
FROM THE OIL PATCH
Oil dips as surprise US crude stockbuild faces supply cuts
Oil prices edged lower on Wednesday, after earlier hitting a 10-month high, as a surprise build in U.S. crude inventories offset expectations of tight crude supply for the rest of the year. International benchmark Brent futures dipped 18 cents to settle at $91.88 a barrel. Its session high of $92.84 a barrel was the highest since November. U.S. West Texas Intermediate crude (WTI) dropped 32 cents lower to $88.52. Its session high of $89.64 a barrel was also the highest since November. Front-month Brent futures contracts traded as high as $4.90 a barrel above those for delivery six months further
‘Peak oil’ could be on the horizon, but new fossil fuel projects are pushing ahead
The head of the International Energy Agency says oil demand could peak in 2030, but other research has found that fossil fuel exploration is ongoing. Demand for fossil fuels is set to peak by the end of the decade, according to a new projection from the International Energy Agency — but it might not be enough to curb the worst impacts of climate change or outpace new fossil fuel projects. An upcoming report by the agency, an intergovernmental organization that tracks global energy markets, estimates that demand for oil, gas and coal will begin dropping over the next few years,
Capturing CO2 from the Air for Eco-Friendly Methanol Production
West Virginia University researchers have taken the initial steps toward creating technology that can absorb carbon dioxide in the air and use it for environmentally friendly methanol production. The technique that they have begun modeling, which includes extracting air from buildings, can potentially enhance the sustainable supply of methanol, one of
Horizonal drilling to help increase oil production from prolific U.S. shale regions
Since the advent of the shale boom, U.S. oil producers have drilled both downward and sideways deep beneath the earth’s surface. But now that the easiest-to-reach crude has been extracted, those companies are testing the limits of their technology even further by boring more than 3 miles horizontally, elevating both
Always Cutting Methane, Oil and Gas Must Sit at President Biden’s Climate Table
Sometimes the problem with government committees isn’t who’s at the table – it’s who isn’t. That’s the case with President Joe Biden’s new cabinet-level Methane Task Force, a body charged to accelerate the execution of the U.S. Methane Emissions Reduction Action Plan and advance a general mission of using all
The 5 South American Countries With The Largest Natural Gas Reserves
South America is fast emerging, once again, as one of the world’s hottest drilling locations, with the continent believed to contain considerable volumes of commercially extractable natural gas. While offshore Guyana is garnering the lion’s share of attention from foreign energy companies, it isn’t the only country in South America
CRUDE OIL WEEKLY UPDATE (Week Ending 09-22-23)
U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending September 8, 2023, which was 177 thousand barrels per day
NATURAL GAS WEEKLY UPDATE (Week Ending 09-22-23)
In the News (EIA): Higher Permian well productivity, crude prices drive U.S. marketed natural gas production growth In our latest Short-Term Energy Outlook, we estimate
Zekelman Industries Steel Snapshot for September 2023
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) Platts Sept HR Coil $735 down $55 from August. UAW and Auto manufacturers negotiations are continuing
Preston Pipe Report – August 2023
(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – The Mountain Valley Pipeline saga continues. In the last Report, Equitrans had asked the Supreme
Argus Pipe Logix Line Pipe Report – August 2023
(by Rye Druzin, www.pipe-logix.com) Line pipe prices declined by 2.2pc in August, with domestic prices down by 2.2% and import prices down by 2.3%. This
AISI Press Release on Latest U.S. Imports of Steel Products – September 2023
American Iron and Steel Institute, www.steel.org – (09-07-23) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron