Chesapeake Energy Loss, Rising Asian LNG Imports: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. Buys 4.65 Million Barrels of Oil for Emergency Stockpile - The U.S. Department of Energy (DOE) said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve (SPR), for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year. Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) will supply 3.9 million barrels of the contract, while Macquarie Commodities Trading US LLC (Houston, Texas) will supply the rest, the DOE said. (Reuters)

EARNINGS REPORTS
Chesapeake Energy Swings to Net Loss on Low Prices - Natural gas producer Chesapeake Energy Corporation (NASDAQ:CHK) (Oklahoma City, Oklahoma) on Monday reported a second-quarter loss, compared to a year-ago profit, dented by persistently weak prices for the commodity. U.S. natural gas prices have fallen about 22% this year amid lukewarm demand due to a hotter-than-expected winter and a build-up in storage. The company's net loss was $227 million for the three months ending June 30, compared with a profit of $391 million in the year-ago quarter. (Reuters)

LNG
Asia's LNG Imports Increase as Europe's Go Down - Asia continues to draw liquefied natural gas (LNG) from Europe with imports in July rising to the most in six months. Asia is on track for arrivals of 24.85 million metric tons of the super-chilled fuel this month, up from 22.60 million in June and the highest since January's 26.19 million, according to data compiled by commodity analysts Kpler. In contrast, Europe's imports are tracking at 6.56 million tons for July, the lowest since September 2021 and down from 7.21 million in June. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).