On Thursday, Elon Musk announced in under 140 characters his intention to donate $100 million...
On Thursday, Elon Musk announced in under 140 characters his intention to donate $100 million to the “best” carbon capture technology, chosen through a competition whose details and judging criteria are yet to be announced (he promised further details this week).
The difficulty with carbon capture is that few people want CO2, with the predominant usage today in enhanced oil recovery. Separating carbon dioxide from the emissions of power plants or industrial facilities, such as was done at Petra Nova in Texas, doesn’t happen spontaneously: it takes energy.
Schlumberger Echoes Rivals’ Oil Recovery Predictions after Results Beat
Schlumberger NV on Jan. 22 joined rivals in predicting a steady recovery in the oil industry this year...
Schlumberger NV on Jan. 22 joined rivals in predicting a steady recovery in the oil industry this year after the world’s top oilfield services provider’s fourth-quarter results beat estimates, aided partly by growing drilling demand.
The easing of COVID-19 related restrictions has propelled oil demand and prices, which remain steady since a late-2020 rebound from historic lows. Brent crude, which averaged at $45 per barrel in the last quarter of 2020, hovered around $55 on Jan. 22.
Schlumberger CEO Olivier Le Peuch said he was optimistic about demand recovery through this year, as rivals Halliburton Co. and Baker Hughes Co. have noted, giving investors hope the oil downturn is nearing an end. The stage is set “for oil demand to recover to 2019 levels no later than 2023, or earlier as per recent industry analysts’ reports,” Le Peuch said.
In light of the demand recovery, the company forecast capital investments this year of between $1.5 billion and $1.7 billion, a slight improvement at the midpoint of the range from last year’s $1.5 billion.
U.S. energy firms this week added oil and natural gas rigs for a ninth...
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row amid higher energy prices over the past few months.
The oil and gas rig count, an early indicator of future output, rose five to 378 in the week to Jan. 22, its highest since May, energy services firm Baker Hughes Co. said in its weekly report.
Despite gains in recent months, that count is still 416 rigs, or 52%, below this time last year. The total count, however, has soared since hitting a record low of 244 in August, according to Baker Hughes data going back to 1940.
U.S. oil rigs rose two to 289 this week, their highest since May, while gas rigs rose three to 88, their highest since April, according to Baker Hughes data.
US working natural gas volumes in underground storage decline 187 Bcf: EIA
The US Energy Information Administration reported the largest weekly draw from gas in underground storage...
The US Energy Information Administration reported the largest weekly draw from gas in underground storage of the current heating season on Jan. 22, but Henry Hub futures continued to flounder as milder weather points to smaller pulls ahead.
Storage inventories decreased 187 Bcf to 3.009 Tcf for the week ended Jan. 15. The report was issued one day later than usual due to federal offices being closed for the US presidential inauguration on Jan. 20.
The NYMEX Henry Hub February contract shed 5 cents to $2.44/MMBtu in trading following the release of the weekly storage report. March, the last month of the heating season, also fell 5 cents to $2.45/MMBtu.
Natural gas prices saw some selling pressure during the week in progress, with the February contract falling below $2.50/MMBtu.
Oil prices decline as U.S. crude supplies rise, COVID-19 flare up dulls demand outlook
Oil futures declined on Friday, pulling U.S. prices lower for the week after U.S. government data revealed...
Oil futures declined on Friday, pulling U.S. prices lower for the week after U.S. government data revealed an unexpected weekly rise in domestic crude supplies.
A resurgence of COVID-19 infections in China and Southeast Asia also raised concerns about near-term oil demand.
The Energy Information Administration reported Friday that U.S. crude inventories rose by 4.4 million barrels for the week ended Jan. 15. The Cushing, Okla., storage hub declined by 4.7 million barrels for the week.
On Friday, West Texas Intermediate crude for March delivery fell by 86 cents, or 1.6%, to settle at $52.27 a barrel on the New York Mercantile Exchange, with the contract down about 0.3% for the week, according to Dow Jones Market Data. Based on last Friday’s settlement for the February contract, which expired on Wednesday, prices lost 0.2% for the week.
Global benchmark March Brent crude fell 69 cents, or 1.2%, at $55.41 a barrel on ICE Futures Europe, with prices holding on to a gain of around 0.6% for the week.
