Oil Prices Get Boost from Inflation Data
Oil rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook. Futures in New York rebounded from a plunge Continue Reading
Oil falls as start of U.S. summer driving season fails to lift fuel demand
Oil prices fell on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand at the Continue Reading
Oil rally has more room to run, Brent expected to hit $80/bbl – Goldman
U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global Continue Reading
Covid-19 Deaths This Year Have Already Eclipsed 2020’s Toll
More people have died from Covid-19 already this year than in all of 2020, according to official counts, highlighting how the global pandemic is far from over even as vaccines beat Continue Reading
Peak Internal Combustion Engine May Already Be Years Behind Us
The world hit a transport milestone in 2017, though most people wouldn’t have noticed it at the time. That year, consumers bought more than 85 million automobiles, a sales volume that Continue Reading
Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half
OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a Continue Reading
U.S. Lifts Sanctions on More Than Dozen Former Iranian Officials, Energy Firms
The Biden administration lifted sanctions on three former Iranian officials and several energy companies amid stalled nuclear negotiations, signaling Washington’s willingness to further ease economic pressure on Iran if the Continue Reading
OPEC Sees Strong Oil Demand Recovery This Autumn
Global oil demand will rise by 6 million barrels per day (bpd) this year from the lows of 2020, led by strong consumption in China and the United States, especially Continue Reading
OPEC Raised Oil Production By 400,000 Bpd In May
OPEC’s crude oil production rose by 390,000 barrels per day (bpd) to 25.46 million bpd in May 2021, the cartel said on Thursday as it started last month the gradual Continue Reading
Oil sanctions relief expected to take months after US, Iran reach deal: analysts
Sequencing of JCPOA compliance remains complicated Platts Analytics sees US sanctions relief by September Iran oil output expected to return to capacity next year While oil traders appeared ready June Continue Reading
U.S. Lifts Some Iran Sanctions Amid Stalled Nuclear Talks
The Biden administration lifted sanctions on three former Iranian officials and several energy companies amid stalled nuclear negotiations, signaling Washington’s willingness to further ease economic pressure on Iran if the Continue Reading
A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the Continue Reading
Nigeria: With Declining Sector Investments, NNPC Predicts U.S.$200 Oil Price
The Nigerian National Petroleum Corporation (NNPC) yesterday predicted that oil price could climb as high as $200 per barrel, as banks and major International Oil Companies (IOCs) withdraw from funding Continue Reading
China About To Become Top LNG Importer This Year
China will this year overtake Japan as the world’s largest importer of liquefied natural gas, ICIS Edge, a service of market intelligence provider ICIS, said this week, as quoted by Continue Reading
China’s Buying So Much Corn That Its Ports Are Getting Clogged
China’s embarked on a record corn-buying spree this year and some vessels have been delayed for as long as a month outside southern ports because of congestion, incurring hefty demurrage Continue Reading
China’s independent refineries likely to cut H2 crude imports by 27%
Probe set to reduce PetroChina Fuel Oil’s imports Five refineries facing cuts to import quota volumes Consumption tax to slash bitumen blend imports Crude oil imports by China’s independent refineries Continue Reading
Feature: IEA’s net-zero roadmap is unrealistic, lacks localized approach – Chinese experts
Highlights IEA report lacks differentiated approach between developed and developing countries Rapid phasing out of fossil fuels could destabilize energy supply, power grids Changing consumer habits, market mechanisms key to Continue Reading
Occidental to sell some Permian basin assets for $508 mln
Occidental Petroleum Corp (OXY.N) said on Thursday it would sell some of its acreage in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for Continue Reading
U.S. LNG Exports Set For Another Record High This Year
U.S. exports of liquefied natural gas (LNG) are set to surge this year from the already record levels in 2020 as demand in Asia and Europe is high, even in Continue Reading
Can Oil Sands Be Banned?
The boardroom wars around ExxonMobil, a district court in the Hague ruling Shell should speed up its emissions cutting above and beyond its own objectives, the International Energy Agency suggesting Continue Reading
US oil, gas rig count climbs 8 to 560 on strong Permian activity
The US oil and gas rig count climbed eight to 560 in the week ended June 9, rig data provider Enverus said June 10, as the number of oil-focused rigs Continue Reading
Gore pressed Biden to stick with climate plans as liberals fear White House is softening its agenda – The Washington Post
A number of Democrats are growing increasingly nervous that the White House could agree to a bipartisan infrastructure deal that scales back key climate-change initiatives, prompting a lobbying push that Continue Reading
Prices Jumped 5% in May From Year Earlier, Faster Than Expected
Consumer prices rose at the fastest annual rate since 2008 in May, a bigger jump than economists had expected and one that is sure to keep inflation at the center Continue Reading
BNEF’s latest projection shows EVs as $46T market opportunity between now and 2050
EV sales are set to rise faster than ever, but governments aiming for net-zero carbon emissions by 2050 must do more to spur their adoption, according to BloombergNEF’s (BNEF) latest Continue Reading
Earthquakes on Record-Breaking Pace in U.S. Shale, Study Finds
The number of earthquakes rattling the U.S. shale patch is growing exponentially as producers pump massive amounts of dirty water from their oil and gas wells back underground. Tremors registering at Continue Reading
Hoover Dam Reservoir at Lowest Since 1937 as Drought Worsens
The Hoover Dam near Boulder City, Nev., on March 7. The reservoir level at the iconic Hoover Dam in the U.S. Southwest has plunged to its lowest since 1937 as Continue Reading
Another jump in prices tightens the squeeze on US consumers
American consumers absorbed another surge in prices in May — a 0.6% increase over April and 5% over the past year, the biggest 12-month inflation spike since 2008. The May Continue Reading
US unemployment claims fall to 376,000, sixth straight drop
The number of Americans applying for unemployment benefits fell for the sixth straight week as the U.S. economy, held back for months by the coronavirus pandemic, reopens rapidly. Jobless claims Continue Reading
American Airlines Invests in Electric Flying Taxis
American Airlines Group Inc. AAL -1.64% is the latest carrier to get in on the flying taxi trend as airlines, aerospace manufacturers and tech companies vie to get the new aircraft off the ground. The airline Continue Reading
Lake Mead: Largest US reservoir dips to record low
Reuters image captionReceding water levels have exposed bleached-white embankments of Lake Mead The largest reservoir in the US has dipped to its lowest ever level, officials say, as an extreme Continue Reading
Keystone XL pipeline cancelled after Biden scraps US permit
Construction of the controversial Keystone XL pipeline was officially terminated on Wednesday, handing a big victory to environmentalists that fought the project for more than a decade as they intensified Continue Reading
Keystone XL’s Demise Shows Hard Road for New Pipelines
The failure of the Keystone XL project demonstrated the challenges of building new pipelines in the U.S. and Canada amid galvanized environmental groups and delivered a blow to oil-and-gas companies that now Continue Reading
Nord Stream 2 to start work on filling pipeline on Friday
Russia’s Nord Stream 2 gas project will start preparations on Friday to fill the first of two pipelines with natural gas within a few months, the Gazprom-led project said on Continue Reading
Commissioning work to fill first Nord Stream 2 gas string to begin June 11: operator
Highlights Offshore section of first string technically complete Work to lay the 27.5 Bcm/year line completed June 4 Pipelaying work on second string continues Commissioning work to fill the first Continue Reading
Bundesbank Sees German Economy at Start of Strong Upswing
Germany’s economy is poised for a strong upswing in the second half of this year, with activity likely to reach pre-crisis levels as soon as this summer, the Bundesbank said. Continue Reading
European airlines step up lobbying against EU climate rules
European airlines are pushing against Brussels imposing tougher emissions rules under the EU’s long-awaited climate package, according to documents obtained by a leading environmental group. The documents obtained by Influence Map Continue Reading
Northvolt raises $2.75B to expand battery cell manufacturing capacity; Swedish gigafactory to 60 GWh
Northvolt announced the signing of a $2.75-billion private placement to finance further battery cell production capacity and R&D efforts in order to meet the increasing demand of customers engaged in Continue Reading
Crude oil futures dip on large US products build
Crude oil futures slipped during midmorning trade in Asia June 10 on the back of a large build in US product inventories, which cast a shadow of doubt on the Continue Reading
Oil Dips as Growing U.S. Fuel Supplies Cloud Summer Rebound
WATCH: Blackstone’s Byron Wien says oil prices will rise for the right reasons. Oil closed lower as an increase in U.S. fuel stockpiles clouded the outlook for a strong demand Continue Reading
Oil falls as start of U.S. summer driving season fails to lift fuel demand
Oil prices fell on Thursday as inventory data in the United States, the world’s top oil consumer, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand at the Continue Reading
Oil Prices Fall Following Large Fuel Inventory Build
Crude oil prices fell slightly today after the Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to June 4. A day earlier, the American Continue Reading
EIA: Brent Oil To Average $68 In Q3 2021
Brent Crude prices are expected to average $68 a barrel in the third quarter this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, raising the Continue Reading
Natural Gas Is The Secret To Scaling Geothermal Energy
No matter where you are on Earth, you are situated right on top of a potential clean energy production hub. This is the argument at the heart of the push Continue Reading
Iran Says It’s Ready For Speedy Oil Output Hike
Iran has plans in place to swiftly restore its crude oil production to pre-sanctions levels of nearly 3.4 million barrels per day (bpd), a senior Iranian industry official said on Continue Reading
Israeli Minister Calls For Scrapping UAE Oil Pipeline Deal
Israeli Minister of Environmental Protection Gila Gamliel is looking to have the recent oil pipeline deal between Israel and the United Arab Emirates (UAE) scrapped because of security and environmental Continue Reading
Plan to increase Aramco’s capacity to 13 million b/d still under assessment
Bond proceeds to be used for dividend payments Aramco Q1 production averaged 8.6 million b/d of crude oil Saudi Aramco has not yet embarked on work to expand its maximum Continue Reading
Libyan crude output under pressure due to pipeline leaks: NOC’s Sanalla
Libya’s production recovery is slowing as the country’s ageing oil infrastructure comes under pressure, with more falls likely in coming days due to series of pipeline leaks, the chairman of Continue Reading
The Iran Nuclear Deal Won’t Happen Any Time Soon
Global oil markets have been on edge recently due to the continuing JCPOA discussions and the possibility of the U.S. rejoining the deal. While there have been no real breakthroughs Continue Reading
Libya’s Oil Production Drops By 200,000 Bpd
Libya’s crude oil production has declined by more than 200,000 barrels per day (bpd) in recent days, or by almost 20 percent, on the back of pipeline leaks and maintenance Continue Reading
Libya oil leaks hitting output, NOC chief says
The head of Libya’s National Oil Corp (NOC) reiterated on Wednesday the need for funds for much needed repairs in the oil industry after corroded pipelines recently hit production. Mustafa Continue Reading