US refining margins suffer amid seasonal demand drop
Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate...
Recent Energy Information Administration data pegs four-week average demand for US gasoline and distillate fuels at 8.63 million barrels per day and 3.6 million bpd, respectively, representing seasonal lows not seen since the pandemic's onset. US refining margins are falling as a result, with the 3-2-1 crack spread dipping below $26.50 per barrel on Wednesday for the first time since February
Permian gas glut weighs on gas, power prices in 3 states
Excess natural gas supplies in the Permian Basin due to seasonal maintenance...
Excess natural gas supplies in the Permian Basin due to seasonal maintenance on key takeaway pipelines have sent spot power and gas prices in Texas, California and Arizona into negative territory intermittently since March. Kinder Morgan's Permian Highway Pipeline and Gulf Coast Express pipeline will operate at reduced capacity between May 7-12 and May 14-21, respectively.
The current US natural gas surplus will likely dissipate by the end of...
The current US natural gas surplus will likely dissipate by the end of winter 2024/25 as historically low prices prompt major producers to scale down drilling and power generators to increase gas combustion, predicts analyst John Kemp. Forecasts of heightened consumption and exports are also indicative of a potential market rebalancing, Kemp writes.
US oil production stability hinges on Permian growth
Permian Basin crude output growth will help compensate for declines in...
Permian Basin crude output growth will help compensate for declines in mature basins such as the Eagle Ford and Bakken Shale to keep US oil production steady into the 2030s, Enverus Intelligence Research forecasts. Undrilled Permian inventory could add around two million barrels per day of incremental supply by 2030, while geologically viable but unproven locations are seen as playing a key role in the basin's future growth.
Deadly storms are battering the South. Four people...
Deadly storms are battering the South. Four people have died, dozens more have been injured, and thousands of homes and businesses are without power as severe thunderstorms and tornadoes torment a large part of the US, from North Carolina to Texas. The region has experienced 300 tornadoes since April 25, the most since 2011 and the second-most ever recorded. In total, 39 states and 98 million Americans were under some kind of severe weather risk this week, the Associated Press reported.
TikTok will start labeling AI-generated content in an attempt to combat misinformation.
Warner Bros. announced it will release a new Lord of the Rings movie in 2026, produced by Peter Jackson and directed by Andy Serkis, who played Gollum in the original trilogy.
