Latest Crude oil, Gas Price and News
London, August 20, 2024, (Oilandgaspress) –– U.S. Federal Reserve’s plans for the next interest rate decision expected to affect oil prices in coming days. On the demand side, continued worries about China’s economic problems keeps downward pressure on oil prices. .
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.38 | Down |
| Crude Oil (Brent) | USD/bbl | $77.78 | Down |
| Bonny Light 19/08/24 | USD/bbl | $83.59 | Up |
| Dubai | USD/bbl | $78.20 | Up |
| Natural Gas | USD/MMBtu | $2.23 | Up |
| Murban Crude | USD/bbl | $77.15 | Down |
| OPEC basket 19/08/24 | USD/bbl | $78.89 | Down |
Hydro Alunorte alumina refinery has started using natural gas in alumina production, replacing fuel oil. When fully completed, six steam generation boilers and all the refinery’s calciners will operate on natural gas. The R$1.3 billion investment to replace fuel oil with natural gas at Hydro Alunorte alumina refinery will reduce the refinery’s carbon emissions by 30 percent. The fuel switch project is a key step in Hydro’s climate strategy and global commitment to reduce Hydro’s greenhouse gas emissions by 30 percent by 2030.
Alunorte has an expected annual natural gas consumption of 29.5 Tbtu. When the transition from fuel oil to natural gas is completed, the change in the energy matrix at Alunorte will reduce the refinery’s annual CO2 emissions by 700,000 tonnes. Source,
Africa Oil Corp. to provide an update on the offer to minority shareholders in Impact Oil & Gas Limited (“Impact”) announced on March 18, 2024 ( “Offer”). The Company made the Offer to acquire shares from minority shareholders in Impact conditional upon completion of the farm down transaction for Impact’s Namibia assets announced on January 10, 2024. The Company has decided to waive this condition and proceed to complete the Offer. Completion is expected to occur within five Business Days. On completion of the Offer Africa Oil will purchase 25,652,039 shares from 42 accepting shareholders at a cost of approximately USD 18.6 million. Following completion of these purchases the Company will hold 369,304,198 shares in Impact and will increase its shareholding to 32.4%, accounting for Impact management share options exercised during July 2024. Read full article
In OECD Europe, total net electricity reached 266.4 TWh in May 2024, marking a 3.0% increase compared to May 2023. Despite a decline in electricity production from combustible fuels (-11.4% y-o-y), this decrease was offset by significant growth in electricity production from renewable sources (+9.6% y-o-y) and nuclear (+5.5% y-o-y). The rise in renewables was mainly driven by increase in solar electricity production (+18.3% y-o-y) and hydro (+16.8% y-o-y). Solar generation reached a record-high share of 14.9% in the electricity mix, while hydroelectric power recovered from drought conditions that had significantly reduced output in the previous year. Read full article
The world is on course to add more renewable capacity in the next five years than has been installed since the first commercial renewable energy power plant was built more than 100 years ago. Almost 3 700 GW of new renewable capacity will come online over the 2023‑2028 period, driven by supportive policies in more than 130 countries. Read full article
Global oil demand increased by 870 kb/d in 2Q24, with a contraction in China limiting gains. Demand is set to rise by less than 1 mb/d in both 2024 and 2025. This is largely unchanged from last month’s Report and far slower than last year’s 2.1 mb/d growth as comparatively lacklustre macroeconomic drivers come to the fore. World supply rose 230 kb/d to 103.4 mb/d in July as a substantial OPEC+ increase more than offset losses from non-OPEC+. Annual gains accelerate from 730 kb/d in 2024 to 1.9 mb/d in 2025. Non-OPEC+ production increases by 1.5 mb/d this year and next, while OPEC+ may fall by 760 kb/d in 2024 but rise by 400 kb/d in 2025 if voluntary cuts stay in place.
Global refinery throughputs are forecast to increase by 840 kb/d to 83.3 mb/d in 2024, and by 600 kb/d to 83.9 mb/d next year. Margin weakness continues to weigh on processing rates, with Chinese runs now expected to decline y-o-y. Margins fell further in July in Europe, but rose in Singapore and on the US Gulf Coast, led by stronger naphtha and gasoline cracks. Read full article
Mergers and acquisitions in the U.S. oil and gas industry went up by 57% last year, a report by Ernst & Young found. The increased consolidation activity followed record profits and intensified competition for a limited amount of untapped resources.
Per the report, the value of M&A deals last year reached $49.2 billion, which was up from $31.4 billion for the previous year. The number was driven higher by a couple of so-called megadeals featuring Big Oil majors Exxon and Chevron. Read full article
Baker Hughes Rig Count: U.S. -2 to 586 Canada unchanged at 217
U.S. Rig Count is down 2 from last week to 586 with oil rigs down 2 to 483, gas rigs up 1 to 98 and miscellaneous rigs down 1 to 5.
Canada Rig Count is unchanged from last week at 217, with oil rigs up 4 to 151, gas rigs down 3 to 66 and miscellaneous rig down 1.
International Rig Count is down 23 rigs to 934
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 | 16 August 2024 | 586 | -2 |
| Canada | 16 August 2024 | 217 | — |
| International | July 2024 | 934. | -23 |
Mercedes-Benz Classic in Pebble Beach:
Mercedes 2-litre Targa Florio racing car, 1924: 100 years ago, it won the Targa Florio, the legendary, tough road race in Sicily. Mercedes-Benz Classic has painstakingly restored an original vehicle with the utmost authenticity.
Mercedes-Benz C 111-II experimental vehicle, 1970: The 300 km/h, futuristic super sports car with a four-rotor Wankel engine thrills fans of the brand. The Classic Center has brought the experimental vehicle back to life.
