Month: July 2020

EIA Raises Brent Crude Oil Price Outlook

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The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,”…

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Oil Price Rally On Hold After API Reports Rising Crude Inventories

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The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3. Analysts had predicted an inventory draw of 3.114 million barrels. In the previous week, the API reported a major decrease in crude oil inventories of 8.156 million barrels, after analysts had predicted a much smaller build. It was the largest crude draw this year. WTI was trading slightly down on Tuesday afternoon prior to the API’s data release with prices feeling minor pressure from an increase…

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Pakistan resumes LNG spot buying as demand surges

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KARACHI: Pakistan has resumed spot buying of liquefied natural gas (LNG) from the international market after six-month pause as energy demand is ramping up with easing lockdown, it was learnt on Monday. State-run Pakistan LNG Limited (PLL) invited bids for supply of three LNG cargoes – 140,000 cubic meters each – to be delivered in August and September. PLL invited bids from international suppliers for the supply of three LNG cargoes on a delivered ex-ship basis at Port Qasim. The first delivery window is August 27-28, second from September 12-13…

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Court Seizes Former PSO MD’s Assets in LNG Scam Case

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Former Managing Director (MD) of Pakistan State Oil (PSO), Shahidul Islam has been declared an offender by the Accountability Court for his continuous absence in the LNG scam case that also involves former Prime Minister Shahid Khaqan Abbasi. According to details, the decision was taken after the NAB prosecutor apprised the court that the accused has left the country to evade case proceedings. Furious with the revelation, the Accountability Court judge immediately ordered concerned authorities to revoke the CNIC of Shahidul Islam and undertake measures for his extradition. Moreover, NAB…

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The Next Energy Battle: Renewables vs. Natural Gas

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Dominion Energy, one of the nation’s largest utilities, in late June erected wind turbines off the Virginia coast — only the second such installation in the United States — as part of a big bet on renewable energy. The company is also planning to build new power plants that burn natural gas. Utilities around the country are promoting their growing use of renewable energy like hydroelectric dams, wind turbines and solar panels, which collectively provided more power than coal-fired power plants for the first time last year. But even as…

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