Oil holds above $75 as U.S. inventory drop supports
Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories Continue Reading
Oil Rallies to Six-Week High as U.S. Crude Stockpiles Tighten
Oil jumped to the highest in six weeks amid signs of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles. Futures in New Continue Reading
Priciest Food Since 1970s Is a Big Challenge for Governments
From handouts to trade rules, politicians are looking for ways to neuter the effect of surging costs. A demonstrator holds government subsidized bread during a protest in Beirut, Lebanon, on Continue Reading
Chevron CEO Warns of High Energy Prices
The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.’s top executive. “There Continue Reading
UN chief urges ‘rapid’ emission cuts to curb climate change
The head of the United Nations is calling for “immediate, rapid and large-scale” cuts in greenhouse gas emissions to curb global warming. Antonio Guterres warned governments ahead of next week’s Continue Reading
Libya’s NOC says Es Sider and Ras Lanuf oil blockades have ended
Libya’s National Oil Corp (NOC) on Thursday said that a blockade of the Es Sider and Ras Lanuf oil terminals had ended and that export operations had returned to normal. Continue Reading
Rich Nations Head to South Africa Seeking Coal Exit Deal
Four of the world’s richest nations will send a delegation to South Africa as soon as next week to seek a deal to begin closing the country’s coal-fired plants, according Continue Reading
New Coal Power Stations Cut Off From Funding by FirstRand
FirstRand Ltd. , Africa’s biggest bank by market value, is ending its funding of new coal-fired power stations immediately and will halt the financing of new projects to mine the Continue Reading
Australia approves Whitehaven mine despite court ruling on climate obligation to kids
Australia’s Environment Minister Sussan Ley on Thursday approved an expansion of a Whitehaven Coal (WHC.AX) mine – a decision which comes despite a historic court ruling that she had an Continue Reading
China tests oil clout, battles inflation with first oil reserve auction
China’s first crude oil reserve auction could have an outsized impact on market sentiment, signaling the top oil importer remains committed to reining in inflation by controlling commodity prices, analysts Continue Reading
Walmart to Test Self-Driving Delivery Service With Ford and Argo AI
Walmart Inc. WMT 0.17% is working with Ford F 2.80% Motor Co. and Argo AI to start testing an autonomous-vehicle delivery service in three U.S. cities as the big-box retailer’s consumers continue to favor deliveries within the same Continue Reading
China’s Property Curbs Send Economic Tremors
Beijing’s pressure on the real-estate sector is being felt far beyond China Evergrande Group, raising questions about how much economic pain China’s leaders are willing to stomach as they rein in yet another Continue Reading
China to strike harder against regions that fail to curb energy use
China will toughen punishments for regions that fail to meet targets aimed at controlling energy use, the state planning agency said in new policy guidelines published on Thursday. China has Continue Reading
China tests oil clout, battles inflation with first oil reserve auction
China’s first crude oil reserve auction could have an outsized impact on market sentiment, signaling the top oil importer remains committed to reining in inflation by controlling commodity prices, analysts Continue Reading
Boosters in Spotlight; China Vaccinates 1 Billion: Virus Update
Johns Hopkins’ Hansoti Booster shots are in the spotlight, as a highly anticipated study in Israel showed a third Pfizer Inc. dose can dramatically reduce rates of virus-related illness in Continue Reading
Global Energy Crunch Leaves China Facing More Power Shortages
China is staring down another winter of power shortages that threaten to upend its economic recovery as a global energy supply crunch sends the price of fuels skyrocketing. The world’s Continue Reading
Toyota’s Big Bet On Solid State Batteries Could Boost The Entire Sector
With the global electrification drive in full swing, electric cars have constantly been improving in terms of mileage, performance, charging time–and costs. And, Wright’s law has so far proven to Continue Reading
Vineyard Wind secures $2.3 bln loan, allowing construction to start
Vineyard Wind, which is on track to be the first major U.S. offshore wind farm, closed on a $2.3 billion loan and will begin construction in Massachusetts as soon as Continue Reading
U.S. Gulf has 30% of oil production still shut after Hurricane Ida
Energy companies on Wednesday kept 30% of U.S. Gulf of Mexico crude oil production shut, or 537,193 barrels, according to regulator Bureau of Safety and Environmental Enforcement (BSEE), more than Continue Reading
U.S. Gulf Coast oil companies resume Ida recovery as Nicholas recedes
U.S. Gulf energy companies have been able to quickly restore pipeline service and electricity after Hurricane Nicholas passed through Texas, allowing them to double down on efforts to repair the Continue Reading
Warding Off Winter Cold in U.S. Will Be Pricey as Propane Soars
Americans who rely on propane for heating are facing the most expensive winter in years as prices for the fuel jump to the highest since 2014. Propane prices have risen Continue Reading
Low Midcontinent gas prices fuel outbound flows in growing risk to winter storage
Highlights NGPL Midcontinent at 24 cent discount to Henry Hub Transmissions up 200 to 300 MMcf/d, July 1 to date Storage level at 188 Bcf, record low for mid-September Weak Continue Reading
Chevron and Enterprise Exploring Carbon Storage Ops
Chevron and Enterprise Products Partners are exploring carbon storage business opportunities. Chevron and Enterprise Products Partners are exploring carbon storage business opportunities. Through its Chevron New Energies division, Chevron U.S.A. Continue Reading
Container ship queue at Los Angeles/Long Beach grows to record 60 vessels
The queue of container ships waiting to berth at the Los Angeles/Long Beach port complex grew to a record 60 vessels as the ports remain inundated with import volumes during Continue Reading
How Long Can U.S. Shale Producers Resist The Oil Price Rally?
It would have been unthinkable a few months ago: ramping up production was the last thing U.S. shale drillers would do amid a hesitant price recovery and heavy uncertainty around Continue Reading
Iberdrola: U.S. Risks Killing Its Own Offshore Wind Boom
Proposals in the U.S. Congress to tie green tax credits with local content materials risk holding back the American offshore wind sector even before it has started to flourish, a Continue Reading
Russian Oil Exports Under Fire As Iraq Slashes Prices
The price of Russia’s flagship Urals grade slumped this week as Russian supply and exports are set to grow and as Iraq cuts the price of its crude for Europe. Continue Reading
Nord Stream 2 Comes Just As European Gas Prices Reach 13-Year High
The sooner Nord Stream 2 is commissioned and launched, the better chance the Russia-led gas pipeline to Germany will have to balance surging gas prices in Europe, including on the Continue Reading
Kremlin Spokesman Assures Markets Nord Stream 2 Will Stabilize Natural Gas Price
The Kremlin today said that a rapid start-up of the controversial Nord Stream 2 pipeline would help to correct sky-high gas prices across Europe amid a squeeze in supply. Spokesman Continue Reading
Europe’s Energy Crunch Is Forcing U.K. Factories to Shut Down
WATCH: Natural gas and energy prices in Europe have been continuing their record-breaking run. Europe’s energy crunch has forced a major fertilizer maker to shut down two U.K. plants, the Continue Reading
Italy working on measures to curb power prices – minister
Italy will introduce short-term measures to offset the expected rise in retail power prices and is working on a longer-term reform of power bills, energy transition minister Roberto Cingolani said Continue Reading
British Among Hardest Hit as Living Costs Rise During Pandemic
Montagne Says Economy Needs to Plan Ahead Central bankers worldwide are weighing the probability of higher inflation. Consumers around the world say they are already feeling the pinch. About 40% Continue Reading
UK power prices soar after key cable hit by blaze
The fire at the National Grid site broke out just after midnight on Wednesday A key electricity cable between Britain and France has been shut down, sending wholesale energy prices Continue Reading
Netherlands rules out change to Groningen gas field policy despite high prices
Highlights Output hike would lead to higher earthquake risk: ministry Field set to close in mid-2022, back-up role to remain European gas prices on run to record highs The Dutch Continue Reading
Oil Extends Rally as Industry Report Shows Slump in Inventories
Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market. Global benchmark Brent rose above $74, while West Texas Intermediate Continue Reading
Oil prices climb after drawdown in stocks, positive demand outlook
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations Continue Reading
Oil Steady In Wake of Hurricane Nicholas
Oil settled with minimal change as threats to crude supply from the Gulf of Mexico fizzled in the wake of hurricane Nicholas. Oil ended the session little changed as investors Continue Reading
Despite green talk, pre-COVID oil demand seen returning soon
World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major Continue Reading
COVID-19 cases climbing, wiping out months of progress
COVID-19 deaths and cases in the U.S. have climbed back to where they were over the winter, wiping out months of progress and potentially bolstering President Joe Biden’s case for Continue Reading
IEA Sees Robust Oil Demand In October
After three consecutive months of declines due to the Delta variant, global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end Continue Reading
Oil Glut That Covid Built All But Gone
Global crude inventories that ballooned during the pandemic have shrunk to the lowest level in 20 months as an economic rebound in top consumers China and the U.S. drive a Continue Reading
U.S. and EU Vow Steep Methane Cuts Ahead of Climate Summit
The U.S. and European Union have agreed to a plan to cut emissions of methane by about a third by the end of the decade as part of a diplomatic Continue Reading
Pew research survey finds people around the world see climate change as a major threat
Nearly three-quarters of residents of countries with some of the world’s most advanced economies worry that climate change will one day create suffering in their own lives, according to a Continue Reading
Investor group sets tough climate blueprint for Big Oil
Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding Continue Reading
Global Warming Set to Pass 1.5° C as Pollution Plans Fall Short
Almost every government in the world isn’t doing enough to cut greenhouse gas emissions, making it likely global temperatures will rise beyond the tipping point of 1.5 degrees Celsius in Continue Reading
Saudi Arabia May Open Up Massive Gas Field To Foreign Investment
Saudi Arabia’s state-owned oil giant Aramco may soon open up a massive upstream asset to foreign investment. It would be a rare move for OPEC’s top oil producer and the Continue Reading
Nigeria: 451 Leaks, 11 Fire Incidents Reported in NNPC’s 5,000km Pipelines in One Year
The pipelines operated by a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Pipelines and Storage Company (NPSC) Limited, experienced a total of 451 breaks and 11 fire Continue Reading
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard. During 2020 the Continue Reading
China’s Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the Continue Reading
China’s daily oil refinery output hits 15-month low in August
China’s crude oil throughput continued to fall in August, with daily runs hitting the lowest since May 2020, as a resurgence in coronavirus cases and a drastic cut in fuel Continue Reading