West Texas Intermediate advanced almost 1% to settle above $74 a barrel, buoyed by frigid weather in the US that’s boosting demand for heating fuel and increasing the risk of freeze-offs in production areas. And while crude fell for the first time in six sessions on Monday after failing to breach the $75 psychological level, some internal market gauges have strengthened in recent days.
Oil markets have started the year with a renewed sense of optimism, driven by stock draws in the U.S. and China’s attempts to stimulate its economy.
Nigeria approved a $1.3 billion deal that would see a group of local companies buy Shell Plc’s onshore assets in Africa’s biggest crude producer.
The ever-growing Ghanaian supply chain market has driven organisations to increasingly rely on supplier collaborations and partnerships to enhance efficiency, drive innovation, and, most importantly, reduce costs. This trend is particularly pronounced in Ghana’s oil and gas sector, which plays a vital role in the country’s economy.
Oil slipped as economic data from China reinforced concerns about weakening demand in the world’s biggest crude importer.
The Italian EPC player will support the development of offshore facilities for the transportation and storage of CO2 in the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT) projects – part of the UK’s East Coast Cluster of carbon projects.
Colombia’s state-owned energy company Ecopetrol and Canadian independent Parex Resources have signed five new agreements to conduct E&P activities in Colombia’s Putumayo and Piedemonte basins, the companies announced on Wednesday. In the Putumayo basin, Parex will acquire a 50% working interest in the Orito, Area Sur, Occidente and Nororiente blocks and assume full operatorship. The company has […]
Dr Doku explained that the delay was due to routine pipeline maintenance, which included an extensive cleaning exercise mandated by regulatory requirements.
Gas prices have declined amid forecasts of milder weather in mid-December, following a brief cold spell that had driven earlier gains. Utilities have stopped drawing heavily from storage, despite colder-than-usual weather recently boosting consumption. Meanwhile, U.S. gas production clocked in at a robust 101.5 billion cubic feet per day in November, but below last year’s peak of 105.3 bcfd. In contrast, European natural gas futures climbed to €48.7 per megawatt-hour, close to their one-year high, as colder weather is forecast to spread across the continent, increasing heating demand.
Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.