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☆ Exclusive: Exxon prepares to start up $1.2 bln Texas oil refinery expansion - sources
▼ + stars: | 2023-01-13 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States. SHALE OIL TO DIESELExxon had no immediate comment on the start up of the new processing unit, called the Beaumont Light Atmospheric Distillation Expansion (BLADE) project. BLADE, considered as early as 2014 and formally approved in 2019, was planned to process Exxon's crude oil pumped from the Permian shale field in West Texas and New Mexico. Operators at the Beaumont refinery this week were purging the new CDU of air in preparation to introduce its first crude, the people familiar with the matter said. POST-PANDEMIC MILESTONEExxon's Beaumont expansion marks a return to an era of steady refining capacity gains through processing tweaks and adding new equipment to existing plants.

☆ School lunch, eggs and airfare: Why inflation soared for 10 items in 2022
▼ + stars: | 2023-01-13 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Here's a look at the 10 items with the largest price gains, as measured by the annual inflation rate in December. Food at school: 305.2%The price of a meal at elementary and secondary schools spiked the most in 2022, by a whopping 305%. Overall food prices have been pressured on many fronts, too, funneling into school meals. Oil prices retreated in the second half of the year, though, as fears mounted of a possible recession and an accompanying weakness in oil demand. Monthly milk production among major suppliers fell each month from September 2021 to June 2022, according to the U.S. Department of Agriculture.

☆ U.S. consumer prices fall in December; weekly jobless claims edge down
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +4 min

[1/2] A man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The consumer price index dipped 0.1% last month after gaining 0.1% in November, the Labor Department said on Thursday. Gasoline prices fell 12.5% in December, according to data from the U.S. Energy Information Administration. Prices for used cars and trucks are also declining as the supply of motor vehicles improves. Part of the surprise drop in claims reflects challenges adjusting the data for seasonal fluctuations at the start of the year.

☆ Oil rises on China demand hopes, U.S. inflation in focus
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil rose about 1% on Thursday supported by optimism over China's demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason Neely and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steadies amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil steadied on Thursday as optimism over China's demand outlook was tempered by caution over whether upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil trades flat amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SINGAPORE, Jan 12 (Reuters) - Oil prices traded mostly flat on Thursday, giving up gains made earlier in the day, as optimism over China's demand outlook was tempered by caution ahead of upcoming inflation data from the United States. Both benchmarks had risen 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. "China is speeding up stockpiles for crude oil ahead of the Lunar New Year holiday, as the demand outlook has been improved amid a U-turn in its COVID policy," said Tina Teng, an analyst at CMC Markets. Upcoming U.S. inflation data, however, is a key risk factor for oil, CMC Market's Teng added. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

Jan 12 (Reuters) - Oil prices edged up on Thursday, building on gains in the previous session as China's demand outlook improved, though gains were limited ahead of upcoming inflation data from the United States. Both benchmarks rose 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. Upcoming U.S. inflation data however is a key risk factor for oil, CMC Market's Teng added. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

Jan 12 (Reuters) - Oil prices rose in early trade on Thursday, building on gains in the previous session as China's demand outlook improves and concerns rise over the impact of sanctions on Russian supply. Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. Russian Deputy Prime Minister Alexander Novak said the country's oil producers have had no difficulties in securing export deals despite Western sanctions and price caps. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

☆ Why we still like Coterra Energy despite the recent fall in natural gas prices
▼ + stars: | 2023-01-12 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

U.S. natural gas prices rose nearly 4% Thursday to roughly $3.81 per million British thermal units (MMBtu). Thursday's natural gas gains — on top of a 0.88% jump on Wednesday — reverse some of its recent losses. As recently as Dec. 15, U.S. natural gas prices settled at nearly $7 per million British thermal units. Pioneer Natural Resources (PXD), by contrast, has generated 11% of its operating revenue from natural gas over the same span. This helps explain why the Club hasn't run for the hills as natural gas prices fell in recent weeks.

Working gas stocks in underground storage were 293 billion cubic feet (-9%) below the pre-pandemic five-year seasonal average on Dec. 30 compared with a deficit of 71 billion cubic feet (-2%) on Dec. 16. Chartbook: U.S. gas prices and inventoriesTraders no longer fear inventories will run critically low this winter; they are instead preparing to deal with a large surplus that will need to be stored in the summer of 2023. The market moved from a record inventory depletion (-995 billion cubic feet) in January 2022 to a record seasonal accumulation (+442 billion cubic feet) in October 2022. Exports increased by 2,001 billion cubic feet (+54%), mostly in the form of increased LNG exports of 1,418 billion cubic feet (+79%). Related columns:- U.S. gas exports squeeze domestic supply (Reuters, Sept. 29)- U.S. power producers are consuming near-record volumes of gas (Reuters, Aug. 2)- U.S. gas prices climb as stocks fail to rebuild fast enough (Reuters, July 29)- U.S. gas production must accelerate to meet LNG export demand (Reuters, June 1)John Kemp is a Reuters market analyst.

U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket," said Edward Moya, senior market analyst at data and analytics firm OANDA. Analysts polled by Reuters had forecast a 2.2 million-barrel decline in crude stocks, and industry data from the American Petroleum Institute (API) showing a 14.9 million-barrel build. ,EIA this week forecast U.S. crude production will reach all-time highs in 2023 and 2024.

☆ Oil slips as U.S. crude, fuel inventories reignite demand concerns
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Oil prices fell on Wednesday, erasing the previous session's gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world's biggest oil user, which reignited worries about fuel demand. Analysts polled by Reuters expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The big focus this week is on U.S. inflation data, due on Thursday. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

☆ Oil edges higher as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Goldman Sachs expects that the growing ability of the Organization of the Petroleum Exporting Countries (OPEC) to raise prices without hurting demand too much will limit downside risks to its bullish oil forecast for 2023. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil rises 1% as petroleum demand set to touch record next year
▼ + stars: | 2023-01-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

ETHOUSTON, Jan 10 (Reuters) - Oil prices climbed marginally on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Thursday's data "could easily clarify the direction of the financial and oil markets for weeks to come", said Tamas Varga of oil broker PVM. A weaker dollar can boost demand for oil, as greenback-denominated commodities become cheaper for holders of other currencies. But analysts said a revival of Chinese demand may only give oil prices limited support under downward pressure from the global economy. Separately, U.S. stockpiles of crude oil and distillates were expected to have fallen last week, a Reuters poll showed.

☆ Oil weakens on China uncertainty; U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.06, or 1.3%, to $82.20 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ Oil weakens on China uncertainty, U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.01, or 1.2%, to $82.25 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ Here's why the U.S. electric grid isn't running on 100% renewable energy yet
▼ + stars: | 2022-12-29 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +15 min

Intermittency and transmissionOne of the biggest barriers to a 100% renewable grid is the intermittency of many renewable power sources. Wind resources in the United States, according to the the National Renewable Energy Laboratory, a national laboratory of the U.S. Department of Energy. National Renewable Energy Laboratory, a national laboratory of the U.S. Department of Energy. Solar resources in the United States, according to the the National Renewable Energy Laboratory, a national laboratory of the U.S. Department of Energy. National Renewable Energy Laboratory, a national laboratory of the U.S. Department of Energy.

☆ Costs and uncertainty cloud oil outlook, says Dallas Fed
▼ + stars: | 2022-12-29 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

The index was at 57.7 in the second quarter of this year, the highest reading in the survey's history. U.S. shale oil growth has also showed signs of slowing. Some 32% of executives polled said cost inflation and supply chain bottlenecks were the biggest drags on oil and gas production growth, while 27% cited maturing oilfields. Overall, executives polled were less optimistic about the future with the company outlook index falling by 20 points to 13.1, below the series average. The outlook uncertainty index jumped to 40.1 from 35.7 the prior quarter.

☆ Oil expected to stay volatile in 2023, but the price could depend on China reopening
▼ + stars: | 2022-12-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +10 min

Keeping a lid on prices Oil futures fell Wednesday amid signs that China is moving ahead to normalize its economy, with the removal of border and travel restrictions. Russia's invasion of Ukraine was the biggest shock to the oil market in the past year, sending prices spiking in the first quarter. Under some scenarios, a strong reopening in China could drive oil close to about $120 if supply is short. The latest efforts to penalize Russia were Europe's ban on seaborne oil, as of Dec. 5, as well as a G-7 price cap on the price Russia can receive for its oil. Morse said more oil supply is coming on line from the U.S. and other Western Hemisphere producers in 2023.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

☆ A coal mine is on fire in Utah leaving a small town at risk
▼ + stars: | 2022-12-21 | by ( Sara Ruberg | Sara Ruberg Is A News Associate With Nbc News. | ) www.nbcnews.com time to read: +3 min

The Trump administration gave several towns relying on oil, gas and coal a boost by cutting royalty payments and expanding projects. East Carbon is a coal town, one of only a few hundred still hanging on. Emery County Coal Resources, which is a subsidiary of American Consolidated Natural Resources, owns Lila Canyon Mine and did not reply to several requests for comment. Utah relies heavily on coal for energy: 61% of the state’s electricity net generation came from coal-fired plants. But Porter said Emery County Coal Resources, the company that runs the mine, has a solid plan to extinguish it.

☆ Column: U.S. LNG exports both a lifeline and a drain for Europe in 2023
▼ + stars: | 2022-12-20 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LITTLETON, Colo., Dec 20 (Reuters) - Record liquefied natural gas (LNG) exports from the United States helped soften the blow to Europe from sharply lower Russian pipelined natural gas supplies in 2022, and will remain a vital energy source for the continent in 2023. But the surging cost of U.S. LNG supplies - which have roughly doubled since late 2021 - look set to come under closer scrutiny in 2023 as governments, utilities and households across Europe move to mend tattered budgets. The United States looks set to remain Europe's top LNG seller in 2023 as U.S. LNG exporters have greater volumes of LNG available for spot market purchases than other major exporters like Qatar, and as additional U.S. export capacity comes on line. LNG export flows by continent by top three global LNG exportersU.S. exporters also enjoy a significant freight cost advantage over Australia and Qatar - the world's largest overall LNG exporters. This means that the United States will remain the primary supplier of LNG to Europe for at least 2023.

A large dent has also come from industrial sectors forced to curb output as high gas prices make production uneconomic with some firms shifting production to regions with cheaper energy. FIGHT FOR SUPPLIESThe obvious way to boost supplies is through liquefied natural gas (LNG). That may not happen next year, meaning Europe would face fierce competition for LNG that would drive up the cost. Record high prices in Europe, however painful, helped the region to secure record volumes of LNG imports this year. Benchmark European gas prices hit a peak in August of more than 300 euros/MWh.

☆ Nuclear fusion breakthrough: Scientists generate more power than used to create reaction
▼ + stars: | 2022-12-13 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

Fusion is the way that the sun makes power, but recreating a useful fusion reaction here on earth has eluded scientists for decades. The National Ignition Facility target chamber at the Lawrence Livermore National Laboratory is where scientists shoot lasers and watch and measure what happens when those lasers collide on a fuel source. Reaching ignition means the fusion experiment produced more energy from fusion than the laser energy that used to drive the reaction. "For the first time on Earth, scientists have confirmed a fusion energy experiment released more power than it takes to initiate, proving the physical basis for fusion energy. But it's proven extremely challenging to sustain a fusion reaction here on earth, and scientists have been trying for decades.

☆ Democratic lawmakers accuse big oil companies of 'greenwashing'
▼ + stars: | 2022-12-09 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

A pair of Democratic lawmakers on Friday accused the largest oil companies in the United States of "greenwashing" their public image and not doing enough to decarbonize fast enough to meet climate change targets. These efforts are particularly offensive, Maloney and Khanna said, because of the amount of money the biggest oil companies are making right now. Burning natural gas produces about 117 pounds of carbon dioxide per million British thermal units (a measure of heat). That's compared with 200 pounds for coal and 160 pounds for fuel oil. Equally critically, the production of natural gas results in leaks of methane all throughout the production process and methane is a greenhouse gas, too.

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