Oil & Gas

Rigzone’s downstream readers paid considerable attention to articles this past week focusing on signs of improving fortunes of players within the global crude oil and LNG markets. However, readers also showed interest in another recent piece detailing one place that appears to want less of an important energy commodity. Keep reading for details. The Great
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(Bloomberg) — Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand. Futures rose 5% in New York this week for a third straight weekly gain as Pfizer Inc. and BioNTech SE requested emergency authorization of their Covid vaccine Friday. Moderna Inc.
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(Bloomberg) — Oil edged lower with growing virus restrictions and signs the labor-market recovery may be slowing in the U.S. dampens the near-term demand outlook. Futures fell as much as 1.8% in New York before closing little changed as the dollar erased gains late in the trading session, boosting the appeal for commodities priced in
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(Bloomberg) — Oil rose to its highest since early September following further progress on a coronavirus vaccine, with investors shrugging off a smaller-than-expected build in U.S. stockpiles. Futures in New York jumped as much as 2.5% on Wednesday, but gave up some of those gains in the wake of news that New York City will shut down
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(Bloomberg) — Oil closed higher as a weaker dollar offset an OPEC+ committee’s decision to hold off on offering a recommendation on whether a planned production hike should move forward. Futures rose 0.2% in rose in New York in an afternoon rally after falling as much as 1.9% earlier in Tuesday’s session. The Bloomberg Dollar
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(Bloomberg) — Oil gained the most in a week amid signals a Covid-19 vaccine is highly effective against the coronavirus, boosting optimism that an uptick in demand may be nearing. Futures climbed 3% and the Dow Jones Industrial Average briefly touched an intraday record after Moderna Inc. said its vaccine had 94.5% efficacy in a preliminary analysis
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(Bloomberg) — Enbridge Inc.’s battle with Michigan escalated on Friday as the governor took new legal action to shut down a key pipeline that supplies Central Canadian refineries. Governor Gretchen Whitmer filed a complaint in Ingham County Circuit Court seeking to “revoke and terminate” a 1953 easement that allows Enbridge to operate under the Straits of Mackinac,
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Articles about a supermajor’s shrinking oil refining footprint, expectations about a change in the U.S. government and a chemical firm’s new energy venture all ranked among the most-viewed articles this past week among Rigzone’s downstream readers. Read on for details. Shell to Close Gulf Coast Refinery As it continues to seek a buyer for the
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(Bloomberg) — Oil declined for a second session as rising Covid-19 cases threatened to derail demand with tougher restrictions in major U.S. cities on the horizon. Futures fell 2.4% in New York on Friday, but still posted the largest weekly gain in a month as optimism from news of a potential Covid-19 vaccine breakthrough jolted markets earlier
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(Bloomberg) — The price to drill an acre of land in the biggest U.S. shale basin has tumbled amid the oil rout, creating conditions ripe for more mergers and acquisitions. Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals, down 67% from 2018, according
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U.S. President-elect Joe Biden leaves The Queen theater in Wilmington, Delaware, on November 9, 2020. ANGELA WEISS | AFP | Getty Images LONDON — The prospect of a Joe Biden presidency and the most progressive climate strategy the U.S. has ever attempted is not something that should concern the energy industry, oil and gas executives
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(Bloomberg) — Oil edged higher but pared earlier gains as the risk of renewed lockdowns crimping demand in the near-term restrained a vaccine-driven rally. Futures in New York closed slightly higher Wednesday, retreating from an earlier two-month intraday high. In addition to Monday’s vaccine news, the market is finding some support with OPEC and its
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(Bloomberg) — Oil rose to its highest in more than two months in London on optimism that a potential coronavirus vaccine will boost demand, offsetting immediate concerns over growing virus lockdowns. Futures in London climbed 2.9% to the highest since early September, extending Monday’s gain following encouraging results from a large-scale vaccine trial. While headline prices are
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(Bloomberg) — Oil surged by the most since May as news of a potential Covid-19 vaccine breakthrough injected fresh hope that an end is in sight to the worst demand slump in decades. Futures spiked 8.5% in New York alongside a broader market rally after news that a vaccine being developed by Pfizer Inc. and BioNTech SE prevented more
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Two major LNG projects in Asia, one underway and another in the conceptual stages, ranked among the most viewed articles this past week among Rigzone’s downstream audience. Although one project focuses on LNG exports while the other one would receive imports, they both underscore the fuel’s importance in economic growth across the continent. Keep reading
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The number of rotary drilling rigs operating in the United States hit the 300 mark this week, Baker Hughes Co. (NYSE: BKR) reported Friday. The latest U.S. rig count represents a week-on-week jump of four drilling units. The number of U.S. oil rigs grew by five this week to 226 units. The U.S. gas rig
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(Bloomberg) — Oil pared its weekly gain as a resurgent pandemic raised the risk of further demand destruction, while the market awaits the outcome of a tightly contested U.S. election. Futures in New York dropped 4.3% on Friday, the largest one-day decline in more than a week. Increasing expectations over OPEC+ delaying its planned output
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