US Gulf gas production seen trending lower next year
The Energy Department expects natural gas production in...
The Energy Department expects natural gas production in the US Gulf of Mexico to fall from 2.2 billion cubic feet per day this year to 2.1 Bcf/d in 2023 due to the natural decline in associated gas volumes, which make up most of the region's gas supply. "In 2020, gross withdrawals of natural gas in the Gulf of Mexico that came from natural gas wells accounted for less than 30 percent of total Gulf natural gas production, compared with 80 percent in 2003," the department's analysis notes.
Major US shale producers are expected to rack up as much as $90 billion in combined profits this year,...
Major US shale producers are expected to rack up as much as $90 billion in combined profits this year, up from $37 billion in 2021, according to BTU Analytics, the bulk of which will be used to reward investors and build up cash reserves, prompting lawmaker calls for a windfall oil profit tax. The industry's newfound capital discipline and focus on returns is luring investors back to the sector and driving positive momentum in energy stocks.
S&P 500 falls into bear-market territory at Monday's opening bell
U.S. stocks are sinking Monday morning as investors worry that soaring inflation will prompt the Federal...
U.S. stocks are sinking Monday morning as investors worry that soaring inflation will prompt the Federal Reserve to become more hawkish at its policy meeting this week. The Dow Jones Industrial Average DJIA, -1.95% was down around 2% soon after the opening bell Monday, while the S&P 500 SPX, -2.58% slumped 2.4% and the Nasdaq Composite COMP, -3.14% sank almost 3%, according to FactSet data, at last check. All three major indexes last week had their worst performance since January, after an inflation reading for May came in hotter than expected, heightening fears that the Fed could tip the slowing U.S. economy into recession as it tightens its monetary policy. The S&P 500 would enter a bear market with a close below 3,837.25, marking a 20% drop from its record high in early January.
China's Oil Demand Growth Threatened By Latest Covid Outbreak
Just as China was returning to business as usual after the latest string of lockdowns, an "explosive"...
Just as China was returning to business as usual after the latest string of lockdowns, an "explosive" outbreak in a Beijing district could derail this.
"The recent outbreak ... is strongly explosive in nature and widespread in scope," said a spokesperson for the Beijing municipal government over the weekend, as quoted by Reuters. Mass testing has been planned for this week in the district where the outbreak happened.
Last week, a return to lockdowns in Shanghai weighed on oil prices, suggesting it may be a while yet before the Chinese economy returns to normal. On the flip side, news that China's oil imports in May were 12 percent higher than a year earlier could potentially lend support to prices, although they may not be indicative of an actual demand increase.
BP sells stake in Canadian oil sands to push into offshore projects
BP has quit the Canadian oil sands after selling its sole producing stake in the region...
BP has quit the Canadian oil sands after selling its sole producing stake in the region to Calgary-based Cenovus Energy in a deal valued at roughly $1bn.
The deal to withdraw from an area long targeted by environmental campaigners illustrates the fine line BP is trying to tread as chief executive Bernard Looney attempts to balance the company’s fossil fuel investments with a push to reduce emissions.
For its 50 percent non-operated stake in the Sunrise oil sands project, BP will receive C$600mn ($466mn US) with up to a further C$600mn in payments over the next two years.
