Oil & Gas

Drilling for the Kawa-1 well on the Corentyne block offshore Guyana is expected to start between August 1-15, Frontera Energy Corp. (TSX: FEC) reported this week. Located in the northeast quadrant of the Corentyne block approximately 124 miles (200 kilometers) from Georgetown, Guyana, Kawa-1 lies in approximately 1,174 feet (355 meters) of water and is
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(Bloomberg) — Limetree Bay Refining LLC filed for Chapter 11 bankruptcy in Houston on Monday after the U.S. Environmental Protection Agency closed its Caribbean oil refinery. The St. Croix, U.S. Virgin Islands-based company said in a statement that it plans to use the court protection process to negotiate with creditors and equity holders and weigh
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(Bloomberg) — Should U.S. refiners get excited about one week of record demand for gasoline? With jet fuel consumption still weak and distillate stocks rising despite strong domestic demand, refiners must rely on gasoline as their summer lifeline. The first of the season’s two big driving holidays, July 4, generated strong demand for the motor
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The overall U.S. rotary rig count increased by four to 479 drilling units this week, Baker Hughes Co. (NYSE: BKR) reported Friday. In its weekly count of operating drilling units Baker Hughes noted that U.S. oil rigs increased by two, now totaling 378. The U.S. gas rig tally also rose by two to reach 101
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(Bloomberg) — Oil fell this week for the first time since May after days of volatile trading in the wake of OPEC+’s stalemate over a production increase in the near term. Futures in New York declined 0.8% this week, although the U.S. crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed
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(Bloomberg) — Oil rose after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer driving season. Futures advanced 1% in New York on Thursday. Domestic crude and gasoline supplies tumbled last week and a gauge of fuel demand jumped to 10 million barrels a day
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(Bloomberg) — Oil fell for a third straight session as the dollar rose and investors awaited further signals from the OPEC+ alliance on its production policy after a dispute upended talks. Futures slipped 1.6% in New York on Wednesday. The U.S. dollar rose to a three-month high before paring gains. A higher dollar reduces the
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In this article XLE .DXY @CL.1 The next few months could be tough for energy stocks. With OPEC+ postponing negotiations indefinitely on Monday after failing to strike a deal on oil production, oil prices are already under pressure, falling more than 2% on Tuesday after grazing six-year highs. Another macroeconomic force could “suggest there’s some
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(Bloomberg) — Oil fell the most since late May as a stronger dollar spurred a broad sell-off across the commodities complex while uncertainty over OPEC’s next move loomed large in the markets. Futures in New York slid 2.4% on Tuesday. The U.S. dollar rose, making commodities priced in the currency less attractive to investors. The
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(Bloomberg) — OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn’t
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(Bloomberg) — OPEC+ abandoned efforts to break a deadlock within the cartel for a second night, increasing the risk its failure to act will unleash an inflationary spike in oil prices. Friday’s ministerial meeting ended without a deal as positions remained entrenched, with the United Arab Emirates still blocking a proposal to increase supply, delegates
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(Bloomberg) — A fire has broken out near Pemex’s Ku Maloob Zaap offshore platform complex after a submarine pipeline valve broke, leaking oil into the country’s Gulf Coast. A video posted on social media showed three ships trying to suffocate a fire emerging from the sea, very close to an offshore platform. A Pemex representative
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(Bloomberg) — Oil advanced, closing above $75 a barrel for the first time since 2019, with an OPEC+ deal left in limbo after producers earlier signaled a tentative agreement to only gradually increase supplies through the end of the year. Futures in New York jumped 2.4% on Thursday, the biggest gain in more than a
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(Bloomberg) — Oil advanced with investors awaiting a key meeting between OPEC+ producers on output policy while a stalemate in Iranian nuclear talks drags on. Futures rose 0.7% in New York on Wednesday. The OPEC+ alliance will meet Thursday to discuss output plans with Russia weighing a proposal to boost supply and Saudi Arabia signaling
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(Bloomberg) — Oil closed higher with OPEC+ ministers divided ahead of a key meeting later this week on production policy. Futures in New York managed to eke out a small advance after switching between gains and losses on Tuesday. While OPEC+ members such as Russia have considered backing an increase in output, Saudi Arabia has
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