Natural Gas Prices Plunge On Warmer Weather Trends

As soon as Goldman Sachs gets bullish on natural gas, new weather models are forecasting warmer weather trends for the next two weeks. As a result, NYMEX Henry Hub natgas February futures have plunged 5% Tuesday morning.  The plunge in natgas futures come on milder forecasts for the US, which means heating demand will wane over the next two weeks than previously expected.  “That decline came even though liquefied natural gas (LNG) exports remained near record levels and last week’s storage draw was slightly bigger than expected,” said Investing.com’s Ajay Kedia.  Kedia said, “US natural…

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SpaceX To Repurpose Oil Rigs For Launch Pads

SpaceX plans to use two deepwater oil rigs as offshore floating spaceports that the company will likely use for the Starship rockets it is developing. CNBC’s Michael Sheetz reports, citing public documents, that now-bankrupt offshore rig operator Valaris sold two rigs, 8500 and 8501, for $3.5 million each. The deal was completed in July last year, and Valaris—the world’s largest offshore drilling rig operator—filed for Chapter 11 bankruptcy protection soon after. The buyer of the rigs, according to the CNBC report, was a limited liability company named Lone Star Mineral Development,…

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Oil rises as investors look to higher demand in 2nd half

LONDON: Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Brent crude futures for March rose $0.72 to $55.47 a barrel by 1152 GMT after slipping $0.35 in the previous session. “There is perception that any retracement will be quick as confidence in economic and oil demand recovery is unlikely to fade away,” said PVM analysts in a note. US West Texas Intermediate crude was at $52.65 a…

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Norway Awards 61 Oil & Gas Exploration Licenses In Mature Areas

Norway has awarded 61 offshore exploration licenses to 30 companies in the latest annual licensing round for oil and gas exploration in mature areas on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said on Tuesday. The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts of the shelf with known geology and good infrastructure already in place, allowing tie-backs to existing infrastructure for any new discoveries. The awards announced today include 34 production licenses in the North Sea, 24 licenses in…

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Halliburton points to oil industry recovery after profit beat

Halliburton Co on Tuesday predicted a recovery in the global oil and gas industry from the second quarter after the oilfield services provider beat profit estimates on cost cuts and modest gains in activity following last year’s slump. Crude oil prices are holding to gains from a rebound in late-2020 from a coronavirus-induced slump, with Brent crude hovering around $55 per barrel on Tuesday after averaging around $45 in the last three months of 2020. This has encouraged producers to complete more wells and add rigs. North America rig count…

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Tesla Explores Entering the Pakistani Market as Global Growth Surges

It seems that Tesla is planning to expand not only in the market in India but also in other countries in Asia. Pakistani Prime Minister Imran Khan will meet with the company executives to discuss investment opportunities in the Pakistani electric vehicle market. In an effort to expand its presence in the global market, Tesla has begun negotiations with the government of Pakistan on entering the country’s market. Famous Pakistani TV presenter, journalist, and columnist Sabir Shakir shared this information in his YouTube video. Shakir says one of Pakistan’s most influential businessmen and…

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PEPCO constitutes committee for privatization of DISCOs

LAHORE: The Pakistan Electric Power Company (PEPCO) has constituted a four-member committee to prepare a brief on financial, technical and commercial highlights of the distribution companies (DISCOs) for privatization purposes. A copy of the office order issued in line with the cabinet committee on privatization (CCOP) decision on privatization of DISCOs is available with Business Recorder which points out that the committee has been constituted on the letter both from the ministry of energy (power division) and Privatization Commission’s office of the ministry of privatization. The committee consists of Saghir…

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Pakistan LNG seeks Feb cargoes again after supplier unable to deliver

SINGAPORE/LONDON: Pakistan LNG is seeking two liquefied natural gas (LNG) cargoes for delivery in February, after at least one supplier was unable to deliver a scheduled cargo, two industry sources told Reuters on Tuesday. Pakistan LNG, a government subsidiary that procures LNG from the international market, is seeking the cargoes for delivery over Feb. 15-16 and Feb. 23-24, one of the sources said. The tender closes on Thursday, a second source said. Pakistan LNG said on Saturday that a supplier, who had submitted the lowest offer in a buy tender…

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Nepra working on inclusive CSR development model

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) Chairman Tauseef H Farooqi has said that the regulator is working on an inclusive Corporate Social Responsibility (CSR) development model. He was addressing a webinar cum seminar at Nepra Headquarters envisioning developing a CSR culture with its CSR drive of “Power with Prosperity”. The event was attended by a number of senior representatives from power industry, public and private sector entities as well as members of the Authority, Rehmatullah Baloch and Engr Bahadur Shah. Tauseef H Farooqi in his keynote address said the…

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