Oil rallies towards $73 on tight U.S. supplies, Biden-Xi call
Oil rose towards $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes Continue Reading
What Smart People Get Wrong About Climate Change Extremes
Offshore oil supply containers are strewn about after Hurricane Ida’s storm surge swept through Port Fourchon, Louisiana. Photographer: Luke Sharrett/Bloomberg If anyone should be attuned to the real-world impacts of Continue Reading
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday. OPEC Continue Reading
Two Libyan Ports Resume Operations After Protests Stopped Oil Loading
Two of Libya’s key oil export terminals have resumed loading crude on tankers, after protests had stopped operations earlier this week. The Es Sider and Ras Lanuf oil terminals resumed Continue Reading
Kerry Will Visit India to Press for Stronger Efforts on Climate
U.S. climate envoy John Kerry will visit India next week to press the world’s third-biggest source of carbon emissions to step up its efforts to fight climate change, according to Continue Reading
Over two-thirds of offshore oil output remains shut in U.S. Gulf -regulator
U.S. offshore oil companies restored almost 200,000 barrels of production on Friday, while most of the Gulf Coast crude output remained offline following Hurricane Ida, government data showed. The storm Continue Reading
U.S. Oil Rig Count Recovers After Major Plunge Last Week
The number of oil and gas rigs in the United States rose by 6 this week, according to Baker Hughes —after falling by 11 last week. The total rig count Continue Reading
California Looks To Burn More Fossil Fuels To Avert Blackouts
California’s power grid transition to renewable energy sources appears to be backfiring. The push into clean energy is not producing enough power to meet demand during hot summer days, and Continue Reading
Nearly 185,000 b/d of US Gulf oil production returns as Ida recovery continues
About 185,000 b/d of US Gulf oil production returned Sept. 10 from a day prior as the recovery from Hurricane Ida began to pick up some momentum, even though nearly Continue Reading
Ida-Damaged Oil Rig May Take Rest of 2021 to Repair
Noble Corp. said repairing a deepwater oil rig damaged by Hurricane Ida may take the rest of this year and wipe out 16% of expected profit. Noble’s Globetrotter II rig Continue Reading
U.S. Gulf Coast oil refiners recovering faster than producers
HOUSTON, Sept 10 (Reuters) – Most of the nine Louisiana refineries shut by Hurricane Ida have restarted or were restarting on Friday, nearly two weeks after the powerful storm came Continue Reading
U.S. extends protection for Citgo from creditors through January
The United States on Friday extended its protection of Venezuelan-owned U.S. refiner Citgo Petroleum Corp (PDVSAC.UL) from possible seizure by creditors through Jan. 21, 2022, according to a notice on Continue Reading
Los Angeles Port Logjam Tops 50 Ships; Wait Exceeds Eight Days
Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Sign up here . The number of container ships waiting to enter the largest Continue Reading
Why U.S. Shale Companies Are So Undervalued
In search of higher prices, shale oil producers have reined in upstream capex over the last couple of years. Before 2019 they were focused on ever-increasing incremental production growth, and Continue Reading
Traders chase Russian oil to fill U.S. supply gap after Hurricane Ida
Trading houses are rushing to supply Russian Urals crude to the United States where oil production was hammered by Hurricane Ida in August, three trading sources said on Friday. Ida, Continue Reading
‘Huge’ Financial Risks Face Climate Change Deniers, Swedish Minister Says
Companies and investors who fail to recognize how rapidly the planet is overheating are exposing themselves to enormous financial risks, according to Sweden’s minister in charge of financial markets. “Climate Continue Reading
Protests Break Out in Europe As Electricity Prices Soar
Depleted natural gas inventories and low wind speeds have led to a surge in electricity prices across Europe, putting pressure on governments as consumers protest against surging power bills ahead Continue Reading
Oil Rises With Investors Assessing China’s Rare Reserves Release
China Taps Crude Reserves to Combat High Prices Oil rose, paring a weekly decline, as investors assessed China’s confirmation that it had released crude from its strategic reserves in an Continue Reading
Oil rallies towards $73 on tight U.S. supplies, Biden-Xi call
Oil rose towards $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes Continue Reading
Oil Slides After China Unexpectedly Releases Crude From National Reserve
Just hours after China revealed yet another high in producer price inflation, Beijing has taken the unprecedented step of releasing oil from its national crude reserve to “alleviate raw material Continue Reading
Oil Prices Jump On Record Production Plunge, Major Gasoline Draw
Oil prices rose today after the Energy Information Administration reported an inventory decline of 1.5 million barrels for the week to September 3, with sizeable draws in fuel inventories as Continue Reading
3 Bearish Catalysts For Oil This Fall
Last week, oil prices enjoyed a nice rally OPEC+ agreed to keep its current production agreement in place , maintaining the 400K bbl/day hike scheduled for October. The group took Continue Reading
World’s Top Oil Consumers Exceed Pre-Pandemic Demand Levels
Some of the world’s biggest oil consumers, led by China, have already exceeded pre-pandemic consumption levels, Bloomberg reports , citing consultancy SIA Energy. “The worst for Asian fuel demand is Continue Reading
Study: World Must Keep Most Fossil Fuels In The Ground To Achieve Climate Goals
Almost 60 percent of global crude oil and fossil methane gas reserves, plus 90 percent of coal reserves, should be kept in the ground if the world has a chance Continue Reading
Oil Companies Need To Plan For 50% Output Cuts: Carbon Tracker
Oil and gas companies need to start planning for production cuts of 50 percent and more by the 2030s. That is, if they want to become aligned with Paris Agreement Continue Reading
Libya Oil Output at Risk Again Due to Political Power Struggle
Mustafa Sanalla Photographer: Stefan Wermuth/Bloomberg Libya’s oil production is in danger of slumping again, as a political power struggle threatens to end a period of relative stability. The standoff comes Continue Reading
StoreDot reveals fast-charging 4680 cylindrical cell with ability to be fully-charged in 10 minutes
Israel-based StoreDot, the developer of extreme fast charging battery technology for electric vehicles ( earlier post ), has demonstrated a prototype 4680 form factor cell that is fully charged in Continue Reading
Exxon Makes 20th Significant Crude Discovery Off Guyana
ExxonMobil has made another oil discovery on the Stabroek Block offshore Guyana, its 20 th significant crude discovery on the block, the U.S. supermajor and its partner on the block, Continue Reading
Brazil Looks To Become A Top-5 Oil Producer
In a little over a decade Latin America’s largest economy Brazil has become a leading global oil producer. At the end of 2020, Brazil was not only pumping the most Continue Reading
China to auction off state oil reserves to help refiners
China to sell state crude reserves in phases via public auction Top oil importer’s producer price inflation at 13-yr high in Aug Auctions could sell off 10-15 mln bbl of Continue Reading
Container Shipping Giant Freezes Spot Rates Amid Trade Chaos
The world’s third-largest container carrier said it’s capping spot rates for ocean freight for the next five months, yielding to pressure from some customers and regulators concerned that global trade Continue Reading
U.S. Gulf of Mexico oil production losses lead to cargo cancellations
U.S. oil offshore losses remained at 76% on Thursday after Hurricane Ida hit the Gulf of Mexico, according to government data, which prolonged outages and caused the first oil cargo Continue Reading
Offshore operators face big Ida losses as insurers trim cover
Offshore energy firms are likely to face greater financial losses from Hurricane Ida than from previous storms in the Gulf of Mexico, because of reduced coverage offered by insurers, risk Continue Reading
California asks Biden administration to allow gas plants to run at maximum
California’s grid operator has asked the Biden administration to allow some natural gas power plants to operate without pollution restrictions for 60 days to shore up the state’s tight electricity Continue Reading
Illinois legislature edges toward saving two nuclear power plants
The Illinois legislature on Thursday edged closer to approving a deal that would save two Exelon Corp nuclear power plants from closing beginning on Monday after the House speaker announced Continue Reading
Shell declares force majeure on Gulf deliveries after Ida hit
Royal Dutch Shell Plc (RDSa.L) , the largest oil producer in the Gulf of Mexico, on Thursday canceled some customer shipments due to damages to offshore facilities from Hurricane Ida, Continue Reading
SunDrive Solar Startup Beats China’s Giant Manufacturers in Efficiency Test
About seven years ago, Vince Allen barged into the garage he shared with some flatmates in a Sydney suburb and set about trying to shake up the solar industry. He Continue Reading
U.S. Airlines Warn of Dimming Outlook Amid Delta Variant
Airlines warned Thursday of another pandemic-driven hit to profits in the months ahead, as the Delta variant interrupts a rebound in air travel. Major carriers said new travel bookings have slowed in Continue Reading
Record heat scorches West as fire danger escalates yet again
Heat waves punished the West all summer and, even at the brink of fall, another sweltering blast had moved over the region. The heat was bringing record-setting temperatures in the Continue Reading
Biden administration targets 100 percent sustainable aviation fuel 2050
The Biden administration announced a goal Thursday of replacing all jet fuel with sustainable alternatives by 2050, setting forth a plan to dramatically boost production of fuels made from waste Continue Reading
New York To Phase Out New Gasoline Car Sales By 2035
New York State will ban the sale of new fossil fuel-powered cars and trucks by 2035, after Governor Kathy Hochul signed legislation to set a goal that all passenger vehicles Continue Reading
U.S. Imports Of Russian Oil Expected To Soar After Hurricane Ida
The United States is set to import more Russian oil this month and next, sources familiar with the matter told Bloomberg , as American supply of medium sour crudes is Continue Reading
US oil, gas rig count rises 6 to 629 on week; Eagle Ford highest since April 2020: Enverus
Highlights Eagle Ford Shale gains 5 rigs to 48 SCOOP-STACK sees most rigs since April 2020 Permian loses 2 rigs; 4 major plays unchanged The US oil and gas rig Continue Reading
U.S. loans Exxon another 1.5 million barrels of oil from emergency reserve
A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Photo WASHINGTON, Continue Reading
Natural Gas Excluded in Democrats’ Budget Plan for Clean Energy
Natural gas won’t count as clean energy under a House Democratic plan that would eventually rid the electric grid of carbon and is part of the $3.5 trillion tax-and-spending package Continue Reading
Hurricane Ida’s Destruction Adds to Car Market’s Woes
The flooding damage wrought by Hurricane Ida last week is expected to send car owners back to dealerships to replace vehicles. The timing couldn’t be worse. For much of this Continue Reading
Spread of ‘Delta’ COVID-19 knocks wind out of UK economy in July
Britain’s economy unexpectedly slowed to a crawl in July as the Delta variant of COVID-19 spread rapidly after lockdown restrictions were eased and as a ‘pingdemic’ kept many workers at Continue Reading
Star of the Munich Auto Show? The Push for Faster Electrification
DESPITE THE global pandemic and a crippling shortage of silicon chips, German car makers brought a crazy-positive, get-er-done attitude to this week’s opening of the Munich auto show. I guess it’s Continue Reading
UK Power Prices Soar To Records On High Gas Price, Lack Of Wind
High natural gas prices and low wind speeds have created a perfect storm for the day-ahead power prices in the UK, which hit a new record on Wednesday, beating the Continue Reading
Russia completes Nord Stream 2 gas pipeline construction
Russian energy giant Gazprom (GAZP.MM) said on Friday it had finished construction of the Nord Stream 2 gas subsea pipeline to Germany, completing Moscow’s project to increase its gas exporting Continue Reading