Goldman Cuts 2023 Oil Price Forecast Due to Weakening Demand Outlook
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a...
Goldman Sachs on Sept. 27 cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar but said the ongoing global supply disappointments only reinforced its long-term bullish outlook.
Goldman’s commodities research division lowered the forecast for next year by $17.5/bbl on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023.
It revised its oil price forecast lower by $19 per barrel on average for the period stretching from the fourth quarter of 2022 to the fourth quarter of 2023 and sees global oil demand growing in 2023 by 2 million bbl/d at current prices, versus a previous forecast of 2.5 million bbl/d, according to a research note issued by the investment bank.
Chevron plans $400M expansion at Pasadena refinery
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery...
Chevron will spend $400 million to boost the light crude oil processing capacity of its Pasadena refinery in Texas by nearly 15% to 125,000 barrels per day, with completion expected in 2023. In addition to increasing capacity, the project will bring jet fuel into the refinery's product range and help drive significant emission reductions.
Natural gas abundance reduces US reliance on imports
The US imported an average 0.08 billion cubic feet per...
The US imported an average 0.08 billion cubic feet per day of liquefied natural gas in the first six months of 2022, the lowest in at least 15 years, as growing domestic dry gas production helps wean the nation off foreign LNG, the Energy Information Administration reports. LNG's share of US natural gas imports declined from 17% in 2007 to less than 1% in 2021, while domestic natural gas production climbed more than 80% over the same period.
Natural gas now a prized resource in the US shale patch
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling,...
US natural gas drilling has expanded by more than 50% this year, compared with 25% growth in oil drilling, as the energy crisis and surging global demand turn gas from an unwanted byproduct of oil drilling into a valuable commodity, pushing domestic prices up more than 80% this year. Bloomberg data show several US shale producers, including Continental Resources and Pioneer Natural Resources, have increased their exposure to gas production.
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe were sabotaged near a Danish island
German officials reportedly believe the crucial Nord Stream natural-gas...
German officials reportedly believe the crucial Nord Stream natural-gas pipelines connecting Russia to Europe have been sabotaged.
Der Tagesspiegel, a newspaper in Germany, where the pipelines land from Russia, reported a government source as saying: "We can't imagine a scenario that isn't a targeted attack. Everything speaks against a coincidence."
The Danish Navy has sent an Absalon-class frigate to site of the leaks for monitoring purposes and to warn ships to stay away, the Danish Broadcasting Corporation reported. A no-fly zone is in operation over the affected area, a German government official told Insider.
