Oil Futures Slide As Dollar Gets Stronger
Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Futures in New York declined 3.2% Continue Reading
Crude slides on stronger dollar; market eyes OPEC+ supply boost
Crude oil futures finished the week sharply lower as a stronger dollar and expectations of rising global supply continued to pull prices off 13-month highs seen earlier this week. Not Continue Reading
Why Oil Bulls Aren’t Backing Down
While there is still plenty of potential new oil supply on the market, particularly from OPEC+, analysts remain very bullish and banks are beginning to talk about $100 oil. In Continue Reading
Reuters Poll: Bankers See Steady Rise In Oil Prices
Brent crude will average $59.07 per barrel this year, according to a Reuters survey of analysts. This is up from last month’s consensus on an average of $54.47 a barrel, Continue Reading
ICE says existing Dated Brent price assessments to remain valid to June 2022
The Intercontinental Exchange said Feb. 26 that crude futures and swaps contracts listed up to June 2022 and referencing the S&P Global Platts Dated Brent assessment in its current form Continue Reading
Russia says U.S. gave little warning before Syria strike
Russia was given about four to five minutes warning of the Biden administration’s first military action when it struck Iranian-backed militias in eastern Syria early Friday, according to Russian Foreign Continue Reading
United Nations: Countries’ pledges to cut emissions are far too meager to halt climate change
Pledges made by so far by countries around the globe to cut greenhouse gas emissions fall strikingly short of the profound changes necessary to avoid the most catastrophic impacts of Continue Reading
Syria condemns ‘cowardly’ U.S. air strikes on Iran-backed militias
Syria said U.S. airstrikes against Iranian-backed militias in the east of the country on Friday were a cowardly act and urged President Joe Biden not to follow “the law of Continue Reading
OPEC+ Compliance With Oil Production Cuts Jumps To 103%
The OPEC+ group of producers complied at 103 percent with the oil output cuts in January, higher than the estimated compliance in December, Argus reports , citing three delegates from Continue Reading
Dangers of Big Oil Spending Cuts Are Visible in Angola’s Slump
The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry Continue Reading
Nigeria Needs Private Security On Vessels to Tackle Piracy
Oil theft Nigeria has been advised to review its maritime security rules and enlist the support of private security companies to tackle rampant piracy on its waters. A report published Continue Reading
India’s Largest Refiner To Invest $4.5 Billion To Boost Capacity
Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, plans to invest US$4.46 billion (329.46 billion Indian rupees) to expand the processing capacity of its Panipat refinery by Continue Reading
China’s Oil Reserves Near Limit
China’s crude oil reserves have reached a level equal to 100 days of imports, Bloomberg has reported , citing unnamed sources in the know, which is near the country’s storage Continue Reading
Toyota’s New Fuel Cell Module Could Be A Gamechanger For Hydrogen
Toyota Motor Corporation has developed a fuel cell system module and looks to start selling it after the spring this year in a bid to promote hydrogen use and help Continue Reading
Xi’s Carbon Goals Get Cold Reception From Polluting Refiners
To see the gulf between China’s ambitious carbon-neutral goals and the desire of its companies to maintain breakneck growth, look at Shandong’s oil refineries. The coastal province, a hub for private Continue Reading
Toyota develops packaged fuel cell system module for sale
Toyota Motor Corporation has developed a product that packages a fuel cell (FC) system into a compact module; the company plans to begin selling it in the spring of 2021 Continue Reading
Why the three biggest vaccine makers failed on Covid-19
As pharmaceutical companies raced to develop Covid-19 vaccines, crossing the finishing line in record time, the world’s three biggest vaccine makers were also-rans. GlaxoSmithKline, Merck and Sanofi are now left Continue Reading
Oil Rig Count Inches Higher As Prices Drop
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas Continue Reading
Texas Freeze Led To Second-Highest Natural Gas Withdrawal Ever
The extreme winter weather last week resulted in the second-largest withdrawal of natural gas from storage in the U.S. as demand spiked, the Energy Information Administration (EIA) said on Friday. Continue Reading
Soaring U.S. Incomes Help Drive Biggest Spending Gain Since June
U.S. personal incomes soared in January as Americans received another round of pandemic-relief checks, helping to re-charge the economy with the strongest spending advance in seven months. The 10% gain in Continue Reading
Renewable Energy Advocate Granholm Confirmed For Top Energy Post
Renewable energy ally and fossil fuel foe Jennifer Granholm was confirmed by the U.S. Senate on Thursday to lead the Department of Energy by a 64/35 vote. The former Governor Continue Reading
Weekly US coal train loading decline 9.3 trains/day on week, driven by PRB drop: STB
Weekly US coal train loadings averaged 57.9 trains/day in the week ended Feb. 19, down 9.3 trains/day from the previous week and down 15.3 trains/day from the year-ago week, Surface Continue Reading
Texas, Midwest refiners thaw out their plants after polar vortex
US refiners are restarting their plants after the recent deep freeze stretching from the Texas Gulf Coast north through the Midwest impacted refinery operations across a broad swath of the Continue Reading
U.S. near authorization of Johnson & Johnson COVID-19 vaccine
U.S. regulators on Friday said they would work quickly to authorize Johnson & Johnson’s COVID-19 vaccine for emergency use after a panel of outside advisers backed the one-shot immunization. The Continue Reading
Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years
U.S. crude production decreased for the first time in four years in 2020 as the pandemic crushed global oil demand. American crude output averaged 11.313 million barrels a day last year, Continue Reading
Texas’s Power Market Is $1.3 Billion Short After Energy Crisis
Texas’s grid operator needs to come up with $1.3 billion to pay power plants for the energy they supplied during last week’s historic blackouts, raising the prospect it may require Continue Reading
Griddy Barred From Texas Power Market for Payment Breach
Griddy Energy LLC, a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in Continue Reading
Biden’s New Energy Secretary Eyes Big Investment to Boost Clean Technologies, Harden Electric Grid – WSJ
The new U.S. energy secretary said Friday she plans to revive a $40 billion loan program for energy projects and to push for improvements to the country’s electric grid in Continue Reading
Petrochemical restart efforts continue post-freeze
US Gulf Coast petrochemical producers were working to restart facilities that shut when a deep freeze hit the region the week of Feb. 15, but those efforts faced ups and Continue Reading
Texas lawmakers face ‘conundrum’ of getting gas-fired power to gas wells, pipes
The “chicken-and-egg” problem of getting power to natural gas production and transportation facilities using electricity from generators that could not get sufficient natural gas was the “commonsense” issue that infuriated Continue Reading
ANALYSIS: US natural gas production hits 11-month high as V-shaped recovery takes hold
Haynesville, Permian gains lift output to 92.7 Bcf/d Henry Hub balance-2021 curve falls below $3/MMBtu Forwards, futures markets shrug off storage risk A rapid recovery in output from shale basins Continue Reading
Former FERC, DOE officials mull Texas, climate, transmission policy quandaries
Hill sees path for FERC to aid state climate leadership LaFleur skeptical FERC can revive backstop siting authority A new Center on Global Energy Policy-hosted “Straight Talk” discussion series tackled Continue Reading
ARPA-E releases $10M for 6 projects developing electrical systems for fully-electric aviation applications
ARPA-E released $10 million in funding for 6 projects as part of the Connecting Aviation By Lighter Electrical Systems ( CABLES ) topic. CABLES is one of a set of Continue Reading
AstraZeneca, Sputnik vaccines face hurdles if COVID shots become annual affair
Vaccines from AstraZeneca, Russia’s Gamaleya Institute and Johnson & Johnson fight the coronavirus with another virus, leaving scientists concerned the shots may lose potency if annual inoculations become necessary to Continue Reading
Extreme Winter Stopped Russia From Benefiting From Higher OPEC+ Quota
Extreme winter weather in Russia, at least more extreme than usual for Siberia, resulted in lower Russian oil production so far in February compared to January and lower than the Continue Reading
Nord Stream 2 gas link developer shrugs off Wintershall Dea loan move
The developer of the almost-complete Nord Stream 2 gas pipeline from Russia to Germany said Feb. 26 that it had the financing in place to complete the pipeline, shrugging off Continue Reading
Germany receives 200 hydrogen project applications in IPCEI call
Germany’s energy ministry has received around 200 hydrogen project proposals seeking funding under the Important Projects of Common European Interest (IPCEI) program, it said Feb. 25. The IPCEI call was Continue Reading
UK introducing E10 fuel nationwide in September
E10 gasoline blends (10% ethanol) will be introduced at gasoline stations across the UK in September 2021. Its introduction on UK roads could cut transport carbon dioxide emissions by 750,000 Continue Reading
Oil Prices for Feb. 26, 2021: Brent Crude, WTI
Oil’s record start to 2021 was under pressure from a selloff in bond markets that spooked risky assets. While crude futures declined on Friday, global benchmark Brent has rallied to its best-ever Continue Reading
Oil Hits Highest in More Than a Year With Global Supply Draining
Oil climbed to the highest in more than a year amid optimism of swiftly depleting global oil inventories. Futures in New York closed 0.5% higher on Thursday. The oil futures curve Continue Reading
How High Can Oil Really Go?
Oil price revisions started cautiously: some banks saw Brent crude averaging $65 a barrel this year, and others, of a bolder nature, predicted that the oil benchmark could climb to Continue Reading
Gulf Stream system at weakest in a millennium due to climate change
The Gulf Stream system has weakened to its slowest pace in more than a thousand years, according to scientists, as global warming makes the powerful ocean current that controls much Continue Reading
Scientists see stronger evidence of slowing Atlantic Ocean circulation, an ‘Achilles’ heel’ of the climate
A growing body of evidence suggests that a massive change is underway in the sensitive circulation system of the Atlantic Ocean, a group of scientists said Thursday. The Atlantic meridional overturning Continue Reading
Nigeria losing 200,000 b/d to crude oil theft as sabotage grows: NNPC
Nigeria is losing an average of 200,000 b/d of its crude oil production to theft, state-owned Nigerian National Petroleum Corp. said Feb. 25, indicating a surge in pipeline sabotage in Continue Reading
China claims to have eliminated poverty. But the figures mask harsh realities.
To great fanfare, Chinese leader Xi Jinping on Thursday declared his country’s “complete victory” over extreme poverty. In an hour-long speech delivered from the Great Hall of the People in Continue Reading
The Oil Industry Is Ready To Fight President Biden In Court
Reeling from the effects of the pandemic, the oil industry is in no mood to fool around. When newly inaugurated President Joe Biden canceled the Keystone XL pipeline project, refiners Continue Reading
Which Banks Are The Biggest Backers Of Oil And Gas?
About a month ago, BlackRock Inc. the world’s largest asset manager with $9 trillion in assets under management (AUM), sent shockwaves through the fossil fuel sector after it vowed to Continue Reading
The Staggering Cost Of Weather-Proofing U.S. Infrastructure
As extreme weather conditions wreak havoc on America’s largest energy producing states, can they continue to provide for their citizens? The combination of climate change and aging infrastructure could soon Continue Reading
Natural Gas Production Plunged 45% During The Texas Freeze
Natural gas production in Texas collapsed by 45 percent during the cold snap last week, primarily due to freeze-offs, the Energy Information Administration (EIA) said on Thursday, citing estimates from Continue Reading
Exxon Shocks As Oil Reserves Drop By A Third
Exxon slashed its oil reserves by almost a third in what is the most radical reserve revision in the company’s modern history. The supermajor reported reserves totaling 15.3 billion barrels Continue Reading