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All the latest in Oil, Gas, Commodity news and analysis

Analysts Raise Oil Price Forecasts As Market Tightens
by Tsvetana Paraskova
29 Sep 2023 at 5:51am
Analysts polled by Reuters raised their oil price forecasts for a second consecutive month, expecting the OPEC+ cuts to continue tightening the market, although few see $100 oil due to the still uncertain global economic outlook. The Reuters September Oil Poll showed on Friday that 42 economists and analysts now see Brent Crude prices averaging $84.09 per barrel in 2023, up from the $82.45 consensus projection in August. Brent Crude prices have averaged $81.94 so far in 2023 and were trading just above $96 early on Friday. Next year, Brent?

California Allows Early Move To Winter-Blend Gasoline As Prices Top $6
by Tsvetana Paraskova
29 Sep 2023 at 5:46am
The California Air Resources Boardallowed late on Thursday, effective immediately, the speeding up of delivery of winter-blend gasoline ahead of the usual regulatory start, as California Governor Gavin Newsom looks to curb the spike in gasoline prices which have topped $6 per gallon. In response to direction received from the Governor on Wednesday, CARB allows an early transition to winter-blend gasoline and is allowing the manufacture, importation, distribution, and sale of winter-blend gasoline. Governor Newsom wrote in his letter to CARB?

Exxon Withdraws From Small Oil Exploration Block Offshore Guyana
by Tsvetana Paraskova
29 Sep 2023 at 3:45am
ExxonMobil and its partner Hess Corp have withdrawn from the Kaieteur exploration block offshore Guyana as they pursue more prolific opportunities in the bigger and highly productive Stabroek block. ?Our withdrawal from the Kaieteur block has no impact on our commitment to seeking further exploration and development opportunities and to generating additional value for the government and people of Guyana,? Exxon has said in a statement carried by Reuters. Kaieteur is around half the acreage of the Stabroek block, where Exxon and Hess?

South Sudan And Russia To Expand Energy Ties
by Tsvetana Paraskova
29 Sep 2023 at 2:39am
South Sudan and Russia agreed to expand energy cooperation, including in the oil sector, during a meeting of South Sudanese President Salva Kiir with his Russian counterpart Vladimir Putin in Moscow. South Sudan, an oil producer in Africa, has several foreign firms, including Russian ones, operating in its oil industry. In recent months, however, South Sudan has felt the impact of the civil war in Sudan, from which it seceded in 2011. During a meeting with South Sudan?s President Kiir, Putin said, as carried by the Kremlin, ?We?

Biden Administration Plans Zero Offshore Oil And Gas Lease Sales For 2024
by Charles Kennedy
29 Sep 2023 at 1:30am
The Biden administration will hold no offshore oil and gas lease sales next year and bring the total for the next five-year period to a minimum, Reuters has reported, citing unnamed sources. This means there will be just three lease sales over the four years beginning in 2025, the report also said. Reuters noted that on average, since 1992, five-year lease sale plans have featured at least 11 lease sales, with most holding between 15 and 20. According to some of Reuters? sources, the reduction in lease sales is linked to the Biden administration?s?

UK Fast-Tracks A Unique Renewable Energy Project
by Irina Slav
29 Sep 2023 at 12:30am
The UK government has designated a project for the import of electricity produced from wind and solar in Morocco one of ?national significance?. The designation should accelerate work on the project, whose cost has been estimated at over $24 billion. In April this year, the price tag was seen at 18 billion pounds, or $22 billion. Dubbed Xlinks, the venture would see the construction of wind and solar generation capacity totaling 10.5 GW, of which 7 GW solar and 3.5 GW wind, all located in the Sahara desert. The project would also involve?

Oil Prices Set For Another Weekly Gain Despite Falling Back
by Irina Slav
28 Sep 2023 at 11:25pm
Despite a sharp drop on Thursday, oil prices are set for another weekly gain as well as a monthly one driven by tight supply coupled with perhaps surprisingly resilient demand. Bloomberg attributed the Thursday drop to technical resistance as well as speculation that Saudi Arabia may start rolling back the cuts if prices rose too high. Theoretically, that may be true. The question, however, is what level of prices would be too high to sustain with limited supply. There was also concern about more rate hikes from the Fed that would dampen demand?

Will We See $100 Oil In October?
by Alex Kimani
28 Sep 2023 at 5:00pm
After rallying to more than $97 per barrel on Wednesday, Brent crude took a breather on Thursday as traders started to take profits and the macro-focus in the markets turned to rising interest rates. The bulls can thank a sustained fundamental tightening for helping offset concerns about a higher-for-longer rates cycle. Last week, the U.S. central bankleft interest rates unchangedbut bolstered its hawkish stance with a further rate increase projected by the end of the year. Higher interest rates have historically been bearish for oil?

China Prepares For Peak Oil Demand
by Charles Kennedy
28 Sep 2023 at 4:00pm
Peak oil demand is coming to China; this message has been conveyed repeatedly by forecasters such as Wood Mackenzie and by China?s very own state oil majors. Given China?s current importance for oil markets and the importance of oil for its economy, the implications of peak demand could be substantial. And they will not necessarily be to the liking of transition fans. Earlier this year, Sinopec and PetroChina saw gasoline demand in Chinapeakingin 2025, driven down by rising sales of electric vehicles. The IEA and Rystad?

Oil Giants Embrace Exploration Revival
by Tsvetana Paraskova
28 Sep 2023 at 3:00pm
Spending on oil and gas exploration is recovering from the pandemic lows as the energy security push is prompting companies to look for lower-cost barrels with a more disciplined capex approach, which makes the hunt for new advantaged resources more attractive. While exploration spend will never return to the days of splurges seen before 2014, oil and gas majors are spending more on conventional exploration this year, Wood Mackenziesaidin a recent report. Energy Security and Affordability Boosts Exploration?

Microsoft Eyes Nuclear Energy To Power Its Massive AI Ambitions
by Haley Zaremba
28 Sep 2023 at 2:00pm
Bill Gates has been one of nuclear energy?s staunchest and most vocal advocates for years now. "Nuclear energy, if we do it right, will help us solve our climate goals," Gatestold ABC Newsearlier this year. "That is, get rid of the greenhouse gas emissions without making the electricity system far more expensive or less reliable." And Gates is not just a mouthpiece for nuclear ? he?s been busy putting his words to action over the last few years. First, Gates teamed with fellow billionaire Warren Buffet -- the two men?

Clean Hydrogen Dreams Delayed By Rising Costs
by Felicity Bradstock
28 Sep 2023 at 1:00pm
There is currently not enough funding and support for hydrogen projects to roll it out on the scale they require to achieve the net-zero scenario by 2050, according to several energy experts. The widespread rollout of clean hydrogen projects has been restricted due to the high costs involved with producing the clean energy source, which is much more expensive to make than dirtier forms of hydrogen derived from fossil fuels. In addition, while companies worldwide are showing increasing interest in green hydrogen, many are failing to get the government?

Revolutionary Nickel-Gold Thermoelectric Surpasses Semiconductors
by Brian Westenhaus
28 Sep 2023 at 12:00pm
Researchers at the Vienna University of Technology discovered excellent thermoelectric properties of nickel-gold alloys.These can be used to efficiently convert heat into electrical energy. The researchers have published their results in the journal Science Advances. Thermoelectrics enable the direct conversion of heat into electrical energy? and vice versa. This makes them interesting for a range of technological applications. In the search forthermoelectric materialswith the best possible properties, a research team?

Oil Prices Fall After 2-Day Rise
by Julianne Geiger
28 Sep 2023 at 12:00pm
Crude oil prices fell on Thursday after rising on Tuesday and Wednesday, with Brent retreating shortly before reaching $98 per barrel. The price of a Brent barrel sank 1.69% on Thursday by 2:58 pm ET, a $1.63 loss on the day to $94.92. The November contract for WTI fell $2.10 per barrel (-2.24%) to $91.58, after reaching $94.89 on Wednesday following the EIA?s Weekly Petroleum Status Report that showed a 2.2 million barrel decline in U.S. crude oil inventories for the week ending September 22, in tandem with a drop in crude inventories stored?

European Demand Dilemma Delays Azerbaijan Gas Export Boost
by OilPrice.com
28 Sep 2023 at 11:00am
Plans agreed last year by Azerbaijan and the European Union for Baku to double the volume of gas it sends to Europe to 20 billion cubic metres a year are on hold as European gas buyers have yet to confirm they'll take the gas. Speaking to reporters at a round table meeting in the Turkish capital Ankara on September 14, Turkish Energy Minister Alparslan Bayraktar confirmed that his ministry had instructed the operator of the TANAP pipeline which carries Azeri gas across Turkey to Greece, to prepare to expand the pipeline to its full 31 billion cubic?

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