Oil Prices Surge As Inventories Decline
Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Continue Reading
Crude rally extends as COVID-19 vaccine rollouts boost demand outlooks
Crude futures climbed to fresh 13-month highs Feb. 12 as oil demand outlooks improved amid signs of progress on US COVID-19 vaccination distribution and a coronavirus stimulus package. NYMEX March Continue Reading
Oil Prices Soar Amid Rumors Of New Commodities Supercycle
Just days after one of our favorite macro strategists, Dylan Grice, predicted that the stage is set for ” a bull market in oil “, and JPM quant Marko Kolanovic Continue Reading
Oil edges higher on U.S. stimulus hopes, tighter supplies
Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as Continue Reading
How High Can Oil Prices Go?
Analysts are divided over whether oil prices can continue to climb, with WTI nearing $60 and profit-taking having begun. With 2021 shaping up to be one of the most important Continue Reading
Can Covax deliver the vaccines much of the world needs?
Scores of poorer countries around the world are waiting nervously to see if the multilateral Covax program will deliver the coronavirus vaccines they need to stem the pandemic — even Continue Reading
New Climate Satellite Spotted Giant Methane Leak as It Happened
Methane leaks from at least eight natural gas pipelines and unlit flares in central Turkmenistan earlier this month released as much as 10,000 kilograms per hour of the supercharged greenhouse Continue Reading
Iran Is Facing A Stranded Oil Asset Crisis
Iran risks having its massive crude oil assets become stranded unless the United States lifts the sanctions that the Trump administrations imposed on Tehran three years ago, Reuters has reported Continue Reading
China Imports 11.12 Million Bpd Of Oil In January
China’s January crude oil imports averaged 11.12 million bpd, according to energy analytics company OilX. This was up by more than 18 percent, or 1.74 million bpd, from the December Continue Reading
Is China Headed To Peak Oil Demand?
The world’s top oil importer, China, could be just years away from its own peak in domestic demand for oil products, Chinese refiners have started to warn, but consumer preferences Continue Reading
Permian Kept Spewing Methane Despite Drilling Slowdown, EDF Says – Bloomberg
A sharp drilling slowdown in the Permian Basin last year failed to improve the shale play’s record on methane emissions, according to a report by the Environmental Defense Fund. One in 10 Continue Reading
Duke Mulls New Gas Plants That Would Close Early on Climate Goal – Bloomberg
Duke Energy Corp. is considering building as many as 15 new natural gas units even as the company commits to eliminating carbon emissions by 2050. In order to still meet its Continue Reading
Yellen Is Creating a New Senior Treasury Post for Climate Czar – WSJ
Treasury Secretary Janet Yellen plans to wield the department’s broad powers to tackle potential risks to the financial system posed by climate change while pushing tax incentives to reduce carbon emissions. Continue Reading
Historic cold overwhelms Western US gas markets, driving price to record highs
Natural gas prices across much of the Western US surged to record highs in Feb. 12 trading as arctic weather fueled extreme localized demand, pushing supply and deliverability to their Continue Reading
Utility-Scale Batteries Return 82% Of Stored Electricity
The utility-scale batteries operating in the United States had an efficiency of retrieving the stored electricity at 82 percent in 2019, data from the U.S. Energy Information Administration (EIA) showed Continue Reading
U.S. Rig Count Continues To Climb Amid Soaring Oil Prices
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 last week. The total number of active oil and gas Continue Reading
Dominion Energy plans to spend $72 billion on decarbonization by 2035
Designed to drive 10% annual return Offshore wind, solar are big components Quarterly earnings down on year Dominion Energy’s planned $72 billion capital investment in decarbonization by 2035, touted as Continue Reading
Crude Storage Levels Are Falling Across the Americas
Oil storage locations across the Americas are emptying as the remarkable rally in crude prices undermines the need to buy and stockpile barrels. Tank owners were one of the few Continue Reading
Charting the Global Economy: U.S. Growth Forecasts Upgraded
Economists are ratcheting up their projections for U.S. growth this year as Congress moves closer to another large financial support package, while the recovery in much of Europe is expected to Continue Reading
American Oil Demand Is Emerging After Months of Covid Paralysis
U.S. oil demand is finally starting to emerge from the grips of pandemic after months with Asia serving as the lone bright spot in the global market market. American refiners are Continue Reading
Interior postpones March oil leases onshore and offshore
The Interior Department said Friday that it is postponing onshore and offshore oil lease sales planned for next month in line with President Joe Biden’s executive order on climate change. Continue Reading
Supertanker Loads Diesel at Rotterdam in Latest Sign of European Glut
A supertanker is loading up with diesel-type fuel at a key European import hub for the petroleum product, a telling indicator of the region’s supply glut. The Silverstone, a so-called very Continue Reading
Airbus Hydrogen Plane With Turboprop Design Gaining Favor For Zero Emission Jet
A turboprop design is gaining momentum within Airbus SE as the solution to its challenge of developing a hydrogen jet by 2035, according to people familiar with the matter. The propeller Continue Reading
UK economy suffers biggest drop since 1709
The British economy suffered its biggest decline in more than 300 years in 2020 as the coronavirus pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The Continue Reading
Russian Oil Giant Rosneft Sees Profits Slide 79% In 2020
Rosneft reported a 79-percent drop in 2020 net profits to $2.2 billion (147 billion rubles), with its fourth-quarter result hitting a record high after a loss in the third quarter. Continue Reading
Gazprom Plans To Start Nord Stream 2 Gas Pipeline This Year
Russia’s gas giant Gazprom plans to commission the controversial natural gas pipeline Nord Stream 2 this year, Russian news agency TASS reported on Thursday, quoting a presentation of a Gazprom Continue Reading
EU sidelines fossil-fueled cars, power projects from pandemic recovery funds
The European Union has pledged to block or limit funds from the region’s Eur672.5 billion ($814 billion) COVID-19 recovery package going to fund upgrade programs for fossil-fuel-powered vehicles and power Continue Reading
HyDeal Ambition to deliver green hydrogen across Europe at the price of fossil fuels; 3.6Mt green H2/year by 2030
After 2 years of research and confidential preparation, a group of 30 European energy players has launched HyDeal Ambition with the aim of delivering 100% green hydrogen across Europe at Continue Reading
Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market
Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may Continue Reading
Oil loses more steam after OPEC reduced demand forecast
Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the Continue Reading
Oil Prices Snap Winning Streak
Oil capped its longest winning streak in two years following the International Energy Agency’s bleaker outlook for global demand and signs that futures were overbought. Prices in New York slid Continue Reading
Major energy institutions downgrade oil demand outlooks amid fragile rebalancing
Major energy institutions are adopting a cautionary tone over oil demand in 2021, with the International Energy Agency and OPEC on Feb. 11 joining the US Energy Information Administration in Continue Reading
How Bad Is Big Oil’s Earning Season?
The five integrated oil super majors closed their financial books for 2020 and their numbers looked dreadful. However it could have been worse. Their revenues fell an incredible 36%, from Continue Reading
Oil states face devastating revenue crunch from global climate policies, study says
Growing global momentum on decarbonization could leave countries that largely depend on oil and gas revenues facing a $9 trillion drop in expected income over the next 20 years, according Continue Reading
The Most Overlooked Energy Source On Earth
About a month ago, a report by clean energy watchdog Bloomberg New Energy Finance (BNEF) confirmed that the renewable energy sector has remained the most resilient to the ravages of Continue Reading
IEA: OPEC+ To Further Ease Cuts Amid Quickly Drawing Oil Stocks
While the oil market rebalancing looks fragile in the first quarter of 2021, global oil stocks are expected to rapidly draw down in the second half of this year as Continue Reading
OPEC revises up 2021 oil demand forecast with more growth seen in H2
OPEC raised its estimate of 2021 global oil demand from last month, saying growth especially for industrial fuels in the second half will be led by positive economic developments supported Continue Reading
OPEC Revises Down Global Oil Demand Forecast For 2021
OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed Continue Reading
Saudi Aramco Looks To Lure Buyers To Pipeline Unit With $10B Loan
Saudi Aramco, the world’s biggest oil company, is discussing with banks the idea to offer the potential buyers of its pipeline business a staple financing package of up to US$10 Continue Reading
US Sells Seized Iranian Fuel As It Looks To Detain Another Oil Tanker
The United States has completed the sale of 1.116 million barrels of gasoline that Iran tried to ship to Venezuela last year, U.S. Department of Justice spokesman Marc Raimondi told Continue Reading
Nigeria: IMF Foresees Dangote Refinery’s Potential of Bailing Nigeria From Economic Downturn
The International Monetary Fund (IMF), the global financial watchdog is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and start production Continue Reading
India’s farmers set for long haul as they lay down Modi challenge
Chetan Rathi has twice voted for Narendra Modi, impressed by the Indian prime minister’s tough stance on national security issues. Now, the 26-year-old is among the tens of thousands of Continue Reading
Australia’s Fuel Security Crisis Is Growing Increasingly Dire
Australia’s fuel security is becoming an increasingly imminent challenge for the country as another refinery closes in Melbourne. With the country’s already high import bill climbing, experts are beginning to Continue Reading
US working natural gas volumes in underground storage decline 171 Bcf: EIA
Last week’s draw from US working natural gas in storage proved strong enough to reduce the year-on-year surplus to a deficit while the possibility for the largest weekly draw ever Continue Reading
Weekly US coal production slides 2.3% on week, falls 7.1% on year: EIA
Weekly US coal production fell to 10.89 million st in the week ended Feb. 6, down 2.3% from a week earlier and 7.1% lower than the year-ago week, according to Continue Reading
US oil, gas rig count rises by 1 rig to 457, with improved oil prices a boost to E&Ps
The US oil and gas rig count moved up one to 457 in the week ending Feb. 10, rig data provider Enverus said, as growth slowed from double-digit rig increases Continue Reading
C-Zero raises $11.5M Series A to produce clean hydrogen from natural gas via methane pyrolysis
C-Zero Inc., a pioneer in natural gas decarbonization, recently raised $11.5 million in a Series A funding round co-led by Breakthrough Energy Ventures and Eni Next, with participation from Mitsubishi Continue Reading
Biden pledges to fix decrepit U.S. infrastructure in bipartisan push
President Joe Biden promised U.S. senators from both major parties on Thursday to work together to modernize aging U.S. infrastructure, after his predecessor Donald Trump failed to win approval for Continue Reading
Solar and Wind Are Reaching for the Last 90% of the U.S. Power Market – Bloomberg
Three decades ago, the U.S. passed an infinitesimal milestone: solar and wind power generated one-tenth of one percent of the country’s electricity. It took 18 years, until 2008, for solar Continue Reading
Biden Announces a Big Vaccine Deal, but Warns of Hurdles
President Biden touring a lab at the National Institutes of Health on Thursday.Credit…Pete Marovich for The New York Times The Biden administration says it has now secured enough vaccine to Continue Reading