Oil Prices Edge Upward for the Week
Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery. Continue Reading
Crude prices post small gains to end rollercoaster week
Crude oil futures ticked up slightly July 23, ending higher for the fourth consecutive day on optimism that global production increases would fall short of a demand recovery. Front-month NYMEX Continue Reading
Oil Prices Recover After Manic Monday
Despite a major oil price crash on Monday, oil prices are now on course to close out the week more or less unchanged. Friday, July 23rd, 2021 The news of Continue Reading
Oil slips but set to end week steady on tight supply
Oil fell further below $74 a barrel on Friday but was on track to end the week largely unchanged after rebounding from a sharp drop on Monday, underpinned by expectations Continue Reading
Is climate change happening faster than expected? A climate scientist explains.
Climate scientists have long warned that global warming would lead to extreme heat in many parts of the world. But the 120 degree Fahrenheit temperatures brought on by the heatwave Continue Reading
Extreme weather takes climate change models ‘off the scale’
Fires, floods, heatwaves, and droughts. The deadly weather that has unfolded in recent weeks has left climate scientists “shocked” and concerned that extreme events are arriving even faster than models Continue Reading
OPEC, Energy Industry Should Thank Saudi Arabia For Oil Price Recovery
OPEC—as well as the entire energy industry—should be thanking Saudi Arabia for its “magnificent” job in managing their production during the Covid-19 pandemic, according to Robert Yawger, executive director of Continue Reading
Can Iran Avoid A Major National Uprising?
As Iran is preparing for the inauguration of elected president Ebrahim Raisi, a move that will consolidate the power of the ultra-conservative forces that support Ayatollah Ali Khamenei, its citizens Continue Reading
Brazil sees power generation at limit in November due to drought
Brazil’s national power grid operator (ONS) said on Friday that severe drought is likely to push the country’s power generation capacity to its absolute limit by November, as hydroelectric plants Continue Reading
India’s Largest Refiner Plans To Ramp Up Capacity This Decade
Indian Oil Corporation (IOC), the largest oil refiner in the country, looks to boost its crude oil refining capacity by one-third over the next half-decade as it believes gasoline and Continue Reading
Venezuelans Enduring Day-Long Waits to Fill Gasoline Tanks
Venezuela’s capital city is once again rationing gasoline after output at state-owned refineries slumped, forcing motorists to endure day-long queues to top off tanks. Shortages have returned to Caracas, prompting Continue Reading
Private companies in Mexico hit production record as Pemex struggles to meet goals
Highlights Independent E&P companies increased crude oil output to 70,000 b/d in June Three largest producers responsible for 50,000 b/d Pemex struggling to meet own goals Mexico City — Crude Continue Reading
Analysis: China crackdown could knock crude oil import growth to 20-year low
Beijing’s crackdown on the misuse of import quotas combined with the impact of high crude prices could see China’s growth in oil imports sink to the lowest in two decades Continue Reading
U.S. mulls crackdown on Chinese imports of Iranian oil
The United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt Continue Reading
Tokyo Olympic flame is the first powered by hydrogen
Inspired by the sun, the Tokyo Olympic cauldron is designed to be better for the planet. The flame at Tokyo’s National Stadium and another cauldron burning along the waterfront near Continue Reading
Deadly Typhoon Threatens Strategic Chinese Oil Hub
The In-fa typhoon, which caused devastating flooding in parts of China this week—claiming at least 33 lives—is expected to make landfall this weekend in a key area hosting some of Continue Reading
China Could See Slowest Oil Import Growth In Two Decades
High oil prices and China’s crackdown on the use of oil import quotas could result in the lowest crude oil import growth at the world’s top oil importer since 2001, Continue Reading
FBI: China Is Behind Past Oil & Gas Pipeline Cyberattacks
State-sponsored Chinese actors targeted U.S. oil and gas pipeline companies in a spearphishing and intrusion campaign between 2011 and 2013, a Joint Cybersecurity Advisory, coauthored by the Cybersecurity and Infrastructure Continue Reading
Many migrant workers stranded in Chinese cities hit by floods
For many migrant workers caught up in severe flooding in the central Chinese city of Zhengzhou, crossing town to stay with relatives in less affected areas or returning to their Continue Reading
Schlumberger’s profit beats forecast as margins soar on revenue gains
Schlumberger delivers optimistic outlook for North American and international oil markets Reports earnings of 30 cents per share, beating Wall Street estimates of 26 cents per share Operating margins almost Continue Reading
U.S. Jet Fuel Glut Is Too Big for Surging Air Travel to Drain
The U.S. is swimming in so much jet fuel that even this summer’s surge in air travel can’t save the market. Air traffic in the U.S. has jumped to more Continue Reading
AP-NORC poll: Most unvaccinated Americans don’t want shots
Most Americans who haven’t been vaccinated against COVID-19 say they are unlikely to get the shots and doubt they would work against the aggressive delta variant despite evidence they do, Continue Reading
Gas Engines, and the People Behind Them, Are Cast Aside for Electric Vehicles
Steven Penkevich spent 36 years at Ford Motor Co. F -0.65% as part of an army of Detroit engineers who perfected the internal combustion engine, a technology dating back to the dawn of the automobile Continue Reading
U.S. Rig Count Climbs As Oil Prices Recoup Losses
The number of oil and gas rigs in the United States is up 7 this week, according to Baker Hughes , which pegged the total rig count at 491, up Continue Reading
Biden Administration Earmarks Funds For Coal Communities
The Biden Administration is committing $300 million to invest in the economic development of coal and coal power plant-affected communities as part of a $3-billion funding for investment in America’s Continue Reading
Central USA Faces Cooling Demand Surge from Heat Dome
Heat will bear down on Texas and the Great Plains within days, driving temperatures in Dallas above the 100-degree mark for the first time this year. A dome of high Continue Reading
Henry Hub gas tops $4 as hot weather fuels concern over supply constraints, storage
Natural gas prices at the US benchmark Henry Hub recently zoomed past the $4 level, where the market continued to trade July 23 amid renewed bullishness over hot weather and Continue Reading
‘Climate Chancellor’ Merkel Leaves Germans Flooded and Frustrated
Merkel at a plenary session of the German Bundestag in June As she leaves office, Angela Merkel, hailed for her pioneering global leadership on climate change, stands accused at home Continue Reading
Europe’s gasoline, diesel car sales slump to 60% of market as EVs gain ground
Highlights Hybrid car sales overtake diesel for market share Electric vehicle sales jump more than 200% over year Plug-in hybrid sales more than triple since 2020 European sales of conventional Continue Reading
Russia reports 23,947 new COVID cases – authorities
Russia on Saturday reported 23,947 new coronavirus cases and a repeat all-time high in the number of deaths related to the virus, at 799. Russia has been in the grip Continue Reading
Thermal coal prices soar as demand for electricity rebounds
Thermal coal is one of this year’s best-performing asset classes Supply disruptions, a drought in China and rebounding electricity demand have fired up the market for thermal coal, making the Continue Reading
Oil slips but set to end week steady on tight supply
Oil fell further below $74 a barrel on Friday but was on track to end the week largely unchanged after rebounding from a sharp drop on Monday, underpinned by expectations Continue Reading
Oil Gains With Robust Global Demand Tightening Crude Market
Oil rose to the highest in a week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets. Futures in New York Continue Reading
Oil prices rise on signs of tightening supplies
Oil prices rose on Thursday, extending strong gains made in previous sessions on expectations of tighter supplies until the end of the year as economies recover from the coronavirus crisis. Continue Reading
Net-Zero 2050 May Need Up To $173 Trillion Investments
The world will need to invest up to $173 trillion in greener energy infrastructure and supply over the next 30 years if it wants to achieve net-zero carbon emissions by Continue Reading
The World Will Run Out Of EV Batteries By 2025
In many ways, the world is not ready for the EV revolution. While electric vehicles are an absolutely invaluable and essential component of the clean energy revolution and combating climate Continue Reading
Heat, Floods, Fires: Jet Stream Is Key Link in Climate Disasters
Water and mud landslides overran houses and roads in Germany this month, killing more than 160 people and leaving hundreds missing. Deadly weather as far apart as China, Germany and Continue Reading
The Saudi Prince of Oil Prices Vows to Drill ‘Every Last Molecule’
Prince Abdulaziz bin Salman Abdulaziz bin Salman, the most powerful man in petroleum, navigates unruly OPEC+ nations, huge swings in price and production—and the end of fossil fuels. The Boeing Continue Reading
PDVSA Snubs Crude Sanctions With Condensate Imports
PDVSA is offloading more than a half a million barrels per day of condensate that it has imported in order to blend with its extra heavy crude oil, according to Continue Reading
Venezuela Snubs U.S. Sanctions With First Oil Import This Year
Venezuela’s state-owned oil company imported a key component needed to achieve its goal of almost tripling crude production, defying U.S. efforts to isolate the Maduro regime’s grip on power. The Continue Reading
Biden’s China Policy Borrows From Trump and Adds Allies to Raise Pressure
The Biden administration is raising the pressure on China, confronting it on cyberattacks and human rights and making tentative progress rallying allies to its side, while so far avoiding deep Continue Reading
China Taps Into Crude Reserves To Curb Oil Price Rally
The world’s top oil importer, China, has started to release more than 20 million barrels of crude oil from its strategic reserve in a move seen as seeking to curb Continue Reading
Japan To Cut LNG, Coal In Power Sector As It Bets On Renewables
The world’s largest importer of liquefied natural gas (LNG) and one of the biggest importers of coal, Japan, aims to significantly raise the share of renewable power in its electricity Continue Reading
Is the Refining Sector in Crisis?
McKinsey & Company provides an answer. Demand for light products such as gasoline, diesel/gasoil, and jet/kero largely drives refinery utilization. Even in the case of a delayed energy transition, light Continue Reading
China aims to install over 30 GW of new energy storage by 2025
China aims to install more than 30 gigawatts (GW) of new energy storage capacity by 2025, its state planner said on Friday, as part of efforts to boost renewable power Continue Reading
Study: Chinese COVID shot may offer elderly poor protection
BUDAPEST, Hungary (AP) — A new study suggests that a Sinopharm vaccine offers poor protection from COVID-19 among the elderly, raising questions for dozens of countries that have given the Continue Reading
China Flood Death Toll Rises Along With Questions Over Infrastructure
The death toll from severe floods in central China rose to at least 33 people, local authorities said, as they grappled with the fallout from record rainstorms and faced questions over their Continue Reading
Japan faces heat over Bangladesh’s coal power
Some 4,000km from Japan, on a verdant, mangrove-lined island in south-eastern Bangladesh, sits one of the biggest and most controversial tests of Tokyo’s commitment to help phase out fossil fuels. Continue Reading
Low margins constrain China’s coal and gas fired plants amid peak summer demand
China’s power production hit all-time high in mid-July Thermal coal prices at all-time high on tight demand-supply Deep losses cap operating rates of gas-fired power plants China’s coal-fired and gas-fired Continue Reading
China to cut oil product exports to 1.07 mil mt in Aug amid tight quotas
Highlights To export 300,000 mt gasoil, 600,000 mt jet fuel 2-year high gasoline crack encourages export increase China’s oil companies plan to further slash their exports of key oil products Continue Reading