U.S. crude oil, gasoline inventories slump: EIA
U.S. crude oil inventories last week slumped to their lowest levels since January as refining rose and imports fell, while gasoline stocks also fell sharply ahead of the Fourth of Continue Reading
U.S. crude oil exports in May reached 1.02 million bpd: U.S. Census Bureau
U.S. crude oil exports reached 1.02 million barrels per day in May, slightly higher than the 1.00 million bpd in April, foreign trade data from the U.S. Census Bureau showed Continue Reading
U.S. to speed approval for oil, gas exploration on federal land
Secretary of the Interior Ryan Zinke speaks during a daily press briefing at the White House in Washington, U.S., April 3, 2017. U.S. Interior Secretary Ryan Zinke on Thursday signed Continue Reading
Perry says coal-fired power plants important in US future
U.S. Energy Secretary Rick Perry said Thursday that coal-fired power plants are important for the country’s future, and he suggested that energy supply will spark demand. After touring a coal-fired Continue Reading
Renewable energy surges past nuclear for 1st time in decades
For the first time in decades, the United States got more electricity from renewable sources than nuclear power in March and April. The U.S. Energy Information Administration said Thursday that Continue Reading
More gas coming from offshore Norway in 2019
More natural gas is expected to come out of the Norwegian Sea within the next two years or so, Norwegian energy company Statoil said Thursday. Statoil said it’s agreed on Continue Reading
Greenpeace: U.S. bowed to pressure over Atlantic energy work
A U.S. decision to extend the comment period for work tied to oil and gas development in the Atlantic was a response to public outrage, Greenpeace said. The National Oceanic Continue Reading
Summary of Weekly Petroleum Data for the Week Ending June 30, 2017
U.S. crude oil refinery inputs averaged over 17.1 million barrels per day during the week ending June 30, 2017, 251,000 barrels per day more than the previous week’s average. Refineries Continue Reading
US Shale Gas Booming Despite Global Glut
The United States has led the pack in the shale revolution, profiting more than any other nation . The U.S. enjoys the benefit of having the majority of its wells Continue Reading
Texas Natural Gas Production Soars In June
The most recent EIA estimate is shown for comparison. In April 2017, the EIA estimate is 3345 kb/d, the 13-month corrected estimate is 3443 kb/d, and the all vintage estimate Continue Reading
‘’U.S. Rig Count Must Drop 150 For Oil Markets To Balance’’
Analysts and investors have been growing increasingly concerned that the OPEC-led production cuts would not be enough to bring the oil market back to balance, and now one investment bank, Continue Reading
EPA Proposes Cut in Biofuel Requirements
The Environmental Protection Agency has proposed a reduction in the amount of biofuels required to be added to gasoline, Reuters reports , in what could be a first step towards Continue Reading
BNEF forecasts EVs to hit 54% of new car sales by 2040; decreasing importance of PHEVs
Electric vehicles will make up the majority of new car sales worldwide by 2040, and account for 33% of all the light-duty vehicles on the road, according to a new Continue Reading
Tesla Loses Stranglehold As EV Revolution Accelerates
Volvo became the first major auto company to announce the phase out of the internal-combustion engine from its lineup. The Chinese-owned Swedish car company announced on July 5 that every Continue Reading
Russian Energy Minister: No Additional Output Cuts Are Needed
While the oil market is increasingly questioning if OPEC/non-OPEC’s production cuts have any effect, Russia’s Energy Minister Alexander Novak weighed in on Thursday, saying that the production cut pact was Continue Reading
Norway’s Largest Wind Farm To Power Google Data Centers
A new wind farm in Norway will begin providing electricity to tech giant Google by early September, according to an announcement from holding company Alphabet on Wednesday. The 50-turbine Tellenes Continue Reading
Lightyear One solar car charges itself and will have a 500-mile range
A Dutch startup is planning to bring a completely solar-powered electric car to market, which could theoretically let some drivers go for months without plugging it in. The ne plus Continue Reading
Fossil Fuel Empire: A World of Vulnerability
“It’s all about the oil,” many commentators said about the US assault on Iraq in 2003. Attributing a war to a single cause is almost always an oversimplification, but protecting Continue Reading
Oil prices firm on rising political risk, but ample supply caps gains
Oil markets were firm on Wednesday on worries over geopolitical tensions in the Korean peninsula and the Middle East, although prices were capped as supply remains ample despite an OPEC-led Continue Reading
Oil rally fizzles on OPEC doubts
Crude oil prices edge lower as doubts persist over whether the OPEC-led effort to keep markets in balance has any durability. File photo by Monika Graff/UPI July 5 (UPI) — Continue Reading
Raymond James: Bear Market for Oil Caused by ‘Fake News’
Analysts at Raymond James invoked one of US President Donald Trump’s favorite phrases to explain oil’s descent into a bear market. (Bloomberg) — Analysts at Raymond James invoked one of Continue Reading
Environmental groups say G20 paying lip service to clean energy
The world’s leading economies are skewing their financial strength toward fossil fuels even as the rhetoric shifts to renewables, environmental groups said. More than 20 heads of state and government Continue Reading
Ships Exporting Iranian Oil Go Dark, Raising Sanctions Red Flags
Ships chartered by two oil traders responsible for a significant share of Iran’s fuel exports last year failed to transmit their location and the origin of their cargo—red flags for Continue Reading
Don’t Hold Your Breath For Deeper OPEC Cuts
A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate Continue Reading
OPEC JUNE CRUDE OIL OUTPUT 32.49 MIL B/D, UP 220,000 B/D FROM MAY: PLATTS SURVEY
OPEC June crude oil output 32.49 mil b/d, up 220,000 b/d from May: Platts survey OPEC almost 600,000 b/d above ceiling, with Equatorial Guinea Rises in Libya, Nigeria, Saudi Arabia Continue Reading
Arab states rap ‘negative’ Qatari reply to demands but announce no new sanctions
Four Arab states refrained on Wednesday from slapping further sanctions on Qatar but voiced disappointment at its “negative” response to their demands and said their boycott of the tiny Gulf Continue Reading
Libya’s eastern commander declares victory in battle for Benghazi
FILE PHOTO: General Khalifa Haftar, commander in the Libyan National Army (LNA), leaves after a meeting with Russian Foreign Minister Sergei Lavrov in Moscow, Russia, November 29, 2016. REUTERS/Maxim Shemetov/File Continue Reading
East Libya forces say they’ve taken full control of Benghazi
Libyan forces in the country’s east say they have cleared the final remaining pockets of the city of Benghazi of Islamist militiamen and armed opponents. The head of the self-styled Continue Reading
Companies invited to oil sector, Iran says
Invitations have been sent out to verified companies to take part in the development of the inland Azadegan oil field, Iran’s oil minister said Wednesday. Iran shares borders with Iraq Continue Reading
Qatar crisis deepens after Arab states attack ‘negative’ Doha
The four Arab states that have imposed an extraordinary embargo on Qatar, on Wednesday lambasted Doha for its “negative” response to their demands in a sign that the month-long diplomatic Continue Reading
Qatar Blockade To Continue As Doha Shrugs Off Ultimatum
Foreign ministers from Egypt, Saudi Arabia, the United Arab Emirates and Bahrain released statements following a meeting in Cairo on Wednesday, after the latest deadline they had set to Qatar Continue Reading
Saudis Refuse To Relinquish Grip On Key Asian Market
While it is cutting more than required in the OPEC deal, Saudi Arabia is not ceding its grip on its biggest Asian market—Japan—and is raising market share by selling more Continue Reading
Syrian Army Set To Recapture Oil Field Near Palmyra From ISIS
Syria’s army is advancing against ISIS militants in the central Homs province, and has encircled terrorists in the al-Hael oil field near the ancient city of Palmyra, Syrian state news Continue Reading
Iraqi provincial elections postponed until 2018
Iraq’s most powerful political parties have agreed to delay provincial elections and hold them along with national parliamentary elections next spring. The government has not officially announced the postponement of Continue Reading
Venezuelan copter attacker vows to fight on, violence at congress
Opposition lawmaker Luis Stefanelli (L) gestures next to fellow opposition lawmaker Leonardo Regnault after a group of government supporters burst into Venezuela’s opposition-controlled National Assembly during a session, in Caracas, Continue Reading
Gazprom confident of $400bn Chinese gas supply
Snaking across the forests, swamps and permafrost of eastern Siberia, Gazprom’s 3,000km-long pipeline is inching its way to the Chinese border to seal a $400bn gas pact that will bind Continue Reading
Tropical Storm Don could form today, and one group is upping its hurricane outlook
We’re watching a tropical disturbance in the Atlantic this week, which could become the season’s fourth tropical storm if it strengthens. If so, it would acquire the name Don. It Continue Reading
API Reports A Larger Than Expected Crude Draw
The American Petroleum Institute (API) handed oil markets a sliver of hope this afternoon by reporting a sizeable draw of 5.764 million barrels in United States crude oil inventories, compared Continue Reading
Texas Update- June 2017
Dean Fantazzini has provided me with updates to Texas Oil and Natural Gas estimates, the data shifted about a year ago so I use the most recent 13 months of Continue Reading
Oil Exports, Illegal for Decades, Now Fuel a Texas Port Boom
In a twist that would have been unthinkable only two years ago, the oil tanker that arrives in China today may be carrying crude that left the South Texas port Continue Reading
The Shale Gas Revolution Is A Media Myth
The marginal cost of shale gas production is $4/mmBtu despite popular but incorrect narratives that it is lower. The average spot price of gas has been $3.77 since shale gas Continue Reading
Investors Benefit In Surprise Move From Canadian Oil Major
While many oil companies doubled down on debt to maintain or even increase dividends while profits were hard to come by in the ‘lower-for-longer’ oil price world, Canada’s biggest oil Continue Reading
Every Volvo car launched from 2019 to have an electrified powertrain; “the end of the solely combustion engine-powered car”
Volvo Cars announced that every Volvo it launches from 2019 on will have an electric motor, marking the historic end of cars that only have an internal combustion engine (ICE) Continue Reading
Volvo Gives Tesla a Shock, As Others Plan Electric Push
Volvo, the auto maker that spent 90 years polishing a reputation for safety, indicated Wednesday it is mounting an ambitious challenge to Tesla Inc.’s electric cars. But the even tougher Continue Reading
Volvo delivers an electric shock to carmakers
Two events this week signalled a step change in the pace at which electric vehicles are taking to the road. Elon Musk announced that Tesla’s first mass-market Model 3 car Continue Reading
Volvo, Betting on Electric, Moves to Phase Out Conventional Engines
Volvo Cars on Wednesday became the first mainstream automaker to sound the death knell of the internal combustion engine, saying that all the models it introduces starting in 2019 will Continue Reading
A trillion-ton iceberg the size of Delaware is about to break off Antarctica
An enormous iceberg, more than 2,000 square miles in area — or nearly the size of Delaware — is poised to detach from one of the largest floating ice shelves Continue Reading
Fossil Fuel Empire: A World of Vulnerability
“It’s all about the oil,” many commentators said about the US assault on Iraq in 2003. Attributing a war to a single cause is almost always an oversimplification, but protecting Continue Reading
Brent Crude Holds Below $50 as Russia Said to Oppose Deeper Cuts
Russia to oppose any proposal to cut output further: officials U.S. crude stockpiles forecast to resume declines: survey Brent crude traded below $50 a barrel after ending the longest run Continue Reading
Hedge funds walk into bear trap in oil: Kemp
Hedge fund managers had amassed a record number of short positions in petroleum futures and options by the start of last week, which primed the oil market for a sharp Continue Reading