Nov 17, 2019

Cost of heating oil looms over northeast U.S.

Photo: Hype Photography/Getty Images

Forecasts for a mild winter have kept oil prices relatively low, but a cold snap in the Northeast "may drive prices sharply higher for short periods to attract cargoes from further away," Bloomberg reports.

Why it matters: A Philadelphia refinery facility closed earlier this year, leaving only four along the East Coast. Questions over how the Philadelphia supply will be replaced “means we are going to draw stocks heading into the winter and are going to have a fairly tight market,” Robert Campbell, head of oil products research at Energy Aspects, told Bloomberg.

  • As a result of the closure, the Northeast will need an extra 100,000 barrels each day of heating oil and diesel, Bloomberg notes.
  • Meanwhile, homeowners will be left to compete with tankers and container ships starting in January, when new cleaner-fuel rules go into effect globally. That will divert some of the diesel that could be burned in homes to the vessels.

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America blows past the world in oil and natural gas

Data: Oil Change International and the Global Gas and Oil Network, with data from Rystad Energy; Chart: Danielle Alberti/Axios

America is poised to produce far more oil and natural gas over the next five years than any other country in the world, according to a new report.

Why it matters: It shows how America, already the world’s largest oil and gas producer, is poised to cement that position, with pivotal implications for geopolitics and climate change.

Go deeperArrowDec 10, 2019

OPEC+ to gather as challenges mount

OPEC Secretary General Mohammed Barkindo shakes hands with Russian President Vladimir Putin at the 2019 Russian Energy Week forum. Photo: Alexey Nikolsky/Sputnik/AFP via Getty Images

OPEC and Russia — among other allied producers — will gather in Vienna late this week to decide the future of their supply-limiting deal.

Why it matters: The OPEC+ group is struggling to prop up prices amid growing supplies from the U.S. and elsewhere, as well as rather soft demand and trade conflicts.

Go deeperArrowDec 2, 2019

Making sense of an oil giant's net-zero carbon pledge

Illustration: Rebecca Zisser/Axios

Oil-and-gas giant Repsol yesterday pledged to achieve net-zero carbon emissions by 2050 — becoming the first oil major to make a specific net-zero commitment (albeit a non-binding one).

Why it matters: Bloomberg notes that it's the "most ambitious attempt yet by an oil major to align itself with the Paris climate goals."

Go deeperArrowDec 3, 2019