The Calm Before The Storm In Oil Markets
U.S. Gulf of Mexico sees burst of drilling activity. Shale drillers focus on investor returns. Heatwave in India sends power demand soaring to unprecedented levels. The first week of May Continue Reading
The Battery Boom Will Redraw Geopolitical Maps
The vulnerability of global energy markets is once again back in focus due to Russia’s invasion of Ukraine. The race for a renewable future will come with its own geopolitical Continue Reading
April exports rise by 200k bpd
Iraq’s countrywide oil exports averaged 3.818 million barrels per day (bpd) in April,* a month-on-month increase of more than 200,000 bpd. Federal Iraqi exports averaged 3.380 million bpd, up from 3.245 Continue Reading
OPEC+ sees bigger 2022 surplus amid slower demand growth -report
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report Continue Reading
$100 Oil Encourages Iraq To Fast-Track Production At Two Major Oil Fields
Iraq is encouraging the development of several oil fields in its ThiQar province. The Iraqi Drilling Company started work on the first of its 20 oil wells at the Nasiriya Continue Reading
Exclusive: Nigeria buys emergency Canadian potash to replace lost Russian supply
Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, Continue Reading
India Wants Russia to Discount Its Oil to Less Than $70 a Barrel
India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with Continue Reading
India releases 2020 death data ahead of WHO COVID mortality study it objects
India registered about 475,000 more total deaths in 2020 than the previous year, government data released months ahead of schedule on Tuesday showed, as the World Health Organization readies its Continue Reading
Climate Change Turned Up India’s Heat. But by How Much?
India this year experienced its hottest March in 12 decades of records, and one of its driest. Next came the third-hottest April, after 2010 and 2016. Then it got even Continue Reading
India expands coal mining to beat power crunch as heatwave blazes
India is boosting coal production to record highs in an effort to overcome a fuel shortage that has strained the power supply, leading to blackouts during a searing heatwave on Continue Reading
Extreme heat waves seen putting pressure on India’s wheat output, export potential
Output may decline by 5 million-6 million mt: government estimates Heat waves seen hitting yields in key states like Punjab, Haryana Dwindling output may limit export opportunity India’s wheat output Continue Reading
Guyana, Exxon discuss pipeline to bring natgas ashore – minister
Guyana has started discussions with Exxon Mobil Corp (XOM.N) to build a more than 120-mile (190-km) natural gas offshore pipeline, Natural Resources Minister Vickram Bharrat said on Tuesday at the Continue Reading
China’s independent refiners start buying Russian oil at steep discounts
China’s independent refiners have been discreetly buying Russian oil at steep discounts as western countries suspend their own purchases and explore potential embargoes because of the war in Ukraine. An Continue Reading
Beijing curbs public transport as COVID spreads in China
The Chinese capital Beijing shut dozens of metro stations and bus routes on Wednesday in its campaign to stop the spread of COVID-19 and avoid the fate of Shanghai where Continue Reading
North Korea mobilises office workers to fight drought amid food shortages
North Korea’s office workers and factory laborers have been dispatched to farming areas around the country to join a fight against drought, state media reported on Wednesday, amid concerns over Continue Reading
Central Chinese city of Zhengzhou imposes new COVID movement curbs for May 4-10
The central Chinese city of Zhengzhou announced on Tuesday it would impose new COVID-related movement curbs for May 4-10. Schools in the main city district will go online, while employees Continue Reading
Some in Shanghai get out for a rare stroll; Beijing tightens COVID curbs
Some of Shanghai’s 25 million people managed to get out on Tuesday for short walks and shopping after enduring more than a month under a COVID-19 lockdown, while China’s capital, Continue Reading
China’s efforts to limit oil product exports gain speed in quest for net-zero
Highlights New gasoline, gasoil, jet fuel quota allocations unlikely until H2 Beijing aims to issue new fuel oil export quotas soon Refineries will increasingly need to adjust product slates China Continue Reading
U.S. relieved as China appears to heed warnings on Russia
Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior U.S. officials say they have not detected overt Chinese military and economic support, Continue Reading
U.S. takes unprecedented steps to replenish Colorado River’s Lake Powell
U.S. officials on Tuesday announced unprecedented measures to boost water levels at Lake Powell, an artificial reservoir on the Colorado River that is so low as to endanger the production Continue Reading
Natural Gas Hits 13-Year High in U.S. on Growing Supply Jitters as Demand Soars
Natural gas prices in the U.S. hit a fresh 13-year high on growing concern that stockpiles of the power-plant fuel will fall short of demand this summer. The current rally Continue Reading
As Gas Prices Soar, Nobody Knows How Much Methane Is Leaking
Texas oil and gas company Triple Crown discovered it was leaking 20 times more methane than the Environmental Protection Agency estimated after it began a rigorous leak detection program. Source: Continue Reading
Record 4.5mn US workers quit jobs in March as labour market tightens
A record 4-5mn US workers quit the labour force in March, while the number of job openings hit a new high of 11.5mn, underscoring employers’ struggles to fill positions as Continue Reading
Shale Producers Face $42 Billion In Hedging Losses
BloombergNEF: hedging losses are mounting in U.S. shale. Hess Corp found itself spending $325 million in March to exit hedges at a serious loss. Shale giant Pioneer lost $2 billion Continue Reading
API Shows Large Crude Inventory Drawdown
The American Petroleum Institute (API) reported a larger-than-anticipated draw this week for crude oil of 3.479 million barrels, compared to analyst predictions of a 1.167 million barrel draw. U.S. crude Continue Reading
Apple Hires 31-Year Ford Veteran to Ramp Up Electric-Car Work
Apple Inc. has recruited a longtime Ford Motor Co. executive who helped lead safety efforts and vehicle engineering, a sign the iPhone maker is again ramping up development of an Continue Reading
California Briefly Inches Closer to 100% Clean Energy Goal
California briefly got closer to reaching its goal of obtaining 100% of its power from clean energy. The Golden State’s main grid ran on 99.87% renewables for about two minutes Continue Reading
U.S. Offshore Oil Boom Is No Cure For Global Supply Crunch
U.S. offshore oil production is booming as operators are bringing new platforms online. Years of underinvestment in drilling activity have taken their toll on the offshore industry. Goldman Sachs expects Continue Reading
New EU sanctions to hit Russian oil, target more banks
The European Union will slap new sanctions on Russia for waging war against Ukraine, targeting Moscow’s oil industry, more Russian banks and those responsible for disinformation, the EU’s top diplomat Continue Reading
Corn, soy are not the only way for Germany to cut CO2 emissions from fuels -ministry
Using less grain and vegetable oil in biofuels is not the only option for Germany to cut CO2 emissions, its environment ministry said on Tuesday as the war in Ukraine Continue Reading
Russia Dodges Default for Now as Investors Get Dollar Funds
As Russia races to avoid a default at least one international clearinghouse has reportedly received and processed payments for eurobonds due in 2022 and 2042. Russia’s closely watched dollar payments Continue Reading
Oil Traders Are Already Treating Russian Crude Like It’s Banned
Within the next few days, it seems increasingly likely that the European Union will announce some kind of gradual embargo that prevents member states from purchasing Russian oil in response Continue Reading
Europe will buy Russian oil via third countries -RIA cites Russian lawmaker
Europe will continue buying Russian oil via third countries once it introduces an embargo, RIA news agency cited Vladimir Dzhabarov, first deputy head of Russian upper house’s international affairs committee, Continue Reading
More Ukrainian evacuees leave ruined Mariupol as EU targets Russian oil, banks
A convoy of buses attempted to evacuate more civilians from the devastated port city of Mariupol on Wednesday as Russian forces pounded targets across eastern Ukraine and tried to advance Continue Reading
Putin puts West on notice: Moscow can terminate exports and deals
Russian President Vladimir Putin put the West on notice on Tuesday that he could terminate exports and deals, the Kremlin’s toughest response yet to the sanctions burden imposed by the Continue Reading
Maersk made final shipment to Russia this week
Shipping group Maersk (MAERSKb.CO) made its last cargo shipment to a Russian port this week and took impairment losses and writedowns of $718 because of Russia’s invasion of Ukraine, the Continue Reading
EU proposes Russian oil ban to make Putin ‘pay high price’ for Ukraine
The European Union’s chief executive on Wednesday proposed a phased oil embargo on Russia, as well as sanctions on its top bank and to ban Russian broadcasters from European airwaves, Continue Reading
Europe Is About to Ban Russian Oil: What Happens Next?
Russia’s decades-long dominance of Europe’s energy market is crumbling, and the biggest blow is expected this week as the European Union moves toward a ban on Russian oil. On Wednesday, Continue Reading
How Much EU Fossil Fuel Pay Has Russia Received Since Invasion?
Standard Chartered expects the energy market to be surprised at the speed of contraction of Russian energy flows into Europe in coming months. EU countries have paid Russia just over Continue Reading
Oil slips on China demand worries, while EU weighs Russia oil ban
Oil slipped on Tuesday, pressured by COVID-19 lockdowns in China which could weigh on demand, but finding support from a possible European oil embargo on Russia over its invasion of Continue Reading
Gas Prices Could Rocket in the Near Term
Gas prices could rocket in the near term if Russia implements shutoffs to more countries. If Russia implements gas shutoffs to more countries unwilling to pay in Rubles, in addition Continue Reading
NYMEX Henry Hub gas rises to mid-$7/MMBtu level amid lingering supply concerns
Winter 2022-2023 prices approach $8/MMBtu US production averages 93.2 Bcf/d in April US gas storage deficit widens to over 300 Bcf US gas futures prices edged back toward the mid-$7/MMBtu Continue Reading
No let off to oil prices as Russia barrels disappear from market
BP does not expect any let off in oil prices in the near term as the volume of Russian oil impacted by Western sanctions was expected to double, Chief Executive Continue Reading
Facing a Wheat Crisis, Countries Race to Remake an Entire Market on the Fly
The war in Ukraine was barely a month old when Augusto Bassanini, chief executive of United Grain Corp., received an unusual signal from the global wheat market. The Washington-based grain Continue Reading
OPEC Has Missed Its Oil Output Target Once Again
Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s Continue Reading
Iran Moves Ahead With $500 Million South Pars Oil Development Deal
Iran is set to move ahead with a $500 million deal for the production, development, and enhanced oil recovery from the South Pars oilfield. The project will introduce new horizontal Continue Reading
Manufacturers’ Mood Darkens After Deadly South African Floods
A gauge measuring South African manufacturing sentiment dropped the most in nine months in April after the worst flooding in almost three decades left more than 400 people dead, damaged Continue Reading
Horn of Africa ravaged by worst drought in four decades
When the last of his 250 goats died, pastoralist Abdullahi Abdi Wali knew it was time to flee what he calls the “worst drought” in his 99 years of life. Continue Reading
Nigeria: Again, Nigeria Cuts Oil Production Losses From Sabotage, Assets’ Breakdowns, Force Majeure in March
Nigeria recorded significantly less oil production losses in the February/March drilling cycle, with shutdowns arising from sabotage, force majeure, crude production assets’ breakdowns and community issues markedly down to 1.69 Continue Reading
India sets end-June coal import targets as power woes mount
India has asked state and private sector utilities to ensure delivery of 19 million tonnes of coal from overseas by end-June, according to a power ministry letter, reflecting an urgency Continue Reading