Cenovus’ 172,000-bpd Refinery in Lima, Ohio, Suffers Storm-Related Mechanical Issues, IIR Says

(Reuters) – Cenovus Energy’s 172,000-barrel-per-day Lima, Ohio, refinery experienced mechanical issues caused by a major winter storm that hit much of the United States over the weekend, industry monitor IIR…

U.S. Natural Gas Prices Hit $6 For First Time Since 2022 amid Big Freeze

U.S. natural gas prices on Monday extended their remarkable 70% rally from last week as the big freeze pushes heating and power demand to winter records. Early on Monday, the…

Lukoil Asks Moscow for Aid as Oil Sells at Steep Discounts

Lukoil has approached the Russian government seeking changes to the oil tax formula as discounts on Russian crude exceed $20 per barrel, a level that would force producers to make…

US Natgas Futures Soar 89% Over Five Days as Freezing Wells Cut Output to Two-Year Low

(Reuters) – U.S. natural gas futures soared by a record 89% over five days to a three-year high on Monday after an Arctic blast at the weekend froze oil and…

OPEC+ Likely to Maintain Oil Production Pause for March as Prices Climb, Sources Say

By and LONDON/MOSCOW, Jan 26 (Reuters) – OPEC+ is expected to keep its pause on oil output increases for March at a meeting on Sunday, three OPEC+ delegates told Reuters,…

European Nations Reinforce Wind Power Commitment With 100 GW Pledge

LONDON, Jan 26 (Reuters) – Britain, Germany, Denmark and other European countries will sign a clean energy pact at a summit in Hamburg on Monday, pledging to deliver 100 gigawatts…

Oil Market’s Watchmen Are at Loggerheads Over 2026 Outlook

By Oil traders seeking to plot the path for prices this year are juggling sharply different assessments of the supply-demand outlook, from a huge surplus to a broadly balanced market.…

Sanctions and Strikes Squeeze Russia’s Fuel Oil Flows to Asia

Russia’s fuel oil exports to Asia are set for a third consecutive month of declines in January as the U.S. sanctions deter buyers and Ukrainian attacks on Russian oil infrastructure…

Kazakhstan’s Tengiz Oilfield Comes Back Online Following Power Plant Fire

The Chevron-led consortium operating the giant Tengiz oilfield in Kazakhstan has resumed production at the site following a fire on January 18 that forced a temporary shutdown.   “Tengizchevroil confirms…

Russia’s Arctic LNG Defies Sanctions as China Keeps the Gas Flowing

Russia and China seem unfazed by the U.S. and European sanctions on Russia’s Arctic LNG 2 project as deliveries continue into the new year. The Chinese Beihai LNG terminal has…