Energy

  Bloomberg OPEC and its allies are seeking to pump less for longer in a quest for higher prices. The world’s biggest independent oil trader says their efforts could be in vain. Demand isn’t expanding as much as expected, and US shale output is growing faster than forecast, according to Vitol Group. That’s increasing the burden on the world’s biggest ...

  TOKYO / Reuters Saudi Arabia, the world’s biggest oil exporter, has notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since an OPEC output reduction took effect in January, two refining sources told Reuters on Wednesday. State-owned Saudi Aramco has told Asian buyers it is curtailing supplies for June to meet its ...

  Bloomberg Germans already footing the second-highest electricity bills in Europe may face even higher costs from the country’s decision to exit nuclear power early next decade. While there’s no risk of blackouts, costs could rise if transmission gaps emerge, according to Germany’s Bnetza regulator. Europe’s biggest power market is closing its last atomic plants in 2022 and is counting ...

  Bloomberg Oil held gains before government data forecast to show US crude stockpiles fell for a fifth week, further reducing an inventory surplus. Futures were little changed in New York, having recovered 6.3 percent since slumping to a five-month low on May 5. Stockpiles probably dropped by 2 million barrels last week, according to a Bloomberg survey before Energy ...

  TOKYO / Reuters Japan’s trade ministry on Monday reported success in producing gas last week by extracting methane gas from methane hydrate deposits offshore Japan’s central coast. The tests being run at two different wells are the first since 2013, when Japan achieved the world’s first-ever extraction of gas from offshore deposits of methane hydrate, a frozen gas known ...

  KUALA LUMPUR / Reuters Malaysian state-owned oil firm Petroliam Nasional Bhd said on Sunday its second floating liquefied natural gas (LNG) facility will be operational in 2020. Petronas loaded its first cargo from the Petronas Floating LNG (PFLNG) 1 in east Malaysia last month, becoming the first company to produce LNG from a floating production unit. The second one ...

  Bloomberg By the time Midwesterners fire up their furnaces this fall, the $2 billion Nexus pipeline is supposed to be pumping natural gas to heat homes from frosty Ohio to frostier Ontario. But six months out, the 255-mile (410-kilometer) pipeline exists only on paper. Until President Donald Trump fills key vacancies at an energy regulator, Nexus and other sprawling ...

  Bloomberg The number of spills tied to a natural gas pipeline that Energy Transfer Partners LP is building through Ohio is mounting. And so is the tension between the Dallas-based pipeline giant and state regulators. Last month, the company reported two spills that sent almost 50,000 barrels of drilling fluids flowing into Ohio wetlands while working to install its ...

  Bloomberg Natural gas in balmy Texas is feeling the chill of California’s snowy peaks 1,200 miles away. West Coast power producers are ditching gas in favor of cheap, plentiful hydroelectric power, which is surging after the wettest year ever across the Northern Sierra Nevada range. Much of that moisture fell as snow which is now melting, soaking fields, filling ...

  Bloomberg Oil resumed its decline as US production increased for an 11th week in the longest run of gains since 2012. Futures lost as much as 1.1 percent in New York after climbing 0.3 percent. Crude output rose to 9.29 million barrels a day, the highest level since August 2015, according to the Energy Information Administration. US inventories fell ...