacuated about 950 nearby residents, with videos shared on social media showing huge flames engulfing the 125,000 barrels per day facility, while a large explosion could be heard.

Mar 29 - Murban crude futures start trading at new ICE, Abu Dhabi exchange
The Murban crude futures contract launched on Monday, the key contract of the new ICE Futures Abu Dhabi (IFAD) oil exchange, offering a potential rival benchmark for trading Middle East crude. The contract was priced at $63.93 per barrel as of 0100 GMT with 2,132 lots traded, ICE said on Twitter. Each lot is 1,000 barrels.

Mar 29 - Suez blockage boosts Asia LNG price, but it probably shouldn't: Russell
The price of spot liquefied natural gas (LNG) in Asia has moved higher amid the blockage of the Suez Canal, but it's doubtful it needs to as the delays to shipping to the region will likely only have a marginal impact on supply. The spot LNG price rose to $6.80 per million British thermal units (mmBtu) in the week ended March 26, up from $6.50 the prior week and the highest in a month.

Mar 29 - U.S. drillers add oil & gas rigs for second quarter in a row - Baker Hughes
U.S. energy firms added oil and natural gas rigs this week, with the total count rising for an eighth month and a second quarter in a row as higher oil prices prompt drillers back to the wellpad. The oil and gas rig count, an early indicator of future output, rose six to 417 in the week to March 26, its highest since April last year, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Mar 29 - U.S. gas industry increasingly relies on LNG exports: Kemp
U.S. gas producers have become increasingly reliant on liquefied natural gas (LNG) exports to Europe and Asia to absorb their growing output and prevent domestic prices from plunging as a result of oversupply. Between 2015 and 2020, U.S. gas production grew roughly twice as fast (4.3% per year on average) as consumption (2.3% per year), according to data from the U.S. Energy Information Administration.

Mar 29 - India calls Saudi advice on tapping stored oil 'undiplomatic'
Oil minister Dharmendra Pradhan on Friday described his Saudi counterpart's advice to reduce oil stores to tackle high crude prices as "undiplomatic". "That was in a way (an) undiplomatic answer by some of our old friend. I politely disagree with that kind of approach. "Certainly India has its own strategy, when and how to use our own storage, and we are conscious about our interests," Pradhan said at Times Network's India Economic Conclave in the Indian capital.

Mar 26 - Suez blockage sets shipping rates racing, oil and gas tankers diverted away
Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks.  The 400-metres long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather.

Mar 26 - Global oil markets under pressure as Asia destocks, China imports slowed
Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. Chinese independent refiners, which account for a fifth of the country's imports, have slowed imports in the second quarter because of refinery maintenance, strong Brent prices and a large influx of supplies, including Iranian oil, in first quarter. 

Mar 26 - Canada's top court upholds pillar of Trudeau's plan to fight climate change
Canada's Supreme Court ruled in favour of the federal government's carbon pricing policy on Thursday, upholding a central pillar of Prime Minister Justin's Trudeau's climate plan and infuriating some provinces that opposed it. The country's top court said climate change is a threat to Canada a whole and upheld the legality of the Greenhouse Gas Pollution Pricing Act, which had been challenged by Alberta, Saskatchewan and Ontario. 

Mar 26 - India and Saudi Arabia spar over oil prices: John Kemp
Tensions this month between India and Saudi Arabia over rising oil prices have underscored the growing importance of the bilateral relationship and its potential to generate conflict as well as cooperation. The decision by OPEC+, the Organization of the Petroleum Exporting Countries and its allies, at the start of this month to leave output unchanged despite a near doubling of oil prices since the start of November sparked an angry exchange of words.

Mar 26 - Biden White House blocks Virgin Islands refinery expansion permit over pollution concerns
The U.S. Environmental Protection Agency on Thursday revoked a permit that would have allowed a U.S. Virgin Islands oil refinery to expand with limited review, citing concerns that the area around the facility is already overburdened with pollution. The move marks the first big move by President Joe Biden's EPA against a large industrial facility over considerations of environmental justice, which Biden has said would be a big priority for his administration. 

Mar 26 - Oil industry pushes back as Biden administration launches review of federal lands drilling
U.S. oil industry and labor representatives were on the hot seat on Thursday as the administration of President Joe Biden launched a formal review of the federal drilling program to weigh its value to taxpayers against its environmental costs.Biden froze new drilling lease auctions in January as one of his first moves in the White House to pave the way for the review, triggering a backlash from the oil and gas industry which warned it would cost jobs and hurt the economy.

Mar 26 - UAE's ADNOC deepens supply cuts to Asia in June in 'fragile' market - sources
Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 10%-15% from 5%-15% in May, one week ahead of an OPEC+ meeting, several sources with knowledge of the matter said on Thursday. The supply reduction will apply to the four grades of crude that ADNOC sells to Asia, namely Murban, Das, Umm Lulu and Upper Zakum, they said.

Mar 26 - Former Glencore oil trader pleads guilty to market manipulation charges
A former Glencore Plc fuel oil trader pleaded guilty and agreed to pay $100,000 to settle charges of market manipulation of a key U.S. pricing benchmark, U.S. authorities said on Thursday. Emilio José Heredia Collado admitted to a multiyear conspiracy to manipulate the fuel oil market, the U.S. Department of Justice said. Heredia agreed to a lifetime ban and a civil penalty of $100,000 to settle parallel charges filed by the U.S. Commodity Futures Trading Commission.

Mar 26 - Offshore galore! Wind farms go on the block as valuations spike
European utilities are offering a slew of offshore wind farms, eager to cash in on high valuations as investors hungry for stable returns increasingly flock to the sector, people close to the matter said. Demand for such assets has surged as environmentally-conscious investors and industries such as oil and gas seek green power in order to meet goals to achieve net zero emissions in line with the 2015 Paris climate agreement.

Mar 26 - Australia's natural gas industry frets about supply. They should worry about demand: Russell
Australia, the world's largest exporter of liquefied natural gas, is facing a dilemma when it comes to domestic demand for the fuel, as the government's plans for a gas-fired economic recovery run into some confronting realities. Domestic gas consumers are facing a shortfall in supply within two to three years, and the exploration and production industry is increasingly warning it will be difficult, if not nearly impossible to boost output in the time available.

Mar 25 - Tugs resume effort to clear Suez ship blockage; traffic jam builds
Efforts to dislodge a 400-metre long container vessel that has choked traffic along the Suez Canal resumed at high tide on Thursday, with five tugs working to drag the vessel to deeper water, according to ship-tracking data. The Ever Given vessel ran aground diagonally across the single-lane stretch of the southern canal on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement.

Mar 25 - Energy transition risks political strife in oil-producing states
- report
The transition towards green energy imperils oil-producing states that have lagged in diversifying their economies, United Kingdom-based risk consultancy Verisk Maplecroft warned in a report on Thursday. "Algeria, Iraq and Nigeria will be among the first casualties of a slow-motion wave of political instability that will engulf an array of oil producing countries over the next 3-20 years as the energy transition takes hold," it said.

Mar 25 - As Europe tightens lockdowns, OPEC+ to keep oil taps tight - sources
With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans. The OPEC+ group of producers, which are holding back millions of barrels of daily supply, surprised the market on March 4 by deciding to hold output broadly steady.

Mar 25 - Fourteen U.S. states sue Biden administration over oil and gas leasing pause

Fourteen U.S. states including Louisiana and Wyoming filed lawsuits on Wednesday against President Joe Biden's administration, challenging his pause on new oil and gas leasing on federal lands and waters. The legal actions, which seek to restore regular federal drilling auctions, came a day before the administration is set to launch a review of the oil and gas leasing program.

Mar 25 - Investors weigh ESG issues in making new LNG bets - analysts
Investors are increasingly considering environmental, social and governance (ESG) factors before committing to invest in new liquefied natural gas (LNG) projects, analysts at S&P Global Platts and S&P Global Ratings said on Wednesday. The net-zero LNG trade, which typically involves companies offsetting emissions, is expected to grow as the discussion on the energy transition to a carbon-neutral world gathers pace, they said. Net-zero trade arrived as a fledgling market to a 360 million tonnes LNG industry. 

Mar 25 - Petrobras top managers quit for clashing with incoming CEO's plans - source
Petroleo Brasileiro SA's chief financial officer and three other top executives decided to leave the state-controlled producer after clashing with the plans of the company's incoming chief executive, a person close to the executives said. Topics of disagreement between the current management and the incoming CEO, retired general Joaquim Silva e Luna, include his plans for Petrobras' fuel price policy, the person said. 

Mar 25 - Saudi-led coalition clears four fuel ships to dock at Yemen's Hodeidah port - sources
The Saudi-led coalition has cleared four fuel ships to dock at Yemen's Red Sea port of Hodeidah, two sources familiar with the matter said, after Yemen's internationally recognised government said on Wednesday it had approved entry of some vessels. The move came after the Iran-aligned Houthi group, which has been battling the coalition for six years and controls most large urban centres in Yemen, said it would only agree to a Saudi ceasefire proposal if an air and sea blockade were lifted. 

Mar 25 - U.S. crude, fuel stockpiles rise in most recent week - EIA
U.S. crude and fuel stockpiles rose last week and refineries increased capacity use in their recovery from last month's unusual cold that hit southern U.S. states, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.9 million barrels in the week ended March 19 to 502.7 million barrels, compared with analysts' expectations in a Reuters poll for a 272,000-barrel drop.

Mar 25 - Volkswagen powers up for the electric vehicle revolution: Andy Home
Volkswagen CEO Herbert Diess is no Elon Musk but the German carmaker is following a path already traveled by Tesla as it gears up for the mass rollout of electric vehicles (EV).  Even last week's "Power Day", a two-hour streaming event at which Diess explained the company's EV strategy, seemed a conscious nod to Tesla's "Battery Day" last September. 

Mar 25 - Africa can play central role in India's oil diversification, says minister
African nations could play a central role in efforts by India to diversify its sources of oil and gas, India's oil minister said on Wednesday, as the nation strives to reduce its energy reliance on the Middle East. India, the world's third biggest oil importer, has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided earlier this month to largely continue production cuts in April.

Mar 24 - 'Busy on other fronts': White House without Trump stays quiet on OPEC
When oil prices surged during Donald Trump's term in the White House, OPEC and its allies had to brace for a Twitter storm demanding action to bring prices down. That has all changed under U.S. President Joe Biden. His team barely uttered a word this month when crude soared to more than $70 a barrel, an almost 40% rise from the start of 2021.

Mar 24 - Bank lending to fossil fuel industry down 9% in COVID-hit year
The world's biggest banks cut lending to fossil fuel firms by 9% in 2020 as a result of the pandemic, although funding has still risen over the past five years, a report showed on Wednesday. The 60 largest banks lent more than $750 billion to 2,300 fossil fuel companies in 2020, down from $824 billion in 2019, according to a report by Rainforest Action Network, Reclaim Finance, Oil Change International and other non-governmental organisations (NGOs).

Mar 24 - U.S. oil companies launch on-site vaccinations as supplies rise
U.S. energy companies are organizing employee vaccinations as more COVID-19 doses become available, officials and employees told Reuters, setting up on-site clinics or offering time off to workers to get the shot. The drive comes as the United States ramps up shipments, with 164.3 million doses sent since rollouts began, and as more companies are encouraging staff to return to offices. 

Mar 24 - BHP presses to transform Australia's 'dysfunctional' gas market
Global miner BHP Group, also a major gas supplier and user, on Wednesday urged rivals to step up trading in the Australian spot gas market and back a domestic price index to help keep government from intervening in the market.  BHP is pressing for Australia's gas market - which the country's competition watchdog has called "dysfunctional" - to move away from opaque contract negotiations towards index-based deals. It made a similar push in the global iron ore market that led to the end of annual price-setting talks a decade ago. 

Mar 24 - Frothy oil market deflates as virus fears return:
Kemp
Oil futures prices have tumbled for the second time in two weeks, skimming some frothiness off the top of the market, which had been anticipating a strong rebound in consumption as people around the world are vaccinated. Front-month Brent prices are trading around $62 per barrel, down by more than $7.50 per barrel or 10% from the March 11 high. That is the sharpest fall since the first wave of the pandemic in April 2020.

Mar 24 - Iran oil exports remain 'elevated' in March - tracker
Iranian crude oil exports remain at elevated levels in March compared to last year, tanker tracker Petro-Logistics said on Tuesday, adding to signs of a recovery in the shipments. The OPEC member's oil exports climbed in January after a boost in the fourth quarter, despite U.S. sanctions, in a sign that the end of Donald Trump's term as U.S. president may be changing buyer behaviour.

Mar 24 - At NATO, Blinken warns Germany over Nord Stream 2 pipeline
U.S. Secretary of State Antony Blinken said on Tuesday the Nord Stream 2 pipeline being built from Russia to Germany ran counter to the European Union's own interests and could undermine Ukraine. Germany is pushing for the pipeline's completion, despite sustained U.S. opposition over more than a decade. The United States fears Russia could use Nord Stream 2 as leverage to weaken EU states by increasing dependency on Moscow.

Mar 24 - HPCL-Mittal first Indian company to buy Guyanese crude Liza - data
The first cargo from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from a production facility off the South American nation's coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. The cargo was bought by HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corp and steel tycoon L.N. Mittal, a source with knowledge of the matter said. HMEL operates a 226,000 barrel per day (bpd) Bathinda refinery in the northern state of Punjab.

Mar 24 - Canadian oil patch braces for more deals after record start to 2021
Mergers and acquisitions in Canada's oil and gas sector had a record start to the year in 2021 as companies took advantage of improved oil price expectations amid the pandemic recovery, and many industry participants expect the trend to continue.  The flurry of deals underscores the Canadian energy sector's desire to grow to benefit from the rebound in oil prices as global fuel demand picks up. It also reflects smaller companies betting on economies of scale.

Mar 24 - U.S. senators push solar lobby to detail firms' links to forced labor in China
Two U.S. senators have asked the leading solar energy lobbying group to clarify U.S. dependence on solar products linked to forced labor in China's Xinjiang, part of push in Congress to address what Western countries say are rights abuses by Beijing. Republican Marco Rubio and Democrat Jeff Merkley sent a letter on Tuesday asking the Solar Energy Industries Association (SEIA) to detail measures it or member companies have taken to ensure that solar products sourced from Xinjiang, including polysilicon, are not made using forced labor.

Mar 24 - Brazil's JBS pledges net zero greenhouse emissions by 2040
JBS SA, the world's largest meatpacker, has committed to zeroing the balance of its global greenhouse gas emissions by 2040, the company said on Tuesday, amid criticism of its role in a Brazilian beef industry driving rainforest destruction. "We know it is very difficult to achieve this," Chief Executive Gilberto Tomazoni said in an interview. "It will challenge the entire company."

Mar 23 - Saudi Aramco's debt-to-equity ratio more than doubles in 2020
Saudi oil giant Aramco's debt-to-equity ratio more than doubled to 55% in 2020 from a year before, it said in a report, after the group kept a pledge to deliver a $75 billion dividend to support state coffers despite a slide in profits.  Net debt rose to 605.9 billion riyals ($161.6 billion) last year from 270.2 billion riyals in 2019, the results showed.

Mar 23 - How a Burmese immigrant profited by flipping cheap oil leases from Trump auctions
A Myanmar-born U.S. perfume entrepreneur became a curiosity last year when she became the nation’s top buyer of oil-and-gas leases at the Trump administration's federal auctions, despite having no apparent energy background. Since July, Levi Sap Nei Thang has spent about $3.7 million on nearly 300 government leases covering 133,000 acres in 12 states. She told Reuters at the time that she was keen to produce oil on the parcels.

Mar 23 - Australia's rain will become India's pain as coal flows halt: Russell
Heavy rains and the worst floods in 50 years have shut the world's largest coal-export harbour, but the impact from the closure of Australia's Newcastle port is likely to hit hardest in India. Rainfall of more than 1 metre (3.3 feet) in places in the past few days, and the threat of more to come, led to the shutdown of railways from coal mines in the Hunter Valley, north of Sydney, and the coal loaders at Newcastle Port, which shipped some 158 million tonnes of the fuel last year. 

Mar 23 - Oil prices left vulnerable after funds stop buying: Kemp
Hedge fund positioning in oil had become directionless in the run up to last week's sell off, after a four-month rally since the first successful COVID-19 vaccines were announced at the start of November. Hedge funds and other money managers purchased the equivalent of just 12 million barrels in the six most important petroleum futures and options contracts in the week to March 16.

Mar 23 - Mexico seeks better trade terms from Vitol following bribery scandal
Mexico is looking to renegotiate some of its hundreds of millions of dollars-worth of contracts with Vitol SA after the global energy trader acknowledged paying kickbacks to win business with state oil company Pemex, Reuters has learned. The dispute in Mexico, the world's fourth-largest importer of refined oil products, is part of the fallout from a December agreement that Houston-based Vitol Americas made with the U.S. Department of Justice (DOJ).

Mar 23 - BP reports 10% drop in overall emissions in 2020
BP Plc's greenhouse gas emissions dropped 10% to around 374 million tonnes of carbon dioxide equivalent in 2020 from its oil fields to its clients' car exhausts, it said on Monday. BP includes emissions from the combustion of its products when its customers, for example motorists, use them - also known as Scope 3 emissions - but it excludes gases from oil products BP sells to customers but which it bought from other producers.

Mar 23 - U.S. drillers, miners would be out billions if paid climate, health costs - study
U.S. coal, natural gas and motor fuel producers get implicit benefits worth tens of billion of dollars a year by not having to pay for the damage their products do to the climate and human health, a study said on Monday.  As the world begins to transition to technologies that emit less pollution to generate electricity and fuel vehicles, economists are attempting to estimate the cost to society of burning fossil fuels.

Mar 23 - EU to offer gas plants a green finance label under certain conditions
- draft
The European Union plans to label some gas power plants as sustainable investments, a draft document seen by Reuters showed, after an initial proposal to deny them a green label faced a backlash from some member states. The Commission's new proposal, shared with EU countries on Saturday, would class gas-fuelled plants that generate power plus heating or cooling as a green investment if strict conditions on emissions are met and they are operating by 2025.

Mar 22 - China's crude imports from Oman, UAE jump as Iranian barrels fall
China's crude oil imports from Oman and the United Arab Emirates rose 30% and 61%, respectively, in the first two months of 2021 from the same year-ago period, data from Chinese customs showed on Saturday, as some Iranian barrels were believed to have slipped in.  Data from the General Administration of Chinese Customs showed imports from Oman totalled 7.78 million tonnes and those from the UAE 5.25 million tonnes during the January-February period. 

Mar 22 - India's crude oil throughput hits 4-month low in February
India's crude oil processing fell to its lowest in four months in February, retreating from a near one-year high hit in the prior month hurt by higher crude prices and weaker fuel demand in the country. Crude oil throughput in February dropped 8.8% year-on-year to 4.87 million barrels per day (18.62 million tonnes), provisional government data showed on Friday.

Mar 22 - Saudi Aramco to prioritise energy supply to China for 50 yrs, says CEO
Saudi Aramco will ensure China's energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday. Saudi Arabia, the world's biggest oil exporter, retained its position as China's top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data showed on Saturday. 

Mar 22 - U.S. drillers add most oil & gas rigs in a week since January - Baker Hughes
U.S. energy firms added the most oil and natural gas rigs in a week since January even as oil prices this week pulled back from a recent 28-month high. The oil and gas rig count, an early indicator of future output, rose nine to 411 in the week to March 19, its highest since April, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Mar 22 - U.S. LNG exports on track to hit record high in March
U.S. liquefied natural gas (LNG) exports are on track to hit record highs in March as tumbling shipping rates and lower prices than in Europe and Asia continue to attract buyers.  The amount of gas flowing to U.S. LNG export plants has averaged 10.5 billion cubic feet per day (bcfd) so far in March, according to Refinitiv. That compares with a four-month low of 8.5 bcfd in February, when extreme cold cut power and gas supplies to the facilities, and a monthly record high of 10.7 bcfd in December.

Mar 22 - China’s five-year plan focuses on energy security: Kemp
In the 14th Five-Year Plan, approved by the National People’s Congress this month, China has outlined energy and climate policies for the next decade that are an extension of current strategy rather than a radical departure. The Five-Year Plan (FYP-14) recommits the government in very broad terms to “formulate an action plan for peaking carbon emissions before 2030” and to “anchor efforts to achieve carbon neutrality by 2060.”

Mar 19 - U.S. green energy push sets global edible oils alight, raises food inflation fears
U.S. President Joe Biden's green fuel push using edible oils is helping drive up vegetable oil prices that are already near record highs, hitting key cost-sensitive consumers in India and Africa and stoking global food inflation fears. The United Nations' vegetable oils price index has rallied 70% since last June to nine-year highs after labour shortages at Asian palm plantations and bad weather in key sunflower, rapeseed and soybean hubs pinched edible oil output and cut inventories to 10-year lows.

Mar 19 - Methane from upcoming coal mines could impact climate more than US coal plants
- report 
Methane leaks from planned coal mines around the world could have a bigger climate impact than carbon emissions from U.S. coal plants, a research group said on Thursday, detailing what it said was an overlooked source of planet-warming emissions. Despite efforts by governments to crack down on fossil fuels, nonprofit Global Energy Monitor said in a report there are more than 430 proposed coal mines in the world which are likely to emit large amounts of methane, the second biggest contributor to climate change after carbon dioxide. 

Mar 19 - Saudi's January crude exports hit highest in nine months
Saudi Arabia's crude oil exports rose in January for a seventh straight month to the highest since April 2020, according to the Joint Organisations Data Initiative (JODI) website on Thursday. Crude exports from the world's biggest oil exporter rose to 6.582 million barrels per day (bpd) in January from December's 6.495 million bpd. 

Mar 19 - Goldman sees oil price pullback as buying opportunity
Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices "takes a big breather." Oil prices are set to drop about 9% this week after growing worries about weak demand in Europe and a strengthening U.S. dollar sent Brent futures down about 7% on Thursday. 

Mar 19 - Blinken warns entities involved in Nord Stream 2 pipeline to immediately quit
The U.S. State Department is tracking efforts to complete Russia's Nord Stream 2 natural gas pipeline and evaluating information on entities that appear to be involved, U.S. Secretary of State Antony Blinken said on Thursday. "Any entity involved in the Nord Stream 2 pipeline risks U.S. sanctions and should immediately abandon work on the pipeline," Blinken said in a statement, adding the Biden administration is committed to complying with 2019 and 2020 legislation with regards to the pipeline and sanctions.

Mar 19 - China's Jan-Feb gasoline exports jump 30% year-on-year
China's gasoline exports rose 30.1% year-on-year in the first two months of 2021, customs data showed on Thursday, as refineries sought to ease domestic inventory pressure due to high output. Gasoline shipments in January and February were at 3.54 million tonnes, up from 2.72 million tonnes in the same period last year, after the coronavirus outbreak and tough travel restrictions slammed fuel consumption in the country.

Mar 19 - Texas lieutenant governor urges governor to roll back storm power pricing
Texas Lieutenant Governor Dan Patrick on Thursday called for Governor Greg Abbott to use his emergency powers to roll back high storm power pricing that has roiled the state's electricity industry. Patrick, who presides over the state senate, has become the biggest proponent of reducing about $47 billion in power costs from a mid-February cold snap. He publicly prodded the governor after the state's utilities regulator rejected price cuts and the house referred the matter to committee.

Mar 19 - EU halts sanctions on Turkey oil executives as ties improve
The European Union has frozen plans to blacklist more senior executives at Turkey's state-owned Turkish Petroleum Corporation (TPAO), four diplomats said, in the clearest sign that a diplomatic offensive by Ankara this year is bearing fruit. EU leaders in December had proposed asset freezes and travel bans over Turkey's "unauthorised drilling activities" for natural gas in disputed waters in the eastern Mediterranean, although they did not specify individuals.

Mar 18 - Pump prices join oil's wild ride but risk slamming brakes on recovery
With oil prices surging as producers curb supply, fuel prices in many countries have hit multi-year and even all-time highs despite the pandemic knocking demand by millions of barrels per day. The high prices at the pump could hamper a slow and fragile economic recovery as they contribute to inflation and strip consumers of cash to spend, especially in developing countries where the impact of the pandemic remains acute.

Mar 18 - Weak Chinese demand drives rare flow of Russian ESPO oil to U.S.
- sources
More than 3 million barrels of Russian ESPO crude are heading to the United States after a gap of over a year as muted demand from Chinese independent refiners and low freight rates make the trade viable, according to trade sources and Refinitiv data. Trading house Mercuria has provisionally chartered three cargoes of ESPO Blend crude loading from Russia's Far East port of Kozmino at the end of March to head to the United States, Refinitiv shipping data showed.

Mar 18 - Several U.S. states sue Biden administration for revoking permit for Keystone XL pipeline
Texas and several other U.S. states have sued the administration of President Joe Biden over his decision to revoke a key permit for the Keystone XL pipeline, Texas Attorney General Ken Paxton said in a statement late on Wednesday. The lawsuit states that Biden does not have the unilateral authority to change energy policy that the U.S. Congress has set, Paxton said.

Mar 18 - China's climate pledge to create tectonic shift, enhance energy security - Woodmac
China's goal to become carbon neutral in 2060 will require $6.4 trillion of investment in new power generating capacity, leading to a tectonic shift in manufacturing and commodity imports while boosting its energy security, consultancy Wood Mackenzie said on Thursday. China has been grappling with rising oil and gas import dependency while facing increasing geo-political tensions that threaten its energy security.

Mar 18 - IEA says oil supercycle unlikely but gasoline demand may have peaked
An extended surge in oil prices is unlikely as the world rebounds from the pandemic given ample supply but changes are seen in demand and gasoline may have peaked, the International Energy Agency (IEA) said on Wednesday. "Oil’s sharp rally to near $70 a barrel has spurred talk of a new supercycle and a looming supply shortfall. Our data and analysis suggest otherwise," the IEA said in its monthly report.

Mar  18 - India may join net-zero emissions club, but membership won't be easy
: Russell
India may be the last major climate change domino to fall into place as the government considers setting a target to reach net zero carbon emissions, in line with similar moves by other major polluters. India is examining setting a target of net zero emissions by 2050, according to media reports, with Bloomberg also reporting that an earlier ambition of 2047, to coincide with 100 years of independence, is being discussed among senior officials in Prime Minister Narendra Modi's office.

Mar 18 - U.S. crude, fuel stockpiles rise as refiners boost output - EIA
U.S. crude oil, gasoline and distillate stockpiles all rose last week, as refiners boosted output with more facilities coming back online following February's devastating storms in Texas. Crude inventories rose by 2.4 million barrels in the week to March 12, the U.S. Energy Information Administration said, compared with analysts' expectations for an increase of 3 million barrels.

Mar 18 - Venezuelan ministers were informed of deal 'Citgo Six' were jailed for, documents show
Six executives of U.S. refiner Citgo have been jailed in Caracas on graft charges since 2017, but court documents seen by Reuters show that top Venezuelan officials were made aware of the deal that the country's top prosecutor accused the six executives of signing in secret. The documents, which have not previously been reported, show that during at least two board meetings of state oil company Petroleos de Venezuela, which owns the U.S. refiner, top Venezuelan officials - including three ministers - were informed of the proposed deal for Citgo to borrow up to $4 billion.

Mar 18 - How a Petrobras sacking ended Bolsonaro's free-market flirtation
For many investors, President Jair Bolsonaro killed the dream of Brazil’s free-market renaissance with a Friday night Facebook post. In a curt public statement on Feb. 19, Bolsonaro canned the head of state-run oil firm Petrobras, who had infuriated the president by raising fuel prices. Bolsonaro then named a retired Army general with no experience in the oil and gas industry to lead Latin America's biggest crude producer.

Mar 18 - Why Biden's securities regulator faces climate crackdown challenges
With Democrats at the helm, the U.S. securities regulator is pledging to crack down on companies and funds that mislead investors over climate change risks, but that may be easier said than done, more than a dozen attorneys and former agency officials say. The Securities and Exchange Commission (SEC) has set up a taskforce to police public companies that fail to disclose material business risks stemming from climate change, such as the potential depreciation of fossil fuel assets or supply chain disruption caused by flooding or wildfires.

Mar 17 - Oil bears and bulls grapple as market puzzles over pandemic exit
Trading in oil futures is now as heavy as it was in the first months of the COVID-19 crisis, according to market data and analysts, with oil bulls and bears rushing to hedge against jolts in the steady rise of prices. Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking $55 in less than a year to $70 a barrel this week while actual fuel demand remains weak.

Mar 17 - India readies Saudi oil import cut as stand-off escalates - sources
Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply. Two sources familiar with the discussions said the move was part of the government's drive to cut dependence on crude from the Middle East.

Mar 17 - Texas House leader signals opposition to retroactive power price cuts
The leader of the Texas House of Representatives on Tuesday signaled he would not support requiring the state's grid operator to cut billions of dollars from electricity pricing during a cold snap that upended the state's power market. On Monday, the state Senate approved a proposal to order the state Public Utility Commission (PUC) to reduce electricity costs on power marketers during a February deep freeze. The proposal would reduce charges by about $5.1 billion including $900 million in fee cuts already approved by the PUC.

Mar 17 - Green groups file FTC complaint against Chevron over climate claims
Three environmental groups filed a false advertising complaint against Chevron with the Federal Trade Commission on Tuesday, alleging that the U.S. oil major has overstated its investment in renewable energy and actions to curb greenhouse gas emissions. The groups - Global Witness, Greenpeace and Earthworks - said their complaint is the first to petition the FTC to use its "Green Guides" against an oil company for misleading consumers about its actions to combat climate change. The commission's 2012 guidelines aim to prevent companies from making false environmental claims.

Mar 17 - U.S. renewable fuel credits hit multi-year high as oil group urges EPA to act
U.S. renewable fuel credits this week hit fresh multi-year highs, while an oil refining trade group urged the Biden administration to use its authority to help stabilize the market. Prices for so-called Renewable Identification Numbers, or RINs, have climbed all year as costs for feedstocks such as soybean oil increase and as market participants bet on reduced exemptions granted to oil refiners that would waive them from U.S. biofuel blending requirements.

Mar 17 - U.S. gas stocks and prices normalise after cold snap:
Kemp
U.S. gas prices have fallen to levels that prevailed before severe winter weather hit Texas in mid-February, confirming the big freeze is not expected to create a lasting shortfall later in the year. The level of working gas stocks in underground storage stood at 1,793 billion cubic feet (bcf) on March 5, which was 141 bcf or 7% below the average for the previous five years.

Mar 16 - OVHcloud is currently evaluating potential technical and operational measures to bring solutions to all affected customers. All communication channels, including our incident tracking platform, can be accessed so that you can stay informed of developments in real time.

You can find the last update concerning our C3 SWAP server :

http://travaux.ovh.net/?do=details&id=49484


- SBG-1 Situation : 4 of 12 rooms were damaged
- Electrical restart : Temporarily repowered on 13th March and will be restored permanently on 16th March
- Network restart :
+ Backbone: temporary connection to SBG on 15th March
+ Internal network to be redeployed on 16th March
- Server restart : Provisional ETA: Monday, 22 March for gradual restart

Mar 16 - Asia's fuel exporters target sales bump as refineries shut Down Under
Asian fuel exporters are hungrily eyeing Australia as the country's shutdown of almost all its refineries creates a bright demand spot amid otherwise coronavirus crimped markets. China appears to be best placed to take advantage of the opportunity, industry sources and analysts told Reuters, potentially leapfrogging the current top suppliers Singapore and South Korea in the scramble for a piece of the action.

Mar 16 - Qatar tightens global gas market grip with bold expansion moves
Qatar Petroleum, the world's top liquefied natural gas (LNG) producer, is cranking up the pressure on high-cost rivals with bold expansion plans that will boost supplies over the coming decade and potentially push prices down further. As competitors struggle to break even due to lower prices, the Qatari firm last month announced it will boost LNG output by about 40% to 110 million tonnes per annum (mtpa) by 2026 in phase one of its expansion of North Field LNG, the largest single LNG project ever sanctioned.

Mar 16 - U.S. Congress launches probe into multibillion-dollar 'clean coal' tax credit
The U.S. Congress is investigating a multibillion-dollar subsidy for chemically treated coal that is meant to reduce smokestack pollution, after evidence emerged that power plants using the fuel produced more smog not less. The outcome of the probe could play a big role in whether lawmakers vote to renew the subsidy, on track to expire at the end of this year.

Mar 16 - Germany bets U.S. will make the best of 'bad deal' Nord Stream gas link
Germany is betting the U.S. administration will take a pragmatic approach to the Nord Stream 2 project to ship Russian gas to Europe and is pushing for the pipeline's completion in defiance of U.S. opposition, officials and diplomats said. To try to block the $11 billion project, led by Russia's Gazprom, successive U.S. administrations have imposed sanctions on some entities and warned other companies involved in the project about the sanctions risk.

Mar 16 - Hedge funds stay bullish as OPEC+ supports oil: Kemp
Hedge funds were small buyers of petroleum in the most recent week, reversing small sales in the two previous weeks, as the outlook for prices becomes more uncertain after a strong four-month rally. Hedge funds and other money managers purchased the equivalent of 16 million barrels in the six most important petroleum futures and options contracts in the week ending on March 9.

Mar 16 - China resumes storing crude oil, but rising prices may limit flows: Russell
China resumed storing crude oil in the first two months of the year with almost 1 million barrels per day (bpd) being added to inventories in January and February, rebuilding stockpiles after a rare drawdown toward the end of last year. About 920,000 bpd were directed to inventories in the first two months of the year, according to calculations based on official data.

Mar 16 - U.S. shale oil output to drop 46,000 bpd to 7.46 mln bpd in April
- EIA
U.S. oil output from seven major shale formations is expected to decline by about 46,000 barrels per day (bpd) in April to about 7.46 million bpd, the U.S. Energy Information Administration said in a monthly forecast on Monday. Output at nearly every formation is expected to fall and the biggest declines are expected to come from the Eagle Ford and Niobrara basins, where production is expected to drop by about 15,000 bpd in each basin compared with March, the data showed.

Mar 16 - Texas state Senate passes bill to cut $5.1 bln in winter storm power fees
The Texas state Senate approved a bill on Monday to cut about $5.1 billion in disputed electricity and service fees levied on power marketers during a winter freeze that sent the state's power market into financial crisis. Last month's cold snap pushed up normal electricity costs by nearly 10 times to about $47 billion. Those costs led three companies to seek bankruptcy and sparked a battle between lawmakers and the state's power regulator over the handling of the crisis.

Mar 15 - China's Jan-Feb refinery output up 15% on solid demand for fuels
China's daily refinery throughput rose 15% in the first two months of the year, from a low base a year earlier, as fuel demand remains solid and refineries rush to hike production ahead of maintenance season. Refinery processing reached 114.24 million tonnes in the January-February period, data from the National Bureau of Statistics showed on Monday, equivalent to about 14.13 million barrels per day (bpd). The agency didn't disclose numbers for January and February separately.

Mar 15 - U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4 - trade
The United States overtook Saudi Arabia as India's second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels and to offset supply cuts from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), data from trade sources showed. India's imports from the world's top producer rose 48% to a record 545,300 barrels per day (bpd) in February from the prior month, accounting for 14% of India's overall imports last month, the data obtained by Reuters showed.

Mar  15 - U.S. oil & gas rig count falls for first time since November - Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time since November even as crude prices soared to their highest since 2018. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 402 in the week to March 12, according to data on Friday from energy services firm Baker Hughes Co. 

Mar 15 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to March 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 8,656 contracts to 407,876 during the period.

Mar 15 - Woodside sells first carbon offset condensate cargo from Australia
Woodside Petroleum Ltd and its Japanese partners have shipped their first cargo of carbon offset condensate to commodity trader Trafigura from the Pluto LNG plant in Western Australia, the company said on Monday. The transaction marks the next step by Australia's biggest independent gas producer toward its goal of net zero greenhouse gas emissions by 2050 while continuing to produce fossil fuels. Trafigura said the deal marks its first carbon offset shipment.

Mar 15 - Texas power retailer Griddy heading for bankruptcy - Wall Street Journal
Texas power retailer Griddy Energy LLC is planning to file for bankruptcy after the state grid operator cut off the company's access to customers for unpaid bills following the Texas freeze, sources familiar with the matter told the Wall Street Journal. Officials at the company were not immediately available for comment.

Mar 12 - Shell names former BHP boss Mackenzie as chairman
Royal Dutch Shell on Thursday announced Andrew Mackenzie, a former BHP CEO and BP veteran, as its next chairman who will help lead the energy company through a major shift away from oil and gas to low-carbon energy. Mackenzie will succeed Charles Holliday who will step down on May 18 after serving six years in the role.

Mar 12 - Argus Media will stick to old dated Brent amid benchmark debate
Commodities and energy pricing agency Argus Media said some traders looked at switching to the Argus dated Brent when competitor Platts, which sets the benchmark used by the industry, faced backlash after announcing reforms. Dated Brent is a European benchmark used globally and set daily by S&P Global Platts. It is used to price more than half the world's physical oil trades and in the settlement of Brent futures on the Intercontinental Exchange (ICE). It is also used to price gas and in government tax formulas.

Mar 12 - OPEC expects most of 2021 oil demand recovery in second half
OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.89 million barrels per day (bpd) in 2021, or 6.5%, up slightly from last month. But the group cut its forecasts for the first half.

Mar 12 - CNOOC needs to double down on drilling and deals in carbon-cutting gas pivot
A rapid rise in offshore drilling and deepwater gas extraction may seem an unlikely path to lower emissions, but are central planks of Chinese energy major CNOOC Ltd’s plan to help hit Beijing's climate goals. While global peers like BP, Royal Dutch Shell have announced cuts in hydrocarbon output and huge renewable energy investments to cut emissions, China's third-largest oil and gas producer plans an ambitious gas-heavy overhaul of its production mix by 2035 as its way of helping meet carbon-cutting goals. 

Mar 12 - Global oil inventories to become tight by mid-2021: Kemp
Global refineries will increase crude processing sharply over the next six months to stabilise stocks of fuels such as gasoline and diesel – even if substantial coronavirus controls remain on travel and service sector businesses. The prospective rise in processing and consequent draw down in crude inventories in the second and especially third quarters is what has been boosting futures prices and causing calendar spreads to tighten.

Mar 12 - New Mexico seeking exemption from Biden oil and gas leasing pause - governor
New Mexico's Democratic governor is pushing for her state to get a waiver from the Biden administration's pause on new oil and gas leasing on federal lands, she said in a Zoom video recording seen by Reuters on Thursday. Governor Michelle Lujan Grisham's remarks came a day after the U.S. Interior Department said it will launch a review of the leasing program later this month, a step that will determine whether the administration will seek to halt new drilling leases on public lands and waters permanently as part of its climate change agenda.

Mar 12 - Lawsuits or bankruptcies? Long horns of Texas power price dilemma
Texas lawmakers on Thursday found themselves on the horns of a power market dilemma: expect lawsuits from utilities and traders if they retroactively cut cold-snap electricity prices, or "cascading bankruptcies" if they do not. The state's grid operator sharply hiked power prices during a February freeze, pushing two power companies into bankruptcy and prompting others to default on bills. Officials this week called for regulator Public Utility Commission (PUC) of Texas to immediately reduce about $16 billion in power prices.

Mar 12 - Russia lacks swing producer flexibility, slow to revive oil output
Russia, the world's second biggest oil producer, has found it tough to raise output swiftly this year after cutting back by a fifth in mid-2020 during a pandemic-driven collapse in demand, showing that Moscow is a long way from becoming a swing producer. Saudi Arabia has often been cast in the swing producer role with an ability to turn its oil taps off and on again in response to market price moves.

Mar 12 - Shipping groups press EU to advance marine 'fuels of future'
Shipping and trade groups are calling on the European Union to advance the development of ammonia and green hydrogen as the best marine fuel options to enable the industry to accelerate decarbonisation. With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions.

Mar 11 - Hosting company OVH data center SBG1/2 heavy outage .
The data center in Strasbourg mainly hosts web applications for companies. Our server supporting SWAP recalculation in SGB1 is safe. We have been extremely lucky. OVH advise full recovery by March 15th ! Let's hope so.

Mar 11 - BP bets on energy trading to fund strategy shift after bumper year
BP's trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell shielded them from the full impact of the worst recession to hit the modern energy industry, helping finance their shift towards a new business model in a lower carbon economy.

Mar 11 - Pricing agency Platts defers changes to dated Brent oil benchmark
Commodities and energy pricing agency S&P Global Platts will defer changes to its core dated Brent oil benchmark after industry pressure, it said on Wednesday. The company said it has opened further consultation with the market on the benchmark transition. The changes, among which was inclusion of U.S. crude WTI Midland in the Brent assessment, were announced on Feb. 22 and were due to take effect from July 2022.

Mar 11 - Despite pledged cut, Saudi Feb oil exports post only small drop
- trackers
Top oil exporter Saudi Arabia has yet to demonstrate a curb in supply as large as its promised voluntary production cut, according to two companies that track oil flows, a view dismissed by Riyadh which says it is reliable. Saudi Arabia pledged to cut production voluntarily by 1 million barrels per day in February and March, as part of a deal by OPEC and allies, known as OPEC+, to avert an inventory build-up as the impact of the pandemic lingers on world demand.

Mar 11 - Global oil stocks rise as market recovery hits speed bump
Crude oil in storage at major land and sea hubs rose last week, analysts and ship trackers said, as a build-up in China and the U.S. Gulf Coast reflected oil markets' bumpy road to recovery. Refinery outages following a major storm in Texas and reduced oil intake by China during seasonal refinery maintenance were the prime reasons for the setback, they said.

Mar 11 - Texas power regulator, under pressure to roll back storm prices, huddles with Wall Street
The chairman of the Public Utility Commission of Texas huddled with Bank of America utility analysts on Tuesday as pressure mounted on him to reverse about $16 billion in emergency power pricing that would hurt power plant operators. The meeting came two days before PUC Chairman Arthur D'Andrea was due to rule on rescinding billions of dollars in charges levied on electricity marketers. If he reverses those charges, it would help retail marketers and hurt traders and power generators that stand to collect the money. 

Mar 11 - EPA considers combining 2021, 2022 U.S. biofuel blending proposals
- sources
The Environmental Protection Agency is considering issuing proposals for U.S. biofuel blending obligations for both 2021 and 2022 at the same time, two sources familiar with the matter said, after the coronavirus pandemic delayed rulemaking. The proposals are a crucial signal to the corn and oil industries because they outline precisely how many gallons of biofuels like ethanol the refining industry must blend into their transportation fuel under the U.S. Renewable Fuel Standard.

Mar 11 - U.S. crude stockpiles surge, fuel draws down in post-Texas freeze period - EIA
U.S. crude oil stockpiles jumped by nearly 14 million barrels last week while fuel inventories plunged, as production and refining output slowly came back online in the wake of the Texas winter storms, the Energy Information Administration said on Wednesday. Crude inventories rose by 13.8 million barrels in the week to March 5 to 498.4 million barrels, compared with analysts' expectations in a Reuters poll for an 816,000-barrel rise. Crude stocks dropped sharply in February after several days of freezing temperatures forced production to shut. 

Mar 11 - Myanmar fuel imports plunge in Feb as protests disrupt trade - sources
Myanmar's fuel importers have switched to other forms of payment, such as telegraphic transfers, after protests against a military coup disrupted trade, driving February imports to their lowest in more than 3 years, two industry sources said. A civil disobedience movement has crippled government business, unleashing strikes at banks, factories and shops since the army ousted Aung San Suu Kyi's elected government in a coup on Feb. 1.

Mar 10 - L'hébergeur OVH a été victime d'un lourde panne cette nuit causée par un incendie au sein de son data center de Strasbourg.
Le data center de Strasbourg héberge majoritairement des applications Web à destination des entreprises. Et c'est précisément ces dernières qui ont été touchées par l'incendie. C'est le cas de notre serveur supportant tous les calculs des pages SWAP.

Mar 10 - Hosting company OVH was the victim of a heavy outage this night caused by a fire in its data center in Strasbourg.
The data center in Strasbourg mainly hosts web applications for companies. And it is precisely these who were affected by the fire. This is the case with our server supporting all calculations of SWAP pages. We apology for inconvenience and will let you know when service is restored.

Mar 10 - Chevron vows to slow carbon emissions, raise oil output with modest spending
Chevron Corp on Tuesday outlined a plan to expand oil and gas production through 2025, but without spending significantly more, and pledged to limit the pace of growth of its carbon emissions. Falling energy demand due to pandemic-driven lockdowns sent the industry into a tailspin in 2020 and led Chevron to a $5.54 billion annual loss, its first since 2016.

Mar 10 - India asks refiners to diversify, cut reliance on Middle East oil after OPEC+ decision
India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said. India, the world's third biggest oil importer and consumer, imports about 84% of its overall crude needs with over 60% of that coming from Middle Eastern countries, which are typically cheaper than those from the West.

Mar 10 - Biden administration to launch review of future of federal oil leasing program
The U.S. Interior Department announced Tuesday it will launch its review of the federal oil and gas leasing program on March 25, a key step that will determine whether the Biden administration will permanently halt new leases on federal land and water. The review will kick off with a public forum on oil and gas leasing on federal land and water, with participants representing industry, environmental conservation and justice groups, labor and others, and commence an online comment period.

Mar 10 - India's wish to diversify crude oil suppliers maybe hard to grant: Russell
India's obvious displeasure with restrictions on output imposed by OPEC and its allies, and its aim to diversify crude oil suppliers, may run into the harsh realities of the global market. The world's third-biggest oil importer and consumer has told state-owned refiners to speed up the diversification of crude imports in order to cut dependence on its main source of supply, the Middle East, Reuters reported on Tuesday, citing two sources with knowledge of the plan. 

Mar 10 - Oil price spikes and permanent consumption losses: Kemp
Promises by U.S. shale producers to pursue a more restrictive approach to capital investment and production seem to have emboldened Saudi Arabia and its allies in OPEC+ to test the room for higher oil prices. If shale firms respond to higher prices and revenues by returning capital to lenders and investors, rather than increasing output, there may be an opportunity for OPEC+ to let prices rise without losing market share.

Mar 10 - U.S. crude output in 2021 to decline less than previously forecast - EIA
U.S. crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.15 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous monthly forecast for a 290,000-bpd drop. The agency said it expects U.S. petroleum and other liquid fuel consumption to rise 1.41 million bpd to 19.53 million bpd in 2021, the same increase as its previous forecast.

Mar 10 - Diesel storage in Scandinavian caverns unwinding - Vortexa
Diesel and gasoil storage in Scandinavian caverns and tanks is unwinding after hitting a record at the height of lockdowns in Europe that slashed demand for the fuels last year, data from oil analytics firm Vortexa shows. A record 1.6 million tonnes of diesel/gasoil arrived at ports across Sweden, Norway and Finland from outside the Scandinavian region in Q2 2020, indicating discharge into unusual storage sites, including to oil cavern storage, Vortexa said.

Mar 10 - From land of promise to pariah state: Myanmar coup rattles foreign firms
Shortly after the military seized power, 55 foreign investors in Myanmar from Coca Cola to Facebook signed a statement committing to the country and employees there during developments of "deep concern". A month on, those pledges are being sorely tested with Myanmar's economy all but paralysed by massive anti-coup protests, widespread strikes and the junta's killing of dozens of protesters drawing calls for boycotts and sanctions.

Mar 09 - Iran slips record volume of oil into China, reaches out to Asian clients for trade resumption
Iran has quietly moved record amounts of crude oil to top client China in recent months, while India's state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease, according to six industry sources and Refinitiv data. U.S. President Joe Biden has sought to revive talks with Iran on a nuclear deal abandoned by former President Donald Trump in 2018, although harsh economic measures remain in place that Tehran insists be lifted before negotiations resume. 

Mar 09 - U.S. 'alarmed' by frequency of attacks on Saudi after Houthis target oil heartland
The United States on Monday expressed alarm at "genuine security threats" to Saudi Arabia from Yemen's Iran-aligned Houthis and elsewhere in the region after attacks on the heart of the Saudi oil industry, and it would look at improving support for Saudi defences. Earlier in the day, the U.S. Embassy in Riyadh said Washington was committed to defending Saudi following Sunday's volley of drones and missiles, including one aimed at a Saudi facility vital to oil exports.  

Mar 09 - Three ships carrying U.S. ethanol head to China - sources
Three ships carrying ethanol were heading to China from the U.S. Gulf Coast, three trade sources told Reuters on Monday, in a sign that exports of the fuel were sharply increasing from the United States to the country. The shipments may surpass the total amount of U.S. ethanol that China imported last year, a positive development for the U.S. ethanol industry, which has seen decreased demand because of the coronavirus pandemic and the U.S.-China trade war. 

Mar 09 - China's lacklustre commodity imports throw spanner in new super-cycle works: Russell
A warning shot has been fired across the bow of proponents of the view that commodities are entering a new super-cycle: China's imports of crude oil, iron ore, copper and coal in the first two month of the year look far from bullish. China is the world's largest importer of all these major commodities. It's also dominant in the two - iron ore and copper - that are perhaps the most important for backers of the theory that efforts to decarbonise the global economy mean the dawning of a new era of rising prices.

Mar 09 - Singapore court approves winding up of oil trader Hin Leong - sources
Singapore's High Court on Monday approved an application to wind up collapsed oil trading firm Hin Leong Trading Pte Ltd, marking the end of what was once one of Asia's top oil traders, three sources familiar with the matter said. Hin Leong, owned by Singaporean tycoon Lim Oon Kuin and his children, racked up some $4 billion in debt and entered court restructuring nearly a year ago.

Mar 09 - Second Texas utility commissioner exits amid power outage fallout
A second commissioner of the Texas utilities regulator resigned on Monday, in continued fallout from a weather-driven crisis in the state's power market.  Commissioner Shelly Botkin resigned effective immediately, the Public Utility Commission of Texas said. Her departure came a week after DeAnn Walker resigned as the regulator's chair amid criticism of the PUC'S handling of a deadly blackout during a mid-February freeze. 

Mar 09 - Gulf countries get fiscal leeway after OPEC+ extends output cuts
Oil-rich Gulf Cooperation Council (GCC) countries, whose state coffers have been battered by the coronavirus crisis, are set to get some fiscal respite after OPEC and its allies last week agreed to extend most oil output cuts into April. While lower output could weigh on the region's overall growth this year, higher oil prices are set to curb deficits, providing some headroom for a potential boost to GCC economies recovering from the COVID-19 pandemic.

Mar 09 - BP's Australia oil refinery on track to shut this month
BP plc has stopped importing oil for its refinery in Western Australia, the country's largest, and is on track to decommission the plant by the end of March, a spokesman said on Tuesday. BP announced last October it would shut the loss-making Kwinana plant, capable of processing 146,000 barrels per day (bpd) of oil, and turn it into a fuel import terminal. It said at the time operations would wind down over six months. 

Mar 09 - Hedge fund positioning shifts in expectation of oil price peak: Kemp
Hedge funds sold petroleum for the second week running as crude prices topped $65 a barrel, the highest level since before the COVID-19 pandemic. The equivalent of 11 million barrels in petroleum futures and options were sold by hedge funds and other money managers in the week ending March 2, according to records published by regulators and exchanges.

Mar 09 - U.S. government to expand biofuels forecasts as renewable diesel sector grows
The U.S. departments of agriculture and energy plan to change two closely watched monthly reports to account for the rapid growth of renewable diesel, a clean burning fuel made from soy and other fats and oils, officials told Reuters.  Surging demand for renewable diesel is part of a larger global transition to green fuels, and could increase prices of crops such as soybeans and canola it is derived from.

Mar 09 - Eni could list minority stake in new retail-renewable business - source
Energy group Eni is looking to spin off its new retail and renewable energy business next year and could list a minority stake to raise money to bankroll the company's energy transition, an industry source close to the matter said. The business, which includes renewable power generation and energy sales to customers, could be worth in the region of 10 billion euros, the source said. 

Mar 09 - Industry lobbies EU lawmakers to change carbon border levy plan
Some of Europe's largest industry groups have asked European Union lawmakers to change their position on the bloc's planned carbon border policy, in a last-minute lobbying push ahead of a vote on Tuesday, emails seen by Reuters show. The European Parliament is set to vote on a report covering the EU's plan to impose carbon costs on imports of polluting goods. The report aims to influence the European Commission's eagerly awaited proposal for the policy due in June.

Mar 08 - China Jan-Feb crude oil imports climb 4% on solid fuel demand
China's crude oil imports for the first two months of 2021 reached 89.57 million tonnes, up 4.1% from a year ago and up 9.5% from the same period in 2019, bolstered by solid fuel demand and expanded refining capacity in the country. Shipment of crude oil in January and February is equivalent to 11.08 million barrels per day (bpd), according to data published on Sunday by the General Administration of Customs. Customs did not reveal a break down for individual months.

Mar 08 - 'I'll believe it when I see it' - Saudi Arabia doubts oil recovery and keeps taps tight
Last week's surprise decision by Saudi Arabia and other top oil producers to broadly stick with output cuts despite rising crude prices was influenced by events in an unexpected place - Italy.  About a year after the country's financial heart became one of the first European cities to enter a lockdown to curb the spread of COVID-19, Milan is again facing restrictions. 

Mar 08 - Yemen's Houthis attack Saudi oil heartland with drones, missiles
Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security. Announcing the attacks, the Houthis, who have been battling a Saudi-led coalition for six years, also said they attacked military targets in the Saudi cities of Dammam, Asir and Jazan. 

Mar 08 - Oil risks overheating after OPEC+ leaves output unchanged: Kemp
By deciding to leave production unchanged for another month at its meeting on Thursday, OPEC+ risks causing the oil market to overheat and creating conditions for more instability in future. The expanded group of oil exporters defied expectations of a majority of analysts and traders that it would respond to escalating prices and an intensifying backwardation in the futures market by raising output. 

Mar 08 - Far from White House, Caribbean refinery to test Biden's promises on poverty and pollution
Earlier this month, Loren Hughes, a longtime resident of the U.S. Virgin Islands, noticed specks of an oily substance covering his home, as well as those owned by his neighbors.  For Hughes, 46, it brought back memories of the last time St. Croix's long-idled refinery was operating, roughly a decade earlier. The refinery restarted last month, bringing back hundreds of jobs - but for nearby residents, they say it also brought difficulty breathing, headaches and watery eyes.

Mar 08 - U.S. drillers add oil and gas rigs for second week in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices soared to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose one to 403 in the week to March 5, still its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Mar 08 - EV rollout will require huge investments in strained U.S. power grids 
During several days of brutal cold in Texas, the city of Austin saw its fleet of 12 new electric buses rendered inoperative by a statewide power outage. That problem will be magnified next year, when officials plan to start purchasing electric-powered vehicles exclusively. The city's transit agency has budgeted $650 million over 20 years for electric buses and a charging facility for 187 such vehicles. But officials are still trying to solve the dilemma of power interruptions like the Texas freeze.

Mar 08 - Santos' biggest shareholder cuts stake by a third, remains top investor
Santos Ltd said on Monday its largest shareholder had sold about a third of its stake worth A$785 million ($603.7 million) in the Australian gas producer. Chinese energy company ENN Group sold about 107.1 million shares at A$7.33 per share, representing a 5.14% stake in Santos, the Australian firm said.

Mar 05 - OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb
OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally. OPEC's leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out.

Mar 05 - Oil guzzler India says OPEC+ decision to hit economic recovery
India, the world's third-biggest oil importer and consumer, on Friday said the decision by major producers to continue with output cuts as prices move higher could threaten the consumption led-recovery in some countries. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Crude prices rose after announcement and are up 33% this year. 

Mar 05 - Goldman hikes Brent forecast, says 'shale discipline' behind OPEC strategy
Goldman Sachs Commodities Research raised its Brent forecast for second and third quarter by $5 a barrel after OPEC and its allies kept the deal unchanged, and said 'discipline of shale producers' is likely behind the group's slower output increase. The Wall Street bank now sees Brent prices at $75 a barrel in second quarter and at $80 a barrel in third quarter of 2021, it said in a note dated Thursday.

Mar 05 - Sluggish physical oil sales struggle to match futures price surge
A four-month rally in the oil futures price from below $40 a barrel to above $60 now is out of step with demand, analysts and traders say, with physical sales only expected to match supply later in 2021. The price has surged since the start of November, buoyed by expectations of an economic recovery as governments promise more stimulus, producers rein in output and vaccine rollouts offer hope that the worst effects of the COVID-19 pandemic are over.

Mar 05 - OPEC+ keeping output cuts won't surprise the physical crude market: Russell
The decision by OPEC and its allies to extend crude oil output cuts into April came as something of a surprise to a market expecting some level of increase, but it shouldn't have. The problem for the prevailing narrative is that it's focused on what is happening in the paper crude market, the widely followed and traded Brent and West Texas Intermediate futures.

Mar 05 - Global diesel margins leave refiners under pressure: Kemp
Global refiners are making more money for producing middle distillates such as gas oil and diesel now excess inventories accumulated during the first wave of the coronavirus epidemic have largely been absorbed. Despite the improvement, however, margins remain low in comparison with the last two decades, pressured by the continuing downturn in demand for jet fuel, which comes from a similar part of the refining process.

Mar 05 - Trafigura says U.S. hub it co-owns can help Brent crude reform
Trafigura has proposed using its Corpus Christi terminal in Texas and the wider hub to allow pricing agency Platts to include U.S. crude oil in its Dated Brent benchmark without restricting trade. The European Brent benchmark is crucial to the global oil system as it is used to price more than half the world's physical crude trades. Currently, the benchmark is based on the value of five North Sea crude grades - Forties, Brent, Oseberg, Ekofisk and Troll.

Mar 04 - OPEC+ considering oil output rollover for April, sources say
OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters. OPEC+ ministers hold a full meeting on Thursday.

Mar 04 - Yemen's Houthis say they fired missile at Saudi Aramco site in Jeddah
Yemen's Houthi forces fired a missile at a Saudi Aramco facility in Saudi Arabia's Red Sea city of Jeddah, a Houthi military spokesman said on Thursday, but there was no immediate confirmation from Saudi authorities. Saudi Aramco, whose oil production and export facilities are mostly in Saudi Arabia's Eastern Province, more than 1,000 km (620 miles) across the country from Jeddah, did not immediately respond to a Reuters request for comment.

Mar 04 - Asia seaborne coal prices start to retreat, China-Australia dispute lingers: Russell
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even as the outlook for the seaborne market for the fuel remains solid. Asia's total imports of seaborne coal, both thermal for power plants and coking for steel-making, were estimated by Refinitiv at 65.59 million tonnes in February, down from January's 80.71 million tonnes.

Mar 04 - Record U.S. crude stockbuild as refining plummets after Texas freeze
U.S. crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions. With refiners unable to process crude, gasoline and distillate inventories also dropped dramatically, especially in the Gulf Coast region where their declines set records, the U.S. Energy Information Administration said Wednesday. 

Mar 04 - Renewable diesel boom highlights challenges in clean-energy transition
For 17 years, trucker Colin Birch has been hitting the highways to collect used cooking oil from restaurants. He works for Vancouver-based renderer West Coast Reduction Ltd, which processes the grease into a material to make renewable diesel, a clean-burning road fuel. That job has recently gotten much harder. Birch is caught between soaring demand for the fuel - driven by U.S. and Canadian government incentives - and scarce cooking oil supplies, because fewer people are eating out during the coronavirus pandemic.

Mar 04 - ADNOC lifts crudes destination restrictions before Murban futures launch
Abu Dhabi National Oil Company (ADNOC) will remove all destination restrictions for all its crude grades ahead of launching its Murban futures contract, a senior ADNOC executive said on Wednesday. Khaled Salmeen, who heads ADNOC's downstream, marketing and trading department, also said that ADNOC has signed initial deals with Rongsheng Petrochemicals and Unipec to explore the use of Murban futures with Chinese end users.

Mar 04 - Exxon scales back shale ambitions to focus on lower costs, dividend preservation
Exxon Mobil Corp is lowering its ambitions for oil and gas output, it said Wednesday, as it focuses on cutting costs and preserving dividends to win back investors that have soured on the company after years of overspending.  The top U.S. oil producer incurred a historic loss of $22.4 billion last year and is trying to convince a skeptical Wall Street that it can rebound after years of overspending left it deeply indebted and lagging behind rivals better geared for a world demanding cleaner fuels.

Mar 04 - U.S. energy secretary readies $40 bln in loans to boost clean energy
U.S. Energy Secretary Jennifer Granholm said on Wednesday she is ready to reactivate her department's loan program office that went mostly unused in the last four years and has more than $40 billion in funds to boost the transition to clean energy. "I am ready to rev those engines back up so that we can spur the next generation of innovation and deployment," Granholm said during the virtually-held CERAWeek conference. She did not offer details on when the loans would be offered.

Mar 04 - Carbon pricing needs to increase sharply to limit global warming - WoodMac
A significant rise in carbon pricing is needed to achieve the goal of limiting the rise in global temperatures to within 1.5 degrees Celsius, according to a report by consultancy Wood Mackenzie.  Global average temperatures are currently 1.2 degrees Celsius above pre-industrial levels. Limiting the rise to 1.5 degrees Celsius would not be possible without rapid and sustained action, the consultancy said on Thursday.

Mar 04 - Israel accuses Iran of link to oil spill off its shores
Israel accused Iran on Wednesday of being linked to a recent oil spill off its shores that caused major ecological damage, calling the incident environmental terrorism. The spill was caused by an oil tanker that was carrying pirated cargo from Iran to Syria last month, Israeli Environmental Protection Minister Gila Gamliel said.

Mar 04 - Texas power grid names firms with unpaid bills, cuts off second
Texas' power grid operator on Wednesday cited 12 energy companies and two municipal utilities for failure to pay their bills for power and services during February's deadly blackout that has led to the ouster of the operator's chief executive.  The companies and utilities owe $2.21 billion for power and services during the storm, the Electric Reliability Council of Texas (ERCOT), which runs the grid providing electricity to 90% of state residents, said.

Mar 03 - OPEC oil has advantage over U.S. shale during pandemic recovery 
The once-brash U.S. shale industry, which spent profusely in recent years to grab market share, is now focused on preserving cash, putting it at a disadvantage to low-cost OPEC producers as the global economy begins to gear up again. Prior to the pandemic-induced downturn, OPEC countries led by Saudi Arabia restrained their production, eager to bolster prices to fund national budgets dependent on oil revenue. Shale drillers took advantage, boosting U.S. output to a record 13 million barrels a day.

Mar 03 - OPEC sees positive oil market outlook, continued downside risks
OPEC sees a generally positive oil market outlook with last year's uncertainty easing, but downside risks caused by the pandemic persist, the group's secretary general and its experts said on Tuesday. "We have come a long way from a year ago," OPEC chief Mohammad Barkindo said. "The days of GDP and oil demand figures being in the red because of the pandemic-induced shock appear to be behind us."

Mar 03 - Exxon to cut 7% of Singapore workforce amid 'unprecedented market conditions'
Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic, it said on Wednesday.  About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a statement.

Mar 03 - Venezuelan intelligence monitored Citgo executives in U.S. - court testimony
Venezuelan intelligence services monitored six U.S.-based executives of state-owned refiner Citgo Petroleum for a year on U.S. soil to determine their involvement in a deal the government deemed fraudulent, leading to their 2017 arrest in Caracas on corruption charges, according to court testimony. The executives, known as the Citgo Six, were sentenced by a Venezuelan court in November to between eight and 13 years in prison for corruption in a procedure the U.S. State Department labeled a "kangaroo court". Five of the men are naturalized U.S. citizens. 

Mar 03 - How private equity squeezes cash from the dying US coal industry
Private equity firms are proving there’s still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. They are spending billions of dollars buying coal-fired plants on the cheap - and getting paid even when they are not providing power. Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports.

Mar 03 - India sees fuel demand seen rebounding in year to March 2022
India's fuel consumption could rise by 9.8% in the year to March 2022, its highest pace of growth in six years, driven by robust demand for gasoline and gasoil in Asia's third largest economy, according to initial government projections. Higher expectation of fuel consumption, a proxy for oil demand, points to a sharp recovery in industrial activity in the economy hit hard by the pandemic.

Mar 03 - U.S. climate czar urges oil industry to hasten transition to renewables
U.S. climate envoy John Kerry on Tuesday urged oil and gas companies to do more to diversify and adopt low-carbon technologies to tackle climate change. Speaking alongside oil executives making the case for the continued production of oil and gas at the virtually-held CERAWeek conference, Kerry called for the United States to accelerate the development of hydrogen, carbon capture and other technologies that can reduce emissions.

Mar 03 - U.S. oil industry lobby weighs support of carbon pricing - source
The American Petroleum Institute (API) is weighing endorsing a price on carbon emissions, a major shift after long resisting mandatory government climate policies, a source familiar with the decision making said. The API, the main U.S. oil industry lobby group that includes most of the world's biggest oil companies, is considering carbon pricing "among other policy solutions to reduce emissions and reach the ambitions of the Paris Agreement," the source said, confirming a report about the policy shift by the Wall Street Journal.

Mar 02 - Oil optimism unwinding market's mad dash for storage
When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts. At the end of February, the volume of refined products held on stationary tankers for over 10 days stood at 19.2 million barrels, down 77% from a peak of 84 million last May, IHS Markit estimates show. 

Mar 02 - As Asia LNG price retreats, China storage looms as key issue: Russell
The price of spot liquefied natural gas (LNG) in Asia has retreated almost as fast as it surged during a cold winter snap, leaving a market grappling with how best to deal with the recent extreme volatility. The weekly assessment for spot LNG cargoes dropped to $5.60 per million British thermal units (mmBtu) in the week that ended Feb. 26, the lowest since early October and about 81% below the peak of $29 on Jan 15. 

Mar 02 - Energy leaders grapple with climate targets at virtual CERAWeek
Global energy leaders and other luminaries like incoming Amazon Chief Executive Andy Jassy focused on the tough road to transforming world economies to a lower-carbon future at the kickoff of the world's largest energy conference on Monday. Numerous speakers at CERAWeek were prepared to talk about the energy transition and the need for future investment in renewables. But many oil and gas executives were vocal about the need for more fossil-fuel investment in coming years, even as a way of leading the world to a lower-carbon future.

Mar 02 - OPEC oil output falls in February on Saudi additional cut -survey
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies, a Reuters survey found, ending a run of seven consecutive monthly increases. The 13-member Organization of the Petroleum Exporting Countries pumped 24.89 million barrels per day (bpd) in February, the survey found, down 870,000 bpd from January. This is the first monthly decline since June 2020.

Mar 02 - India finance ministry considers cutting taxes on petrol, diesel - sources
India's finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said. A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. But taxes and duties account for roughly 60% of the retail price of petrol and diesel in the country, the world's third biggest consumer of crude oil.

Mar 02 - Texas power crisis deepens as more companies skip payments due to grid operator
Texas energy companies failed to pay another $345 million for electricity and other services incurred during last month's cold snap, the operator of the state's grid said on Monday. The state's deregulated electricity market was thrown into turmoil last month as 48% of its generating plants went offline, fueling up to $9,000 per megawatt hour (mwh) spot rates and $25,000 per mwh service fees. Those charges drove one provider into bankruptcy on Monday. 

Mar 02 - IEA says global CO2 emissions rising again after nearly 6% fall last year
Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday. Major economies led a rebound in December when emissions were 2%, or 60 million tonnes, higher than in December 2019, as a pick-up in economic activity increased energy demand.

Mar 02 - Hedge funds sell oil as bull run stutters: Kemp
Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials were announced in early November. Hedge funds and other money managers sold the equivalent of 9 million barrels in the six most important petroleum futures and options contracts in the week to Feb. 23. 

Mar 02 - Exxon names Ubben, Angelakis to board amid investor pressure for change
Exxon Mobil Corp on Monday named activist investor Jeffrey Ubben and former Comcast executive Michael Angelakis to its board amid a push by prominent shareholders for it to focus more on clean energy and improve its financial performance. Exxon has fended off attempts in the past to get it to change its policies and leadership, but pressure has mounted since the top U.S. oil producer posted a historic annual loss for 2020 after the coronavirus pandemic slashed energy demand.

Mar 01 - From U.S. domination to energy transition, two years that changed oil
Former U.S. Secretary of State Mike Pompeo took the stage at the world's largest energy conference in 2019 to declare an age of U.S. dominance after a decade of rapid shale development made the United States the world's top oil and gas producer. Two years later, the oil industry is recovering from the worst recession it has ever experienced after measures to contain coronavirus stopped billions of people from traveling and wiped out one-fifth of worldwide demand for fuel. The U.S. fossil fuel industry is still reeling after tens of thousands of jobs were lost.

Mar 01 - Asia's physical crude oil isn't as tight as Brent pricing suggests: Russell
 When a market gets behind a narrative it's tempting to discount factors that challenge the prevailing discourse, and this may be the case with the current bullish view on crude oil. The case for higher prices is largely built around a return of demand as the global coronavirus pandemic eases, and ongoing supply restrictions by leading producer body, the Organization of the Petroleum Exporting Countries, and its allies in the group known as OPEC+.

Mar 01 - Aramco seeks one-year extension on $10 billion loan -sources
Saudi Aramco has asked banks to extend by a year a $10 billion loan it raised last May, two sources familiar with the matter said, suggesting that rebounding crude prices are not pushing the oil giant to reduce debt for the time being. The sources confirmed a report by Loan Pricing Corporation, a fixed-income news provider owned by Refinitiv.

Mar 01 - China's coal consumption share falls to 56.8% at end-2020
China cut its coal use to 56.8% of energy consumption at the end of 2020, maintaining its target of below 58%, but overall coal consumption continued to rise amid record industrial output and the completion of dozens of coal-fired power plants. The rapid rollout of renewable-energy capacity and the growing use of natural gas has helped reduce the share of coal consumption from around 68% over the last decade and 57.7% a year earlier, but overall coal use has not peaked.

Mar 01 - Libya's NOC says Paris court confirmed that LERCO must pay it $115 million plus interest
Libya's National Oil Corp (NOC) said on Sunday that a Paris court of appeal had upheld an award by a court of arbitration against Libyan Emirates Oil Refining Company (LERCO) regarding the Ras Lanuf refinery in Libya. NOC said on its Facebook page that the appeals court had confirmed that LERCO must pay NOC over $115 million plus interest. It said this came to $132 million, as of Feb. 28.

Mar 01 - Coal miner Cerrejon says reached deal with indigenous community on environment, health
Colombian coal mine Cerrejon said on Friday it has signed an agreement with a Wayuu indigenous community to comply with court-ordered environmental and health requirements. The Provincial community in La Guajira has long argued with the company, which is jointly owned by BHP Group, Anglo American Plc and Glencore Plc, over pollution, dust, noise, water use and health problems.

Mar 01 - Oil set for steady gains as economies shake off pandemic blues
Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday. The survey of 55 participants forecast Brent crude would average $59.07 per barrel in 2021, up from last month's $54.47 forecast

Mar 01 - U.S. drillers add rigs for 7th month in a row, pace slows - Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a seventh month in a row for the first time since May 2018, but the rate of growth in February slowed even as oil prices rose to their highest since 2019. The oil and gas rig count, an early indicator of future output, rose five to 402 in the week to Feb. 26, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

Mar 01 - Big freeze completes rebalancing of U.S. gas market: Kemp
Following last week's extreme cold weather, U.S. gas prices have fallen back rapidly because the large drawdown in inventories is not expected to create a lasting shortfall later in the year. Working gas stocks in underground storage fell by 338 billion cubic feet (-15%) in the week to Feb. 19, the largest one-week reduction since 2018.

Mar 01 - Israel widens search for oil spill culprit after ruling out ship in Greece
Israel on Sunday broadened its search for the ship behind an oil spill that blackened its beaches with tar after investigators ruled out one of the suspected tankers. An Israeli team, in coordination with Greek authorities, carried out a surprise inspection of the Minerva Helen while it was docked at Athens' Piraeus port. The ship is no longer suspected of being responsible for the spill, said Israel's Ministry of Environmental Protection.

Mar 01 - After Brazil ructions, a rethink for investors in emerging market state firms
Brazil's shake up of state-run oil firm Petrobras has caused shockwaves at home but may also prompt some bond investors to rethink their $1 trillion-plus exposure to other government-controlled companies across emerging markets.  From China's Exim Bank to Mexican oil giant Pemex or South African utility Eskom, companies wholly or partly government owned make up half of the $2.4 trillion market in emerging market corporate debt.

Feb 26 - Chinese refiners cool on crude purchases as oil futures rally
China's crude oil imports are set to slow in the second quarter after Brent prices hit a 13-month high, cooling demand and capping refiners' margins as they prepare to shut for planned maintenance, industry sources and analysts said. Expectations of a recovery in global fuel demand and tighter oil supplies from Saudi Arabia and the United States pushed front-month Brent futures to their highest since January 2020 this week, up around 30% from January.

Feb 26 - ICE warns Platts of hasty Brent oil market reform
ICE exchange, home of Brent oil futures trading, has put pressure on pricing agency Platts to postpone its physical Brent market reform, saying the market needs more time to consult and adjust the value of derivatives in line with the changes. S&P Global Platts has this week decided to include U.S. crude West Texas Intermediate (WTI) Midland in its dated Brent oil price assessment, the first crude from outside the North Sea to be added to the global benchmark.

Feb 26 - Poorer Texans already had trouble paying energy bills - then came the storm
Cleopatra Mancha had already lost her job in the pandemic. Then the winter storm came to her home state of Texas. "We had all the pipes bust in our house. It wasn't just one area - it was everywhere. In the bathrooms, our sinks, where our washer and dryer are," she said. "So we're not having to just try to pay just our electric bill - we have to pay for all these repairs, too."

Feb 26 - S&P revises Woodside's outlook to 'negative' on energy industry risks
S&P Global Ratings on Friday revised Woodside Petroleum Ltd's outlook to "negative" from "credit watch negative", citing the Australian oil and gas explorer's limited financial capability in the face of uncertainty in the sector. The agency also shifted its industry risk assessment on the oil and gas sector to "moderately high" from "intermediate" as a global shift to renewables threatens to hit the profitability of fossil fuel producers, S&P said in a statement.

Feb 26 - Carbon offsets gird for lift-off as big money gets close to nature
An expected dash by big corporations for offsets to meet their climate targets has prompted financial exchanges to launch carbon futures contracts to capitalise on what could be a multi-billion dollar market. It's a step change. Carbon offsets, generated by emissions reduction projects, such as tree planting or shifts to less polluting fuels, have struggled for years to gain credibility, but as climate action has become urgent, their market is expected to grow to as much as $50 billion by 2030.

Feb 26 - Ousted by Bolsonaro, outgoing Petrobras CEO defends fuel price rises
Outgoing Petrobras CEO Roberto Castello Branco said on Thursday he will ensure a smooth transition to his successor, a retired general hand-picked by Brazil's president, but reiterated his stance that the state-owned company should match international fuel price increases rather than keep them artificially low. "Prices below the international market generate negative consequences," said Castello Branco, who is 76 and normally dresses conservatively but who on Thursday wore a visibly worn T-shirt with the London subway slogan "Mind the Gap".

Feb 26 - BP Midstream pipeline volumes rise in 4th quarter, down for 2020
BP Midstream Partners LP shipped about 5% more oil on its pipelines in the last three months of 2020 than in the previous quarter, but overall volumes fell on the year due to fuel demand destruction caused by the coronavirus pandemic, company executives said on Thursday. Volumes of crude oil from offshore pipeline systems, including the 400,000 barrel-per-day Mars crude oil pipeline off the Louisiana coast, jumped 11% in the three months ended on Dec. 31 compared with the previous three months and inland pipelines were up 4%.

Feb 25 - Baker Hughes, AXA Group, 16 others quit Nord Stream 2 pipeline -U.S.
Baker Hughes Co and AXA Group and 16 other companies recently quit work on Russia's Nord Stream 2 natural gas pipeline and will not be sanctioned, according to a document the Biden administration sent to Congress last week which was seen by Reuters. Russian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year.

Feb 25 - OPEC+ to weigh modest oil output boost at meeting - sources
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February, it is still withholding 7.125 million bpd, about 7% of world demand.

Feb 25 - Texas governor vows to overhaul electric grid operator after storm failure
Texas Governor Greg Abbott on Wednesday pledged to overhaul the state's electric grid operator after a massive blackout left residents without heat, power or water for days. The Electric Reliability Council of Texas (ERCOT), which manages the flow of power to about 90% of state residents, has faced sharp criticism over its failure to prepare for severe cold. Outages caused billions of dollars of damages to homes and businesses and left dozens dead.

Feb 25 - Chinese banks, Australia's Macquarie tiptoe into Asian oil finance void
Chinese national banks and Australia's Macquarie Group are quietly filling some of the multi-billion-dollar hole in Asian oil financing after the withdrawal of traditional European lenders, hurt by a raft of defaults and fraud allegations. Established financiers still taking on oil transactions, such as France's BNP Paribas and Singapore's OCBC, have raised compliance standards and are shying away from higher-risk small traders and refiners, according to interviews with over a dozen trading and banking executives.

Feb 25 - Exxon Mobil's total reserves drop by a third after COVID-19 oil price drop 
Exxon Mobil Corp's global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday. The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices were much higher. It slashed project spending by a third last year, cut jobs and added to debt to cover its dividend.

Feb 25 - U.S. crude output falls 10%, refinery runs drop to 2008 low amid Texas freeze -EIA
U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equalling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008, the Energy Information Administration said on Wednesday. Overall output fell by 1.1 million bpd to 9.7 million bpd in the week to Feb. 19, the EIA said, as the brutal cold forced most of the state's power grid offline, and oil operators and refiners were forced to shut as components and pipelines froze.

Feb 25 - China target to allow air pollution to rise slightly in 2021 - environment ministry
China's air quality targets for this year will be set at a slightly higher level than last year's average, an official said on Thursday, after pollution fell significantly in the early part of 2020 due to coronavirus-related lockdowns. China will seek to keep average levels of small, hazardous airborne particles known as PM2.5 at 34.5 micrograms per cubic metre over the course of 2021, the environment ministry said on Thursday.

Feb 25 - Texas blackouts expose planning failure: Kemp
Following last week’s widespread power failures, Texas policymakers and the state electricity industry must decide whether the blackout was caused by genuinely unforeseeable weather conditions or a failure to plan properly. For 10 days, Texas was hit by an unusually prolonged period of very low temperatures, with the most intense cold occurring between Feb. 14 and Feb. 17.

Feb 25 - Petrobras profit boosted as company turns more bullish on crude
Brazilian state-run oil firm Petrobras reported a fourth-quarter net income of 59.9 billion reais ($11.1 billion) on Wednesday, a significant boost in annual and quarterly terms, due largely to the reversal of 31 billion reais in impairments. The decision to reverse a large part of an $11 billion impairment taken in May indicates that the company has significantly changed its underlying assumptions about the long-term price of crude, which is itself key for investment decisions in exploration and production.

Feb 24 - 'Perfect trips': Venezuela ships jet fuel to Iran in exchange for gasoline
Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters. Iran has ramped up assistance to Venezuela since last year as the United States tightened sanctions on both countries, hitting oil exports by state-run firms Petroleos de Venezuela and National Iranian oil Company (NIOC).

Feb 24 - Show us the plan: Investors push companies to come clean on climate
In the past, shareholder votes on the environment were rare and easily brushed aside. Things could look different in the annual meeting season starting next month, when companies are set to face the most investor resolutions tied to climate change in years. Those votes are likely to win more support than in previous years from large asset managers seeking clarity on how executives plan to adapt and prosper in a low-carbon world, according to Reuters interviews with more than a dozen activist investors and fund managers.

Feb 24 - Top executives of Texas electric grid resign after storm failure
Top directors of Texas's electric grid operator, who faced sharp criticism from a massive failure of the state power system that left millions last week without light, heat, and water, resigned on Tuesday. The board's chairman, vice chairman, three directors and a board nominee of the Electric Reliability Council of Texas (ERCOT), all of whom live outside of Texas, resigned effective Wednesday, according to a notice to the state Public Utility Commission.

Feb 24 - Gas to Gaza? The pipeline that might provide a lifeline
Talks on a gas pipeline that would cross political faultlines and deliver reliable energy to the impoverished Gaza Strip have moved from the abstract to the concrete in recent weeks, three officials with knowledge of the process told Reuters. For years the project was a distant prospect because of the Israeli-Palestinian conflict - peace talks between the two sides broke down in 2014 and never resumed, amid mutual suspicion and outbreaks of violence.

Feb 24 - EU says it does not need Nord Stream 2, but only Germany can block it
The European Union does not need the Nord Stream 2 pipeline for its energy security but any decision to stop the project carrying Russian natural gas to Germany would have to come from Berlin, a senior European Commission official said on Tuesday. The $11 billion pipeline project led by Russia's state energy company Gazprom, which is more than 90% complete, would double the capacity of an existing undersea pipeline which bypasses Ukraine and deprives Kyiv of transit fees.

Feb 24 - Judicial managers seek to wind up collapsed oil trader Hin Leong
Judicial managers of collapsed oil trading firm Hin Leong Trading Pte Ltd, have filed a winding up application for the company, according to a notice posted on a government website. The move comes nearly a year after Hin Leong, once one of Asia's top oil traders owned by Singaporean tycoon Lim Oon Kuin and his children, racked up some $4 billion in debt and entered court restructuring.

Feb 24 - Texas refineries slowly restart after last week's deep freeze
Refineries along the Texas Gulf Coast began rapidly restarting following last week's winter storm that shut down the state's fuel processing and petrochemical industries with the lowest freezing temperatures in a generation. The freeze knocked out power for millions of Texans and idled nearly a quarter of national refining capacity. The storm's effect on refining rivaled that of 2017's Hurricane Harvey, but also brought the added problems of freezing natural gas and water lines that will make it harder for facilities to restart safely.

Feb 24 - Board of Petrobras approves shareholders' meeting; end of the line for CEO
The board of Brazilian state-run oil company Petrobras on Tuesday called an extraordinary shareholders' meeting, a move that all but guarantees the exit of Chief Executive Roberto Castello Branco. In a statement, Petroleo Brasileiro SA, as the company is officially known, said it had called the meeting in response to a request by the nation's Mines and Energy Ministry.

Feb 23 - Platts to add U.S. WTI crude to dated Brent benchmark
S&P Global Platts has decided to include U.S. crude grade West Texas Intermediate (WTI) Midland in its dated Brent oil price assessment, the first crude from outside the North Sea to be added to the global benchmark, the company said on Monday. WTI will be reflected in dated Brent from July 2022 cargo deliveries and the basis of the benchmark will be changed to a delivered basis, Platts Head of Oil Markets Price Reporting Vera Blei said during an online conference.

Feb 23 - Texas freeze raises concerns about 'ridiculous' variable rate bills
In Spring, Texas, about 20 miles (32 km) north of Houston, Akilah Scott-Amos is staring down a more than $11,000 electric bill for this month, a far cry from her $34 bill at this time last year. "What am I going to do?" Scott-Amos, 43, said. She was among the millions of Texas residents who lost power during several days of bitter cold that caused the state's electrical grid, operated by the Electric Reliability Council of Texas, to break down. "I guess the option is, what, I'll pay it? I just don't feel like we should have to."

Feb 23 - OPEC, U.S. oil firms expect subdued shale rebound even as crude prices rise
OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies.  OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000 barrels per day (bpd) to 7.16 million bpd.

Feb 23 - Oil producers eye long road to recovery as Texas begins to thaw
Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. The winter storm that gripped Texas and much of the country over the past week forced the biggest ever weather-related shutdown in the Permian Basin, cutting 2 to 4 million bpd from nationwide oil output and hitting the roughly 5 million barrels produced each day from top shale producing state Texas especially hard.

Feb 23 - Morgan Stanley sees Brent at $70/bbl in Q3 on improving market
Morgan Stanley expects Brent crude prices to climb to $70 per barrel in third quarter on "signs of a much improved market" including prospects of improving demand. "The stars have aligned for the oil market even faster than expected," the bank said in a note on Monday.

Feb 23 - Activist investment firm pushes Exxon to do more on greenhouse gas emissions
Investment firm Engine No. 1 on Monday reiterated its call for Exxon Mobil Corp, one of corporate America's most iconic brands, to slash its greenhouse gas emissions to zero by 2050, according to a letter sent to the company. "This is not just a climate issue but a fundamental investor issue - no different than capital allocation or management compensation," the firm said in the letter.

Feb 23 - Share of Canada, U.S. in India's Jan oil imports surges to record high - trade
The share of Canada and the United States of America in India's January oil imports surged to a record 11% while that of the Middle East and South America declined, data obtained from sources showed. Asia's third-largest economy imported about 4.8 million barrels per day (bpd) oil in January, a decline of 6% from the previous month and marginally higher than a year earlier.

Feb 23 - Petrobras shares slump as Brazil's Bolsonaro doubles down on intervention
Petrobras shares plunged 22% on Monday, wiping out 71 billion reais ($13 billion) in market value, as Brazilian President Jair Bolsonaro again slammed its pricing policies after he replaced the state-controlled oil company's market-friendly CEO with a retired army general. The selloff, following a series of analyst downgrades, deepened after Bolsonaro said the company's fuel policy was only pleasing to financial markets and select groups in Brazil and should be changed as part of an effort to lower gasoline and diesel prices.

Feb 23 - Fund buying in oil stalls after prices top $60: Kemp
Hedge funds added to their bullish positions in petroleum last week, but for the second week running, purchases were restricted to U.S. crude, with no buying elsewhere in the complex. Traders anticipated ultra-low low temperatures would cause wells to freeze and other disruptions across the Texas oilfields, reducing supplies of West Texas Intermediate (WTI) and other local crudes.

Feb 22 - OPEC, U.S. oil firms expect subdued shale rebound even as crude prices rise
OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies. OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000 barrels per day to 7.16 million bpd. The U.S. government expects shale output in March to fall about 78,000 bpd to 7.5 million bpd.

Feb 22 - Iraq decides to freeze oil prepayments deal on rising oil prices
Iraq has decided to freeze its first crude oil prepayment deal, which had aimed to boost its finances, because oil prices are rising, the country's oil minister told BBC Arabic on Sunday. "We had concerns that oil prices would not rise above $40 when we announced this deal for the first time in the history of Iraq," Iraq's Oil Minister Ihsan Abdul Jabbar told the channel. Brent crude has been trading above $60 a barrel recently.

Feb 22 - Future proofing: Australia's gas networks look to go green with hydrogen
Australia's natural gas pipeline owners are working to future proof their A$75 billion ($59 billion) in assets amid a global push towards clean energy, running tests to blend hydrogen with gas and produce green methane to replace the fossil fuel. Cashing in on rare bipartisan support for hydrogen across Australia's national and state governments to help cut carbon emissions, pipeline and network owners have already committed A$180 million to a range of projects involving green hydrogen.

Feb 22 - Why a predictable cold snap crippled the Texas power grid
As Texans cranked up their heaters early Monday to combat plunging temperatures, a record surge of electricity demand set off a disastrous chain reaction in the state’s power grid. Wind turbines in the state’s northern Panhandle locked up. Natural gas plants shut down when frozen pipes and components shut off fuel flow. A South Texas nuclear reactor went dark after a five-foot section of uninsulated pipe seized up. Power outages quickly spread statewide - leaving millions shivering in their homes for days, with deadly consequences.

Feb 22 - India's January crude processing scales over 1-yr peak
India's crude oil processing registered its second straight year-on-year gain in January, while hitting a more than one-year high, as fuel demand improved on the back of a gradual increase in industrial and economic activity. Crude oil throughput in January rose 0.6% year on year to 5.16 million barrels per day (21.81 million tonnes), the highest since November 2019, provisional government data showed on Friday.

Feb 22 - Bolsonaro's nominee to run Petrobras stresses need for "balance" in fuel pricing
Brazilian President Jair Bolsonaro's nominee to lead state-run oil company Petrobras said on Saturday the company needs to find "balance" in fuel pricing, considering the impact on shareholders, investors, sellers and consumers. Joaquim Silva e Luna, a retired army general and former defense minister overseeing the state-run Itaipu hydroelectric dam on the border with Paraguay and Argentina since 2019, was tapped on Friday to be the next chief executive of Petróleo Brasileiro SA.

Feb 22 - Arctic drilling plan in Alaska hits roadblock
Plans for seismic surveys to help find oil in the Arctic National Wildlife Refuge have fizzled due to a lack of protection for polar bears, according to a brief statement Saturday from the Department of the Interior. The Kaktovik Inupiat Corp (KIC), the Native-owned company that applied for permission to conduct the survey, failed to do the required work to identify polar bear dens in the region that would be surveyed, Interior spokeswoman Melissa Schwartz said in an emailed statement.

Feb 22 - Oil market rebalancing largely complete, except for jet fuel: Kemp
U.S. petroleum consumption and inventories have returned to normal after the pandemic and volume war last year, with the significant exception of jet fuel, where demand remains suppressed by travel restrictions. Market rebalancing has been completed earlier than seemed likely a few months ago, as a result of a strong recovery in manufacturing, progress with vaccinations, hurricane disruptions to crude production, and extra output cuts by OPEC+.

Feb 22 - Myanmar protests stall fuel imports, drive up costs
Myanmar's refined fuel imports have stalled as protests over the military coup have shut banks and government offices, while a depreciation of its currency has driven up costs, five industry sources said. Myanmar relies heavily on gasoline and diesel imports as its refineries are too small and old to meet its fuel needs. One source said imports may make up as much as 98% of Myanmar's fuel consumption.

Feb 19 - Texas energy crisis extends to sixth day, spills over to Mexico
Texas's energy outages caused by a deep freeze extended to a sixth day on Thursday, with the impact of reduced supplies from the biggest energy-producing state in the United States spilling over to Mexico. The cold snap, which has killed at least 21 people and knocked out power to more than 4 million people in Texas, is not expected to let up until this weekend. It has halted about one-fifth of the nation's refining capacity and halted nearly all oil and natural gas production in west Texas. 

Feb 19 - Real-time oil appetite catches up with futures rally
Sales of physical crude oil are gaining pace at higher prices following a rally in the futures market, traders and analysts said, as expectations mount of near-term increases in demand. Global benchmark Brent futures are trading above $65 a barrel, quadrupling in value since pandemic lows in April.

Feb 19 - Oil trader GP Global APAC seeks debt moratorium in Singapore
Oil trader GP Global APAC Pte Ltd has applied to the Singapore High Court for a six-month debt moratorium as its parent company seeks to restructure more than $1 billion dollars in debt, according to a company director, lawyers and a court document. The parent, GP Global - a major global oil trader and ship fuel supplier based in the United Arab Emirates - said in July it would restructure the group's debt by selling assets after lenders scaled back credit.  

Feb 19 - U.S. crude stockpiles fall sharply in week prior to snow storms - EIA
U.S. crude oil stockpiles fell sharply to their lowest since March as exports jumped in the week before a deadly cold snap hit major energy-producing areas of the United States, the Energy Information Administration said on Thursday. Crude inventories fell by 7.3 million barrels in the week to Feb. 12, compared with analysts' expectations for a decrease of 2.4 million barrels. 

Feb 19 - Mexico's government readying roughly $5 bln Pemex lifeline, source says
Mexico's government will inject between $1.3 billion and $1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos ($3.68 billion), a senior official told Reuters on Thursday. The world's most indebted oil company, Pemex had more than $110 billion in financial debt at the end of the third quarter last year, while its liabilities far exceeded its assets. 

Feb 19 - OPEC+ under pressure to boost output as oil climbs towards peak: Kemp
Saudi Arabia’s oil minister has called for a cautious approach to raising production, even as prices surge and many traders anticipate an increasingly severe shortage of petroleum later this year. “We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” the minister said in a speech on Wednesday.

Feb 18 - Texas energy freeze stretches to sixth day, raises Mexico's ire
Texas's freeze entered a sixth day on Thursday, as the largest energy-producing state in the United States grappled with massive refining outages and oil and gas shutins that rippled beyond its borders into neighboring Mexico. The cold snap, which has killed at least 21 people and knocked out power to more than 4 million people in Texas, is not expected to let up until this weekend. 

Feb 18 - Kuwait plans to shorten oil supply deals for some Asian buyers - sources
Oil producer Kuwait Petroleum Corp (KPC) is in talks to shorten its annual supply deals with some customers in India and Japan to nine months this year to meet demand from its new refinery, sources close the matter told Reuters. At a meeting with Indian refiners this month, KPC officials said the state-run company's next oil supply contracts with Indian buyers would run from April to December, the sources said, rather than to March 2022.

Feb 18 - Santos posts 60% drop in annual underlying profit on weak oil, LNG prices
Santos Ltd, Australia's second-largest independent gas producer, on Thursday reported a 60% plunge in annual underlying profit as energy markets were battered because of the COVID-19 pandemic. The company's underlying net profit, which excludes one-time charges, fell to $287 million for the year ended Dec. 31, from $719 million a year earlier.

Feb 18 - Australia's top gas producers undaunted by Qatar's LNG expansion
Australia's top two independent gas producers are confident their major new projects will be able to go ahead, even in the face of a massive expansion approved by the world's biggest liquefied natural gas (LNG) exporter, Qatar. Qatar Petroleum last week gave the go-ahead for the $29 billion North Field expansion, the world's biggest LNG project, planning to boost its LNG output by 40% to 110 million tonnes a year by 2026.  

Feb 18 - Saudi crude exports hit eight-month peak in December 2020
Saudi Arabia's crude oil exports rose for a sixth straight month to an eight-month peak in December 2020, official data showed on Wednesday. Exports rose to 6.495 million barrels per day (bpd), highest since April 2020, from November's 6.35 million bpd. 

Feb 18 - Woodside aims to seal LNG plant stake sale ahead of $11 bln gas project go-ahead
Woodside Petroleum expects strong buyer interest in the sale of a share of a new production unit at its Pluto LNG plant, top executives said on Thursday, a precondition for a planned $11 billion expansion at its Scarborough gas and Pluto project. The renewed push by Australia's biggest independent gas producer on the 8 million tonnes a year expansion project comes after last year's COVID-19 induced collapse in oil and gas prices drove its underlying annual profit down 58% to $447 million. 

Feb 18 - India urges OPEC+ to ease output cuts to rein in oil prices
India has urged OPEC and allied oil producers to ease production cuts as higher crude prices are hitting fuel demand in Asia's third largest economy and adding to inflation, its oil minister, Dharmendra Pradhan, said on Wednesday. "The price-sensitive Indian consumers are affected by rising petroleum product prices," Pradhan said ahead of a March 4 policy-setting meeting of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.

Feb 17 - U.S. shale could face weeks of depressed oil production due to cold
The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations. Texas produces more oil and natural gas than any other U.S. state, and its operators, unlike those in North Dakota or Alaska, are not accustomed to dealing with frigid temperatures.

Feb 17 - BP offers employees shares in rallying cry for low-carbon shift
Oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney's plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts. The distribution of the shares, which will be locked for four years, will take place throughout 2021. 

Feb 17 - Texas deep freeze hits energy sector, Houston ship channel shut
A deep freeze that hit Texas over the weekend wrought more havoc on the U.S. energy sector on Tuesday, curbing output in the largest U.S. oil field, knocking out a fifth of the nation's refining capacity, and shutting a key shipping channel in Houston. Historic cold has knocked out roughly 4 million barrels per day of refining capacity, more than one-fifth of national capacity, according to Reuters calculations. 

Feb 17 - Oil price rally points to more OPEC+ easing from April -sources
OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, slowed the pace of a planned output increase in January to match weaker-than-expected fuel demand due to continued restrictions on population movement because of the pandemic. 

Feb 17 - Japan's stressed power grid faces new test with Arctic blast on way
Japan's overstretched electricity grid is likely to receive another Arctic blast in the coming days, which is already pushing up wholesale prices and may stress generators as they struggle to keep units running after a powerful quake. While the world's third-biggest economy is unlikely to see millions plunged into blackouts as in the United States currently, the country narrowly avoided power cuts only last month in another wintry spell. 

Feb 17 - 150 years of spills: Philadelphia refinery cleanup highlights toxic legacy of fossil fuels
Wearing blue hard hats, white hazmat suits and respirator masks, workers carted away bags of debris on a recent morning from a sprawling and now-defunct oil refinery once operated by Philadelphia Energy Solutions (PES). Other laborers ripped asbestos from the guts of an old boiler house, part of a massive demolition and redevelopment of the plant, which closed in 2019 after a series of explosions at the facility.

Feb 17 - Mexican tourism body aims to spark state-backed solar blitz
Mexico is crafting a plan to promote state-backed solar power generation that could spur well over $1 billion in investment, benefit local communities and help the government meet environmental targets, a senior official said on Tuesday. Rogelio Jimenez Pons, director general of the National Fund for Tourism Promotion (Fonatur), said the scheme aims to build on Fonatur's planned use of solar power for the so-called Mayan Train rail project linking up towns in the Yucatan Peninsula.

Feb 16 - Cold snap leaves 8 million in Texas, Mexico without power
A rare deep freeze in Texas that raised demand for power forced the state's electric grid operator on Monday to impose rotating blackouts, leaving 4 million customers without power even as temperatures dipped to teeth-chattering levels. The cold snap sweeping Texas reached the northern part of neighboring Mexico as well, where authorities said 4.7 million users lost power early on Monday. 

Feb 16 - Norway energy industry in wage bargain, averting oil, gas outages
Norway's oil industry employers struck a wage bargain with the Safe labour union on Tuesday, preventing a strike at the Mongstad crude terminal and shutdowns of major offshore oil and gas fields, Safe told Reuters. The Norwegian Oil and Gas Association, which negotiated on behalf of energy firms, confirmed the agreement.

Feb 16 - Equinor considers more US asset sales in global strategy revamp
Norway's Equinor is looking to sell more assets in the United States and exit several other countries as part of a major global reshuffle as it tries to return to profit after writing down $25 billion of U.S. assets over the past decade. While the company, like other energy majors, has been hit by last year's fall in oil and gas prices, Equinor's new head of international business, Al Cook, said it lacked scale in the U.S. shale market and had underestimated the strength of local competition. 

Feb 16 - Resurgent Canadian natgas producers look to horn in on U.S. market
Canadian natural gas producers are bouncing back faster from the COVID-19 pandemic than battered U.S. shale firms, putting them in position to boost net gas exports to the United States for the first time in five years. The opportunity for Canadian firms to take a piece of the market back from U.S. rivals reverses one of the dominant energy trends of the last decade, where U.S. shale drillers unleashed a flood of cheap plentiful gas - largely a byproduct of crude oil drilling - and pushed western Canadian producers out of their only export market. 

Feb 16 - Oil refineries shut as Texas energy industry reels from deep freeze
A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries on Monday and forcing restrictions from natural gas and crude pipeline operators. The rare deep freeze prompted the state's electric power suppliers to impose rotating blackouts, leaving nearly 3 million homes and businesses without power. U.S. President Joe Biden issued an emergency declaration, unlocking federal assistance to Texas.  

Feb 16 - EU readies reforms to energy treaty as climate criticisms mount
The European Commission is expected to propose reforms to an international energy treaty as early as Monday, EU officials said, after some governments have said the bloc should consider quitting the agreement because it could threaten climate goals. Signed in 1994 to protect cross-border investment in the energy sector, the Energy Charter Treaty has faced growing criticism from environmental groups and governments that say it impedes countries' efforts to phase out fossil fuels.

Feb 15 - Russia's Novak says oil market on recovery path - news agencies
The global oil market is on a recovery path and the oil price this year could average $45-$60 per barrel, Russian Deputy Prime Minister Alexander Novak was quoted as saying on Sunday. Novak, quoted by Russian news agencies, also said the Nord Stream 2 undersea gas pipeline from Russia to Germany was 95% complete and would be completed despite attempts by the United States "to block it". 

Feb 15 - Oil prices hit critical threshold for OPEC+: John Kemp
Oil prices have reached a critical threshold where OPEC+ must decide whether to increase production, or risk losing market share again to U.S. shale producers. Front-month Brent futures prices have climbed to more than $60 per barrel, up from less than $40 when the first successful vaccines were announced in November, and less than $20 when the pandemic was raging in April.

Feb 15 - Appeals court halts construction at ConocoPhillips Alaska project
An appeals court has blocked construction of ConocoPhillips' $2 billion-plus Willow crude oil project in Alaska, putting on hold plans for one of the biggest oil projects in North Slope history. The 9th Circuit Court of Appeals in a weekend order sided with environmental and Native plaintiffs who challenged the Trump administration's go-ahead for ConocoPhillips' Willow project. Trump made oil-and-gas drilling a priority during his four-year term, but his successor, Joseph Biden, has taken several steps to restrict fossil fuel development. 

Feb 15 - S&P downgrades Exxon and Chevron on climate risk, dour earnings
S&P Global Ratings on Thursday cut the credit ratings of top U.S. oil producers Exxon Mobil Corp, Chevron Corp and ConocoPhillips by a notch, citing massive quarterly losses and the pressure to tackle climate change. The ratings slipped to 'AA-,' weeks after the agency warned it was considering downgrades for 13 of the world's largest oil companies due to the rising risk from energy transition and volatile commodity prices.

Feb 15 - New Mexico asks White House for help weathering federal drilling pause
New Mexico’s Democratic senators spoke with White House National Climate Advisor Gina McCarthy earlier this month to discuss ways Washington can compensate oil-dependent states for potential revenues lost during a pause on new federal oil and gas leasing, the senators said on Friday. The discussions are a sign President Joe Biden’s administration has begun studying the financial and political cost of halting new federal oil leases, a key element of Biden’s sweeping plan to decarbonize the U.S. economy by 2050 to fight climate change.

Feb 15 - Norway oil and gas output at risk from strike, Equinor says
A potential strike at Norway's Mongstad oil storage and export terminal could close down major North Sea oilfields next week and also hit gas exports to Europe, operator Equinor said on Friday. The Safe labour union, which plans to strike from Tuesday onwards unless a wage deal is reached in the meantime, warned on Thursday of potential output disruptions from the offshore Johan Sverdrup and Troll fields. 

Feb 15 - U.S. drillers add oil and gas rigs for 12th week in a row - Baker Hughes
U.S. drillers this week added oil and natural gas rigs for a 12th week in a row, the longest streak of additions since June 2017, as crude prices hit their highest in more than a year. The oil and gas rig count, an early indicator of future output, rose five to 397 in the week to Feb. 12, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Feb 15 - Shell LNG Canada's coronavirus restart plan approved
Royal Dutch Shell's LNG Canada export project in British Columbia has won approval from health officials for construction to ramp back up with improved coronavirus protection measures. Work at the site was curtailed last month by an order from the Provincial Health Officer which applied to five major industrial projects in British Columbia, including LNG Canada. 

Feb 15 - U.S. Army Corps attorneys withdraw from Dakota Access Pipeline case
The U.S. Army Corps of Engineers said two federal attorneys representing it in an ongoing legal battle over the Dakota Access Pipeline are withdrawing from the case, according to court filings, as opponents fight for the line's closure.  The case is being closely watched by native groups and the energy industry, particularly after the Biden administration canceled a permit for the long-gestating Keystone XL project and has taken other steps to limit oil-and-gas exploration.

Feb 12 - Today is New Year for many Asians:

Happy Losar to Tibetan friends; Happy Tet to Vietnamese friends; Happy Seollal to Korean friends; and Happy Lunar New Year to Chinese friends. Wish you all a prosperous year 2021.

Feb 12 - Global fuel prices jump as Asia, U.S. to rev up demand in Q2
Global oil and fuel prices are picking up as demand returns to pre-pandemic levels amid easing coronavirus lockdowns in key countries like China and India and signs of increasing road travel in several countries. Gasoline prices in Asia, Europe and the United States all scaled 1-year highs this week, while benchmark global crude oil Brent futures topped $60 per barrel for the first time in a year. 

Feb 12 - OPEC again cuts 2021 oil demand view, sees H2 pickup
World oil demand in 2021 will rebound more slowly than previously thought, OPEC said on Thursday, adding to a series of downgrades as the impact of the pandemic lingers. Demand will rise by 5.79 million barrels per day (bpd) this year to 96.05 million bpd, the Organization of the Petroleum Exporting Countries said in a monthly report, trimming its growth forecast by 110,000 bpd from a month ago.

Feb 12 - Iran oil output faces race against time as U.S. sanctions linger
Iran's oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy gathers pace. Iran, which sits on the world's fourth-largest oil reserves, relies heavily on oil revenue, but sanctions have prevented it from pumping at anywhere near capacity since 2018.

Feb 12 - Oil market rebalancing will soon set stage for more OPEC+ supply -IEA
Global oil supply still outstrips demand due to persistent COVID-19 lockdowns and the spread of variants, the International Energy Agency (IEA) said on Thursday, but vaccines should help demand recover and soon enable producers to pump more. "With demand forecast to rise strongly and still modest growth in non-OPEC supply expected, a rapid stock draw is anticipated during the second half of the year." 

Feb 12 - Energy sector funds lure highest inflows in three months, Lipper data shows
Mutual funds and exchange traded funds (ETFs) that invest in energy sector firms have seen the highest money flows in three months in the week ended Feb. 10, Refinitiv Lipper data showed, as oil prices rise on hopes of a global economic recovery. Energy sector funds attracted about $127.1 million in inflows in the week ended Feb. 10, the most in 12 weeks, according to data for 349 energy funds, based on Lipper's sector classification.

Feb 12 - Oil refineries are not national security assets: Kemp
National governments still tend to think about oil refineries as strategic assets that must preserved to provide fuel security in the event of armed conflict, but that reflects an outdated view of risks arising from modern warfare. Exxon’s decision to convert a small refinery near Melbourne into an import terminal has sparked more anguish in Australia about the progressive closure of the country’s refineries and growing reliance on imported fuels.

Feb 12 - Argentina's 'Dead Cow' comes back to life as shale oil drives rebound
Argentina's 'Dead Cow' is roaring back to life.  Oil output from the Vaca Muerta region in Patagonia, which holds the fourth-largest shale oil reserves in the world, stalled during the coronavirus pandemic but hit a record high in December as producers revved up wells with an eye on rebounding prices and a new export market. The revival of the formation that has been compared with the U.S. Permian Basin signals how it is growing more competitive globally, helped by government policies protecting oil producers, an export tax holiday and reviving global prices.

Feb 11 - N Dakota oil prices surge and output stalls as pipeline's fate awaited
Crude prices in North Dakota's Bakken shale region have surged to their highest levels in about six months as producers in the region rein in output and amid doubt over the fate of the Dakota Access Pipeline, the main artery running oil out of the region. North Dakota is the second only to Texas in terms of U.S. oil producing states, with about 1.2 million barrels per day (bpd) of output. Harsh weather in the region is restraining production and well completion, which had already been hampered by poor demand in 2020 caused by coronavirus. 

Feb 11 - Australian refinery closure adds to litany of energy, climate failures: Russell
The closure of one of Australia's last remaining oil refineries, carbon border taxes in Europe and a proposal for the world's biggest battery storage plant may seem unrelated at first glance. But they all speak to the ongoing failure of Australia's conservative government to produce a coherent energy and climate change policy, one that gains public and business sector support and recognises the reality of a changing world.

Feb 11 - Asian fuel oil margin hits 1-year high, supply tightness to persist in 2021
Supported by shrinking supplies and firm demand, Asian refiners' profit from producing very low sulphur fuel oil (VLSFO) rose to a one-year high this week, setting the stage for a trend that could persist throughout the year, traders and analysts said. "Tightness in the fuel oil complex will remain a common theme through 2021, especially as the tightness in crude ensures that any uptick in margins will be transferred straight to crude producers if OPEC+ producers can hold their nerve," said Energy Aspects in a note to clients last week. 

Feb 11 - ICE to launch LNG freight contracts as volatile market ups demand for hedging
Intercontinental Exchange Inc announced plans on Wednesday to launch two liquefied natural gas (LNG) freight futures contracts next month as it expands its list of gas contracts. This follows a move in late 2019 by rival exchange operator CME Group to launch three LNG freight futures contracts.  

Feb 11 - U.S. sells illicit Iranian fuel, another seized cargo on the way
The United States has sold more than a million barrels of Iranian fuel seized under its sanctions program last year, a Department of Justice official said, as another ship with intercepted Iranian crude oil sails to a U.S. port.  The seizures are part of Washington's tough economic sanctions on Tehran imposed over its nuclear program and the U.S. designation of a number of Iranian groups as terrorists, continuing decades of rancor between the two nations. Iran rejects U.S. accusations of wrongdoing.

Feb 11 - U.S. crude stockpiles plunge as refining activity picks up - EIA
U.S. crude oil stocks plunged unexpectedly last week, tumbling by more than 6 million barrels, as refiners ramped up production rates to pre-pandemic levels in March amid rising fuel demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 6.6 million barrels in the week to Feb. 5 to 469 million barrels, compared with expectations in a Reuters poll for a 985,000-barrel rise.

Feb 11 - Biden's EPA pick to review options for biofuel blending law beyond 2022
U.S. President Joe Biden's pick to lead the Environmental Protection Agency said he will confer with legal and policy teams to understand the options available for setting mandates to blend biofuels into the nation's fuel mix beyond 2022.  Michael Regan also said he has had conversations with other members of the Biden administration, including Biden's pick for the Agriculture Department, to discuss the role biofuels can play in combating climate change, according to written responses from Regan to questions submitted to him by Republican Senator Joni Ernst of Iowa.

Feb 10 - Total rebrands in pivot away from oil after better quarter
France's Total posted better than expected earnings in the fourth quarter as oil prices stabilised, and said it would change its name as part of a push to diversify and grow renewable power and electricity production.  The French oil and gas major, which like rivals suffered in 2020 as fuel consumption tumbled during the pandemic, said it would rebrand as TotalEnergies as it tries over the next decade to reduce oil products to a third of its sales from over half now.

Feb 10 - Equinor sells loss-making shale assets in U.S. Bakken to Grayson Mill
Norway's Equinor said on Wednesday it has agreed to sell its assets in the U.S. Bakken oil province after a decade plagued with billions of dollars of losses and criticism at home for poor investment decisions. Equinor will sell its entire acreage, located in the states of North Dakota and Montana, to Grayson Mill Energy, a company backed by EnCap Investments, for a total of around $900 million.

Feb 10 - Biden drilling ban forces Democratic-led New Mexico to reckon with oil dependence
When Stan Rounds heard about U.S. President Joe Biden’s plans to suspend new drilling on federal lands to fight climate change, he worried about the education budget. Rounds heads a state association of school administrators. He knows that New Mexico - home to the country’s richest oil fields on federal lands - depends heavily on drilling revenues to finance its struggling public schools. And budgets have already taken a hit from falling crude prices as the coronavirus pandemic sapped global fuel demand. 

Feb 10 - U.S. crude output to decline more than previously forecast in 2021 - EIA
The government lowered its outlook for U.S. crude oil production in 2021, with expected output set to average 11.02 million bpd for the year, the U.S. Energy Information Administration (EIA) said on Tuesday. Oil prices have rebounded from the lows touched in 2020 as Saudi Arabia pledged additional oil output cuts, prompting U.S. energy firms to increase drilling activity. 

Feb 10 - Exxon to close Australian refinery
Exxon Mobil Corp said on Wednesday it will close its 72-year-old Altona refinery in Australia, the country's smallest, and convert it to a fuel import terminal as refiners struggle with low demand. The decision by the U.S. oil major will leave Australia with only two refineries, after BP Plc decided to shut its Kwinana facility by April. Ampol Ltd is still reviewing the future of its Lytton refinery.

Feb 10 - Mexican power bill seeks legal compromise for bruised investors
Mexican President Andres Manuel Lopez Obrador is gambling he can use a contentious new bill to cement public sector control of the electricity sector without inundating his government with more lawsuits from investors already smarting from his policies. Corporate lobbies have objected to the bill, which will give priority in electricity dispatch to national power utility the Comision Federal de Electricidad (CFE), and eliminate Mexico's obligation to buy power through auctions.

Feb 09 - Canadian province Alberta backs down on opening Rockies to coal mines
The Canadian province of Alberta on Monday reversed a decision that expanded access to the eastern slopes of the Rocky Mountains for open-pit coal mines, but the government allowed exploration for six coal projects to continue in the area.  Premier Jason Kenney's United Conservative Party government has faced a backlash from ranchers and other Albertans who feared mines would contaminate groundwater in the picturesque foothills, after revoking a policy last year that had limited access for coal miners. 

Feb 09 - State oil firms risk wasting $400 bln as energy transition speeds up
National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the Natural Resource Governance Institute (NRGI) estimated that NOCs could invest $1.9 trillion over the next ten years, meaning one-fifth of those investments would be unviable unless the oil price stayed above $40 a barrel.

Feb 09 - India to be largest source of energy demand growth to 2040 - IEA
India will make up the biggest share of energy demand growth at 25% over the next two decades, as it overtakes the European Union as the world's third-biggest energy consumer by 2030, the International Energy Agency (IEA) said.  India's energy consumption is expected to nearly double as the nation's gross domestic product (GDP) expands to an estimated $8.6 trillion by 2040 under its current national policy scenario, the IEA said in its India Energy Outlook 2021 released on Tuesday. 

Feb 09 - Qatar Petroleum signs deal for mega-LNG expansion
Qatar Petroleum (QP), the world's top liquefied natural gas (LNG) supplier, signed a contract on Monday for the first phase of its North Field LNG project expansion, aiming to boost the country's LNG output by 40% a year by 2026. The expansion, which will take Qatar's LNG production capacity to 110 million tonnes per annum (mtpa) from 77 million mtpa, is the largest single LNG project ever to be sanctioned, according to consultancy Wood Mackenzie. 

Feb 09 - Petrobras fuel pricing policy sparks fresh investor concerns
Shares in Brazil's Petrobras fell on Monday amid concerns from some investors and analysts about potential political interference in the state-controlled oil company's domestic fuel pricing policy. On Friday, the company's chief executive, Roberto Castello Branco, met with Brazilian President Jair Bolsonaro to talk about Brazil's fuel prices, which the president had said he considered high. 

Feb 09 - Angola moves to seize Dos Santos-linked asset in Dutch court
Angola has asked a Dutch court to hand over a half-billion-dollar stake in the Portuguese oil company Galp linked to ex-first daughter Isabel Dos Santos, its lawyers told Reuters. Angola's government says top officials under former president Jose Eduardo dos Santos took advantage of high oil prices in the last decade to spin a global web of business deals that led to their personal enrichment at the country's expense. 

Feb 09 - Funds rotate from gasoline to diesel as epidemic lingers: Kemp
Hedge funds have increased their exposure to diesel and moved away from gasoline amid fears the lingering epidemic and slow vaccination programmes will depress personal travel and the services sector for many more months. Hedge funds and other money managers purchased the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to Feb. 2.

Feb 08 - Hedge funds bet on oil's 'big comeback' after pandemic hobbles producers
Hedge funds are turning bullish on oil once again, betting the pandemic and investors' environmental focus has severely damaged companies' ability to ramp up production. Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said.

Feb 08 - Chevron offers to buy out pipeline operator Noble Midstream
Chevron Corp said on Friday it offered to buy shares in Noble Midstream Partners LP that it does not already own, in a deal valuing the company at $1.13 billion, months after the U.S. oil major bought the pipeline operator's sponsor, Noble Energy. Chevron, the second-largest U.S. oil producer, in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream alongside large shale and international natural gas reserves.

Feb 08 - Brent near $60 as OPEC+ cuts tighten oil market
Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year. The coronovirus pandemic ravaged oil demand as economies around the world had to shut down for extended periods of time to curb the spread of the virus. 

Feb 08 - India's coal imports rebound as Australia wins market share: Russell
India's coal imports have revived in recent months to close to pre-pandemic levels, but the market shares of the countries supplying cargoes has shifted, mainly as a result of China's dispute with Australia. India imported 17.56 million tonnes of thermal and coking coal in January, according to vessel-tracking and port data compiled by Refinitiv.

Feb 08 - Petrobras expands fuel price parity calculation period to cut volatility
Brazil's state-controlled oil company, Petrobras, has expanded to one year from three months the period for which it calculates the international price parity of the fuels it sells, the producer confirmed in a statement on Friday after a report by Reuters. The change, which applies to both diesel and gasoline, avoids transferring international price volatility to local gas pump prices. 

Feb 08 - Equinor says it wins Nigerian case over Agbami oilfield funds
Nigeria's Supreme Court ruled in favour of Norwegian oil company Equinor in a long-running case over profit from its stake in the Agbami oilfield, a copy of the ruling showed on Friday.  The ruling ends legal proceedings, Equinor spokesman Erik Haaland said. It alleviates more than 10 years of legal uncertainty for Equinor and gives it more flexibility in how it handles the millions of dollars a day generated by its share in the field.

Feb 05 - Shell's profit slumps in 2020 as the pandemic bites
Royal Dutch Shell's profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company's retail network and trading business helped cushion the blow. The Anglo-Dutch oil major's annual profit slumped 71% to $4.8 billion as its oil and gas production and profits from refining crude into fuels dropped sharply.

Feb 05 - Lack of overhauls at U.S. refiners could stall industry recovery
U.S. oil refiners are predicting a strong recovery in fuel demand in the second half of this year as vaccination rates increase and workers are expected to resume commuting and taking vacations. But oil processors appear to be skimping on routine spring overhauls that typically prepare refineries for peak summer output. Maintenance cutbacks could make it hard to boost output as the economy recovers from its pandemic-related contraction.

Feb 05 - Indian refiners would buy Iranian oil if sanctions eased- HPCL chief
Indian refiners would resume imports of Iranian oil if the United States eases sanctions against Tehran, the chairman of state-run Hindustan Petroleum Corp said on Thursday. U.S. President Joe Biden's administration is seeking a diplomatic solution to the nuclear dispute with Iran, which could see sanctions eased.

Feb 05 - China's CNOOC to expand offshore gas, unconventional fuel to cut emissions
China's CNOOC Ltd said it will accelerate the exploration and development of natural gas, including deepwater reserves in the South China Sea and unconventional resources onshore China, to cut carbon emissions. One of the industry's lowest-cost explorers and producers, CNOOC said net oil and gas output last year grew by 5% to 528 million barrels of oil equivalent (boe) and it aimed to raise 2021 output to 545-555 million boe.  

Feb 05 - Escalating oil prices signal need for more output: Kemp
Rapidly rising oil prices are signalling the need for more production in the second half of the year to halt the fall in global inventories and satisfy recovering consumption as epidemic-related travel restrictions ease. Global petroleum stocks have fallen by almost 600 million barrels since May 2020, after rising by over 1.2 billion barrels in the previous five months as a result of the epidemic and lockdowns.

Feb 05 - Brazil's Bolsonaro to meet with Petrobras head, discuss diesel prices
Brazilian President Jair Bolsonaro said he will meet on Friday with his Cabinet and the head of state-run oil company Petrobras to discuss diesel prices, a move that is not unprecedented under his administration, but could cause market jitters nonetheless. In a live video broadcast on Facebook on Thursday night, Bolsonaro said he would ask Roberto Castello Branco of Petrobras to explain diesel prices in Brazil, which he said he considered high. For much of the video, he criticized Brazil's complicated matrix of federal and state fuel taxes, and said he would push to change the fuel tax regime.

Feb 04 - OPEC+ sticks with oil policy as prices rise towards one-year high
OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers. A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is "optimistic for (a) year of recovery in 2021," OPEC said in a statement after the panel met virtually. 

Feb 04 - U.S. crude stockpiles fall, gasoline inventories surge - EIA
U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said on Wednesday. The crude draw, along with a rise in refining output, points to demand recovery, analysts said.

Feb 04 - Biden's EPA pick assures lawmakers he will listen to states in climate fight
U.S. President Joe Biden's choice to lead the Environmental Protection Agency told lawmakers on Wednesday he will consult with states and other stakeholders as the agency determines how to deliver on the administration's plans to tackle climate change and clean up pollution hotspots. The comments came during an unusually cordial Senate confirmation hearing for the nation's top environmental regulator, a nomination that has historically triggered fierce debate between Republicans and Democrats over how to balance U.S. green regulation with economic development. 

Feb 04 - U.S. clears Venezuela port operations after sanctions on maritime authority
The U.S. Treasury Department on Tuesday authorized U.S. companies to engage with Venezuela's INEA maritime authority if necessary for the use of the South American country's ports, after sanctioning INEA two weeks ago. Washington on Jan. 19 blacklisted INEA along with several other maritime entities it said had continued to transport Venezuelan crude despite sanctions on state oil company Petroleos de Venezuela SA implemented in January 2019 as part of a push to oust President Nicolas Maduro. 

Feb 04 - Singapore's Keppel submits lowest bid for Petrobras platform -sources
A consortia led by Singapore-based Keppel Shipyard Limited offered Brazil's Petrobras the lowest price to build a floating platform for Buzios, Latin America's second-largest oil field, three people close to the competition said. Keppel offered to build P-78, a 180,000-barrels-per-day production unit that Petrobras plans for its deepwater Buzios field, for 12.52 billion reais ($2.33 billion), the sources said, asking not to be named as the information is confidential.

Feb 03 - U.S. refiners talk up renewable projects after a year of lousy fuel demand
Following a year of grim losses amid pandemic lockdowns that dented demand for fuel as people stuck close to home, the largest U.S. independent refiners are promoting plans to boost production of renewable fuels. Renewable fuels represent a silver lining for refiners under threat of being left behind by the shift to electric vehicles and away from fossil fuel processing. As the big refining companies in recent days reported year-end results, executives devoted plenty of time to discussing how they will create fuels that emit fewer emissions that contribute to global warming.

Feb 03 - Pandemic pushes Exxon to historic annual loss, $20 bln cut in shale value
Exxon Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and the company reduced the value of shale gas properties by more than $20 billion. 
Exxon last year slashed spending on new projects by nearly a third, outlined plans to cut up to 15% of its workforce while adding $21 billion to its debt to cover spending and restructuring.

Feb 03 - OPEC+ sees oil market deficit despite weaker demand
OPEC+ expects deep output cuts will keep the global oil market in deficit throughout the year, even though the producer group has revised down 2021 demand growth, a document seen by Reuters shows.  A Joint Technical Committee (JTC) of the alliance, which met on Tuesday, reviewed the demand outlook and countries' compliance with agreed output cuts. A ministerial panel meets to review the market on Wednesday.

Feb 03 - China's new coal power plant capacity in 2020 more than 3 times rest of world's - study
China put 38.4 gigawatts (GW) of new coal-fired power capacity into operation in 2020, according to new international research, more than three times the amount built elsewhere around the world and potentially undermining its short-term climate goals. The country won praise last year after President Xi Jinping pledged to make the country "carbon neutral" by 2060. But regulators have since come under fire for failing to properly control the coal power sector, a major source of climate-warming greenhouse gas.

Feb 03 - Pandemic drives oil major BP to first loss in a decade
BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions. Despite the weak environment, however, CEO Bernard Looney told Reuters the company's transition to a greener future remained on track. It is aiming to ramp up renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while slashing oil output to reduce greenhouse gas emissions.

Feb 03 - Manufacturing and freight drive diesel-led oil recovery: Kemp
U.S. consumption of distillate fuel oil used as diesel and heating oil has recovered close to its pre-epidemic level, boosted by a rebound in manufacturing output and freight movements since the first wave of coronavirus. The strong recovery in diesel stands in contrast to a weaker upturn in gasoline and especially jet fuel, which remain hampered by the persistence of remote working as well as restrictions on leisure services and passenger aviation.

Feb 03 - Brazil's Petrobras redirects sales to domestic market in fourth quarter
Brazilian state-run oil company Petrobras sharply reduced crude exports in the fourth quarter in order to accommodate relatively strong domestic demand, according to quarterly production figures released on Tuesday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known, said crude exports in the fourth quarter came to 618,000 barrels per day, down 16.6% from the previous quarter and 4.5% from the same period the year before.

Feb 03 - Venezuela's PDVSA boosts oil exports in Jan due to new clients -data
Venezuelan PDVSA's growing pool of new customers helped the state oil company boost exports in January, but the increase was not enough to offset the cumulative effect of U.S. sanctions, according to documents from the firm and vessel tracking data. Washington imposed strict sanctions on PDVSA in early 2019, depriving the company of its main export market, the United States.

Feb 02 - China's New Year travel restrictions slow, but don't stop oil demand recovery  
China's efforts to keep people from travelling for Chinese New Year because of several clusters of COVID-19 infections are forcing analyts to revise first-quarter fuel demand estimates, but are not expected to derail its post-pandemic recovery. China's Ministry of Transport has said passenger trips during the 40-day spring travel season could be down by 40% from the pre-pandemic levels of 2019. That has led analysts to cut forecasts for first-quarter oil demand by as much as 400,000 barrels per day (bpd) on the assumption this means less gasoline and jet fuel will be consumed. 

Feb 02 - Myanmar coup casts doubt over fuel imports - trade
A recovery in Myanmar's fuel imports in late 2020 could be snuffed out amid political uncertainty after the military seized power there on Monday, three trade sources said. Myanmar has been a bright spot for refined fuel in Southeast Asia since it ramped up imports in December and January to pre-COVID-19 levels, while renewed lockdowns in Indonesia and Malaysia have reduced demand, they said. 

Feb 02 - China starts 2021 with robust imports of major commodities: Russell
China's imports of major commodities are expected to show strong growth in January data, a reflection more of short-term factors, however, that are topping off a solid economic underpinning. Imports of crude oil, iron ore and coal are all expected to show gains from prior months, while liquefied natural gas (LNG) will hold near December's record high. 

Feb 02 - Oil prices stall, hedge funds cautious buyers: John Kemp
Hedge funds purchased more petroleum futures and options last week, but the rate of buying remained cautious as positions become stretched and upward momentum on prices has stalled for the time being. Hedge funds and other money managers purchased the equivalent of 24 million barrels in the six most important petroleum futures and options contracts in the week to Jan. 26.

Feb 02 - Once united in support of Biden, environmentalists and unions clash over pipelines
Environmentalists and labor unions that threw their support behind U.S. President Joseph Biden now find themselves on the opposite sides of a battle over the construction of big pipeline projects between Canada and the United States. The United States is the world's largest producer of oil and gas. Biden's administration aims to transition the U.S. economy towards net-zero carbon emissions by 2050, and his initial moves towards that goal included cancelling a permit for the Keystone XL crude oil pipeline (KXL) and reducing oil-and-gas leasing.

Feb 01 - Exxon, Chevron CEOs discussed merger in early 2020 - sources 
The chief executives of ExxonMobil Corp and Chevron Corp held preliminary talks in early 2020 to explore combining the two largest U.S. oil producers in what would have been the biggest merger of all time, according to people familiar with the matter. The discussions, which are no longer active, are indicative of the pressure the energy sector's most dominant companies faced as the COVID-19 pandemic took hold and crude prices plunged.

Feb 01 - Shell targets power trading and hydrogen in climate drive 
Royal Dutch Shell is betting on its expertise in power trading and rapid growth in hydrogen and biofuels markets as it shifts away from oil, rather than joining rivals in a scramble for renewable power assets, company sources said. Shell and its European rivals are seeking new business models to reduce their dependency on fossil fuels and appeal to investors concerned about the long-term outlook for an industry under intense pressure to slash greenhouse gas emissions.

Feb 01 - Oil market on track to rebalance around mid-2021: Kemp 
U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020. Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are down by 130 million barrels since the middle of 2020.

Feb 01 - Once united in support of Biden, environmentalists and unions clash over pipelines 
Environmentalists and labor unions that threw their support behind U.S. President Joseph Biden now find themselves on the opposite sides of a battle over the construction of big pipeline projects between Canada and the United States. The United States is the world's largest producer of oil and gas. Biden's administration aims to transition the U.S. economy towards net-zero carbon emissions by 2050, and his initial moves towards that goal included cancelling a permit for the Keystone XL crude oil pipeline (KXL) and reducing oil-and-gas leasing. 

Feb 01 - U.S. oil output rises above 11 million bpd in Nov for first time since April - EIA 
U.S. oil output rose 692,000 barrels per day (bpd) in November last year to 11.124 million bpd, the first time it has surpassed 11 million bpd since last April, according to a monthly report from the U.S. Energy Information Administration (EIA). At the same time, demand for distillate fuels such as diesel was down 7.1% from a year earlier and gasoline demand was off by 13.3%. 

Feb 01 - Speculators cut U.S. crude oil net longs-CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to January 26, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 9,821 contracts to 347,492 during the period.

Jan 29 - U.S. oil industry seeks unusual alliance with Farm Belt to fight Biden electric vehicle agenda
The U.S. oil industry is seeking to forge an alliance with the nation's corn growers and biofuel producers to lobby against the Biden administration's push for electric vehicles, but is so far meeting a cool reception, according to multiple sources familiar with the discussions. The effort to promote liquid fuels and combat expected federal subsidies for electric vehicles marks an unusual attempt by the petroleum industry to join with its long-time rivals, reflecting the scale of its concern over President Joe Biden's measures to combat climate change and tamp down fossil fuels. 

Jan 29 - U.S. shale ponders the unexpected: what to do with coming cash windfall?
A sustained rise in global oil prices has U.S. shale producers pondering something few expected to be considering after last year's tumble: how to allocate rising cash flows among new production, dividends and stock buybacks. U.S. shale producers will generate about $73.6 billion in cash from operations this year, up nearly a third over last year, according to data firm Rystad Energy, based on oil selling for $50 a barrel. 

Jan 29 - GM aims to end sale of gasoline, diesel-powered cars, SUVs, light trucks by 2035
General Motors Co said on Thursday it was setting a goal to sell all its new cars, SUVs and light pickup trucks with zero tailpipe emissions by 2035, a dramatic shift by the largest U.S. automaker away from gasoline and diesel engines. GM, which also said it plans to become carbon neutral by 2040, made the dramatic announcement just over a week after President Joe Biden took office pledging to tackle greenhouse gas emissions and boost sales of electric vehicles (EVs).

Jan 29 - Lukoil unit to remove crude stored at idled Come-by-Chance refinery - sources
The trading unit of Russia's Lukoil plans to remove crude oil it has stored at the idled Come-by-Chance refinery in Newfoundland, Canada, three sources familiar with the matter said on Thursday. The Canadian refinery has been idled since last year, a casualty of coronavirus-induced demand destruction. Lukoil's Litasco unit is its primary crude supplier, and currently is storing between 2 and 3 million barrels of oil there that it plans on re-exporting to sell elsewhere, the sources said.

Jan 29 - Texas governor vows to fight U.S. curbs on oil and gas activity
The top elected official of the largest U.S. oil and gas producing state on Thursday pledged to fight President Joe Biden's executive orders that he claimed would undercut Texas energy production. In a case of dueling executive orders, Texas Governor Greg Abbott authorized state agencies to bring legal challenges Biden's policies. Biden on Wednesday unveiled a series of actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies. 

Jan 29 - Oil tanker market in rougher seas as supply surges, storage sinks
A plunge in the volume of crude oil stored on ships combined with unexpected cuts from top producer Saudi Arabia have created a glut of vessels available for hire, pressuring the outlook for supertankers this year. Earnings for very large crude carriers (VLCCs) in 2020 reached record highs of more than $240,000 a day as the coronavirus battered demand, creating an oil surplus and a scramble for storage on land and sea. Rates have since dropped to $7,000 a day. 

Jan 29 - Rosneft seeks to tempt trading houses into Arctic oil project, sources say
Russian state oil major Rosneft is courting investments from global trading houses to help develop one of the world's biggest oil deposits, after talks with other possible partners stalled following a collapse in oil prices, four sources familiar with the discussions told Reuters. Rosneft is in discussions with Vitol, Glencore and Gunvor, among others, over investments in its Vostok Oil project in the Arctic, having already secured a deal with Swiss-based Trafigura, which took a 10% stake at the end of last year.

Jan 29 - Biden's climate change orders fast and furious, but lasting change will be harder
U.S. President Joe Biden made quick work signing a slew of sweeping executive orders targeting climate change that ranged from freezing federal oil and gas leasing to eliminating the fossil fuel industry's lucrative subsidies. But making these moves permanent and powerful enough to help his administration achieve its goal of a zero-emissions economy by 2050 will be tough, grinding work, requiring big battles with Congress and industry.

Jan 28 - Asia's crude oil imports surge in January, and it's more than just China: Russell
Asia's crude oil imports are off to a roaring start in the New Year, as China once again ramps up purchases and the region's other major buyers show signs of demand recovering despite the ongoing coronavirus pandemic. A total of 26.14 million barrels per day (bpd) is forecast to be discharged in Asia in January, according to vessel-tracking and port data compiled by Refinitiv.

Jan 28 - Samsung, Hyundai, Daewoo prepare for Petrobras oil platform tender
Three consortia including Asian shipyards are preparing to compete to build Brazil's Petrobras' first two in-house platforms in more than seven years, according to four people familiar with the tender who declined to be named as the information is private. Samsung Heavy Industries Co, Hyundai Heavy Industries Holding Co Ltd and Daewoo Heavy Industries & Machinery Ltd have formed separate consortia that are expected to bid after seven months of preparations, the sources said. Offers are due on Monday, Feb. 1.

Jan 28 - Global oil demand to rise, boosted by vaccine distribution and economy - WoodMac
Global oil demand is expected to rise by nearly 7% this year, boosted by quicker vaccine distribution and a better economic outlook, consultancy Wood Mackenzie said on Thursday. Total liquids demand is expected to average 96.7 million barrels per day (bpd) in 2021, 6.3 million bpd higher than last year when the Covid-19 pandemic caused an unprecedented oil demand shock.

Jan 28 - Biden takes sweeping measures to curb climate change, vows job creation
President Joe Biden on Wednesday signed a new raft of executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies, as he pursues green policies he billed as a boon for job creation. The orders map out the direction for the Democratic president's climate change and environmental agenda and reverse the policies of his Republican predecessor, Donald Trump, who sought to maximize U.S. oil, gas and coal output by removing regulations and easing environmental reviews.

Jan 28 - Carbon market plan could provide excuse to pollute, says Greenpeace
Plans to boost the global voluntary carbon market backed by U.N. envoy Mark Carney could hand oil majors and airlines an excuse to pollute for longer and jeopardise international climate goals, the head of Greenpeace International said on Wednesday. A private sector-led task force including Royal Dutch Shell, BP, Tata Steel and airline easyJet that Carney convened in September is expected to unveil its recommendations for expanding the trade in carbon credits later on Wednesday.

Jan 28 - U.S. crude stockpiles plunge 10 mln bbls to lowest since March - EIA
U.S. crude oil stockpiles fell by nearly 10 million barrels last week to their lowest since March, the Energy Information Administration said on Wednesday. The unexpected 9.9 million-barrel fall, the biggest draw since July, reduced crude inventories to 476.7 million barrels, according to EIA figures. Analysts expectations in a Reuters poll were for a 430,000-barrel rise.

Jan 28 - U.S. ethanol output slips as China rumored to be back in the market - Braun 
U.S. ethanol output has remained generally weak in January amid shabby profitability, though a shot of optimism arrived this week on a report that China, which somewhat shunned the American biofuel four years ago, has already secured a record annual haul for 2021. China has never been a leading player on the U.S. ethanol export front and the corn-based biofuel historically accounts for a small portion of American farm product trade.

Jan 27 - U.S. court ruling deals another blow to Dakota crude pipeline
A U.S. appeals court dealt a blow to the Dakota Access crude oil pipeline on Tuesday, upholding a lower court's decision to throw out a key federal permit and order a lengthy environmental review that will determine if the pipeline can keep operating. The decision is the latest in a series of legal and regulatory setbacks for the U.S. energy industry. In the last week, regulators denied permits to notable natural gas pipelines, while the new Biden administration effectively killed the Keystone XL pipeline project and is soon expected to limit oil and gas drilling on federal lands.

Jan 27 - China fails to learn from Trump backfire in trade war, is losing against Australia: Russell
China is paying a heavy toll for its efforts to punish Australia by banning or restricting certain commodity imports, while conversely Australia seems to have avoided any serious financial ramifications so far. It is perhaps surprising that the authorities in Beijing, having witnessed how the trade war launched by former U.S. President Donald Trump backfired on his own country, would be keen to try the same thing on Australia.

Jan 27 - Chinese majors to struggle to extend shale gas boom beyond 2025
Chinese oil majors will struggle to extend fast growth in shale gas production beyond 2025, as complex geology and failure to draw in more investors make it expensive to develop the unconventional resource. That would be a blow to China's efforts to cut its reliance on gas imports, presently 42% of total consumption. It would also mean Beijing will have to step up development of other costly gas resources in its remote northwest to meet demand, as the country steers away from coal to achieve climate goals.

Jan 27 - New LNG projects will start going ahead, but green credentials to be closely watched - execs
Companies will press ahead with some new liquefied natural gas (LNG) projects despite pressure on lenders to divert funding from fossil fuels, industry executives said at the annual European Gas Conference, but scrutiny of their environmental standards will be tight. Several LNG projects have been delayed or cancelled in recent years due to weak gas prices and worries about oversupply. 

Jan 27 - Iran's oil exports rise in January despite sanctions - trackers
Iranian oil exports are climbing in January after a boost in the fourth quarter despite U.S. sanctions, three assessments showed, in a sign that the end of Donald Trump's term as U.S. President may be changing buyer behaviour. Iran's exports have shrunk since Trump in 2018 withdrew the United States from a nuclear deal with Iran and reimposed sanctions. New President Joe Biden has said if Tehran resumed compliance with the deal, Washington would too.

Jan 27 - Venezuela crude stocks drop as exports pick up despite sanctions
Venezuelan state oil company PDVSA's inventories of its main export crude grade dipped this week to their lowest levels since late November, internal company documents seen by Reuters showed. Merey 16 stocks at the country's main oil terminal, the Jose port, fell to 4.85 million barrels as of Jan. 25, down from 9 million barrels on Dec. 21. The drop came as exports by Petroleos de Venezuela (PDVSA) and its joint ventures rise despite U.S. sanctions on the company, as little-known firms have replaced traditional buyers.

Jan 27 - Russia's oil heartland poised for rebound after output cuts
Russian oil producers in the Western Siberian province of Yugra, the heartland of domestic oil output, are ready to restore production curtailed by a global deal, a local official told Reuters on Tuesday. Russia and other leading oil producers, a group known as OPEC+, have been curbing their output in order to prop up the market to cushion the fallout from the COVID-19 pandemic.

Jan 26 - OPEC+ Jan compliance with oil cuts reaches 85% - Petro-Logistics
OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said on Monday, suggesting the group had improved its adherence to pledged supply curbs. The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to increase output by 500,000 barrels per day in January as part of a plan to taper huge cuts made last year as the coronavirus pandemic hammered demand.

Jan 26 - Cairn Energy threatens to enforce arbitration award against Indian assets overseas
Cairn Energy has begun to take steps to identify Indian assets overseas against which it can enforce the $1.2 billion award it won last month in a treaty arbitration case against the South Asian nation, according to a letter seen by Reuters. Cairn was awarded damages of over $1.2 billion plus interest and costs in a long drawn-out tussle over a tax dispute and the Indian government is now liable to make this payment. An Indian official, however, said at the time the government would likely challenge the order.

Jan 26 - India's December crude oil imports jump to 2-year high
India's crude oil imports rose to their highest level in over two years in December as easing of most of the coronavirus-led restrictions led to improved economic activity and higher fuel demand. Crude oil imports rose to 20.49 million tonnes last month, their highest since October 2018, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Monday.

Jan 26 - Iran asks Indonesia to explain seizure of tanker accused of illegal oil transfer
Iran has asked Indonesia to provide details about the seizure of an Iranian-flagged vessel, Iranian Foreign Ministry spokesman Saeed Khatibzadeh said on Monday, a day after Jakarta said it had seized Iran and Panama-flagged tankers in its waters. Indonesia said on Sunday its coast guard had seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil transfer in the country's waters.

Jan 26 - Oil buying fades as risks shift to downside: John Kemp
Hedge funds purchased petroleum derivatives for the 11th consecutive week, but the buying impulse that started with the announcement of successful coronavirus vaccines appears to be fading. Hedge funds and other money managers bought the equivalent of 17 million barrels in the six most important petroleum futures and options contracts in the week to Jan. 19, according to data from regulators and exchanges.

Jan 26 - U.S. to 'make good' on climate finance pledges, Kerry tells leaders
The United States will "make good" on financial commitments to developing countries struggling with climate change, top U.S. climate envoy John Kerry told a summit of world leaders on Monday. Kerry said the United States was "proud to be back" in the global climate discussion, just days after President Joe Biden signed an order to re-enter the 2015 Paris Agreement after the country quit the climate treaty under former President Donald Trump.
 
Jan 26 - Many U.S. utilities plan to hang on to their coal plants for a decade - report
The most coal-dependent U.S. utilities plan to keep around 75% of their coal-fired power plants running for another decade, according to an analysis by the environmental group Sierra Club released on Monday, posing a threat to the climate. The report, which reviewed the plans of the 50 U.S. utilities most invested in coal and gas generation, reflects some of the obstacles President Joe Biden will need to overcome to achieve his administration's goal to decarbonize the power sector by 2035.

Jan 25 - Boeing says its fleet will be able to fly on 100% biofuel by 2030  

Boeing Co said on Friday it will begin delivering commercial airplanes capable of flying on 100% biofuel by the end of the decade, calling reducing environmental damage from fossil fuels the "challenge of our lifetime." Boeing's goal - which requires advances to jet systems, raising fuel-blending requirements, and safety certification by global regulators - is central to a broader industry target of slashing carbon emissions in half by 2050, the U.S. planemaker said.

Jan 25 - BP's oil exploration team swept aside in climate revolution
Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil. Its geologists, engineers and scientists have been cut to less than 100 from a peak of more than 700 a few years ago, company sources told Reuters, part of a climate change-driven overhaul triggered last year by CEO Bernard Looney.

Jan 25 - U.S. oil refiners set for worst earnings quarter of the pandemic
U.S. refiners are girding for a painful slate of fourth-quarter earnings, reflecting the pressure of rising crude prices, weak demand due to renewed COVID-19 travel restrictions, and higher costs of associated with blending of renewable fuels into their products. Seven U.S. independent refiners are projected to post an average earnings-per-share loss of $1.51, down from a loss of $1.06 in the third quarter of 2020, according to IBES data from Refinitiv.

Jan 25 - Big Oil hits brakes on search for new fossil fuels
Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts. Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based consultancy Rystad Energy showed.

Jan 25 - Indonesia seizes Iran, Panama-flagged tankers over alleged illegal oil transfer
Indonesia said its coast guard seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil transfer in the country's waters on Sunday. Coast guard spokesman Wisnu Pramandita said the tankers, seized in waters off Kalimantan province, have been escorted to Batam island in Riau Island Province for further investigation.

Jan 25 - European lenders exit Amazon oil trade after scrutiny by campaigners
Credit Suisse, Dutch lender ING and France's BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said on Monday, following pressure from campaigners aiming to protect the Amazon rainforest. The role of European lenders in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to U.S. refineries.

Jan 25 - Global green bond issuance hit new record high last year
Global green bond issuance reached a record high of $269.5 billion by the end of last year and could reach $400-$450 billion this year, a report by the Climate Bonds Initiative (CBI) showed on Monday. Green bonds are a growing category of fixed-income securities that raise capital for projects with environmental benefits, such as renewable energy or low-carbon transport.

Jan 25 - U.S. crude stockpiles jump, refiners boost output last week - EIA
U.S. crude oil stockpiles rose unexpectedly last week, while refineries hiked output to their capacity usage since March, the Energy Information Administration said on Friday. Crude inventories rose by 4.4 million barrels in the week to Jan. 15, compared with analysts' expectations for a decrease of 1.2 million barrels.

Jan 25 - Canada's Trans Mountain pipeline sees fortunes shine after KXL's demise
The expansion of Canada's government-owned Trans Mountain pipeline assumes greater importance for the oil sector after the cancellation of rival Keystone XL reduced future options to carry crude, potential buyers say. Trans Mountain Corp, a government corporation, is spending C$12.6 billion ($9.9 billion) to nearly triple capacity to 890,000 barrels per day (bpd), a 14% increase from current total Canadian capacity.

Jan 25 - U.S. rejoins fight against climate change at high level summit
The United States will mark its return to the global fight against climate change on Monday by joining high level talks on ways to better protect people and economies from the effects of global warming already taking place. Less than a week after President Joe Biden announced the return of the United States to the 2015 Paris Climate Agreement, his Special Climate Envoy John Kerry will join China's Deputy Prime Minister Han Zheng, German Chancellor Angela Merkel, French President Emmanuel Macron, British Prime Minister Boris Johnson and other leaders at the Climate Adaptation Summit.

Jan 25 - Swiss court finds Israeli businessman Beny Steinmetz guilty of corruption
In a landmark verdict in one of the mining world's most high profile legal cases, a Swiss criminal court found Israeli businessman Beny Steinmetz guilty of corruption and forgery on Friday and sentenced him to five years in jail with a sizeable fine. The ruling after a two-week trial is a blow for Steinmetz, a diamond trader, whose pursuit of the world's richest uptapped deposits of iron ore put him at the centre of a battle that has triggered probes and litigation around the world.

Jan 25 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to January 19, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 7,348 contracts to 357,312 during the period.

Jan 22 - Big U.S. oil drillers have federal permits to mute effect of any Biden ban 
U.S. President Joe Biden's promised ban on new oil and gas drilling on federal lands would take years to shut off production from top shale drillers because they already have stockpiled permits, according to Reuters interviews with executives. But smaller independent oil drillers without the resources of big corporations were more worried about Biden's vow to toughen regulations and stop issuing new permits on federal lands, part of his sweeping plan to combat climate change and bring the economy to net zero emissions by 2050. 

Jan 22 - TC Energy cuts jobs as Keystone pipeline nixed, but markets start to move on 
TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit, the company said in an email to employees. Biden's decision to cancel the permit is seen as the project's death knell, after more than a decade of legal battles and shifting fortunes based on who held office in the White House. Opponents of the line fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels.

Jan 22 - Iraq cuts crude oil supplies for most Indian refiners in 2021 - sources 
Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20% for 2021, industry sources said, in a rare move by OPEC's second-largest producer which is trying to meet its obligations under the group's production deal. Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad's market share in the world's third largest oil importer and consumer. 

Jan 22 - India's Dec crude oil throughput picks up as fuel demand accelerates 
India's crude oil processing last month registered its first year-on-year gain since February 2020, driven by a surge in demand for fuels as economic activity continued to pick up from a coronavirus-induced slump. Crude oil throughput in December rose 0.9% year on year to 21.02 million tonnes (4.97 million barrels per day), provisional government data showed on Thursday.

Jan 22 - U.S. stimulus, continued Iran sanctions supportive for oil prices - Goldman 
The new U.S. administration's plans for large fiscal spending and little urgency to lift sanctions on Iran are constructive for oil and gas prices, Goldman Sachs said on Thursday. "On our estimates, a $2 trillion stimulus over 2021-22 would... boost U.S. demand by about 200,000 barrels per day," the bank said in a note.

Jan 22 - CFTC chair steps down, academic Chris Brummer in lead to replace him - sources 
Heath Tarbert stepped down as Commodity Futures Trading Commission (CFTC) chair on Thursday, with Georgetown University academic Chris Brummer emerging as a leading candidate to replace him, according to three people with knowledge of the discussions. The White House is expected to make a decision on that and other financial regulator roles soon, one of the people said. A White House spokesman and Brummer did not immediately respond to requests for comment. 

Jan 22 - Trump's EPA granted Sinclair Oil last-minute biofuel waivers 
The U.S. Environmental Protection Agency awarded Sinclair Oil Corporation waivers that exempt both its refineries in Wyoming from biofuel blending requirements for the 2019 compliance year, two sources familiar with the matter said, making it the only company to have received exemptions for that year so far. The EPA had announced it granted two 2019 waivers to refining facilities on Tuesday night, hours before the departure of the administration of President Donald Trump, but did not identify the recipients. Some 30 other waiver applications for that year remained unanswered.

Jan 22 - Can Biden transform the U.S. energy system? Kemp 
U.S. presidential transitions have all the elements of a great news story: people, drama, timeliness, conflict and consequences. But energy systems are mostly shaped by slower moving, impersonal, structural forces. President Joe Biden's first executive actions after his inauguration on Thursday to move quickly to tackle climate change have raised questions over the ability of administrations to transform the U.S. energy system.  

Jan 22 - Libya needs stability, budget to sustain oil output rebound - NOC boss 
Maintaining the recent big recovery in oil output that Libya has seen in the last few months is conditional on stability and budget, the head of the state-owned National Oil Corporation told an industry event. "I hope we can sustain [production] but this conditional on stability of production, there is no more blockade, and the budget," Mustafa Sanalla told the Atlantic Council Global Energy forum.

Jan 22 - Magellan, Enterprise to develop Houston crude oil futures contract 
Magellan Midstream and Enterprise Products plan to combine forces to develop a futures contract for the physical delivery of crude oil in the Houston area, after two years of separately working on contracts with exchanges. The midstream infrastructure companies said on Thursday the project is in response to market interest for a Houston-based index with greater scale and price transparency.

Jan 21 - Pakistan finds answer in oil as gas shortage hits power sector
A sharp squeeze in domestic gas availability and the surge in LNG prices that has pushed up the cost of gas-based power generation have prompted Pakistan to turn to oil for power, a trend that could result in robust fuel oil consumption in coming months, analysts told S&P Global Platts.

Jan 21 - World welcomes U.S. return to Paris climate accord, readies wish-list for Biden 
Climate-change leaders and campaigners worldwide welcomed U.S. President Joe Biden's move to rejoin the 2015 Paris Agreement but said Washington must also cut emissions and use its influence to encourage other countries to do the same. In one of his first acts as president, Biden issued an executive order on Wednesday to bring the United States, the world's second-largest greenhouse gas emitter, back into the global treaty committing nearly 200 countries to halt rising temperatures quickly enough to avoid disastrous climate change.

Jan 21 - Biden revokes KXL permit in blow to Canada's oil sector, Ottawa disappointed 
U.S. President Joe Biden on Wednesday formally revoked the permit needed to build the Keystone XL oil pipeline (KXL), dashing Ottawa's hopes of salvaging the $8 billion project that the struggling Canadian crude sector has long supported. The move represents another set-back for the beleaguered Canadian oil industry, in particular its energy heartland Alberta, kills thousands of jobs, and marks an early bump in Biden's relationship with Canada, a key trading partner. 

Jan 21 - Ignore or enforce? Biden's dilemma on China's commodity purchases: Russell 
President Joe Biden inherits a problematic trade deal with China and the unpalatable choices of trying to make Beijing meet its commitments on purchases of U.S. commodities, renegotiating, or simply ignoring China's failure to meet the terms. The so-called Phase 1 trade agreement, signed in January last year between the administrations of former President Donald Trump and President Xi Jinping, was most likely doomed to fail from the start.

Jan 21 - A lot of hot air? Investors snap up hydrogen stocks in green frenzy 
An unprecedented rally in "green" hydrogen stocks looks set to extend as investors flock to companies which promise to produce the gas without using fossil fuels, expecting the technology to scale up over the next 10 years to justify rocketing valuations. Hydrogen is earth's most abundant element but is mostly extracted from fossil fuels, emitting carbon dioxide in the process. "Green" or clean hydrogen requires using electrolysis to split water into its components of hydrogen and oxygen and doing so cheaply is often described as the holy grail of green energy transition.

Jan 21 - Venezuela completes first tranche of oil transfer from offshore facility - sources 
Venezuelan state oil company Petroleos de Venezuela completed the first half of a transfer of crude from an offshore oil facility that generated concerns about a potential spill, two people with knowledge of the matter said on Wednesday. PDVSA in December began offloading crude from the Nabarima floating storage and offloading facility (FSO), after images of the facility listing earlier last year raised alarms among workers, activists and governments of neighboring countries about a possible environmental disaster.

Jan 21 - Price dispute shrinks Russia oil pipeline exports 
Exports of Russian Urals oil via the Druzhba pipeline have dropped this month as sellers opt for the sea route instead, following disagreements over pricing with European refiners, four sources told Reuters on Wednesday. The Soviet-built Druzhba pipeline, named after the Russian word for friendship, links Russian oilfields to European refineries and has the capacity to pump 1 million barrels per day (bpd). 

Jan 21 - Investors buy $2 bln in Gazprom Eurobond, shrugging off Nord Stream 2 sanctions 
Russian gas giant Gazprom is placing 8-year Eurobond worth $2 billion, Gazprombank said on Wednesday, amid strong demand, an indicator that investors saw limited risk from sanctions pressure on the Nord Stream 2 project. Gazprom, which is leading the $11 billion gas pipeline project from Russia to Germany, has been out on the market for a U.S. dollar Eurobond issue of a benchmark size, or no less than $500 million.

Jan 20 - Saudi Arabia beats Russia in tight race for China oil supply, U.S. imports soar 
Saudi Arabia, the world's biggest oil exporter, beat Russia to keep its ranking as China's top crude supplier in 2020, government data showed on Wednesday. China's oil demand remained strong last year even as the COVID-19 pandemic hammered appetite for fuel elsewhere.

Jan 20 - U.S. blacklists oil traders, tankers for undermining Venezuela sanctions 
The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company PDVSA sell crude mainly to Asia despite Washington's sanctions on the South American nation. The measure targets a network that the U.S. Treasury Department says helped the administration of President Nicolas Maduro, whose 2018 re-election Washington called a sham, broker the sale of hundreds of millions of dollars in Venezuelan oil. 

Jan 20 - OPEC 'cautiously optimistic' oil market will recover in 2021 
OPEC's secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought on by the coronavirus pandemic. Monthly meetings of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia - a group known as OPEC+ - are there to stop an imbalance from re-emerging, OPEC's Mohammad Barkindo told a virtual forum.

Jan 20 - U.S. shale oil output to drop 90,000 bpd to 7.52 mln bpd in Feb - EIA 
U.S. oil output from major shale formations is expected to decline for the fourth straight month to about 7.52 million barrels per day (bpd) in February, the lowest since June, the U.S. Energy Information Administration said in a monthly forecast on Tuesday. Output at nearly all seven formations is expected to fall, driving an overall decline of about 90,000 bpd in February.

Jan 20 - India's oil imports at near 3-yr high in Dec - trade 
India's crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India's year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally.

Jan 20 - U.S. court deals final blow to Trump EPA's clean power rule replacement 
A federal court on Tuesday struck down the administration of President Donald Trump's scaled-down replacement for the Obama era's signature climate change regulation for power plants, dealing a final blow to Trump's environmental deregulatory agenda on his last day in office. The U.S. Court of Appeals for the District of Columbia Circuit decided unanimously to toss the Environmental Protection Agency's Affordable Clean Energy rule, which constrained how carbon emissions from power plants are regulated, and remanded it to the agency, which will prioritize climate change under the incoming administration of President-elect Joe Biden. 

Jan 20 - U.S. imposes sanctions on Russian vessel involved with Nord Stream 2 pipeline 
The United States on Tuesday imposed sanctions on a ship involved in building the Nord Stream 2 pipeline to take Russian natural gas to Europe, as the Trump administration sought to raise pressure on the project on its last full day in office. The U.S. Treasury Department said it imposed the sanctions on the Russian pipe-laying ship "Fortuna" and its owner, KVT-RUS, under the Countering America's Adversaries Through Sanctions Act (CAATSA).

Jan 20 - Mexican president's energy reform threat faces U.S. reality check 
Mexico's government is coming to realize that with a new president entering the White House on Wednesday, overturning a reform that opened Mexican energy markets to foreign investors might not be as straightforward as it thought.  President Andres Manuel Lopez Obrador's pledge to strengthen the state's hand in the energy sector faces a reckoning as Joe Biden assumes the U.S. presidency, committed to upholding a trade deal that limits Mexico's room for maneuver.

Jan 19 - Canada scrambles to salvage Keystone XL as Biden prepares to kill troubled pipeline project 
U.S. President-elect Joe Biden's expected move to cancel the Keystone XL pipeline prompted Canada's main oil-producing province of Alberta on Monday to threaten to seek damages as Ottawa made efforts to save the troubled project. Scrapping the project would threaten Canadian jobs and the U.S.-Canadian relationship as Prime Minister Justin Trudeau tries to turn the page on the Donald Trump era, though the idea drew support from environmental groups and progressive U.S. Senator Bernie Sanders.

Jan 19 - Oil majors beat traders, gas rivals to cash in on LNG price spike 
Global energy majors including Royal Dutch Shell and Total are expected to benefit most from January's gas price spike, beating rival trading houses and non-integrated producers thanks to their access to multiple sources of the fuel. Asian liquefied natural gas (LNG) prices have rocketed to record highs in January due to low stocks, a cold winter, global production outages and shipping delays. They have outpaced prices in much of Europe and the United States, where gas is abundant, creating an arbitrage opportunity for sellers. 

Jan 19 - China gasoline exports fall in 2020 for 1st time since 2012 as pandemic curbs travel demand 
China's gasoline exports fell for the first time last year since 2012, as fuel demand shrank globally after governments imposed travel restrictions to contain the spread of the coronavirus pandemic.  Exports of gasoline from China, the world's second-largest oil consumer, were 16 million tonnes last year, down 2.3% from 2019's level though still well above 2018's 12.9 million tonnes, data from the General Administration of Customs released on Monday showed. 

Jan 19 - Oil companies, aid groups plan to press Biden to allow Venezuela fuel swaps 
Representatives of fuel suppliers to Venezuela, importers of Venezuelan oil and advocacy groups said this month they plan to press the incoming administration of U.S. President-elect Joe Biden to reverse a ban on crude-for-diesel swaps. The Trump administration since the last quarter of 2020 has barred companies from sending Venezuela diesel in exchange for crude. Those deals were exempted for more than a year from sanctions on state oil company Petroleos de Venezuela SA, aimed at ousting President Nicolas Maduro, who has overseen an economic collapse. 

Jan 19 - Hedge fund positions in crude, gasoline start to look stretched: Kemp 
Hedge funds boosted their bullish petroleum positions last week, focusing on crude and gasoline, betting on continued output restraint by OPEC+ and an early resumption in domestic business activity. But they sold middle distillates, likely reflecting concerns about a slower re-opening of international borders and return to aviation, even as coronavirus vaccines are rolled out.

Jan 19 - Germany regrets U.S. decision to sanction Russian vessel involved in Nord Stream 2 
The United States has informed Germany that it plans to impose sanctions on a Russian pipe-laying ship involved in construction of the Russian-led Nord Stream 2 gas pipeline from Russia to Germany, the German Economy Ministry said on Monday. "We're taking note of the announcement with regret," an Economy Ministry spokesman in Berlin said.

Jan 18 - China's 2020 coal output rises to highest since 2015, undermining climate pledges
China's coal output rose last year to its highest since 2015, despite Beijing's climate change pledge to reduce consumption of the dirty fossil fuel and months of disruption at major coal mining hubs. The world's biggest coal miner and consumer produced 3.84 billion tonnes of coal in 2020, data from the National Bureau of Statistics showed on Monday.

Jan 18 - China's 2020 refinery output rises 3% to record; gas output up nearly 10%
China's refineries posted record throughput in 2020, processing 3% more crude oil than a year ago, as they took advantage of low prices and healthy margins on a quick rebound in domestic fuel demand from the coronavirus pandemic. Annual throughput stood at 674.41 milion tonnes in 2020, or about 13.45 million barrels per day, up roughly 410,000 bpd from 2019, data from the National Bureau of Statistics showed. 

Jan 18 - Biden may cancel Keystone XL pipeline permit as soon as his first day in office
U.S. President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office, and perhaps as soon as his first day, according to a source familiar with his thinking. President Donald Trump, a Republican, had made building the pipeline a central promise of his presidential campaign. Biden, who will be inaugurated on Wednesday, was vice president in the Obama administration when it rejected the project as contrary to its efforts to combat climate change.

Jan 18 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to January 12, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 21,841 contracts to 349,965 during the period.

Jan 18 - Big Oil’s flagship plastic waste project sinks on the Ganges
A wheelbarrow and a handful of metal grids for capturing litter, emblazoned with the words “Renew Oceans,” sit rusting outside an empty, padlocked office in the Indian city of Varanasi, a short walk from the Ganges. It is all that is left of a programme, funded by some of the world’s biggest oil and chemical companies, that they said could solve a runaway ocean plastic waste crisis which is killing marine life - from plankton to whales - and clogging tropical beaches and coral reefs.

Jan 18 - Cold weather, sky-high gas prices burnish coal's appeal
A perfect storm of freezing temperatures and a supply-led gas price rally has stoked thermal coal demand, with prices at multi-year highs, reminding power suppliers and consumers that its appeal won't fade in a straight line. The northern hemisphere weather has highlighted coal's relative endurance, some 200 years after it was powering the first Industrial Revolution, even as several countries abandon the fuel to decarbonise and meet climate change targets.

Jan 18 - Trafigura wins rare bonded bunker licence in China's marine fuel hub
Commodities trader Trafigura has won a licence to supply bonded marine fuel at the port of Zhoushan, China's top bunker fuel hub, a company spokeswoman said on Friday. This is a rare licence granted to a fully foreign-owned entity, making Trafigura one of about a dozen of mostly Chinese entities with such a permit to operate a ship fuel business in Zhoushan.

Jan 18 - Malaysia takes WTO legal action against EU over palm biofuel curbs
Malaysia is taking legal action at the global trade watchdog against the European Union and member states France and Lithuania for restricting palm oil-based biofuels, the government said. The world's second largest palm oil producer, which has called a EU renewable-energy directive "discriminatory action," is seeking consultations under the World Trade Organization's Dispute Settlement Mechanism, the Plantation Industries and Commodities Ministry said in a statement on Friday.

Jan 15 - U.S. adds CNOOC to black list, saying it helps China intimidate neighbors
The Trump administration added China's CNOOC to a U.S. economic blacklist on Thursday, accusing the oil giant of helping Beijing intimidate neighbors in the South China Sea and ratcheting up tension days before U.S. President-elect Joe Biden takes office. Alongside blacklisting CNOOC, the Commerce Department added China's Skyrizon to the Military End-User (MEU) List over its ability to develop military products including aircraft engines, restricting its access to U.S. exports.

Jan 15 - Rosneft seeks to tempt trading houses into Arctic oil project with supply deals
Russian state oil major Rosneft is courting investments from global trading houses to help develop one of the world's biggest oil deposits, after talks with other possible partners stalled following a collapse in oil prices, four sources told Reuters. Rosneft is in discussions with Vitol, Glencore and Gunvor, among others, over investments in its Vostok Oil project in the Arctic, having already secured a deal with Swiss-based Trafigura, which took a 10% stake at the end of last year.

Jan 15 - OPEC sees U.S. shale output recovering further on oil rally
The outlook for U.S. shale oil is slightly more "optimistic" due to rising prices and output will recover further in the second half of 2021, OPEC said on Thursday, in a sign its policy of cutting output is helping rivals pump more. U.S. shale producers are not part of a pact between OPEC nations and others including Russia - the so-called OPEC+ - to reduce their output to support prices and reduce oversupply.

Jan 15 - Iraqi oil minister says Saudi output cut helps stabilize market
Iraqi oil minister Ihsan Abdul Jabbar told state TV in an interview on Thursday that Saudi Arabia's voluntary output cut of 1 million bpd helps stabilize the market, and he expected steady oil prices that should reach around $57 per barrel in the first quarter. Oil minister said Iraq is in "heavy talks" with OPEC and allied oil producers to allow Iraq to postpone compensating for earlier overproduction.

Jan 15 - Big freeze exposes Asia's underlying energy crisis: Kemp
Northeast Asia has been hit by a midwinter energy crisis as an extended period of much lower than normal temperatures across the region has strained supplies of coal, gas and electricity to breaking point. China has been forced to restrict power in multiple provinces, Japan has appealed for voluntary restraint, and liquefied natural gas (LNG) prices have hit record highs as generators and utilities scramble for spot cargoes.

Jan 15 - Drillers turn out for last chance to nab federal acreage under Trump
The Trump administration raised more than $4 million on Thursday from oil and gas companies that turned out for their last chance to secure federal acreage before the inauguration of President-elect Joe Biden, who has pledged to ban new drilling on public lands. The auction of U.S. Bureau of Land Management (BLM) oil and gas leases in four states attracted more industry interest than recent federal sales, but prices were still far below what they were before the coronavirus pandemic weakened energy prices and depressed fuel demand.

Jan 15 - Investors see splits among energy company climate efforts
Investors are judging how well energy companies have reoriented their businesses to cut emissions as they weigh activists' calls for divestment, climate finance specialists said on Thursday. Growing differences between oil majors have clarified when companies are positioned to achieve "net-zero" emissions, becoming more focused on renewable power and offsetting remaining greenhouse gas emissions with measures like carbon sequestration or conservation efforts, specialists said at a Reuters Next panel held online.

Jan 15 - U.S. EPA eyes extending refinery biofuel deadlines, no action on waivers
The U.S. Environmental Protection Agency said on Thursday it would propose to extend deadlines for refiners to prove compliance with biofuel laws, but signaled it would not decide on a slew of pending waiver requests submitted by the industry. The agency's proposal represented mixed news for refiners hard hit by slumping energy demand during the coronavirus pandemic and eager to sidestep regulatory costs associated with U.S. biofuel blending policy. It also marks one of the last actions from President Donald Trump's EPA before he leaves office on Jan. 20.

Jan 14 - China's 2020 crude oil imports hit record on stockpiling, new refineries 
China's total crude oil imports surged 7.3% in 2020 despite the coronavirus shock earlier in the year, with record arrivals in the second and third quarters as refineries expanded operations and low prices encouraged stockpiling, data showed on Thursday. For 2020, the world's top oil buyer brought in a record 542.4 tonnes of crude oil, or 10.85 million barrels per day (bpd).

Jan 14 - IEA says oil market outlook clouded by vaccine roll-out variables 
Oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) said on Wednesday. "Producers are grappling with huge uncertainty about where this goes from here," Tim Gould, head of energy supply outlooks and investment, told the Gulf Intelligence forum.

Jan 14 - Asia's fuel oil trade nearly halved in 2020 due to COVID and rule changes 
Trading volumes in Asia for fuel oil, a key shipping fuel, nearly halved in 2020 to the lowest levels in at least five years as stricter emission rules for marine fuel altered trade patterns and as the COVID-19 pandemic hurt demand. The drop in trade volumes during S&P Global Platts' price assessment process and on the Intercontinental Exchange (ICE) followed a major fuel specification change in the shipping industry last year as the International Maritime Organization (IMO) reduced the sulphur content for marine fuels to 0.5% from 3.5% starting from 2020.

Jan 14 - J.P. Morgan turns positive as Exxon cuts win back Wall St 
J.P. Morgan was the latest major U.S. investment bank to turn positive on Exxon Mobil on Wednesday, just months after its removal from the blue-chip Dow Jones Industrial Average capped a catastrophic year for America's major oil producers. The shift to an "overweight" rating by the bank was the first time in seven years that J.P. Morgan had outright recommended investors bet on Exxon, dating back to the drop in oil prices below $100 in mid-2014.

Jan 14 - U.S. crude stockpiles drop, fuel inventories build -EIA 
U.S. crude oil stockpiles last week fell more than expected, while gasoline and distillate inventories rose as refiners ramped up output to its highest level since August, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.2 million barrels in the week to Jan. 8 to 482.2 million barrels, compared with expectations in a Reuters poll for a 2.3 million-barrel drop.

Jan 14 - China's commodity imports saved 2020, this year may be different: Russell 
There is both a history lesson and a warning in the latest Chinese data on imports of major commodities. The history part is that China bought record volumes of crude oil, copper, iron ore and coal in 2020, showing just how vital the world's biggest buyer of natural resources was in keeping commodity market buoyant in a year when the global coronavirus pandemic threatened to crush demand. The warning part is that the trade data for the month of December, released on Thursday, shows that China's massive buying spree appears to be ending, and import demand may be returning to what could be viewed as more "normal" levels.

Jan 14 - Chesapeake Energy to emerge from bankruptcy court as a $5.13 billion enterprise 
U.S. oil and gas producer Chesapeake Energy's Chapter 11 bankruptcy plan was approved by a U.S. judge on Wednesday, giving lenders control of the firm and ending a contentious trial. Chesapeake will emerge from bankruptcy with about $3 billion in new financing, a $7 billion reduction in debt, and $1.7 billion cut from gas processing and pipeline costs.

Jan 13 - OPEC+ oil output cuts compliance falls to 75% in Dec - Petro-Logistics 
OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday. This is a lower estimate of compliance by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ than others have reported. A trend of lower compliance could weigh on oil prices, which are currently at an 11-month high.

Jan 13 - Saudi Aramco cuts Feb crude supply to some Asian refiners -sources 
Top oil exporter Saudi Arabia has cut supplies of February-loading crude for at least three Asian buyers while meeting requirements of at least three others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March under a deal between the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+.

Jan 13 - Freezing temperatures push Asian gas prices to new records 
Freezing temperatures across Asia and Europe are driving liquefied natural gas (LNG) prices to record highs and pushing up the cost of shipping the fuel globally as buyers grapple with tight inventories and a shortage of tankers.  Demand for super-cooled natural gas has surged in recent years as buyers, particularly China and India, move away from dirtier coal-polluting power plants. Prices had remained relatively low until late 2019, when unexpected cold weather and bottlenecked shipments caused prices to surge. 

Jan 13 - U.S. tells European companies they face sanctions risk on Nord Stream 2 pipeline 
The U.S. State Department this month told European companies which it suspects are helping to build Russia's Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said on Tuesday. "We are trying to inform companies of the risk and urge them to pull out before it's too late," a U.S. government source said on condition of anonymity. 

Jan 13 - U.S. crude output to decline less than previously forecast in 2021 - EIA 
U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast for a drop of 240,000 bpd. Saudi Arabia this month pledged additional, voluntary oil output cuts, sending oil prices to the highest in nearly a year. 

Jan 13 - China's Bohai Bay energy terminals on alert as sea ice slows ships 
Chinese ports and marine safety authorities are on high alert as an expansion of sea ice makes it tougher for ships to berth and discharge at key energy product import terminals along the coast of northern Bohai Bay. A cold wave sweeping the northern hemisphere has plunged temperatures across China to their lowest in decades, boosting demand for power and fuel to historic highs in the world's largest energy consumer.

Jan 13 - Environmentalists make a case for leaving fossil fuels in the ground 
Economic, climate and healthcare upheavals point to the need to move toward developing cleaner energy sources, environmentally friendly jobs and healthier communities, participants in a Reuters Next panel said on Tuesday. A new U.S. presidential administration promising to reverse job losses, re-embrace the Paris climate accord to limit warming and stem the COVID-19 pandemic creates an opportunity to rethink the dominance of fossil fuels over the economy, they said. 

Jan 13 - LNG shipping rates from U.S. surge to record highs on Asia buying boom 
The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire. Freezing temperatures across Asia and Europe have pushed up LNG prices and lifted wider gas prices as buyers grapple with shrinking inventories and the shortage of tankers.

Jan 12 - Shale gas pioneer Chesapeake Energy worth $5.13 billion on bankruptcy exit - U.S. judge 
Chesapeake Energy Corp's value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer's trial indicated, and is worth $5.13 billion, far above the shale gas pioneer's estimate. Chesapeake sought protection from creditors, weighed down by $11.8 billion in debt, after a decade of aggressive borrowing to buy oil and gas properties. Its losses ballooned last year as the coronavirus pandemic cut energy prices, leaving it unable to pay interest on its debt. 

Jan 12 - Science must determine company climate targets, say executives 
Companies must listen to scientists and align their plans to reach net zero targets with a global pact to fight climate change, executives told a Reuters Next conference on Monday. Under the 2015 Paris Agreement, countries agreed to take steps to limit global warming to well below 2 degrees Celsius, and preferably to 1.5C, compared with pre-industrial levels.

Jan 12 - Pandemic sharpens sustainability focus in plastics and aluminium 
The aluminium and plastics sectors have proved resilient during the coronavirus crisis but need to do more in the push towards so-called circular economies, two industry executives said at at a pre-recorded panel for the Reuters Next conference. Markets such as the United States have seen average aluminium recycling rates actually fall, said Steve Fisher CEO of Novelis Inc, a unit of Hindalco Industries and the world's largest producer of recycled aluminium and flat rolled products, including for drinks cans.

Jan 12 - Rapid oil price rise divides fund managers: Kemp 
Hedge fund managers are starting to diverge over the likelihood of further oil price increases as Brent futures surge above $50 per barrel and global coronavirus infections accelerate. Hedge funds and other money managers purchased the equivalent of 14 million barrels of futures and options in the six most important contracts in the week ending Jan. 5.

Jan 12 - China's ban on Australian coal forces trade flows to realign: Russell 
China's effective ban on imports of Australian coal is forcing a realignment of flows between the world's two biggest importers and two largest exporters. Indonesia and Australia dominate the global seaborne coal trade, with the Southeast Asian nation tops in thermal coal, used mainly in power plants, while Australia is the biggest shipper of coking coal, used to make steel, and the number two in thermal coal.

Jan 12 - Nuclear power backers hopeful Biden's climate focus will boost industry 
Backers of nuclear power hope U.S. President-elect Joe Biden's focus on curbing climate change will boost the industry which is currently plagued with shutdowns, executives told a Reuters Next conference on Monday. "This is a great opportunity for our country to get our groove back after a number of years of challenges," said Dan Poneman, the president and chief executive officer of Centrus Energy Corp, a maker of fuel for advanced nuclear reactors that are expected to become commercial in coming years.

Jan 12 - Trump administration expected to grant biofuel waivers for some oil refiners -sources 
The Trump administration is expected to grant waivers to some oil refiners that would exempt them from requirements to blend biofuels into their fuel mix for the 2019 compliance year, according to two sources familiar with the matter. The move would be one of the last actions by President Donald Trump's Environmental Protection Agency to seek to balance the competing desires of the biofuel and oil industries over biofuel blending laws. The decision, however, would be a blow to the biofuel industry and corn producers that say the exemptions hurt demand for their products, though the oil industry rejects that claim. 

Jan 12 - IEA warns of post-pandemic emissions rebound 
The International Energy Agency (IEA) on Monday warned that global emissions that have been hollowed out by the COVID-19 pandemic are set to rebound in 2021 unless governments take swift policy action. Emissions of CO2 declined by 7 percent in 2020 to levels last seen a decade ago, agency chief Fatih Birol told reporters, but as the economic damage from the crisis wanes "the early data ... confirm our worry that global emissions in 2021 are set to rebound".

Jan 11 - Saudi cut to boost oil market de-stocking, even as demand falters 
Saudi Arabia's voluntary oil production cut is expected to bring the oil market into deficit for most of 2021 even as new lockdowns to contain the spread of the coronavirus batter oil demand, analysts say. Saudi Arabia, the world's biggest oil exporter, surprised the market on Jan. 5 with a voluntary output cuts of 1 million barrels per day (bpd) in February and March.

Jan 11 - OPEC crude output cuts should help U.S. shale profits in 2021 
A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in the last year as low prices and demand forced shale producers to cut their losses. Investors had already been pressuring the industry to curb spending and boost returns before the pandemic hit. Shale output was quickly cut, but might return quickly if prices keep rising.

Jan 11 - U.S. petroleum stocks nearing normal after wild 2020: Kemp 
U.S. petroleum inventories ended last year approaching normal levels, as excess crude and product stocks accumulated during the Saudi-Russian volume war and coronavirus lockdowns were absorbed successfully. Total stocks of crude and products, excluding oil stored in the strategic petroleum reserve, ended the year 6% above the seasonal average for the previous five years, down from a surplus of 14% at the start of July.

Jan 11 - Norway's plans to raise carbon tax draw oil industry ire 
Norway plans to more than triple its national tax on carbon dioxide (CO2) emissions by 2030 to help it reach its climate goals, the government said on Friday, drawing criticism from the country's powerful oil lobby. The cost of emissions will be raised to 2,000 Norwegian crowns ($237) per tonne by 2030 from 590 crowns for most industries at present, Environment Minister Sveinung Rotevatn said when presenting the cabinet's "Climate plan 2021-30".

Jan 11 - Buyer's mistakes likely to blame for LNG price surge, not only winter weather: Russell 
The surge to record highs for the price of spot liquefied natural gas (LNG) is being largely attributed to severe cold weather over much of northern Asia, but miscalculations by buyers of the fuel are probably a larger factor. The weekly spot price assessment settled at $21.45 per million British thermal units (mmBtu) on Jan. 8, eclipsing the prior record of $20.50 from February 2014. Prices have rallied an astonishing 1,060% since they hit an all-time low of $1.85 in May. 

Jan 11 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to January 5, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 3,493 contracts to 328,124 during the period. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC. 

Jan 11 - U.S. drillers add oil and gas rigs for 7th week in a row -Baker Hughes 
U.S. energy firms added oil and natural gas rigs for a seventh week in a row as higher energy prices have prompted producers to pull more fuel out of the ground in recent months. The oil and gas rig count, an early indicator of future output, rose nine to 360 in the week to Jan. 8, its highest since May, energy services firm Baker Hughes Co said in its closely followed report on Friday.

Jan 08 - Petrobras sets fresh annual oil and gas production record in 2020
Brazilian state-led oil company Petrobras set a fresh record for annual output in 2020 on better-than-expected performance at the Buzios Field and improved corrosion treatment efforts at its subsalt fields, the company said Jan. 7.

Jan 08 - Crude rally extends as Biden promises more stimulus, faster vaccine rollout
An overnight crude price rally extended in mid-day US trading Jan. 8 as expectations of robust stimulus spending from the incoming Biden administration offset a weaker-than-expected US jobs report.

Jan 08 - Middle East gasoil holds steady on strong demand from East Africa
Despite volatility in Middle Eastern gasoline and jet fuel markets over the past month, 10 ppm gasoil values have remained stable due to ample supply and strong demand from Africa, traders said Jan. 8.

Jan 08 - Japan eyes Middle East, Australia and N America for ammonia supply chain
Looking at producing ammonia from natural gas. Blue ammonia costs 'extremely low' compared with green ammonia. To start with co-burning with coal, complete burning in 2040s for power.

Jan 08 - Japan's Idemitsu shuts 150,000 b/d Hokkaido CDU after fire
apan's second largest refiner Idemitsu Kosan shut the sole 150,000 b/d crude distillation unit at its Hokkaido refinery after a fire late Jan. 7 near the residual pump attached to the CDU, a company spokesman said early Jan. 8.

Jan 08 - Gasoil laden VLCC en route to Asia, first to return East in over a year
VLCC Yuan Gui Yang estimated to arrive Jan. 14. Asia favored as preferred gasoil destination on firm EFS.

Jan 08 - Refinery margins worsen as middle distillates cracks weaken to multi-weeks lows
Refinery margins have been worsening again this week as middle distillate product cracks weaken to multi-week lows amid falling demand in Europe as crude prices rallied following the OPEC+ agreement to extend production cuts.

Jan 08 - Backwardated structure, arbitrage demand spur new year North Sea crude trading
Trading in the North Sea crude oil market has got off to a brisk start in the new year, with a backwardated paper structure -- which incentivizes sellers to offload oil promptly -- occurring at the same time as increased interest from China for grades from the region, according to market sources.

Jan 08 - ARA fuel oil stocks drop 20.8% on week to 1.096 mil mt: Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp region fell 20.8% week on week to 1.096 million mt on Jan. 6, according to Insights Global data.

Jan 08 - Singapore Residue stocks inch up 2.6% on increase in fuel oil imports
Singapore's commercial onshore residue stocks edged 2.55% higher to 22.516 million barrels, or 3.55 million mt, in the week to Jan. 7 from a week earlier as fuel oil imports doubled and exports fell 49%, amid weaker bunker demand, Enterprise Singapore data showed on Jan. 7.

Jan 08 - US fuel oil prices reach highest levels since Feb. 2020 on limited supply
USGC marine fuel reached its highest level in nearly a year Jan. 7 on a rebound in the underlying crude complex along with limited blending components.

Jan 08 - New lockdowns in Europe delay fuel demand recovery 
Severe mobility restrictions across Europe to contain a new surge in COVID-19 cases weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under strictest restrictions, according to the Oxford stringency index, which assesses indicators such as school and workplace closures, and travel bans. 

Jan 08 - BP relaunches sale of North Sea oilfields - sources 
BP has relauched the sale of stakes in a number of North Sea oilfields it agreed to sell to Premier Oil before the beleaguered company was taken over last year, industry sources said on Thursday. BP originally agreed to sell its interest in the fields in the Andrew area and the Shearwater field to Premier a year ago for a total of $625 million.

Jan 08 - Record seven North Sea cargoes trade on Platts as Saudi cuts tighten market 
Seven North Sea crude cargoes were bought and sold in the trading window operated by Platts on Thursday, a record amount that trade sources say may reflect tighter supply after Saudi Arabia's surprise output cut. An oil trading source and an official at Platts, the price assessment agency, said that seven cargoes was believed to be a daily record in recent history. Normally, just one or two of the 600,000-barrel cargoes change hands each day.

Jan 08 - Thin Democratic control of Senate offers Biden chance for steps on climate 
Democratic control of the Senate offers President-elect Joe Biden an opportunity to advance parts of his climate agenda, but the paper-thin majority likely puts sweeping global warming legislation beyond reach. The election of Democrats Raphael Warnock and Jon Ossoff in the Georgia run-off on Tuesday put the Senate at an even 50-50, giving Vice President-elect Kamala Harris the tie-breaking vote and removing control of the chamber from Majority Leader Mitch McConnell and his fellow Republicans.

Jan 08 - Brazil's Petrobras says 2020 oil output averaged record 2.28 mln bpd, meeting guidance 
Brazil's Petrobras produced a record 2.28 million barrels of oil per day in 2020, a figure that is directly in line with the most recent guidance given by the state-run oil company.  The combined oil and natural gas output of Petrobras averaged 2.84 million barrels of oil equivalent per day (boepd) last year, the company said on Thursday in a securities filing, a figure that also matched the company's guidance.

Jan 07 - OPEC December oil output rises for sixth month led by Libya - survey 
OPEC oil output rose for a sixth month in December, a Reuters survey found, buoyed by further recovery in Libyan production and smaller rises elsewhere in the group. The 13-member Organization of the Petroleum Exporting Countries pumped 25.59 million barrels per day (bpd) in December, the survey found, up 280,000 bpd from November and a further increase from a three-decade low reached in June.

Jan 07 - Nigeria's NNPC seeks $1 bln oil prepay to revamp Port Harcourt refinery 
Nigeria's state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria's hefty fuel import bill.

Jan 07 - Exxon, under investor pressure, discloses emissions from burning its fuels 
Exxon Mobil Corp, under increasing pressure from investors and climate change activists, reported for the first time the emissions that result when customers use its products such as gasoline and jet fuel. The largest U.S. oil producer said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of carbon dioxide, higher than rival oil majors. The data comes as the company has drawn the ire of an activist investor focused on its climate performance.

Jan 07 - U.S. crude stockpiles tumble last week; 2020 fuel demand slumps - EIA 
U.S. crude oil stockpiles fell sharply last week while fuel inventories rose, the Energy Information Administration said on Wednesday, and 2020 came to a close with a sharp decline in overall demand due to the coronavirus pandemic. Crude inventories fell by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, their biggest decline since August, exceeding analysts' expectations in a Reuters poll for a 2.1 million-barrel drop. The drawdown in stocks is typical for the end of the year, when energy companies take barrels out of storage to avoid hefty tax bills.

Jan 07 - Saudi Arabia raises Feb crude official prices to Asia 
Saudi Arabia's state oil producer Aramco raised its February official selling price (OSP) for its Arab Light crude to Asia by $0.70 per barrel, setting it at plus $1 per barrel versus the Oman/Dubai average, according to a document seen by Reuters on Wednesday. The company set the Arab Light OSP to Northwestern Europe at a discount of $1.90 a barrel against ICE Brent, down $0.50 from January and to the United States at plus $0.75 per barrel over ASCI (Argus Sour Crude Index), up $0.20 from the previous month.

Jan 07 - Swinging again, Saudi Arabia sacrifices market share to protect oil price: Kemp 
Saudi Arabia’s announcement that it will reduce oil output by 1 million barrels per day in February and March has boosted prices and helped paper over divisions within the producer alliance, at least temporarily. The unilateral cut, announced on Tuesday, reaffirms Saudi Arabia, rather than the Organization of the Petroleum Exporting Countries (OPEC) or the wider OPEC+ alliance, is the true swing producer in the oil market.

Jan 07 - Commodities trader Trafigura sets first emissions target 
Commodities trader Trafigura has set its first emissions reduction target, aiming to cut its Scope 1 and 2 emissions by at least 30% in absolute terms by the end of its 2023 financial year, it said on Wednesday. "Achieving our target will result in a sustainable reduction of over one million tonnes of CO2 equivalent from our operations," the firm said in its annual responsibility report.

Jan 07 - BP gives Caribbean refinery more time to hit operating targets -sources 
BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar with the matter. Last month, BP threatened to walk away from a 2018 agreement to supply up to 200,000 barrels per day (bpd) of crude oil and buy the resulting fuels if the Limetree Bay refinery in St. Croix, U.S. Virgin Islands could not bring all its units online by mid-January. The refinery has been idled since 2012.

Jan 06 - Saudi vows extra cuts as OPEC+ agrees small rise in oil output 
Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns. Saudi is going beyond its promised cuts as part of the OPEC+ group of producers to support both its own economy and the oil market, Energy Minister Prince Abdulaziz bin Salman said on Tuesday. 

Jan 06 - Traders accelerate oil sales from floating storage to meet Asia demand 
Traders have accelerated crude oil sales from floating storage in December to meet higher demand in Asia as the region's refineries throttled up for peak winter consumption, trade sources and analysts said. The drop in excess global stored oil and a sudden decision by world's top exporter Saudi Arabia for extra output cuts in the next two months are expected to keep supplies snug and support prices.

Jan 06 - Trump administration readies oil bidding in Alaska wildlife refuge 
The Trump administration on Wednesday will open bidding on drilling leases in a pristine Arctic wildlife refuge in Alaska despite tepid interest from the oil and gas industry and a pledge from incoming Democratic President-elect Joe Biden to protect the region. The move is among a slew of last-minute efforts by President Donald Trump's government to expand fossil fuel and mineral development in the United States before leaving office in two weeks, building on his years-long drive to maximize domestic production over the objections of environmentalists.

Jan 06 - Goldman proclaims the dawn of a new commodity supercycle: Andy Home 
Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so.  While last year's strong rebound in many commodity prices might be viewed as a "V-shaped vaccine recovery", the bank contends it is just "the beginning of a much longer structural bull market for commodities".

Jan 06 - Hedge funds end 2020 with lopsided oil position: Kemp 
Hedge funds ended 2020 with the most bullish position in oil for 11 months, anticipating coronavirus vaccines would allow consumption to return to normal by the end of 2021. Along with other money managers, hedge funds had amassed a net long position of 741 million barrels in the six most important petroleum futures and options contracts by Dec. 29.

Jan 06 - Iran denies seized Korean ship and crew are being held as hostages 
Iran denied on Tuesday it was using a South Korean ship and its crew as hostages, a day after it seized the tanker in the Gulf while pressing a demand for Seoul to release $7 billion in funds frozen under U.S. sanctions. The seizure of the MT Hankuk Chemi and its 20-member crew near the strategic Strait of Hormuz has been seen as an attempt by Tehran to assert its demands, just two weeks before President-elect Joe Biden takes office in the United States.

Jan 05 - OPEC+ deadlocked over raising oil output, to resume talks Tuesday 
OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand. The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia. The talks are scheduled to resume at 1430 GMT on Tuesday.

Jan 05 - Last-minute White House decision opens more Arctic land to oil leasing 
U.S. President Donald Trump's administration announced on Monday that it has made final its plan to open up vast areas of once-protected Arctic Alaska territory to oil development. The U.S. Bureau of Land Management released its plan for the National Petroleum Reserve in Alaska (NPR-A), a 23 million-acre swath of land on the western North Slope. The record, signed by Interior Secretary David Bernhardt on Dec. 21, allows lease sales to proceed under relaxed standards.

Jan 05 - Speculators cut U.S. crude oil net longs - CFTC 
Money managers cut their net long U.S. crude futures and options positions in the week to December 29, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 1,156 contracts to 324,632 during the period. 

Jan 05 - Malaysia end-Dec palm oil stocks seen hitting over 13-year low as output falls 
Malaysia's palm oil inventories likely tumbled in December to their lowest in more than 13 years, as production of the edible oil fell for a third consecutive month while exports jumped, a Reuters survey showed. Stockpiles in the world's second-largest producer were forecast to have declined 22% from the month before to 1.22 million tonnes, the smallest since June 2007, according to a median estimate of eight planters, traders and analysts polled by Reuters.

Jan 04 - OPEC sees oil outlook for first half of 2021 full of downside risks 
OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February. "Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle," said OPEC Secretary General Mohammad Barkindo.

Jan 04 - Venezuela's oil exports sink to 1940's level under tighter U.S. sanctions
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting Venezuelan oil and on fuel supply to the gasoline-thirsty nation.

Jan 04 - Russian annual oil output falls for the first time since 2008 on OPEC+ deal, pandemic 
Oil production in Russia declined last year for the first time since 2008 and reached its lowest level since 2011 following a global deal to cut output and sluggish demand caused by the coronavirus, statistics showed on Saturday. Russian oil and gas condensate output declined to 10.27 million barrels per day (bpd) last year, according to energy ministry data cited by the Interfax news agency.

Jan 04 - U.S. crude output drops in October as demand falls further 
U.S. crude oil production was down more than 2 million barrels per day (bpd) in October from earlier this year, as weak prices and tepid demand due to the coronavirus pandemic weighed on output, a government report showed on Thursday. The report suggested that crude demand in the world's largest economy remained below the highs of earlier this year, and production was largely flat since cuts began in the spring. 

Jan 04 - Exxon signals up to $20 bln writedown to overwhelm 4th-qtr gains in oil, chemicals 
Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown. The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and a refocusing on cleaner fuels.

Jan 04 - Oil outlook for 2021 hit by new COVID-19 strain - poll
Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67 per barrel next year.

Jan 04 - China's natural gas output to surpass oil around 2025 - CNPC expert 
China's natural gas output is expected to surpass crude oil production around 2025, China National Petroleum Corp (CNPC) oil and gas exploration expert Zou Caineng said on Friday. Domestic natural gas output from CNPC, China's largest producer, topped 130 billion cubic metres (bcm) in 2020, up 11.6 bcm from the previous year, the company said in a statement on its website.

Jan 02 - Natural gas prices notch an end-of-year bounce, closing 4.8% higher at $2.539/mmBtu as weather forecasts begin to turn colder, a signal to investors that January may not be a demand-destroying mild month after all. "The afternoon European model trended a little further colder for this weekend and next week by seeing a little stronger cold shots into the US," says NatGasWeather.com, which says that if another weather forecasting model, GFS, also trends cooler in its projections this weekend, Monday could see a further uptick in prices. For the year, gas ends 16% higher, the biggest jump since 2016, though the average 2020 price was among the lowest in decades.

Jan 02 - US benchmark oil prices erase earlier declines in the session's final minutes to close 0.2% higher at $48.52 a barrel and notch its eighth weekly increase in the past nine weeks. Trading was thin due to Friday's New Year's holiday as investors weighed a mix of issues including ongoing uncertainty about a US stimulus package and the distribution of coronavirus vaccines, as well signs of rising demand despite continued virus lockdowns in parts of the US and Europe. For the whole year, WTI ends 21% lower, the biggest one-year percentage decline since year-end 2018. Despite 2020's full-year-drop, the benchmark has risen the past three quarters.

Jan 02 - Frac-sand supplier Covia Holdings says it has emerged from bankruptcy and cut about $750M in long-term debt from its balance sheet. San Francisco-based private equity firm Golden Gate Capital says it is Covia's largest individual shareholder now that the reorganized company has exited from chapter 11. Independence, Ohio-based Covia, which supplies sand used in oil and gas fracking, filed for bankruptcy in June with about $1.6 billion in long-term debt. Covia was one of several companies in the energy sector pushed into bankruptcy during the coronavirus pandemic and plunging oil prices over the spring.

Jan 02 - WTI oil prices fall 0.5% at $48.15 and remain on course for a second straight weekly decline as the rollout of a coronavirus vaccine continues to hit speed bumps after the first shot was given to an American Dec. 14. The Los Angeles Times reports that despite clear evidence it is safe and effective, roughly 20% to 40% of L.A. County's front-line healthcare workers who were offered the vaccine declined the shot, while some 50% in Riverside said thanks, but no thanks. Anticipation of the vaccine's rollout fueled oil's rise to a 10-month-high earlier this month on expectations it could spark a strong rebound in oil and fuel consumption.

Jan 02 - Natural gas prices are gyrating in a holiday-thinned market, but are holding on to earlier gains after a weekly EIA report that was bullish compared to the average but a bit bearish compared to forecasts. EIA says storage withdrawals totaled 114B cubic feet last week versus forecasts in a WSJ survey for a 129-bcf decline and the five-year-average decline of 102 bcf. Total storage now stands at 3.46 trillion cubic feet, 6% above the five-year average. The front-month contract for February delivery trades 2.4% higher at $2.478/mmBtu.

Jan 02 - Soaring global demand for LNG quickly leveled off this year, but Tudor Pickering says the industry could reignite in 2021. "Overall it was a dismal year as market oversupply was exacerbated by COVID-19 demand destruction, and as the dust settles on 2020, demand growth looks to be just 1% vs. the trailing 3-year average of 11%," the firm says. "However, we're expecting somewhat of a catch up in 2021 with a forecast growth rate of 8%. We see strong demand from Asian consumers continuing well into Q1 and as winter fades we expect Europe will step in." New demand from Brazil, Pakistan and Thailand could also help with rebalancing, the analysts say.