07-05-2017, 10:39 PM
President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighboring countries in winter months. Exports from the United States would help reduce their dependence on Russia.
Trump to promote U.S. gas exports in Russia's backyard
Total and the National Iranian Oil Company (NIOC) have signed a contract for the development and production of phase 11 of South Pars (SP11), the world's largest gas field. The project will have a production capacity of 2 Bcfd or 400,000 boed, including condensate. The produced gas will supply the Iranian domestic market starting in 2021.
Total, NIOC sign contract for development of phase 11 of the giant South Pars gas field
Oil short-sellers have been on a roll, but their bets on declining prices may have begun to hit a wall. Hedge-fund wagers on lower West Texas Intermediate crude reached the highest level since August in the week ended June 27, after more than doubling in two months, according to Commodity Futures Trading Commission data. The bearish bets increased at a much slower pace than in the previous two weeks, though. The U.S. benchmark price had its longest rally of the year, climbing 7% last week, amid signs U.S. shale output is stuttering.
Bets on oil rout seen peaking as shale boom starts to falter
In the heart of Canada’s biggest oil province, life is slowly returning to normal in Fort McMurray, Alberta. After a fire last year destroyed entire neighborhoods in the town and halted about 1 MMbbl of daily production, green leaves are beginning to bud on charred trees and new construction is replacing homes that were burned to the ground.