FROM THE OIL PATCH
Increased U.S. natural gas exports to Europe is ‘driving up prices’ at home, Heritage Foundation expert tells FOX Business. Current natural gas market conditions could signal pain for consumers this winter and sustained issues for years to come, according to energy economists interviewed by FOX Business. The experts said the energy crisis in Europe, in part caused by Russia’s invasion of Ukraine, will continue to hurt consumers in the U.S. through the winter as global natural gas and oil supplies are strained. They also noted that the green energy push heralded by the Biden administration and several state governments will further lead to
Private Equity groups are becoming large financiers of fossil fuels as big banks wind down hydrocarbon investment. The 10 largest private equity funds have 80% of their energy investments in fossil fuels. Whereas banks and oil firms are accountable to their shareholders and to the public, private equity firms are only accountable to their limited partners. Over the past couple of years, Wall Street banks, E&P companies and investors have faced mounting pressure to disinvest in fossil fuels. Last year, BlackRock Inc. (NYSE: BLK), the world’s largest asset manager with $10 trillion in assets under management (AUM), sent shockwaves through the fossil fuel
Oil and gas permitting in the United States slowed down last month, with the decline particularly marked in the Permian. This is according to data from Evercore ISI, cited by Natural Gas Intelligence, which also showed that despite the slowdown in permitting activity, it remained stronger than it was a year ago.
Russia could find new markets for about half of the crude exports that will be banned by the European Union from December, according to energy-data firm Kpler. Indonesia, Pakistan, Brazil, South Africa, Sri Lanka and some countries in the Middle East could together buy as much as 1 million barrels
In first-half 2022 (January-June), US petroleum product exports averaged nearly 6 million b/d, the largest first-half export in the US Energy Information Administration (EIA)’s Petroleum Supply Monthly data, dating back to 1973. In first-half 2022 (January-June), US petroleum product exports averaged nearly 6 million b/d, the largest first-half export in
U.S. natural gas futures fell 8% on Thursday as the rail union reached a temporary labor agreement with its workers. Henry Hub natural gas futures (NGV2) fell $0.728 MBtu (-7.99%) to $8.397 on the railway deal, without which would have increased the demand for natural gas in an already tight market.
Crude Oil Summary (EIA): U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending September 23, 2022 which was 604,000
In the News (EIA): Number of drilled but uncompleted wells continues to decline from record-high levels in 2020: Based on our latest Drilling Productivity Report
(by Mike Mechley, Executive VP of Strategic Procurement, www.ZekelmanIndustries.com) Platts Sept HR Coil $805 down $5 from Aug. Rail union contract expires September 16th. European
(by Paul Vivian and Rick Preckel, www.prestonpipe.com) Market Monitor – In order to get Senator Manchin on board with the Inflation Reduction Act, Democratic leadership
(by Kurt Minnich, www.pipe-logix.com) Line pipe prices decreased 3.2% in September with domestic prices down 3.1% and import prices down 3.4%. Every item tracked by
(American Iron and Steel Institute, www.steel.org – 09-08-22) Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron