Dozens of LNG-laden ships queue off Europe's coasts unable to unload
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure...
Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this "exceptional situation".
Europe is facing an energy supply squeeze as Russia has progressively cut gas flows after the West imposed sanctions in response to Russia's invasion of Ukraine in late February.
The region has had to find alternative supplies, including LNG, but the arrival of multiple cargoes of the superchilled fuel has exposed Europe's lack of "regasification" capacity, as plants that convert the seaborne fuel back to gas are operating at the maximum limit.
If the backlog is not cleared soon those ships may start looking for alternative ports outside Europe to offload their cargo.
The oil market is worried Biden could release another 100 million barrels of crude from strategic reserves, analyst says
Investors are worried that the US could flood the market with more oil from the Strategic Petroleum...
Investors are worried that the US could flood the market with more oil from the Strategic Petroleum Reserves, according to Energy Aspects' Amrita Sen. The prediction comes after OPEC+ decided earlier this month to slash its production quota by 2 million barrels a day — despite objections from Washington — leading to speculation that the White House could respond with more releases from the SPR to ease prices.
"They are also weighing an emergency release of potentially as much as 100 million barrels,"Sen told CNBC on Monday. "You just don't know given the volume of uncertainty."
Earlier this year, the Biden administration announced plans to draw down the SPR by 180 million barrels, and that effort is nearing its conclusion.
Rise in oil drilling factors into stronger-than-forecast U.S. industrial output
The numbers: Industrial production...
The numbers: Industrial production rose 0.4% in September, the Federal Reserve reported Tuesday. The gain was above economists’ expectations of a 0.1% gain, according to a survey by The Wall Street Journal. Output in August was revised to a slight decline of 0.1% from the initial estimate of a 0.2% fall.
Capacity utilization rose to 80.3% in September from 80.1% in the prior month. The capacity utilization rate reflects the limits to operating the nation’s factories, mines and utilities. Economists had forecast an 80% rate.
Key details: Manufacturing output rose 0.6% in September after a 0.4% gain in the prior month.
The index for mining, which includes oil and gas drilling, rose 0.6% after being flat in August.
Motor vehicles and parts output rose 1% after a 1.5% decline in the prior month. Excluding autos, total industrial output increased 0.3%.
Utilities output fell 0.3% in September after a sharp 3.3% drop in the prior month.
US shale oil production could max out in 2024 as operators, particularly...
US shale oil production could max out in 2024 as operators, particularly those backed by private-equity firms, prepare to scale back drilling activity in response to soaring inflation and as shale regions run out of top-tier acreage, according to an Energy Aspects report. US crude futures for next year are hovering around $78 per barrel, below the more than $80-per-barrel level that Energy Aspects analysts say is required for activity to improve.
API study: Blue hydrogen can drive progress on emissions
Low-carbon hydrogen derived from natural gas with carbon capture could remove about 198.4 million short...
Low-carbon hydrogen derived from natural gas with carbon capture could remove about 198.4 million short tons per year of greenhouse gas emissions and reduce carbon mitigation costs by more than $450 billion through 2050 if uniform incentives are provided, according to a new study commissioned by the American Petroleum Institute. "Working together with policymakers to incentivize all forms of low-carbon hydrogen and accelerate hydrogen production through programs under the Bipartisan Infrastructure Law, we can drive down emissions while ensuring American consumers have access to the reliable energy they need," said API Vice President of Corporate Policy Aaron Padilla.
