28/8/24 Latest Crude oil, Gas Price and News
London, August 28, 2024, (Oilandgaspress) –– Oil prices rose in Asian trade buoyed by industry data pointing to another outsized draw in U.S. inventories, while tensions in the Middle East and supply disruptions in Libya also offered support. Data from the American Petroleum Institute showed U.S. oil inventories saw a draw of 3.4 million barrels in the week to August 23
Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian Basin as the company focuses on growing shale production after buying Pioneer Natural Resources Co. earlier this year.The package includes older wells in the Permian’s Central Basin that produce small but stable amounts of oil, according to people familiar with the matter who declined to be named because sale negotiations are private. It could fetch about $1 billion but is highly dependent on oil prices, they said. The value of deals in the oil and gas sector has doubled to $210 billion this year, according to data compiled by Bloomberg. Read More
A new report shows that deliveries for exploration, development projects and operation of Equinor-operated fields and onshore facilities in Norway had a value of more than NOK 134 billion in 2023, 94 per cent of which were invoiced by Norwegian suppliers.
Equinor plans to maintain its oil and gas production of around 1.2 million barrels per day from the Norwegian continental shelf towards 2035. At the same time, emissions will be halved by 2030 in line with the Paris Agreement. This results in a high level of activity in Norway and the ripple effect report shows increased activity. The largest increase is in exploration, of 26 per cent, which reflects increased exploration activity on the Norwegian shelf.
The report has been prepared by Kunnskapsparken Bodø (KPB), which has analyzed actual purchases of goods and services for Equinor-operated fields and onshore facilities, development projects and exploration activity from Hammerfest LNG in the north to the Sleipner field in the south. This is the first time development projects have been included, and the third time such a report has been made. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $75.54 | Down |
| Crude Oil (Brent) | USD/bbl | $79.59 | Down |
| Bonny Light 27/08/24 | USD/bbl | $85.21 | Up |
| Dubai | USD/bbl | $78.01 | Up |
| Natural Gas | USD/MMBtu | $1.89 | Down |
| Murban Crude | USD/bbl | $78.68 | Down |
| OPEC basket 27/08/24 | USD/bbl | $80.17 | Up |
Petrobras is actively searching for shale gas deals in Argentina, specifically in the prolific Vaca Muerta region, according to Bloomberg. This move aligns with PBR’s goal to diversify and enhance its natural gas supplies, which is a key factor in driving Brazil’s industrial growth. As part of a larger international expansion plan, this strategy underlines PBR’s ambition to restore its oil and gas reserves domestically and abroad while catering to rising energy demands. Read More
Lamborghini Iron Lynx will be aiming to bounce back from a disappointing race in Brazil as the FIA World Endurance Championship heads to the Circuit of the Americas in Texas for round five of the 2024 season this weekend.
The #63 crew of Mirko Bortolotti, Daniil Kvyat and Edoardo Mortara remains unchanged for the Lone Star Le Mans, with improved performance versus its rivals the key priority after a somewhat below-par previous round in São Paulo.
Of particular concern during the race in Brazil was the long-run pace on the harder Michelin Pilot compound tyre in the early stages of the race, which necessitated moving onto the faster, but less durable medium compound. This strategy initially left the #63 inside the top 10, but a drop in speed combined with a puncture in the second half of the race meant the crew could only finish 17th.. Source,
The 2024 Lamborghini Esperienza Corsa kicked off at the Zhejiang International Circuit, with Lamborghini Revuelto and Huracán Tecnica making a phenomenal appearance. This is the dynamic debut of the Revuelto – Lamborghini’s first High Performance Electrified Vehicle (HPEV) in China, delivering unrivalled driving excitement on the track to customers and enthusiasts. The Zhejiang International Circuit boasts 16 corners designed with different radii for varying speeds, and the track winds gracefully along the contours of mountainous terrain. The Lamborghini supersports cars, as they navigate these turns and surge ahead, unleash remarkable performance and handling capabilities.
The dynamic debut of the Revuelto in China offered customers unparalleled and thrilling driving experiences and iconic brand DNA of Lamborghini supersports cars on the racetrack. An output of 1,015 CV is delivered from the combined power of an entirely new naturally-aspirated V12 engine together with three electric motors, alongside a double-clutch gearbox that is installed on a Lamborghini with a 12-cylinder engine for the first time. The Revuelto adopts advanced chassis and aerodynamic designs and is fitted with a 100% carbon fiber front structure, setting a new benchmark in performance and driving pleasure. The pinnacle of dynamic performance was reached in Corsa, the driving mode designed to highlight the Revuelto’s dynamic capabilities on the track. Read full article
CME Group announced it will further expand its cryptocurrency derivatives offerings with the introduction of Bitcoin Friday futures (BFF) on September 30, pending regulatory review. Sized at one-fiftieth of one bitcoin, these new weekly futures contracts will be cash-settled to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) at 4:00 p.m. New York time every Friday. A new BFF contract will be listed every Thursday at 6:00 p.m. New York time for a Friday trade date, with market participants able to trade the nearest two Fridays at any given point. A Friday expiry allows these contracts to closely track the spot price of bitcoin, as well as help investors mitigate weekend price moves.
Bitcoin Friday futures will join CME Group’s deeply liquid suite of benchmark Bitcoin futures contracts. Year-to-date trading highlights include:
• Bitcoin futures record average daily volume (ADV) of 14,554 contracts
• Bitcoin futures record open interest (OI) of 27,900 contracts
• Micro Bitcoin futures record ADV of 37,000 contracts
• Micro Bitcoin futures record OI of 28,000 contracts Read full article
Ford Pro CFO Navin Kumar will discuss Ford Pro’s unique position to capitalize on the significant growth opportunities in the commercial vehicle market, particularly within the software and physical services space, at the Goldman Sachs Communacopia + Technology Conference on Sept. 10 in San Francisco.
Kumar will sit down for a fireside chat with auto analyst Mark Delaney at 10:50 a.m. PT (1:50 p.m. ET). They will discuss how Ford Pro’s winning combination of propulsion choices and tailored software and physical services bring superior value to Ford’s commercial customers. Kumar will also share how Ford Pro drives growth, margins and capital efficiency while reducing cyclicality as part of the Ford+ plan for transformation and growth. Read full article
Team Peugeot TotalEnergies is raring to go again as the 2024 FIA WEC resumes at the Circuit of The Americas next to Austin, Texas (USA).
The French outfit is set to make its début at the six-hour race, known as the Lone Star Le Mans and which returned to the FIA WEC race calendar in 2020. The 2024 version of the PEUGEOT 9X8 has already had the chance to familiarise itself with the Texan racetrack, along with its championship rivals, at a test session organised by Michelin in late July.
The team was able to try out the circuit alongside its fellow competitors, thus providing good preparation for the race. COTA is a unique track. It is very bumpy, has some big elevation changes, and there are both very fast and much slower sections. The test session, as well as the period of preparation, enabled the team both to fine-tune its race strategies and get to grips with the Circuit of The Americas. The data analysis work and simulations focused on the series of fast, sweeping turns and slower, technical corners. Testing also provided an opportunity to adjust the system settings precisely, considering the specific features of the track. Each setting was studied to enable the team to get the most out of this demanding circuit. Read full article
Baker Hughes Rig Count: U.S. -1 to 585 Canada +2 to 219
U.S. Rig Count is down 1 from last week to 585 with oil rigs unchanged at 483, gas rigs down 1 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 2 from last week to 219, with oil rigs up 2 to 153, gas rigs unchanged at 66.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 August 2024 | 585 | -1 |
| Canada | 23 August 2024 | 219 | +2 |
| International | July 2024 | 934. | -23 |
The explosion that occurred on August 26 at the Omsk Refinery disabled nearly half of the oil processing capacity of the facility, according to Reuters. According to agency sources, the explosion at Gazpromneft-Omsk refinery in Omsk, the largest in Russia, knocked out the primary oil processing unit AVT-11. Read full article
Hertz said on Tuesday it had elected Francis Blake and Lucy Clark Dougherty to serve as directors on its board, increasing the size to 11 members from nine.
The appointments come at a time when Hertz has been slimming down its business due to weak demand and clearing up its EVs after higher-than-anticipated charges related to repairs and overall fleet maintenance expenses. Read full article
China National Petroleum Corporation (CNPC) and its listed company PetroChina are looking to buy oil and gas exploration and production assets and LNG opportunities globally in what could be a revival of deal-making for the Chinese state giant after two decades.
CNPC could seek to expand its current investments in LNG in Qatar, one of the world’s biggest LNG exporters, Lu Ruquan, director of the Chinese firm’s Economics and Technology Research Institute (ETRI) who is involved in strategy discussions, told Reuters on Tuesday. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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