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☆ Oil inches higher on summer demand outlook
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: +2 min

That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.

Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China

☆ Oil prices lower as senior Israeli official sees signs of progress on hostage deal
▼ + stars: | 2024-02-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were slightly lower Thursday as a senior Israeli official sees initial signs of progress toward a deal to release hostages held in Gaza and as the market awaits for U.S. inventory data. The West Texas Texas Intermediate contract fell 47 cents, or 0.6%, to $77.44 a barrel. White House Middle East envoy Brett McGurk will meet with Prime Minister Benjamin Netanyahu Thursday to discuss efforts to free hostages held by Hamas. A temporary ceasefire in exchange for releasing hostages in Gaza would potentially reduce the risk of the conflict engulfing the Middle East and disrupting crude supplies. Futures are down less than 1% week to date, after crude rallied last week on escalating tensions in the Middle East.

Persons: Brent, Benny Gantz, Brett McGurk, Benjamin Netanyahu Organizations: West Texas Texas Intermediate, Hamas, U.S . Energy Information Agency Locations: Gaza, East

A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. In response, drilling rates have fallen with an average of just 501 rigs drilling for oil in October 2023 down from 623 in December 2022. U.S. GAS PRODUCTIONLike oil production, U.S. gas output has also continued to increase, a lagged response to high prices in 2022, but the subsequent slump in prices has been more severe and is causing a more pronounced slowdown in output growth. The combination of fewer drilling rigs, slower production growth, faster exports, and ultra-low prices stimulating consumption by power generators has largely eliminated surplus inventories carried over from 2022. Related columns:- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)John Kemp is a Reuters market analyst.

Persons: Nick Oxford, John Kemp, Emelia Sithole Organizations: REUTERS, U.S . Energy Information Administration, “ Petroleum, Twitter, Thomson, Reuters Locations: Lea County , New Mexico, U.S, Gulf, Mexico, Chartbook, Ukraine, Saudi Arabia, Russia, OPEC, Saudi

Sheriff Merry declined to comment in detail about the reported threats, and it was unclear whether any other departments that received the sheriff’s alert had tried to locate Mr. Card. It was not immediately clear how often such alerts are issued; two law enforcement leaders in Maine said on Saturday that they receive many and did not recall receiving the alert about Mr. Card. Mr. Card enlisted in the Reserve in 2002 and was trained as a petroleum supply specialist, whose work involved shipping and storing fuel; he did not serve on any combat deployments. Earlier on Saturday, the commissioner of the public safety department said that Mr. Card had been paranoid and may have been hearing voices. Mr. Sauschuck said he had no information to suggest that Mr. Card had ever been forcibly committed for mental health treatment.

Persons: Sheriff Merry, Card, Michael J, Sauschuck, ”, Mr Organizations: Maine Department of Public, Associated Press, Sheriff, Pentagon, Card, National Guard Locations: Maine, Peekskill, N.Y

[1/3] A man identified as a suspect by police points what appears to be a semiautomatic rifle, in Lewiston, Maine, U.S., October 25, 2023. Card appeared to have died from a self-inflicted gunshot wound, Maine Public Safety Commissioner Mike Sauschuck told reporters at a late-night briefing. He did not say how long the suspect was thought to have been dead or what led authorities to locate his body. The shootings and prolonged manhunt terrorized the normally bustling but serene community of Lewiston, a former textile hub and the second-most populous city in Maine. Lisbon Falls, where Card was found dead, is the next town along the river.

Persons: Robert R, Mike Sauschuck, Sauschuck, Robert Card, Janet Mills, Gabriella Borter, Julia Harte, Jonathan Allen, Rich McKay, Daniel Trotta, Steve Gorman, Raju Gopalakrishnan Organizations: Facebook, REUTERS Acquire, Rights, U.S . Army, Maine Public, Army, Maine State Police, CNN, Thomson Locations: Lewiston , Maine, U.S, Androscoggin County, Rights LEWISTON , Maine, Lisbon Falls, Maine, Lewiston, Androscoggin, Portland, Bowdoin, Saco , Maine, Lisbon, New York, Atlanta, Carlsbad , California

☆ Maine shooting manhunt enters second day; residents still sheltering in place
▼ + stars: | 2023-10-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Authorities were still searching Friday for the suspect in a mass shooting that killed at least 18 people at a bowling alley and a bar in Lewiston, Maine, as the massive, multi-agency effort entered its second day. A warrant has been issued for the arrest of Robert Card, 40, of Bowdoin, Maine on multiple counts of murder. Card is considered armed and dangerous and should not be approached under any circumstances, police said. Residents in Androscoggin County and northern Sagadahoc County were under shelter in police orders and had been told to lock their doors as federal, state, county and municipal law enforcement searched for Card, police said. As recently as this summer, Card suffered from mental health issues, law enforcement and Defense Department officials told NBC News.

Persons: Robert Card Organizations: Police, Army Reserve, Defense Department, NBC News, Army Locations: Lewiston , Maine, Bowdoin , Maine, Androscoggin County, Sagadahoc County, Bowdoin

The official said that Mr. Card was later evaluated at a mental health facility. Mr. Card was in his hometown, Bowdoin, to hunt deer as recently as last fall, a neighbor of his family said. Robert has a brother who had also been in the military and a younger sister, Mr. Goddard said. At the address for the Card family home, no one answered the door on Thursday, and there was only one car parked out front. “We’re on edge right now because we know this is his stomping area,” Mr. Goddard said.

Persons: Robert R, ” Col, William G, Ross, Card, Camp Smith, Bryce Dubee, Dubee, Bowdoin, Rick Goddard, Robert, Goddard, Card’s, Mr Organizations: Maine State Police, Pentagon, Army Reserve, 3rd Battalion, 304th Infantry Regiment, Army, Police, National Guard, West, Subaru, Bowdoin, Mr Locations: Maine, Lewiston, U.S, Saco , Maine, West, Card’s, Lisbon

LEWISTON, Maine, Oct 27 (Reuters) - The man suspected of killing 18 people and wounding 13 in a shooting rampage in Lewiston, Maine, was found dead of a likely self-inflicted gunshot wound on Friday, ending a 48-hour manhunt that followed the most lethal episode of gun violence in the state's history. "He is dead," Maine Governor Janet Mills told a news conference, thanking the hundreds of officers from various agencies involved in the search. Card died of an apparently self-inflicted gunshot wound, said Mike Sauschuck, Maine's Department of Public Safety commissioner. [1/6]Maine's Governor Janet Mills holds a news conference after Lewiston mass shooting suspect Robert Card was found dead, in Lewiston, Maine, U.S., October 27, 2023. Nine deaf people were playing in a weekly tournament at Schemengees, the sister of one of the victims told the Lewiston Sun Journal.

Persons: Robert R, Janet Mills, Robert Card, Mills, Card, Mike Sauschuck, Kevin Lamarque, Sauschuck, Joshua Seal, Noel Sullivan, Seal, Sullivan, Stephen Vozella, Bryan MacFarlane, Keri Brooks, Bill Young, Aaron, Bill's, Rob Young, Bob Violette, Lucille Violette, Cassandra Violette, Tricia Asselin, Joseph Walker, Leroy Walker, Joey, Gabriella Borter, Julia Harte, Rich McKay, Daniel Trotta, Steve Gorman, Mark Porter, Jonathan Oatis, David Gregorio, Leslie Adler, William Malard, Raju Gopalakrishnan Organizations: Maine's Department of Public, U.S . Army, Maine State Police, Army, Lewiston, REUTERS, Authorities, Lewiston Sun, Pine Tree Society, Sun Journal, New, Deaf Cornhole, Reuters, Thomson Locations: LEWISTON , Maine, Lewiston , Maine, Lisbon Falls, Maine, Lewiston, Androscoggin, Portland, Maine's, Augusta, Bowdoin, Saco , Maine, U.S, Lisbon, Schemengees, Pine, New York, Atlanta

☆ Maine shooting suspect is U.S. Army Reserve petroleum supply specialist, Army says
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person of interest identified by police as Robert Card is seen in this handout image released October 25, 2023. Lewiston Maine Police Department via Facebook/Handout via REUTERS Acquire Licensing RightsWASHINGTON, Oct 26 (Reuters) - The person at the center of a police manhunt following a mass shooting in Maine, Robert Card, is a petroleum supply specialist in the U.S. Army Reserve with more than two decades in the service and no prior overseas deployments, the Army said on Thursday. Card, a sergeant 1st class, enlisted in Dec. 2002, the Army said. State and local police identified Card, who reportedly had been committed to a mental health facility over the summer, as a person of interest in Wednedsay's shooting. Reporting by Phil Stewart and Idrees Ali; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Card, Phil Stewart, Idrees Ali, Chizu Organizations: Lewiston, Lewiston Maine Police Department, Facebook, REUTERS Acquire, Rights, U.S . Army Reserve, Army, Thomson Locations: Lewiston Maine, Maine

After spending the night indoors, afraid to even open the curtains, Traelynn Smith, 19, and Serenity Moczara, 18, ventured out around lunchtime Thursday to get something to eat. “I’ve never seen my state like this.”Colonel Ross said on Thursday that a vehicle found at a boat landing in Lisbon, Maine, about eight miles from Lewiston, had been connected to Mr. Card. He had no combat deployments and served as a petroleum supply specialist, shipping and storing vehicle and aircraft fuel. The official said that Mr. Card was later evaluated at a mental health facility. The first 911 call reporting gunfire at the bowling alley on Wednesday came in at 6:56 p.m., Colonel Ross said.

Persons: Traelynn Smith, Moczara, Smith, ”, “ I’ve, Colonel Ross, Card, Camp Smith Organizations: Mr, Military, Army Reserve, 3rd Battalion, 304th Infantry Regiment, National Guard Locations: Lisbon , Maine, Lewiston, Saco , Maine, West, New York

☆ Robert Card, the Maine shooting suspect, was a skilled marksman, former Army Reserve colleague tells CNN
▼ + stars: | 2023-10-26 | by ( John Miller Curt Devine Casey Tolan Isabelle Chapman Allison Gordon | John Miller | Curt Devine | ) edition.cnn.com time to read: +5 min

“Out of concern for his safety, the unit requested that law enforcement be contacted,” said the spokesperson, Col. Richard Goldenberg. Card then spent a few weeks under evaluation at the hospital, the law enforcement officials said. The 40-year-old Card also threatened to shoot up a National Guard base in Maine, law enforcement officials previously told CNN. Card is a petroleum supply specialist in the Army Reserve and first enlisted in 2002, according to records provided by the Army on Thursday. Clifford Steeves of Massachusetts told CNN he knew Card when they served in the Army Reserve together, starting in the early 2000s until about a decade ago.

Persons: outdoorsman, Robert R, Camp Smith, ”, Richard Goldenberg, Card, Card’s, Katie O’Neill, ” O’Neill, Clifford Steeves, ” Steeves, “ It’s, “, Steeves, Eric Gordon, Brittney Griner, Joe Biden, Dinesh D’Souza, Donald Trump Jr, Tucker Carlson Organizations: CNN, Army Reserve, Camp, Keller Army Community Hospital, United States Military Academy, National Guard, Richard Goldenberg . New York, Police, Card, Army, former Army Reserve, University of Maine, Public, Lewiston ., CNBC Locations: Maine, Lewiston , Maine, New York, Richard Goldenberg ., Massachusetts, Wisconsin , Georgia, Bowdoin , Maine, Lewiston, Lisbon , Maine

☆ Where is Robert Card? Manhunt for Lewiston, Maine shooting suspect comes with challenges
▼ + stars: | 2023-10-26 | by ( Dakin Andone | ) edition.cnn.com time to read: +6 min

Card is a certified firearms instructor, law enforcement officials in Maine told CNN. Lewiston Police Department identified Robert Card as a "person of interest" involved in the Lewiston shooting. “I would say living up in Maine he has more outdoor experience than most people get in their bootcamp experience in the Army,” D’Amico said. His careful planningSeveral law enforcement experts also pointed to what they said was evidence of careful planning by the suspect. Those are unknowns,” said CNN Chief Law Enforcement and Intelligence Analyst John Miller.

Persons: Robert Card, Maine’s, ”, Jonathan Wackrow, he’s, Clifford Steeves, Rob D’Amico, D’Amico, Michael Harrison, ” Harrison, Steeves, Chellie Pingree, “, ” D’Amico, “ He’s, Juliette Kayyem, Wackrow, John Miller, ” Miller, who’s Organizations: CNN, US Army, Army, Card’s Army Reserve Unit, Lewiston Police, Lewiston Police Department, FBI, CNN Card, Army Reserves, US, Subaru, Intelligence Locations: Maine, Lewiston, Portland, Baltimore, Lisbon

Image Robert Card. Mr. Card was last known to be driving a white Subaru Outback with a black bumper, officials said. The neighbor, Rick Goddard, 44, said he had known the Card family most of his life, because Mr. Goddard lives less than a mile down the road from the Card family house. At the address for the Card family home, no one answered the door on Thursday, and there was only one car parked out front. “We’re on edge right now because we know this is his stomping area,” Mr. Goddard said.

Persons: Robert R, Robert Card, ” Col, William G, Ross, Robert Russell Card II, Card, Bowdoin, Rick Goddard, Goddard, Robert, Card’s, Mr Organizations: . Lewiston, . Lewiston Maine Police Department, Associated Press, Maine State Police, Pentagon, Army Reserve, Subaru, Bowdoin, Mr Locations: Maine, Lewiston ., ., . Lewiston Maine, U.S, Lisbon, Lewiston

Based on the historical record, after prices peak it takes on average 5 months for drilling to turn down and 12 months for production to decline. Following the drilling peak, Lower 48 output is likely to peak in the third quarter of 2023, as exploration and production firms work their way through the inventory of drilled but uncompleted oil wells. Chartbook: U.S. oil and gas productionOn the gas side, dry production amounted to 3,082 billion cubic feet in June, an increase of 4% compared with the same month a year earlier (“Natural gas monthly”, EIA, Aug. 31). Like oil, though perhaps a few months later, gas production is likely to peak and turn lower before the end of 2023 as low prices and the slowdown in drilling filter through. Related columns:- Oil market to tighten modestly in late 2023 (August 17, 2023)- U.S. oil and gas production begins to flatten (August 4, 2023)- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)John Kemp is a Reuters market analyst.

Persons: Baker Hughes, John Kemp, Kirsten Donovan Organizations: U.S . Energy Information Administration, “ Petroleum, Saudi, Thomson, Reuters Locations: Gulf, Mexico, Ukraine, U.S, Saudi Arabia, Russia

A flare burns off excess gas from a gas plant in the Permian Basin in Loving County, Texas, U.S., November 25, 2019. Experience suggests drilling rates turn down about 4-5 months after futures prices and production rates turn down about 12 months after prices. Like oil, gas production has continued to increase in a lagged response to very high prices during the second and third quarters of 2022. Gas production growth is set to slow sharply in the second half of 2023 and into the first half of 2024 which should erode excess inventories during the winter of 2023/24. Related columns:- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.

Persons: Angus Mordant, John Kemp, David Evans Organizations: REUTERS, Angus Mordant LONDON, “ Petroleum, U.S . Energy Information Administration, OPEC ⁺, Traders, Thomson, Reuters Locations: Loving County , Texas, U.S, Gulf, Mexico, Ukraine, Saudi Arabia, OPEC, Saudi

LONDON, June 2 (Reuters) - U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. Chartbook: U.S. manufacturing and energy useBecause manufacturing output is closely correlated with consumption of distillate fuel oils and industrial electricity use, the downturn is filtering through into significant reductions in energy consumption. Electricity sales to industrial customers also fell in seven of the eight months ending in February 2023, again the most recent data available (“Monthly energy review”, EIA, May 25). Between December 2022 and February 2023, industrial power sales were down more 2.4% compared with a year earlier (14th percentile for all three-month periods since 1980). Only the residual strength of service sector spending has so far prevented the “industrial recession” becoming a whole-economy recession.

Persons: John Kemp, David Evans Organizations: Manufacturers, Institute for Supply Management, “ Petroleum, U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: U.S

LONDON, June 1 (Reuters) - U.S. oil and gas production continued to rise strongly in March - the delayed impact of very high prices that prevailed until the third quarter of 2022. Gas output climbed to a record 9,180 billion cubic feet in the first quarter and was also 7% higher than a year before. The lagged impact of these earlier high prices should start to fade from the third quarter, and especially the fourth quarter. The contrast between fairly average crude inventories and a large surplus in gas explains why oil prices are close to the post-2000 average in real terms while gas prices are still trading near to their lowest point. Related columns:- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. gas prices slump after mild winter leaves big surplus (March 24, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Sriraj Organizations: U.S . Energy Information Administration, Petroleum, Thomson, Reuters Locations: Gulf of Mexico, Alaska

But growth is set to decelerate sharply as the more recent slump in prices curtails new drilling and well completions, with the impact evident by the fourth quarter of 2023. Chartbook: U.S. oil and gas productionMuch of the increase was the lagged effect of high prices and additional drilling during the first nine months of 2022. Slower drilling will filter through into slower production growth before the end of 2023, helping offset slower consumption growth as a result of the business cycle downturn. GAS PRODUCTIONU.S. gas production increased to a record 5,984 billion cubic feet in the first two months of 2023, up from 5,600 billion cubic feet in the same period in 2022, an increase of almost 7%. Working gas inventories in underground storage amounted to 2,009 billion cubic feet on April 21 compared with 1,484 billion cubic feet at the same point a year earlier.

Distillate stocks stood at 112 million barrels on April 14, down from 122 million on March 3, according to the U.S. Energy Information Administration (“Weekly petroleum status report”, EIA, April 19). The recent run-down in inventories has partially reversed the previous accumulation, which had seen the deficit narrow from -31 million barrels (-22% or –2.05 standard deviations) on October 7. CYCLICAL SLOWDOWNThe broader picture is still that U.S. distillate consumption is falling in line with the slowdown in manufacturing and freight activity. For now, inventories are still well below the long-term average, ensuring prices, calendar spreads and cracks have remained elevated. Related columns:- Global diesel prices fall as economic slowdown intensifies (April 5, 2023)- U.S. diesel consumption falls as economy slows (March 1, 2023)- U.S. diesel stocks start the year critically low (February 2, 2023)John Kemp is a Reuters market analyst.

Nearly 80% of distillates are used in freight transport, manufacturing and construction, so fuel consumption is closely geared to the manufacturing and freight cycle. Growth in both manufacturing activity and distillate consumption peaked in the first half of 2021 as the economy rebounded after the first wave of the pandemic. Distillate consumption also fell below prior-year levels in six of the nine months between April and December 2022 as demand dropped. Slower consumption created some scope to stabilise depleted distillate inventories towards the end of 2022. Notwithstanding the impact of poor weather, growth seems to have been decelerating slightly since November, as oil prices and drilling rates have fallen.

Distillate inventories amounted to 118 million barrels on Jan. 27, which was 24 million barrels (-17% or -1.43 standard deviations) below the prior ten-year seasonal average. The inventory deficit has narrowed from 31 million barrels (-22% or -2.05 standard deviations) on Oct. 7 (“Weekly petroleum status report”, U.S. Energy Information Administration, Feb. 1). Chartbook: U.S. distillate fuel oil inventoriesBy contrast, distillate consumption has been restrained by high prices and the marked slowdown in the industrial economy. Growth in distillate consumption peaked in late 2021 and has been weakening steadily since then, with consumption down year-on-year in most months since April 2022. Related columns:- U.S. manufacturing is in recession (Reuters, February 1, 2023)- Recession now or later?

Chartbook: U.S. crude oil productionOilfield services company Baker Hughes says the number of rigs drilling for oil has risen by 455 in 119 weeks from its post-pandemic low in August 2020, an average of 3.9 per week. Completion rates rather than drilling rates provide a more reliable guide to future trends in production in the short term. The number of new oil and gas wells completed has been broadly stable just below 1,000 per month since March 2022 (“Drilling productivity report”, EIA, Nov. 14). Unless competition rates accelerate, the number of rigs drilling for oil and gas is likely to plateau around current levels, and oil production grow much more slowly in 2023. Related columns:- U.S. oil drilling rises in response to higher prices (Reuters, Feb. 25)- U.S. oil drilling likely to accelerate in 2022 (Reuters, Nov. 17, 2021)John Kemp is a Reuters market analyst.

The oil price jump helped push U.S. inflation to the highest level in 40 years. But the sale also bled the SPR, meant to be a protection against shocks in energy markets, to the lowest level since May 1984. And it helped to sour U.S. relations with Saudi Arabia which sided with Russia in early October in a deep oil production cut. Biden said on Oct. 19 the United States is ready to tap the SPR again early next year to rein in prices. Reporting by Katharine Jackson, Timothy Gardner and Ismail Shakil; Editing by Tim Ahmann, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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