July 31, 2024

AI and the grid with natural gas and coal to the rescue?- oil and gas 360

AI and the grid, natural gas and coal to the rescue?

July 31, 2024

Oil and Gas 360 “Knowledge workers” anticipating a cheap energy/low emissions post-industrial work-from-home economy are having to confront the need for more industrial production of natural resources and infrastructure as the energy needs for the data centers making their work possible via the internet, cloud and now Artificial Intelligence (AI) are growing exponentially. Data centers are increasingly recognized as another

Oil market nears breakout point

July 31, 2024

Oil Price Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to

Colombia eyes 2029 start-up date from offshore natural gas assets in $300 million drilling investment

July 31, 2024

World Oil (Bloomberg) – Ecopetrol SA expects offshore natural gas from Colombia to come online as soon as 2029, two years later than previously anticipated and not in time to curb a looming fuel shortfall. Colombia is set to face a gap between its domestic supply of natural gas and total demand beginning next year. The fuel gap of around

Hess beat earnings estimates on robust Guyana output

July 31, 2024

Oil Price Hess Corp. (NYSE:HES) has posted an impressive second-quarter earnings report with its stake in prolific Guyana helping it exceed estimates. Hess reported Q2 2024 non-GAAP EPS of $2.62, beating the Wall Street consensus by $0.07 while revenue of $3.26B was good for a robust 40.5% Y/Y growth although it missed the consensus by $30M. The company saw a large increase in

Biden administration purchases over 4 MMbbl of crude oil for Strategic Petroleum Reserve

July 31, 2024

World Oil (Bloomberg) – The Biden administration announced Monday it has purchased 4.65 MMbbl of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve. The Energy Department has been slowly replenishing the Strategic Petroleum Reserve, which reached a 40-year-low following an unprecedented drawdown in the wake of Russia’s invasion of Ukraine. In 2022, the Biden

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 3.4 million barrels

July 31, 2024

Weekly Crude Oil Storage as of July 26, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 433.0 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

AI and the grid, natural gas and coal to the rescue?

Oil market nears breakout point

Colombia eyes 2029 start-up date from offshore natural gas assets in $300 million drilling investment

Hess beat earnings estimates on robust Guyana output

Biden administration purchases over 4 MMbbl of crude oil for Strategic Petroleum Reserve

U.S. crude oil inventories decrease by 3.4 million barrels

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