U.S. crude oil inventories shed an impressive 10.6 million barrels in the week to July 24, the Energy Information Administration reported today. This compares with a build of 4.9 million barrels for the previous week. However, inventories remain 17 percent above the five-year seasonal average. A day earlier, the American Petroleum Institute reported an estimated…
Oil prices edged up on Wednesday after a steep drop in US crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22. US crude…
BILLINGS, Mont. — U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported Wednesday. The drop was driven by less demand for coal that is burned for electricity and oil that’s refined into gasoline and jet…
TOKYO – Tokyo Gas Co Ltd will spend 69 billion yen ($657 million) to take control of a U.S. shale gas operator, Castleton Resources, and to buy a U.S. solar power development project in a bid to expand its overseas operations, it said on Wednesday. The move reflects a long-term strategy mapped out by Japan’s…
Due to the demand crash in the lockdown, the seven largest independent oil refiners in the United States are expected to report losses for the second quarter that would be the worst Q2 quarterly figures in the refining industry in a decade, Reuters estimates of analyst forecasts show. The earnings reporting season for U.S. refiners…
Even as a gas well operated by Oil India Limited (OIL) in Baghjan, Assam, continues to blaze out of control, the same company wants to drill for oil just a kilometre away from the site – at the edge of a national park. The company’s 200-page environmental impact assessment (EIA) report reveals the company took…
Oil India Limited (OIL) is planning dummy run of the final capping operation and subsequent killing operation at its Baghjan oilfield in Assam where a well is spewing gas for over two months. Considering the critical nature of the operations, a dummy run is being planned to be carried out with heavy machinery before the…
India’s much heralded Krishna Godavari basin deepwater gas projects will drive domestic gas production growth over the next few years. Combined, the projects will add over 1 bcfd of new supply by 2023. But only a small proportion of this supply has been contracted to date. With India’s gas market shaken by Covid-19, and low…
Petronet LNG Ltd (PLL) is betting big on the completion of gas pipelines to Mangaluru from its Kochi terminal to enhance its business volumes. The connectivity to Mangaluru is to be completed by the Gas Authority of India Ltd (GAIL) any time soon. This is expected to double PLL’s capacity utilisation to 40-45 per cent…
Supermajors BP Plc and Total of France may not bid for the acquisition of Bharat Petroleum Corp Ltd (BPCL) as foreign investors weigh inflexible locations of company’s oil refineries as well as tough labour laws against access to world’s fastest-growing fuel market. Among the probables who could bid to buy government’s entire 52.98 per cent…
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