Oil Futures Show Modest Moves
Oil was little changed, giving up earlier gains as traders assessed an increase in gasoline stockpiles and technical signals suggesting the commodity’s rally was due for a pullback. Futures in Continue Reading
Maersk boss warns over global supply chain and freight rates
Global supply chains will remain unreliable and container shipping prices and profits high for the rest of the year, according to the chief executive of AP Moller-Maersk. This is because of Continue Reading
Emissions Cuts Could Drop the Impact of Melting Ice on Oceans by Half
Scientists on Wednesday reported another reason the world should sharply rein in global warming: doing so would likely cut in half the current projected amount of sea level rise from Continue Reading
Saudi Aramco Needs More Than Just Strong Earnings
Saudi Arabia’s national oil company Aramco has again outperformed forecasts. The world’s largest oil company, and 2nd largest listed company, reported a free cash flow of $18.3 billion in Q1 Continue Reading
Two oil wells hit by blast at Iraq’s northern Bai Hassan field: ministry
Iraq’s Bai Hassan oil field in the northern Kirkuk region was attacked by explosives on May 5 causing two wells to catch fire and leaving casualties, the oil ministry said, Continue Reading
Saudi Arabia Could Slash Deficit To Below 5% Of GDP At $60 Oil
The world’s largest oil exporter, Saudi Arabia, could see its budget deficit drop to below 5 percent of gross domestic product (GDP) this year if oil prices average $60 per Continue Reading
Mozambique Delays Could Disrupt Global LNG Market
The global liquefied natural gas (LNG) market, which was set to be constantly loose in the second part of this decade, is instead set to get tighter and could even Continue Reading
EU considers training mission to steady Mozambique
The European Union will consider sending a civilian training mission to Mozambique to help the government withstand a growing insurgency, EU foreign policy chief Josep Borrell said on Thursday. Mozambique’s Continue Reading
COVID spreading in rural India; record daily rises in infections, deaths
Hopes that India’s deadly second wave of COVID-19 was about to peak were swept away on Thursday as it posted record daily infections and deaths and as the virus spread Continue Reading
India’s Covid surge rocks global shipping industry
India’s huge wave of Covid-19 infections has hit the international shipping industry, which relies on the country for seafarers, as crews come down with the disease and ports deny entry Continue Reading
Coronavirus live updates: India reports 412,000 new cases and nearly 4,000 deaths in grim new record
India’s devastating coronavirus crisis deepened on Thursday, as the country reported 412,000 infections and nearly 4,000 deaths in the previous 24 hours. Epidemiologists believe that India’s surge could hit 500,000 Continue Reading
The Only Venue Where Oil Majors Will Still Spend Big
Oil majors may be slashing spending and deferring development plans across the globe, but they remain committed to developing the newest offshore oil finds in the heart of Latin America. Continue Reading
Michigan Wants to Close Oil Pipeline Under the Great Lakes. Canada Says No. – WSJ
Canada is fighting to stop U.S. officials from closing a vital cross-border oil and gas pipeline as a deadline to shut it looms. The dispute erupted in November, when Michigan Gov. Continue Reading
A New, Deadly Risk for Cities in Summer: Power Failures During Heat Waves
The growing risk of overlapping heat waves and power failures poses a severe threat that major American cities are not prepared for, new research suggests. Power failures have increased by Continue Reading
Biden Could Subsidize Nuclear Power To Reach U.S. Climate Goals
The U.S. Administration has reportedly realized that America cannot reach its new ambitious emission-reduction goals without nuclear power generation. The White House has signaled it could create new subsidies to Continue Reading
New Mexico’s Oil And Gas Royalties Hit Record
New Mexico raked in its highest ever royalty amount from oil and gas leases in April, according to the NM’s State Land Office. The previous record high royalty payments from Continue Reading
US crude stocks see largest draw since January amid rising demand, export surge
US crude oil inventories moved sharply lower in the week ended April 30, US Energy Information Administration data showed May 5, amid stronger refinery demand and a surge in exports. Continue Reading
Northern Appalachia Q1 coal production rises 15.3% from Q4: MSHA
Northern Appalachia coal production in the first quarter jumped to 24.31 million st, up 15.3% from 21.09 million st in Q4 and 12.1% from 21.7 million st produced in the Continue Reading
Shell Sells Washington Refinery
Royal Dutch Shell’s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington. Royal Continue Reading
Results tally up billions in profit from Texas freeze for gas and power sellers
Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s U.S. winter blast that roiled gas and power markets, according to Continue Reading
80% Of U.S. Coal Plants Are Uneconomic As Renewables Costs Drop
As much as 80 percent of the coal-fired power plants in the United States are already uneconomic compared to new wind and solar projects, energy and climate policy think tank Continue Reading
Jet Fuel Use Set to Surge 30% in USA
It’s the postponed weddings and family reunions. It’s meeting newborn grandchildren and attending memorial services for loved ones lost to the pandemic. It’s the rebooked trips to Maui and adventures Continue Reading
France opens tender for 250 MW floating offshore wind project
Highlights First ever commercial floating project July 1 deadline to preselect candidates Bids capped at Eur120/MWh London — France has opened a tender for the world’s first commercial floating offshore Continue Reading
Germany sets tougher CO2 emission reduction targets after top court ruling
Germany’s conservative-led government announced more ambitious plans to cut greenhouse gas emissions on Wednesday, prodded by a constitutional court ruling and with an eye to the opposition Greens’ lead in Continue Reading
The Latest: EU ready to discuss vaccine technology sharing
European Union President Ursula von der Leyen says the 27-nation bloc is ready to talk about the U.S. proposal to share the technology behind COVID-19 vaccines to help speed the Continue Reading
Crude oil futures jump on bullish API data, improved demand outlook
Crude oil futures jumped during mid-morning trade in Asia on May 5, as an all-around bullish American Petroleum Institute report indicated improved fundamentals in the US, while optimism over the Continue Reading
Will Oil Hit $80 This Summer?
India, the world’s third-largest oil importer, is the latest coronavirus hotspot. It has recently hit a record-breaking number of new daily coronavirus cases—a statistic that dented oil demand and pressured Continue Reading
Oil Drives Toward $70 as Sagging U.S. Stockpiles Aid Bull Bets
Oil extended a rally after U.S. stockpiles fell and reopening drives in the U.S. and Europe showed signs of boosting demand. Brent neared $70 a barrel and West Texas Intermediate climbed Continue Reading
Oil Prices Continue Ascent
Oil climbed to the highest since the middle of March as reopening efforts and vaccination pushes from the U.S. to Europe underpin hopes for a return to normal demand in Continue Reading
Crude hits 7-week high on bullish demand outlooks
European Commission may ease air travel restrictions RBOB cracks climb amid Bayway FCC shutdown US dollar tests eight-session high Crude oil futures on May 4 settled at the highest since Continue Reading
IEA Says Governments Should Consider Stockpiling Battery Metals
Western governments should consider stockpiling critical battery metals such as cobalt and lithium, the International Energy Agency said, in a stark warning of the geopolitical risks that accompany the green-energy Continue Reading
High commodity prices could delay energy transition, says IEA
The International Energy Agency has warned that high commodity prices could delay a transition to clean energy owing to the amount of metals needed for batteries, solar panels and wind Continue Reading
As Covid Ravages Poorer Countries, Rich Nations Spring Back to Life
The contrast could hardly be sharper. n much of the developed world, vaccine orders are soaring into the billions of doses, Covid-19 cases are easing, economies are poised to roar to Continue Reading
OPEC Output Flat Ahead Of Planned 600,000 Bpd Boost
OPEC kept its crude oil production essentially flat in April, just before the OPEC+ alliance is set to raise output by 600,000 barrels per day (bpd) in May, a Bloomberg Continue Reading
MENA oil investments to slow in next 5 years as gas ‘seems to be plateauing’: APICORP
Natural gas and oil will miss out on increased investments set to pour into petrochemicals and power plants in the Middle East and North Africa region over the next five Continue Reading
Iran Takes Drastic Measures To Conserve Electricity In Tehran
Iran has banned the use of air conditioning at Tehran’s state agencies as the country looks to save electricity consumption amid low power generation and prioritize electricity supply to homes Continue Reading
East Africa: Kenyan, Tanzanian Presidents Sign Pipeline Deal
Kenya and Tanzania have signed a deal for a gas pipeline that will run between the coastal cities of Mombasa and Dar es Salaam. The signing took place Tuesday, as Continue Reading
Ghana set to receive first LNG cargo at end of May
Sub-Saharan Africa’s first LNG terminal operationally ready Shell to supply LNG under long-term contract with GNPC Africa expected to develop more LNG import infrastructure Ghana is now expected to receive Continue Reading
India posts record daily COVID-19 deaths, one in four globally last week
India accounted for nearly half of the COVID-19 cases reported worldwide last week, the World Health Organization said on Wednesday, as the country’s coronavirus deaths rose by a record 3,780 Continue Reading
Six Reasons Asia’s Oil Refiners Aren’t Going Away Anytime Soon
Predictions of peak oil and the impending demise of fossil fuels will hit Asian oil refiners especially hard. The region is home to three of the top four oil-guzzling nations, Continue Reading
Venezuela’s Oil Exports Hover Around 700,000 Bpd
Venezuela’s oil exports are hanging tough around 700,000 bpd, where they have been for the last three months, according to tanker tracking data and PDVSA documents cited by Reuters . Continue Reading
Explosion Of Violence Is A Major Threat To Colombia’s Oil Industry
Once again, for the third time in less than two years, Colombia is saturated by protests sparked by President Ivan Duque’s proposed tax reforms which are aimed at stabilizing government Continue Reading
World’s largest green hydrogen project eyes Australian ammonia exports
The world’s largest developer of renewable hydrogen projects, InterContinental Energy, is targeting ammonia exports on a massive scale from its pioneer project in Western Australia, the company’s chief strategy officer, Continue Reading
Asian LNG Buyers Are Preparing For A Harsh Winter
Global markets have been hit hard by the economic downturn as a direct consequence of the Covid-19 pandemic. LNG prices were among the commodities which decreased sharply as consumption evaporated Continue Reading
As Cars Go Electric, China Builds a Big Lead in Factories
The body for an electric Zeekr, made by Geely, inside the welding hall of a factory near Ningbo, China.Lorenz Huber for The New York Times Fueled with money from Wall Continue Reading
Biden’s Road to Clean Energy Runs Through West Virginia’s Manchin, Capito
Gerald Lucas, 69, is a former coal miner and federal mine inspector who now gives public tours underground at the Beckley, W.Va., Exhibition Coal Mine, a working mine that ceased Continue Reading
Shortage Of Tanker Truck Drivers May Lead To Higher Gasoline Prices This Summer
The National Tank Truck Carriers (NTTC) industry trade group warns that a worsening semi-truck driver shortage may spark higher fuel prices and gas shortages this summer. CNN reported that industry Continue Reading
Large Inventory Draws Boost Crude Prices
The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30. Analysts had predicted a more Continue Reading
US coal exports jump to 18-month high in March
US coal exports rose to an 18-month high 6.88 million mt in March, as thermal coal exports jumped to their highest level since January 2019, while metallurgical coal shipments declined Continue Reading
Biden aims to vaccinate 70% of American adults by July 4
President Joe Biden set a new vaccination goal to deliver at least one shot to 70% of adult Americans by July Fourth as he tackles the vexing problem of winning Continue Reading