Tag Archives: Bloomberg News Agency

After driving up prices for everything from steel pipes to frack sand to labor, inflation has finally ensnared the centerpiece of oilfield equipment: the drilling rig. Rig prices are spiking in the U.S. compared to the rest of the world, promising profits at multiyear high for oilfield contractors. Three of …

Natural gas prices in Europe fell for a second day as buyers looked for ways to keep paying for Russian gas and still avoid busting European Union sanctions. Benchmark futures slipped as much as 3.9%. Austria’s OMV AG said it expects Russian flows into Europe will continue, a day after …

Four European gas buyers have already paid for supplies in rubles as President Vladimir Putin demanded, according to a person close to Russian gas giant Gazprom PJSC. Even if the other buyers reject the Kremlin’s terms, more cutoffs after the halt in gas flows to Poland and Bulgaria Wednesday aren’t …

Refiners in Europe have significantly raised purchases of North Sea crude grades in recent weeks as they look to replace as much Russian crude as soon as possible, ship-tracking data compiled by Bloomberg showed on Wednesday. European buyers, especially those in the Baltic region, began raising imports of crude pumped …

The world’s largest international oil firms are expected to book a combined $34 billion in net profits for the first quarter—the largest in more than a decade—but Big Oil will also book asset impairments of the same amount over their decisions to stop Russian operations. Exxon, Chevron, Shell, BP, and …

Asia is still snapping up cheap Russian oil that European buyers don’t want. Seaborne exports of the nation’s crude rebounded in the seven days to April 22. One-fifth of the volume shipped from ports on the Black Sea, Baltic and Arctic coasts is on tankers showing no final destination, with …

Technip Energies NV may have to considerably slow construction for Novatek PJSC’s Arctic LNG 2 project because of the latest European Union sanctions against Russia for invading Ukraine. The prospect is a blow for Netherlands-based Technip and the Russian energy company, which is developing the giant export terminal for super-chilled …

Libya’s state oil company said armed clashes at the western port of Zawiya have damaged several storage tanks, as a worsening political crisis engulfs the OPEC member’s energy sector. “Preliminary assessments indicate that 29 sites, including oil derivatives tanks and several other tanks, have been damaged,” the National Oil Corp. …

Natural gas prices in Europe extended gains as Norwegian flows plunged further amid planned works, while Russian shipments remained low. Benchmark futures gained as much as 5.2%, advancing for a third day. Supplies from Norway are set to slump to the lowest levels in more than three months with seasonal …

Companies buying Russian natural gas should not have to set up ruble accounts to pay for it, German Finance Minister Christian Lindner said, pushing back against a demand made last month by Russian President Vladimir Putin. “Contracts are contracts,” Lindner said Wednesday in an interview with Bloomberg Television in Washington. …