Banks Warn They’re Not Ready for ECB’s Historic Climate Tests
A milestone moment for European regulators risks ending as a flop as banks warn they won’t have the client data they need in time for climate stress tests next year, Continue Reading
Oil Remains Elevated After Hurricane Ida Hurts Supply
A disappointing U.S. Non-Farm Payrolls report brought oil prices down slightly on Friday morning, but the supply destruction caused by Hurricane Ida looks set to keep prices elevated over the Continue Reading
Oil Posts Second Weekly Gain With U.S. Storm Impact Lingering
WATCH: Goldman Sachs’s Jeff Curie says the jury is still out on a new equilibrium for oil. Oil in New York posted its second weekly gain as the impact of Continue Reading
Iran Wants To Boost Oil Exports, Nuclear Deal Or Not
Iran plans to ramp up its crude oil exports even though negotiations with the United States on its nuclear deal are currently paused. “Good things will happen regarding Iran’s oil Continue Reading
India’s ONGC May Buy Stake In Rosneft’s Massive Arctic Oil Project
A consortium of Indian energy companies—including state major ONGC—is in early talks with Rosneft for the acquisition of a stake in the Russian state company’s massive Vostok oil project, the Continue Reading
Total expected to sign massive energy deal on Sept. 5
French supermajor TotalEnergies is scheduled to sign a multi-billion-dollar energy deal with Iraq this Sunday in Baghdad, according to several officials familiar with the plans. A formal invitation to the Continue Reading
Iraq, TotalEnergies Close to Signing Oil, Solar Deal
The government of Iraqi and TotalEnergies SE are close to finalizing an accord that will trigger billions of dollars of investments aimed at boosting oil and gas production and reducing Continue Reading
China Ties Climate to Better U.S. Relations in Kerry Talks
U.S. climate envoy John Kerry said political tensions with China affect the outlook for climate cooperation, as top Chinese officials pushed Washington to commit to improvements in their broader relationship. Continue Reading
Australia’s reports record daily COVID-19 cases, braces for worse
Australia, struggling to quell its worst wave of COVID-19, reported 1,756 infections on Saturday, another record high, and officials warned that worse is yet to come, urging people to get Continue Reading
Asia, Mideast utilities turn to dirtier fuel as LNG prices bite
Surging liquefied natural gas (LNG) prices are prompting utilities across Asia and the Middle East to burn more high-sulphur fuel oil (HSFO) than usual to meet increased power demand during Continue Reading
U.S. employers added 235,000 jobs in August, a marked slowdown.
The American economy slowed abruptly last month, adding 235,000 jobs, a sharp drop from the huge gains recorded earlier in the summer and an indication that the Delta variant of Continue Reading
U.S. covid death toll hits 1,500 a day amid delta variant scourge
Brian Pierce, the coroner in Baldwin County, Ala., thought he had seen the last of the coronavirus months ago as the area’s death count held steady at 318 for most Continue Reading
U.S. Oil Rigs See Sharpest One-Week Decline In Over A Year
The number of oil and gas rigs in the United States fell by 11 this week, according to Baker Hughes —after rising by 5 last week. The total rig count Continue Reading
Apple Plans To Launch ”Mass Market” Car In 2024
For years, the rumors of Apple developing a mass market car were just that: rumors. But now it is starting to feel as though we are getting closer to the Continue Reading
Gulf Of Mexico Shut-In Production Rises To 1.7 Million Bpd
The amount of shut-in oil production in the Gulf of Mexico rose by 240,000 bpd between Wednesday and Thursday, to over 1.7 million bpd, the Bureau of Safety and Environmental Continue Reading
COVID-Driven Oxygen Shortage Causes Texas Refinery To Partly Shut Down
Citgo is shutting down for four days parts of its refinery in Corpus Christi, Texas, due to a shortage of oxygen, which is needed at hospitals as COVID cases surge. Continue Reading
Chevron returns essential crews to all six of its US Gulf of Mexico platforms, no significant damage seen: company
Chevron has redeployed essential crews to its six operated US Gulf of Mexico platforms that were evacuated last week when Hurricane Ida raced toward the Louisiana coast, the company said Continue Reading
PNNL team develops new low-cost method to convert captured CO2 to methane
Researchers at the Department of Energy’s Pacific Northwest National Laboratory have developed a new method to convert captured CO 2 into methane, the primary component of natural gas. By using Continue Reading
Noble Declares Force Majeure On Drillship Damaged By Hurricane Ida
Noble Corporation gives force majeure notice to the customer of the Noble Globetrotter II ultra-deepwater drillship due to sustained damages during Hurricane Ida. Offshore rig owner Noble Corporation has given Continue Reading
Louisianans scramble to find fuel for generators after Ida
Storm-battered Louisiana residents and area businesses, who have endured almost a week without electricity, are having trouble finding generators or fuel to power them, making it difficult for residents to Continue Reading
Uneven recovery for U.S. offshore energy production after Ida
U.S. Gulf Coast energy companies on Friday advanced the recovery from Hurricane Ida on a few fronts but slipped elsewhere as lack of crews, power and fuel reversed earlier production Continue Reading
Charting Global Economy: U.S. Job Growth Misses, China Struggles
Weak Jobs Data Is ‘One-Off Slowdown,’ BlackRock Says Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . U.S. hiring limped ahead in Continue Reading
U.S. Hiring Slowed Sharply in August
U.S. hiring slowed sharply in August as the surging Delta variant dented the pace of the economic recovery. The U.S. economy added 235,000 jobs last month, the Labor Department said Friday, falling Continue Reading
Chip Shortage Curtails Heavy-Duty Truck Production
The semiconductor shortage is short-circuiting heavy-duty truck production as supply-chain disruptions hamper efforts to meet robust demand for new big rigs. North American production of Class 8 trucks, the big Continue Reading
After Hurricane Ida, California wildfires, debate over putting electric lines underground resurfaces
Hurricane Ida plunged more than 1 million customers on the Gulf Coast into darkness, and then knocked out power to another 200,000 in the Northeast on Wednesday night. The chief Continue Reading
Power to be restored to New Orleans by middle of next week
Power should be restored to New Orleans by the middle of next week, utility officials said Friday, and sheriff’s deputies warned people returning to communities outside the city to come Continue Reading
U.S. job growth takes giant step back as Delta variant hits restaurants
The U.S. economy created the fewest jobs in seven months in August as hiring in the leisure and hospitality sector stalled amid a resurgence in COVID-19 infections, which weighed on Continue Reading
UK Set To Announce Billions Of U.S. Dollars To Support Climate Goals
The UK could announce next month billions of U.S. dollars of additional spending on supporting its net-zero targets as part of a broad budget of $83 billion (£60 billion), Goldman Continue Reading
Russia Has a Gas Problem Nearly the Size of Exports to Europe
Gazprom PJSC needs to store nearly as much natural gas at home to keep Russians warm this winter as it currently ships to its top customer Western Europe every day, Continue Reading
Oil steady ahead of U.S. jobs report as U.S. storm recovery struggles
Oil prices were largely steady on Friday as a rebound in global demand was widely expected but a slow recovery for the U.S. Gulf Coast export and refining hub from Continue Reading
Oil drops after OPEC+ reaffirms supply return as demand wavers
Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging Continue Reading
Oil Climbs With Ida’s Impact in Focus While Dollar Retreats
Oil futures in New York closed near $70 a barrel for the first time in nearly a month, with investors wagering that the market can absorb additional supply from OPEC+ Continue Reading
Natural Gas Prices Are Soaring Despite U.S. Production Records
The benchmark U.S. natural gas price has nearly doubled over the past year. The front-month Henry Hub contract jumped from $2.406 per million British thermal units (MMBtu) at the beginning Continue Reading
Buyers of long-term LNG ask sellers for extra cargoes – sources
Liquefied natural gas (LNG) buyers with long-term contracts are asking their suppliers for extra volumes of the super-chilled fuel pegged to oil prices which are currently much lower than spot Continue Reading
Is Blue Hydrogen The Key To Reaching ESG Goals?
In the previous article , I discussed the growing importance of Environmental, Social, and Corporate Governance (ESG) for companies. Perhaps no industry has a higher visibility on ESG metrics than Continue Reading
OPEC Boosts Output as Some Members Left behind
OPEC boosted crude production last month as it continued the revival of supplies halted during the pandemic, but some members struggled to keep up. (Bloomberg) — OPEC boosted crude production Continue Reading
Could The Emissions Market Outgrow The Oil Market?
In July this year, a group of asset managers with $6 trillion in assets under management called for a global price on carbon emissions. Even earlier, last December, another asset Continue Reading
Iraq, TotalEnergies Close to Signing Deal on Oil, Solar Projects
The government of Iraqi and TotalEnergies SE are close to finalizing an accord that will trigger billions of dollars of investments aimed at boosting oil and gas production and reducing Continue Reading
Iran’s New Oil Minister Discusses Oil Developments With China’s CNPC
Iran’s new Oil Minister, Javad Owji, met on Thursday with a top official from the China National Petroleum Corporation (CNPC) in Tehran to discuss cooperation and expansion of bilateral relations. Continue Reading
Nigeria: New Law Will Make Nigeria’s Petroleum Industry Attractive to Investors
Nigeria’s journey to the Petroleum Industry Act started in 2000 under President Olusegun Obasanjo, who inaugurated an oil and gas sector reform implementation committee. The committee’s report formed the basis Continue Reading
Extreme Weather Events Are Hurting Hydropower
When Brazil’s Mines and Energy Minister appeared on TV earlier this week to plead with citizens to reduce their energy consumption due to a drought-induced hydropower crisis, he was not Continue Reading
Biden Could Give Rare Earth Miners A Major Boost
A global shortage in semiconductor chips has been wreaking havoc on diverse sectors, including the tech, automotive, consumer electronics industries, and everything in between. After years of tepid demand, the Continue Reading
China’s CNPC Looks To Revive Oil Projects In Venezuela
The China National Petroleum Corporation is preparing to return to Venezuela after the Maduro government finalizes legislation seeking to attract more foreign capital to the industry. According to a Bloomberg Continue Reading
UK Pledges $1.2-Billion Support To India’s Energy Transition
The UK said on Thursday that it would help India’s green growth with a $1.2-billion package of public and private finance as it joined the Climate Finance Leadership Initiative (CFLI) Continue Reading
China Is Hoarding Crude Again, And That’s Great News For Oil Prices
After recording the worst monthly loss this year in August, the oil markets have kicked off trading in September on a much brighter note on a trifecta of positive developments. Continue Reading
U.S. energy firms strain to shake off hurricane’s toll
U.S. oil and gas companies strained to get offshore operations back up and running on Thursday as the extent of Hurricane Ida’s damages became more apparent. Ida’s 150-mile-per-hour (240 kph) Continue Reading
U.S. loans Exxon refinery oil from emergency reserve in Ida’s wake
WASHINGTON, Sept 2 (Reuters) – U.S. Energy Secretary Jennifer Granholm on Thursday authorized the country’s emergency oil reserve to loan 1.5 million barrels of crude to an Exxon Mobil (XOM.N) Continue Reading
Amount of oil shut-in in the U.S. Gulf rises to 1.7 mln barrels after Ida -regulator
The volume of oil shut in by Hurricane Ida in the Gulf of Mexico rose on Thursday to 1.7 million barrels per day of offshore oil output, up 240,000 barrels Continue Reading
Louisiana Refineries Could Take Weeks To Restart After Hurricane Ida
The refineries in Louisiana that were shut ahead of or during the passing of Hurricane Ida this weekend could take weeks to restart as power and water services have yet Continue Reading
BP says ‘no obvious major’ damage seen at US Gulf of Mexico platforms
Highlights Production to stay shut-in pending confirmation Shore base, heliport temporarily relocated BP said Sept. 2 that flyovers across the US Gulf of Mexico have indicated “no obvious major damage” Continue Reading