Author: omc_admin

QatarEnergy and Exxon Mobil Corp. on Monday secured regulatory approval to commission their Sabine Pass, Texas liquefied natural gas (LNG) project. The go-ahead from the Federal Energy Regulatory Commission (FERC) applies to Golden Pass LNG’s boil-off gas compression system, LNG storage, liquefaction system, LNG pumps, and end flash gas compression system. The permit was requested December 2023. “[T]his approval does not grant Golden Pass the authority to commission or introduce hazardous fluids into other project facilities at the LNG terminal”, said a letter penned by Ghanshyam Patel, chief of LNG Branch 1 of FERC’s projects office. “Additional authorizations will be…

The only refinery in Scotland has stopped processing crude oil after 100 years of operation, as planned by its owners who announced the decision in the autumn of 2024.Last September, the owner of Scotland’s Grangemouth refinery, Petroineos, announced plans to close the crude processing facility as it has been struggling to compete with the new complex facilities in Asia, Africa, and the Middle East.Petroineos, a joint venture between PetroChina and INEOS, said it would transition the site to a finished fuels import terminal and distribution hub during the second quarter of 2025, subject to consultation with employees.“Grangemouth refinery is no…

Kraft Heinz lowered its full-year sales and earnings guidance Tuesday, citing weaker customer spending in the U.S. and the impact of President Donald Trump’s tariffs.It’s the latest big food company to sound the alarm over trade tensions and weak consumer demand. Last week, PepsiCo lowered its full-year earnings forecast, also citing tariffs. And earlier Tuesday, Coca-Cola noted a pullback in U.S. consumer spending due to economic uncertainty.Kraft Heinz acknowledged that it’s in a tough spot. It needs to keep prices low to prevent consumers from migrating to cheaper store brands of products like ketchup, mayonnaise and macaroni and cheese. But…

By Julianne Geiger – Apr 29, 2025, 10:00 AM CDT The World Bank predicts global commodity prices will fall sharply in 2025 and 2026. Energy prices are expected to see the most significant decline. The World Bank cites sputtering global growth, rising tariffs, and trade disruptions as the reasons for the decline. It looks like the post-COVID commodity party is over – with the World Bank predicting a rather bleak end. In its latest report, the bank predicts that global commodity prices will plunge 12% in 2025 and another 5% in 2026, dragging them all the way back to…

WASHINGTON—U.S. Secretary of Energy Chris Wright will travel to Griffin, Georgia, on Friday, May 2, to tour Rinnai America Corporation’s manufacturing facility. Secretary Wright will deliver remarks highlighting the Department’s progress in unleashing American energy dominance, protecting consumer freedom, and restoring energy leadership in the first 100 days of the Trump Administration. Since taking office, Secretary Wright has postponed several burdensome Biden-era appliance mandates, including the rule targeting non-condensing tankless water heaters.Rinnai is the only company manufacturing non-condensing tankless water heaters in the United States. A Biden-era rule would have effectively banned these products—putting more than 200 Georgia jobs at risk, undermining U.S.…

In an EBW Analytics Group report sent to Rigzone by the EBW team today, Eli Rubin, an energy analyst at the company, highlighted that the June natural gas contract “jump[ed]… into [the] NYMEX front month role”. “The May contract rolled off the board at $3.170 yesterday as natural gas buyers awakened from a month-long slumber,” Rubin noted in the report, which highlighted that the June natural gas contract closed at $3.343 per million British thermal units (MMBtu) on Monday. That close was up 22.9 cents, the report pointed out.  “While the near-term fundamental outlook remains very soft and Henry Hub spot…

U.S. Secretary of Energy Chris Wright today released the following statement marking President Trump’s 100th day in office. Energy.gov April 29, 2025  min minute read time WASHINGTON— U.S. Secretary of Energy Chris Wright today released the following statement marking President Trump’s 100th day in office:“Under President Trump’s leadership, the Department of Energy has restored American Energy Dominance and strengthened our position as the largest oil producer and LNG exporter in the world.“Following President Trump’s reversal of the reckless Biden LNG export ban, the Department of Energy has approved record levels of new U.S. LNG exports, adding as much incremental capacity in just…

In the final days of the Washington legislative session, lawmakers hashed out agreements to approve a bill that sets limits on rent increases and a measure that gives striking workers unemployment benefits. The two bills await decisions by Gov. Bob Ferguson, a Democrat.If signed into law, the rent stabilization bill would be among the first in the nation, adding Washington to states like Oregon and California that have sought new ways to curb homelessness. Washington joined Oregon in efforts to give striking workers unemployment payments, following recent walkouts by Boeing factory workers, hospital nurses and teachers in the Pacific Northwest.…

APA Corporation, together with its partners Lagniappe Alaska LLC of Armstrong and Oil Search (Alaska) LLC of Santos Limited, has completed a flow test at the Sockeye-2 exploratory well with satisfactory results. APA said in a media release that the well, located on state lands of the eastern North Slope, performed in line with expectations during the 12-day production test, averaging 2,700 barrels of oil per day during the final flow period, without artificial lift. The Sockeye-2 well was drilled to around 10,500 feet, yielding a high-quality Paleocene-aged clastic reservoir with an average porosity of 20 percent, the company said.…

The global oil market is in very rare territory right now, with futures pricing that points to near-term tightness while also flagging a “meaningful surplus” further out, according to Morgan Stanley. “The Brent forward curve has an unusual shape at the moment: downward sloping across the first nine contracts and upward sloping thereafter,” analysts including Martijn Rats and Charlotte Firkins said in a note. “This is so unusual that, in fact, there is little historical precedent,” they said. Crude has been rocked this month by the fall-out from the US-led trade war, moves by OPEC+ to boost supply at a…