December 9, 2024 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- Oil Prices Mixed as Rising Mideast Tensions Offset Demand Concerns
- Summary: Oil prices fluctuated as Middle East tensions balanced weak demand concerns, influenced by China’s stimulus measures, Saudi price cuts, and upcoming U.S. inflation data.
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- California Tackles Fuel Price Volatility Amid Refinery Closure Challenges
- Summary: California’s new fuel inventory law seeks to reduce price volatility, but Phillips 66’s refinery closure highlights ongoing supply challenges and increasing reliance on imports.
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- Goldman Sachs Maintains 2025 Brent Oil Price Forecast at $76 Per Barrel
- Summary: Goldman Sachs holds its 2025 Brent oil forecast at $76 per barrel, citing balanced supply from lower OPEC+ output and rising non-OPEC production, with short-term risks from potential Iran supply disruption.
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- BP Looks to Sell a Minority Stake in Its U.S. Natural Gas Pipelines
- Summary: BP is considering selling a 49% stake in its U.S. natural gas pipeline network for up to $3 billion to reduce debt, while also exploring a minority stake sale in its offshore wind business amid industry-wide midstream consolidation.
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- US Drillers Add Oil and Gas Rigs for First Time in 8 Weeks
- Summary: U.S. energy firms added seven oil and gas rigs this week, the first increase in eight weeks, bringing the total to 589, though still 6% below last year’s count, according to Baker Hughes.
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- US to Offer Oil, Gas Leases in Alaska Wildlife Refuge on Jan. 9
- Summary: The Biden administration will auction 400,000 acres in Alaska’s Arctic National Wildlife Refuge for oil and gas drilling on January 9, balancing legal requirements with environmental considerations, while facing opposition from conservation groups.
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The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.