By Craig Fleming on 5/26/2020
St. John’s NL — Newfoundland and Labrador (NL) Premier Dwight Ball, along with provincial Minister of Natural Resources Siobhan Coady, expressed support for a focused initiative to persuade the federal government to provide immediate assistance to East Canada’s offshore industry, which has been hit hard by Covid-19 and the collapse of oil prices.
By Anna Shiryaevskaya on 5/26/2020
MOSCOW (Bloomberg) –Natural gas flows from Europe’s biggest supplier slumped after a price rout and with storage sites at above-average levels.
Flows from Russia via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany, slumped to zero Tuesday after a sharp decline since Sunday. Shipments into Baumgarten in Austria, a major European hub for Russian gas, fell by 25% from its 10-day average.
Read more… “Russian gas exports to Europe drop as Nord Stream 2 nears completion”
BERLIN – MAN Energy Solutions has been awarded a contract for the engineering of three RG compressor trains for a carbon capture, utilization and storage project in the Netherlands. The Port of Rotterdam Authority, Energie Beheer Nederland B.V. (EBN) and N.V. Nederlandse Gasunie are jointly developing the ‘Porthos’ (Port of Rotterdam CO₂ Transport Hub and Offshore Storage) project, which has been recognized by the European Union as a Project of Common Interest (PCI).
By Sharon Cho and Alex Longley on 5/26/2020
SINGAPORE (Bloomberg) – Oil rose above $34/bbl, following a prediction from Russia that the market may rebalance as early as next month due to historic output cuts from global producers.
Russia, a key member of the OPEC+ alliance that has pledged to trim supply by almost 10 million barrels a day, expects the market to balance in June or July. Energy Minister Alexander Novak said global output curbs have so far exceeded those agreed by the coalition. Futures in New York were 2.5% higher from Friday’s close after there was no settlement Monday due to a holiday.
Read more… “Oil prices climb on prediction of swift demand rebalance”
By Javier Blas on 5/25/2020
LONDON (Bloomberg) –Global oil consumption hasn’t peaked, the head of the International Energy Agency warned, throwing cold water on hopes the coronavirus will cap demand and reduce climate-changing emissions.
“In the absence of strong government policies, a sustained economic recovery and low oil prices are likely to take global oil demand back to where it was, and beyond,” Fatih Birol said in an interview.
Read more… “IEA chief says low oil prices will take demand beyond pre-crisis highs”
By Rachel Adams-Heard, Kevin Crowley and David Wethe on 5/24/2020
HOUSTON (Bloomberg) –Oil prices have surged more than 75% in the U.S. this month. But don’t expect a quick rebound in supply from shale explorers.
The quick turnaround in oil markets is exposing the shale industry’s Achilles’ heel: Lightning-fast production declines. Shale gushers turn to trickles so quickly that explorers must constantly drill new locations to sustain output.
Read more… “Swift production declines may keep shale operators on oil rebound’s sidelines”
By Olga Tanas on 5/23/2020
Moscow (Bloomberg) –Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.
Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products while the OPEC+ agreement is in effect, according to a document published on the Kremlin website. Igor Sechin, chief executive officer of Rosneft PJSC, Russia’s biggest oil producer, has called for an adjustment of transportation rates to bring them into line with market prices.
Read more… “Putin sets deadline for plan to support Russian oil industry”
By Brian K. Sullivan on 5/22/2020
BOSTON (Bloomberg) –It’s becoming unanimous. Federal researchers are now weighing in on the hurricane season ahead, forecasting as many as 19 named storms for the year, at least six of which are likely to become hurricanes.
A typical season produces 12 storms, which are named when their winds reach 39 miles (63 kilometers) per hour. In all, 6 to 10 hurricanes could form, with 3 to 6 carrying winds of 111 miles per hour or more, the U.S. National Oceanic and Atmospheric Administration said Thursday.
Read more… “Gulf of Mexico operators can expect an active 2020 hurricane season”