IEA warns of 'small cushion' in oil markets, expects supply shortfall to deepen
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking...
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking stocks, the International Energy Agency said Feb. 11, cautioning that the supply shortfall could deepen if OPEC+ continues to struggle to raise output.
"If the persistent gap between OPEC+ output and its target levels continues, supply tensions will rise, increasing the likelihood of more volatility and upward pressure on prices," the IEA said in its monthly oil market report.
Texas oil producer Denbury has teamed up with Natural Resource Partners...
Texas oil producer Denbury has teamed up with Natural Resource Partners for the evaluation and potential development of a carbon dioxide sequestration hub at a 75,000-acre site near Mobile, Ala. The site could permanently store at least 330 million short tons of CO2 that would support Denbury's enhanced oil recovery and emissions reduction efforts.
The US power generation capacity retirements declined for a second consecutive year in 2021, to 8.6 gigawatts,...
The US power generation capacity retirements declined for a second consecutive year in 2021, to 8.6 gigawatts, compared to 15.1 GW of capacity retired in 2020 and 21.7 GW in 2019, according to S&P Global Market Intelligence. Coal accounted for 60.7% of generation capacity retirements last year, followed by nuclear power at 12.2%, natural gas at 8.9% and oil at 7.6%.
Proposed N.D. hydrogen plant to source gas from tribe
Bakken Energy and Mitsubishi Power Americas have signed a memorandum of understanding to procure natural...
Bakken Energy and Mitsubishi Power Americas have signed a memorandum of understanding to procure natural gas for their proposed $2 billion blue hydrogen hub in western North Dakota from the Mandan, Hidatsa and Arikara Nation's Fort Berthold Reservation, which produces about 20% of the state's oil supply. The deal will help curb the flaring of associated gas produced along with oil on the reservation.
U.S. oil futures ended Thursday’s session with a modest gain, up a second day in a row, finding support from U.S. government data released Wednesday showing an unexpected weekly decline in crude inventories. The "hot inflation report sent the dollar higher, which tentatively dragged down commodities," including oil prices, said Edward Moya, senior market analyst at OANDA. However, oil market fundamentals "remain very tight and with no immediate changes to that outlook, crude prices seem poised to go higher," he said. West Texas Intermediate crude for March delivery CLH22, +0.43% rose 22 cents, or nearly 0.3%, to settle at $89.88 a barrel on the New York Mercantile Exchange after trading as high as $91.74.
