Oil Prices Up for the Week
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval Continue Reading
Oil Prices Fall As Demand Outlook Worsens In U.S.
Oil prices fell early on Friday amid surging new coronavirus infections in the United States, which had market participants worried about the U.S. oil demand recovery trend. As of 9:20 Continue Reading
The Oil Rally Has Stalled Once Again
Oil prices hit four-month highs this week, but bearish sentiment quickly snapped back into place and halted the rally. For Global Energy Alert members there are now two new free Continue Reading
Oil falls below $43 a barrel on virus fears, still heads for weekly gain
Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly Continue Reading
How the Pandemic Is Changing the Outlook for Peak Oil
One big question emerging from the pandemic is whether it will speed up the global shift away from oil. Life under lockdown gave a taste of a world that burns Continue Reading
Oil Price Crash Leads To Sharp Contraction In Gulf Economies
Gulf economies will experience a combined contraction of 7.6 percent this year because of the oil price crash, a senior IMF official has forecast. This is a sharp downward revision Continue Reading
UN report highlights urgent need to tackle impact of EV battery production boom
Demand for raw materials used in the production of electric car batteries is set to soar, prompting the UN trade body, UNCTAD (United Nations Conference on Trade and Development), to Continue Reading
Dozens of U.S. Diplomats to Leave Saudi Arabia as Coronavirus Outbreak Worsens
Dozens of U.S. diplomats and their families are leaving Saudi Arabia this weekend amid a surge in new coronavirus cases, drawing into focus the kingdom’s struggle in containing the outbreak Continue Reading
In Iraq; Kadhimi challenges Iran-backed militias
A raid ordered by Iraq’s new prime minister on militiamen accused of planning an attack against Baghdad’s international zone could mark a turning point in his government’s efforts to bring Continue Reading
IRAQ DATA: June crude exports tumble, show progress on OPEC+ compliance
Total exports fall to 3.083 million b/d in June Both federal, Kurdistan exports sharply lower Production may be nearing OPEC+ quota Iraq’s crude oil exports, including from the Kurdistan region, Continue Reading
Iran Looking at Possible Sabotage After Recent Explosions at Key Sites
Iran said it was looking at possible sabotage following recent blasts at several key Iranian sites, including the country’s main nuclear facility, a senior official said Friday, deepening the mystery Continue Reading
Iran Identifies Cause of Fire at Key Natanz Nuclear Facility
Iranian investigators have found the “main cause” of a fire that tore through a building at the country’s biggest uranium enrichment facility on Thursday but won’t yet release details, the Continue Reading
Iran threatens retaliation after what it calls possible cyber attack on nuclear site
Iran will retaliate against any country that carries out cyber attacks on its nuclear sites, the head of civilian defence said, after a fire at its Natanz plant which some Continue Reading
South Africa News: New Total Oil Rig Coming for Wildcat Drilling –
Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of exploration in a frontier area. The Odfjell Deepsea Continue Reading
CHINA DATA: Congestion prevents independent refineries from discharging US crude in Jun
Multiple cargoes carrying US crude oil arrived in Chinese waters in June as independent refiners resumed North American oil purchases in recent trading cycles, but the ongoing port congestion has Continue Reading
Beijing Residents Rush to Leave City After Restrictions Eased
People in Beijing rushed to buy train and plane tickets out of the Chinese capital after the local government began easing travel restrictions for the first time since an outbreak Continue Reading
China’s Economy Regains Strength After Strict Coronavirus Measures
Economic activity is gathering momentum in China, a raft of survey data showed this week, the latest sign that Beijing’s uncompromising approach to tackling the coronavirus pandemic is starting to Continue Reading
The Swine Flu Virus in China That Has People Worried:
The most prevalent strain of influenza spreading among pigs in China has sparked concern among scientists, who say it has certain properties that give it pandemic potential. Chief among them: The virus Continue Reading
China’s Era of Mega-Dams Is Ending as Solar and Wind Power Rise
It’s the beginning of the end for the era of mega-dam building in China. China Three Gorges Corp. on Monday turned on the first set of generators at the massive Wudongde hydropower Continue Reading
China’s June crude imports at independent refineries dip amid congestion
Chinese independent refineries’ June crude imports edged down 0.5% to 4.4 million b/d, or 18 million mt, in June from the record high of 4.42 million b/d in May as Continue Reading
The Power Grid Is Getting Bigger, But Plants Are Shrinking
The delivery of a gas turbine doesn’t normally make the news. But the Siemens 9000HL model that arrived last week to the Keadby2 combined-cycle power plant in the U.K. is something special. Weighing in at just Continue Reading
June’s cautious economic recovery is based in part-time work and vulnerable industries
The June unemployment rate of 11.1 percent, down from a peak of 14.7 percent in April , reflects a continuing, cautious economic recovery. What those numbers don’t show is an Continue Reading
High Quality Oil And Gas Assets Should Drive An M&A Recovery
The oil price collapse has taken its toll on mergers and acquisitions (M&A) across the U.S. oil and gas industry as companies preserve cash in these highly uncertain times. The Continue Reading
US Oil Decline Accelerates in April
All of the oil (C + C) production data for the US states comes from the EIAʼs Petroleum Supply monthly PSM . At the end, an analysis of three different Continue Reading
Baker Hughes Rig Count Shows US Decrease
Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased by two drilling units this week. Baker Hughes Co. reported Thursday that the U.S. rotary rig count decreased Continue Reading
10 reasons Trump should not be spiking the football after today’s good jobs report – The Washington Post
President Trump boasted at a news conference Thursday that the economy is “roaring back” after another better-than-expected jobs report. The Dow also popped about 400 points after the Labor Department Continue Reading
House approves $1.5T green infrastructure plan
House Democrats on Wednesday passed a $1.5 trillion green infrastructure plan that would surge funding to repair the nation’s crumbling roads and bridges while setting aside funds for broadband, schools Continue Reading
Germany is first major economy to phase out coal and nuclear
German lawmakers have finalized the country’s long-awaited phase-out of coal as an energy source , backing a plan that environmental groups say isn’t ambitious enough and free marketeers criticize as Continue Reading
‘Zombie Fires’ in the Arctic Pump Out Carbon at Record Pace
Wildfires that have raged in the Arctic Circle since early spring led to a record spike in pollution from the infernos last month. Arctic fires emitted 16.3 million metric tons Continue Reading
Rapid Arctic meltdown in Siberia alarms scientists
Alexander Deyev can still taste the smoke from last year’s wildfires that blanketed the towns near his home in southeastern Siberia, and he is dreading their return. “It just felt Continue Reading
Crude lower as fresh coronavirus cases outweigh bullish US jobs report
Crude oil futures were lower in midmorning trading in Asia July 3, after hitting a four-month high overnight on better-than-expected US labor market data, as concerns over rising COVID-19 cases Continue Reading
Light Crude Settles Above $40
Oil closed at its highest level in almost four months before the U.S. holiday weekend, cheered by signs the world’s biggest economy is recovering from coronavirus-related lockdowns, even as fears Continue Reading
Moody’s Turns Bearish On Oil Demand Growth
Billions of people spent the last few months in a lockdown of some form or another with travel bans or severe restrictions in place. Some warn that this will be Continue Reading
Citigroup: Oil Will Never Return To $100
Crude oil prices are unlikely to return to three-digit levels ever again, Citigroup commodity analysts said in a note, as quoted by Bloomberg. The idea of oil at $100 or Continue Reading
Goldman Sachs Expects Crude Prices To Rise In 2021
Goldman Sachs’ commodity analysts remain guarded about oil’s potential to rise over the near term, but in 2021, prices may start to improve, commodity chief Jeffrey Currie told Bloomberg’s Alix Continue Reading
Oil demand to return to pre-pandemic levels by 2022
Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending. In Continue Reading
Russian Energy Minister: Global Oil Investment To Drop By One-Third | OilPrice.com
Global investment in oil is set to plunge by one-third this year due to the coronavirus and its effect on economies and oil demand, Russia’s Energy Minister Alexander Novak said at an Continue Reading
Global climate goals need major energy innovation push: IEA
A global goal to reach net-zero greenhouse gas emissions by 2050 will be out of reach unless governments and the private sector launch a major acceleration in clean energy innovation, Continue Reading
Analysts Expect Refinery Closures
The global refining industry is entering a consolidation phase as slowing oil demand growth is set to coincide with large-scale projects that will start coming online next year, according to Continue Reading
Satellite Data Exposes A Massive Methane Problem
The fossil fuel industry has received plenty of flak over the past decade for its conspicuous role in climate change. The usual script goes something like this: Fossil fuels – Continue Reading
Coronavirus and sanctions hit Iran’s support of proxies in Iraq
Iran’s financial and military support for Shi’ite proxy paramilitary groups in Iraq, a linchpin of its regional foreign policy, has been dramatically disrupted by the coronavirus pandemic and U.S. sanctions, Continue Reading
Mysterious Explosion and Fire Damage Iranian Nuclear Enrichment Facility
A fire ripped through a building at Iran’s main nuclear-fuel production site early Thursday, causing extensive damage to what appeared to be a factory where the country has boasted of Continue Reading
Tribal conflicts escalate in Iraq’s oil heartland
Tribal conflicts in southern Iraq have become more frequent and deadly in recent months, as security forces have been hamstrung by local power structures and distracted by the coronavirus lockdown. Continue Reading
Angola Unwilling To Compensate For Loose Compliance With OPEC+ Deal
Angola is not too keen to compensate for its loose compliance with the OPEC+ cuts by making deeper production cuts in Q3, Reuters reported on Thursday, citing sources in the Continue Reading
US removes sanctions on four oil shippers after vows to avoid Venezuelan trade
Action delists shippers Adamant, Delos, Romina, Sanibel Greek shippers union vowed to end all Venezuelan trade Venezuelan oil exports to be capped at 300,000 b/d The US Treasury Department on Continue Reading
U.S. Looks For Ways To Cut Off Iranian Gasoline Shipments To Venezuela
Federal prosecutors in the United States are looking to seize Iranian gasoline on tankers currently en route to Venezuela by filing a civil-forfeiture complaint, The Wall Street Journal reported on Continue Reading
China’s June crude imports at independent refineries dip amid congestion
Chinese independent refineries’ June crude imports edged down 0.5% to 4.4 million b/d, or 18 million mt, in June from the record high of 4.42 million b/d in May as Continue Reading
U.S. job growth accelerates; layoffs remain elevated
The U.S. economy created a record 4.8 million jobs in June as more restaurants and bars resumed operations, but layoffs remained elevated and raging COVID-19 cases across the country threaten Continue Reading
U.S. trade deficit widens as exports fall to lowest level since 2009
The U.S. trade deficit widened in May as the COVID-19 pandemic pushed exports to their lowest level since 2009, strengthening expectations the economy will contract in the second quarter at Continue Reading
Exxon (XOM) Indicates Second Straight Quarterly Loss
Exxon Mobil Corp. incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. The explorer’s oil and Continue Reading