Rystad: Oil And Gas Investment To Rise 20% In 2022
Global oil and gas investment is set to rise by 20% this year, according to ...
Global oil and gas investment is set to rise by 20% this year, according to Rystad Energy, with growth driven by soaring oil prices and big money flowing into projects in Brazil, Guyana, West Africa and Australia, the Houston Chronicle reports.
Earlier this year, Rystad had forecast 8% growth for 2022; however, with Brent consistently topping $110 and WTI flirting with the same levels, we are now witnessing the highest growth rate forecasts since 2008.
In the United States, investment in shale is set to increase by 35%, with the Permian basin leading the way, Rystad said, while investment in deepwater offshore drilling is set to rise by 30%.
Chevron to Consolidate Upstream, Midstream, Downstream Units
Chevron Corp. said on May 26 that it will consolidate its upstream, midstream, and downstream...
Chevron Corp. said on May 26 that it will consolidate its upstream, midstream, and downstream segments as part of an “enterprise-wide transformation” launched by the oil major in 2020.
“We’ve made significant progress over the last two years, and these changes position us to further enhance execution across all aspects of our business as the energy system evolves,” Mike Wirth, Chevron’s chairman, and CEO, commented in a company release.
June Natural Gas Futures Forge Rally but Fizzle to Finish Final Day as Front Month
The June Nymex natural gas futures contract rallied toward its expiration on Thursday,...
The June Nymex natural gas futures contract rallied toward its expiration on Thursday, pushing above $9.401 in intraday trading and reaching the highest level since 2008. Even as traders digested a weak storage print and renewed concerns about a supply crunch, many took profits in the final hour of trading that ultimately sent futures into the red. June settled at $8.908/MMBtu on Thursday, down 6.3 cents day/day.
July, which takes over as the front-month with trading Friday, fell 9.8 cents to $8.895.
After spiking nearly $1.00 over the two prior days, NGI’s Spot Gas National Avg. shed 25.0 cents to $8.650.
Oil rises to 2-month high on tight supplies, EU seeks Russian crude ban
NEW YORK May 26 Reuters Oil prices climbed about 3% to a two-month high on Thursday on...
NEW YORK May 26 Reuters Oil prices climbed about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine.
Traders also noted oil prices followed a rise in equities and some weakening of the U.S. dollar against a basket of currencies, which makes oil cheaper when purchased in other currencies.
Brent futures rose $3.37, or 3.0%, to settle at $117.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.76, or 3.4%, to settle at $114.09.
After rising for six days in a row, Brent closed at its highest since March 25. WTI settled at its highest since May 16.
Dow extends win streak to fifth session as stocks finish sharply higher
Stocks closed sharply higher on Thursday, a day after minutes of the Federal Reserve's meeting in early...
Stocks closed sharply higher on Thursday, a day after minutes of the Federal Reserve's meeting in early May signaled a willingness by the central bank to consider pausing rate hikes later this year if the economy shows signs of wobbling. The Dow Jones Industrial Average DJIA, +1.61% added about 518 points, or 1.6%, ending near 32,638. Booking its 5th straight day of gains, the Dow scored its longest streak of wins since March 18, according to Dow Jones Market Data. The S&P 500 SPX, +1.99% advanced 2%, while the Nasdaq Composite Index COMP, +2.68% closed up 2.7%. The Fed still looks poised to lift its policy rate in half-point increments in June and July, but a view has emerged that it could hit reassess its approach in the fall, particularly if economic growth shows signs of sputtering or the labor market starts to falter.
