Trump’s threat of penalties on Russia has added to a more positive short-term outlook for prices, with key timespreads pointing to a tighter market and derivatives tied to the vital North Sea benchmark surging. At the same time, WTI briefly entered overbought territory on its nine-day relative strength index for the first time since Trump took office, signaling that the past three weeks’ rally may be set to pause
Six people directly involved in physical North Sea oil and derivatives trading said that the heightened volumes bore the hallmarks of a trader having their positions stopped out. The term means that either the trades were closed involuntarily, or that they triggered a preset threshold requiring them to be closed.
“Johan Castberg opens a new region for oil recovery and will create more opportunities in the Barents Sea”, added Kjetil Hove, Equinor executive vice president for exploration and production in Norway. “We’ve already made new discoveries in the area and will keep exploring together with our partners.
Saipem said the contract entails detailed engineering, procurement, construction, and commissioning of the carbon capture, storage, and ship loading systems. These actions follow the successful conclusion of the initial engineering and procurement services carried out following the Letter of Intent announced on July 26, 2023.
With Colombia’s reserves of oil and natural gas falling, and President Gustavo Petro refusing to grant new exploration licenses, Ecopetrol is focused on contracts signed before the environmentalist leader took power in 2022. In February, the driller announced it had taken full ownership of the CPO-09 block in the nation’s oil-rich eastern plains, which helped boost reserves.
Under the agreement, Arafura intends to support the development of Tamboran’s Beetaloo Basin acreage by purchasing 18-25 terajoules per day (TJd) (18-26 MMcfd) of gas for up to 10 years, Tamboran said in a media release. Through its subsidiaries, Tamboran is the largest acreage holder and operator in the Beetaloo Subbasin, with approximately 1.9 million net prospective acres, according to Tamboran.
Russia accounted for 19 percent or 13.4 billion cubic meters (473.22 billion cubic feet) of EU gas imports in the fourth quarter (Q4), according to the European Commission’s quarterly gas market report. Russia’s share of gas imported into the 27-member bloc rose one percentage point from the prior three-month period and two percentage points against Q4 2023.
Russia accounted for 20 percent of gas imported by the EU via pipeline in the third quarter. Norway continued to be the EU’s top pipeline gas supplier with a share of 47 percent, followed by North Africa (16 percent). The United Kingdom was the EU’s fourth-biggest pipeline gas source accounting for 11 percent, while Azerbaijan came fifth with six percent.
SLB noted in the release that it will oversee the delivery of 18 ultra-deepwater wells using an integrated services approach and AI-enabled drilling capabilities to improve operational efficiency and well quality. It added that the full scope of the contract includes digital directional drilling services and hardware, logging while drilling (LWD), surface logging, cementing, drilling and completions fluids, completions, and wireline services.
The rise of AI-powered tools—especially those using large language models and machine learning—has created unprecedented demand for computing power. These complex models require massive amounts of electricity not just during training, but continuously during deployment (or inference) as well.