Russia Set to Step Up Actions to Tame Rampant Ruble Rally
Russia is racing to stem a rally in the ruble and is set to accelerate interest-rate cuts as the currency’s advance to a four-year high against the dollar damages government Continue Reading
U.S. intelligence document shows Russian naval blockade of Ukraine that has sparked food crisis
Newly declassified U.S. intelligence shows that a Russian naval blockade has halted maritime trade at Ukrainian ports, in what world leaders call a deliberate attack on the global food supply Continue Reading
Europe accepts Putin’s ruble payment system to avoid gas cutoffs
European energy companies appear to have bent to Russian President Vladimir Putin’s demand that they purchase natural gas using an elaborate new payment system, a concession that avoids more gas Continue Reading
Crude oil futures tick lower as uncertainty lingers over EU ban on Russian oil
Hungary holds up EU decision to ban Russian oil US dollar falls 1.05% on week US gasoline inventory draws provide support Crude oil futures were lower in mid-morning Asian trade Continue Reading
Oil drops on recession fears and China COVID curbs
IMF chief says she cannot rule out recession Beijing ramps up COVID quarantine German minister expects EU embargo on Russian oil ‘in days’ Coming up: API supply report, 2030 GMT Continue Reading
Oil Steady as Traders Shrug Off China Efforts to Protect Economy
Oil was little changed as Chinese efforts to cushion the impact of anti-virus lockdowns failed to reassure investors over the outlook for Asia’s top economy. West Texas Intermediate traded near Continue Reading
Oil Inventories Down to Dangerously Low Point
Only China appears to have a reasonable inventory cushion against the unexpected, according to a new BofA Global Research report. Crude oil inventories are down to a dangerously low point Continue Reading
IEA warns against energy crisis deepening fossil fuel reliance
The energy security crisis since Russia’s invasion of Ukraine must not lead to a deeper dependence on fossil fuels, International Energy (IEA) chief Fatih Birol said on Monday. The right Continue Reading
Egypt’s Bread Crisis Awakens Old Fears of Political Unrest
For decades, vendors sold subsidized Egyptian baladi bread for almost nothing in Al-Sayeda Zeinab market, a bustling hub for this city’s working class. One day last month, there was suddenly Continue Reading
Deadly hemorrhagic fever outbreak hits Iraq
Iraq is suffering from an unusually large wave of Crimean-Congo hemorrhagic fever, a tick-born virus with a fatality rate of up to 40 percent. Case numbers are significantly higher than Continue Reading
Energy key as Qatar, UK look to strengthen strategic cooperation
Highlights Qatari delegation in UK for new cooperation talks Qatar already key supplier of LNG to UK market Talks also set to focus on UK gas storage Energy remains at Continue Reading
Nigeria Imports Refined Petroleum Products Worth $28bn Yearly, Says Energy Consultant
The cost of importing petroleum products of all kinds into Nigeria has soared to over $28 billion on an annual basis, Blackgold Energy Authorities, an oil and gas consulting and Continue Reading
Pakistan’s coal crisis prompts industries to shut plants, reduce capacities
High global coal prices dampen imports Cement, steel plants face acute shortage Power shortage seen in several regions Several non-power sectors in Pakistan, including cement and steel plants, are either Continue Reading
India to Limit Sugar Exports in Risk to Global Food Prices
India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. Continue Reading
EXCLUSIVE Bolsonaro fires Petrobras CEO who warned of diesel crisis
Brazil’s right-wing president Jair Bolsonaro fired the chief executive of oil producer Petrobras – the second in two months – after the company refused to sell fuels at a discount Continue Reading
Tesla Quarantining Thousands of Workers to Restore China Output
Tesla Inc. is isolating thousands of workers in disused factories and an old military camp in China to ensure they’re Covid-19 free, part of a large-scale plan by the electric-car Continue Reading
China’s bet on homegrown mRNA vaccines holds back nation
China is trying to navigate its biggest coronavirus outbreak without a tool it could have adopted many months ago, the kind of vaccines that have proven to offer the best Continue Reading
Nowhere to Go But Up?
The national average for a gallon of gas has not fallen for nearly a month. Gasoline has either remained flat or risen every day since April 24 and has set Continue Reading
The Average Age of Vehicles on U.S. Roadways Hits a Record 12.2 Years
The average age of vehicles on U.S. roadways edged higher in 2021, hitting a record of 12.2 years, as Americans challenged by high car prices and slim pickings on dealer Continue Reading
Biden Exploring Release of Diesel Fuel Reserves Amid High Prices
The Biden administration is considering a release of diesel fuel from federal reserves to address skyrocketing prices and the threat of supply outages on the East Coast. Officials have drafted Continue Reading
Gas generation down across US West this spring as renewable capacity grows
Power burns down 260 MMcf/d spring 2022 vs. 2021 8.1 GW of renewable capacity installed over past year Commerce tariff investigation could slow solar growth Recent growth in renewable generating Continue Reading
ExxonMobil Selling Shale Assets for $750MM
The transaction is expected to close in the second quarter of this year. ExxonMobil has announced that it has signed an agreement with subsidiaries of BKV Corporation for the sale Continue Reading
White House weighs waiving smog rules on gasoline to lower pump price -sources
The White House is considering waiving U.S. gasoline environmental rules aimed at reducing summertime smog, hoping the waiver will combat rising pump prices, according to three sources involved in the Continue Reading
Russia’s Seaborne Crude Oil Exports Keep Coming
Can the EU Really Survive Without Russian Gas? Russia’s seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country’s state energy companies. Shipments persist Continue Reading
EU plans first joint gas buying before winter
The European Union plans to start jointly buying gas before winter, the bloc’s energy policy chief said on Monday, as it seeks to cut reliance on Russian fossil fuels and Continue Reading
German economy minister expects EU embargo on Russian oil ‘within days’ -ZDF
The European Union will likely agree an embargo on Russian oil imports “within days,” Germany’s economy minister said on Monday, but making a dent in Russia’s war chest may require Continue Reading
Economic outlook has ‘darkened’, business and government leaders warn in Davos
Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession. Political Continue Reading
Cargoes of Russia’s flagship crude oil at sea climb to record high
Some 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to Continue Reading
UK Faces Growing Risk of Recession as Firms Buckle Under Soaring Costs
The UK economy faces an increased risk of falling into a recession as firms and households buckle under the fastest inflation rate in four decades, according to a closely watched Continue Reading
Ruble Rally Powers on Even After Capital Controls Dialed Back
Russia’s currency extended a rally that’s taken it to the strongest level versus the dollar in four years, prompting a warning from one of President Vladimir Putin’s staunchest allies that Continue Reading
Topsoe to build world’s largest SOEC electrolyzer production facility; 500 MW scalable to 5 GW; focusing on Power-to-X
Topsoe intends to construct the world’s largest and most advanced industrial-scale electrolyzer production plant. The plant will produce high-temperature Solid Oxide Electrolyzer Cells (SOEC)—which have a higher energy efficiency that Continue Reading
Curbs Tighten in Beijing, Key Port City: China Lockdown Tracker
Health workers at a hospital across a residential area under lockdown due to Covid-19 in Beijing on May 22. Beijing and Tianjin continue to ramp up Covid restrictions as cases Continue Reading
Oil firms on tight supply as U.S. driving season looms
Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled Continue Reading
Hungary must work with EU on Russian oil embargo – German economy minister
German Economy Minister Robert Habeck has warned Hungary against blocking efforts to impose a European Union-wide embargo on Russian oil imports in response to the war in Ukraine. “There are Continue Reading
Oil Opens Week on Front Foot as Products, Dollar Buttress Gains
Oil climbed at the start of the week’s trading as investors weighed tight product markets including gasoline, and a weaker dollar. West Texas Intermediate topped $111 a barrel following four Continue Reading
Russia May Ease Key FX Limit as Ruble Surge Hits Budget, Economy
Russia is considering a plan to ease a key control on capital flows which has helped drive the ruble to the highest levels in four years. With the rally now Continue Reading
After 3 months of war, life in Russia has profoundly changed
When Vladimir Putin announced the invasion of Ukraine, war seemed far away from Russian territory. Yet within days the conflict came home — not with cruise missiles and mortars but Continue Reading
A Hot, Deadly Summer Is Coming With Frequent Blackouts
Asia’s blistering heatwave has caused hours-long daily blackouts, putting more than 1 billion people at risk. There won’t be enough energy supplies to go around as sweltering heat boosts power Continue Reading
Biden vows to defend Taiwan militarily if invaded by China
President Biden opened the second chapter of his Asia tour Monday with several moves — some choreographed, others apparently not — signaling a more confrontational approach to China in matters Continue Reading
Geopolitics Takes A Back Seat As Biden Drops Sanctions On Venezuela
Rumors that the U.S. would lift sanctions against Venezuela in order to halt the oil price rally have been circulating since Biden sent a delegation to Caracas in March. The Continue Reading
Renewables Remain ‘Cheap’ Despite Supply Chain Chaos
High hydrocarbon prices make renewables more attractive for power generation. LCOE report: “wind and PV generation costs remain lower than fossil fuel alternatives. Rising costs of hydrocarbons have outpaced growing Continue Reading
Discounted Russian crudes entice China independents, no rush on SPR purchases
Highlights Independent refineries attracted by heavily discounted Urals Prices are still above Beijing’s expectations to replenish SPRs Run rates at independent refiners recover as margins improve Hefty discounts on Russian Continue Reading
DOI Provides Offshore Leasing Program Update
The U.S. Department of the Interior (DOI) has posted an update. The Department of the Interior (DOI) will release the proposed program, the next step in the five-year offshore energy Continue Reading
Russia’s Gazprom says gas transit via Ukraine down at 43 mcm
Russian gas producer Gazprom (GAZP.MM) said it continues to supply gas to Europe through Ukraine via the Sudzha entry point, with volumes on Monday seen at 43 million cubic metres Continue Reading
Five Major Challenges Facing The Energy Industry
Record-high prices at the pump, a looming diesel shortage right when the summer season is starting, and an uncooperative OPEC are probably reasons for many headaches among government officials around Continue Reading
Gas shortages and record high prices plague Washington drivers
Gas stations in Washington are resetting their price boards to accommodate double digits in preparation for fuel prices potentially reaching $10 a gallon. The move comes as several gas stations Continue Reading
Oil Market Fears Recession More Than Tight Fuel Inventories
The oil market saw another volatile week as bullish and bearish catalysts collided. There is a growing fear that a potential recession could weigh heavily on oil demand. Overall, the Continue Reading
‘Millions’ at risk of death as Ukraine war hits food supplies, Egypt warns
Egypt’s finance minister has warned that “millions” could die because of the food price crisis triggered by the Ukraine war, echoing warnings made by the UN and G7 countries as Continue Reading
Saudi Arabia signals support for Russia’s role in Opec+ as sanctions pressure mounts
Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and a potential EU ban Continue Reading
Eskom to Cut 2,000MW From S. Africa Grid Every Evening This Week
South Africa’s state-owned power utility Eskom Holdings SOC Ltd. will continue staging rolling blackouts during the coming week due to a shortage of generation capacity. The utility, responsible for almost Continue Reading