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Month: June 2022

Category:
  • Prices

Crude oil futures extend gains on supply disruptions, lack of spare capacity

Libya on verge of declaring force majeure, adding to Ecuador woes UAE at maximum output, Saudi has only 150,000 b/d spare capacity: Macron Crude oil futures were higher in mid-morning Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices

Oil extends gains as major producers flag capacity limits

 Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly, while political Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices

Goldman Sachs: Upside Risk In Oil Is “Tremendously High”

Goldman Sachs remains highly bullish on crude and refined products. GS: recent pullback could be buying opportunity. The underinvestment thesis remains the core of Goldman’s energy market view. Goldman Sachs Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Buck Recession Trend

As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend. As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend, Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • G7

G-7 to Allow Fossil-Fuel Financing If Climate Pledges Are Kept

Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Climate

World methane emissions are heading in the wrong direction, study says

Kayrros, a firm that analyzes satellite data, says methane emissions from fossil fuels have intensified, rising faster than the rebound in oil, gas and coal production since the easing of Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Economy

Oil And Gas Employment Is On The Rise, But Uncertainty Remains

Oil and gas employees across the globe are on edge as the industry faces a growing set of existential challenges. The green energy transition is one of the primary drivers Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • G7
  • Russia

G7 agrees to study Russian energy price caps, raise $5 bln to tackle hunger

G7 leaders have agreed to study placing global price caps on imports of Russian energy to curb Moscow’s ability to fund its invasion of Ukraine and to contribute up to Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • OPEC

OPEC boosts oil income in 2021, well completions drop

OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members active rigs posted a modest rebound Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • OPEC

OPEC+ trims 2022 market surplus projection to 1 mln bpd -report

 Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day (bpd), down from 1.4 million bpd previously, a report seen by Reuters showed. The Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Saudi Arabia
  • United Arab Emirates

Macron tells Biden that UAE, Saudi can barely raise oil output

 French President Emmanuel Macron said on Monday the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had told him two top OPEC oil producers, Saudi Arabia Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Libya

Libya’s NOC close to halting oil exports from Gulf of Sirte, says situation is ‘very serious’

Highlights Gulf of Sirte includes Es Sider, Brega, Ras Lanuf and Zueitina ports Force majeure could be declared in in 72 hours, says NOC chairman Production has fallen by almost Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi refining capacity rises 14% in 2021

Jizan adds 400,000 b/d to Saudi refining capacity Saudi petroleum products up 17% in 2021 Crude reserves remain largely flat Saudi Arabia’s refining capacity rose 13.7% in 2021, one of Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Sri Lanka

Sri Lanka Is Put on Virtual Lockdown as Fuel Supplies Are Halted

Sri Lankan citizens were put on a virtual lockdown amid a crippling sovereign debt crisis that’s left the South Asian nation with no fresh fuel supplies. The island nation’s cabinet Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • India

Silchar in Assam remains under water a week after worst floods

Authorities in northeastern India are airdropping water packets, sending kerosene supplies and racing to restore power after heavy rains drowned the city of Silchar, in the state of Assam. It’s Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • China
  • G7

G7 Announces $600 Billion Infrastructure Plan To Rival China’s Belt And Road

President Joe Biden and G7 leaders are ramping up efforts to counter China’s Belt and Road initiative. The leaders have pledged $600 billion to a new global infrastructure project for Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • China

China’s heatwaves drive power consumption to record highs

Power consumption in several Chinese regions rose to record highs over the weekend, as persisting heatwaves spurred the use of air conditioners to help people cool off. Monitoring data from Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

U.S. emergency oil reserve draws by 6.9 mln barrels to lowest since 1986

– U.S. crude inventory in the Strategic Petroleum Reserve (SPR) fell by 6.9 million barrels in the week to June 24, according to data from the Department of Energy. Stockpiles Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices
  • USA

As Gas Prices Surge, Stations Now Hold Up to $175 of Your Money When You Swipe

Pain at the gas pump goes beyond the high prices : Gas stations are also putting bigger holds of up to $175 on customers’ cards when they swipe. When drivers Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • exports
  • USA

U.S. Gulf Coast Crude Exports Are Breaking Records

Oil exports from the US Gulf Coast are set to hit an all-time high of 3.3 million barrels per day (bpd) in the second quarter of 2022, as refining capacity Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Canada

Canadian heavy crude increasingly priced to move from US Gulf Coast

Highlights differentials Urals shipments to China, India, upend traditional crude flows Canadian heavy crude increasingly is flowing more to the US Gulf Coast since new pipeline capacity recently came online, Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices
  • USA

Gas Prices Tumble, But How Low Will They Go?

A drop in the global price of oil helped the national average for a gallon of gas to fall for a second week to land at $4.89. Economic fears of Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • USA

Jobs in U.S. energy sector rose in 2021, work in low-carbon vehicles leads

Jobs in the U.S. energy business rose 4% last year, at a faster clip than the country’s overall private sector, led by work in low-carbon vehicles, while positions in fossil Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Agriculture
  • USA

‘Off the charts’ chemical shortages hit U.S. farms

– U.S. farmers have cut back on using common weedkillers, hunted for substitutes to popular fungicides and changed planting plans over persistent shortages of agricultural chemicals that threaten to trim Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Electric Cars

White House says companies investing $700 million to boost EV charger production

The White House said on Tuesday that companies are planning to invest more than $700 million to boost U.S. manufacturing capacity for electric vehicle (EV) chargers – actions set to Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • exports
  • USA

U.S. Gulf Coast crude oil exports to touch record high this quarter

Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 million barrels per day (bpd) this quarter, analysts said on Monday, as Europe chases U.S. crude Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Oil Supply

Powers need to study all oil options, including Iran, Venezuela -France

 The international community should explore all options to alleviate a Russian squeeze of energy supplies that has spiked prices, including talks with producing nations like Iran and Venezuela, a French Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • EU
  • Russia

EU expects more Russian gas cuts, readies plan to curb demand

A “serious disruption” to the European Union’s gas supplies from Russia is likely, the bloc’s energy chief said on Monday as she urged countries to update their contingency plans for Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • G7
  • Ukraine

G7 to stand with Ukraine ‘for as long as it takes’

The Group of Seven club of wealthy nations on Monday vowed to stand with Ukraine “for as long as it takes”, promising to tighten the squeeze on Russia’s finances with Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • EU
  • Norway

Norway, EU agree closer cooperation on batteries, raw materials

 Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • EU
  • Prices

Gas Jumps as Europe Struggles to Fill Russian Supply Gap

European natural gas prices rose as Russia’s deep supply cuts are slowing the pace of refilling storage sites, threatening to fall short of the levels required to keep homes warm Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • exports
  • Russia

Russian Crude Flows Slump, But It’s Likely to Prove Temporary

 Russia’s seaborne crude exports plunged last week, but the drop probably doesn’t indicate that sanctions are starting to bite. Flows from Russian ports were down week-on-week by 20%, falling to Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • exports
  • Russia

Russia Looks To Lure Asian Buyers With Higher Quality Crude

Russia has improved the quality of its flagship Urals crude grade in the past two months, making it lighter and sweeter, and even more attractive for buyers in Asia who Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • G7
  • Russia

G7 Weighs Russia Oil Price Cap

Group of Seven nations are discussing a cap on the price of Russian oil. Group of Seven nations are discussing a cap on the price of Russian oil that would Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Russia

Russian Industry Faces Code Crisis as Critical Software Pulled

Russia’s reliance on foreign software to run its factories, farms and oil fields is turning into one of the biggest headaches for domestic industry as more IT providers pull out Continue Reading

Posted On : 28 Jun 2022 Published By : Tom Whipple
Category:
  • Prices

Oil prices volatile ahead of G7 discussions on Russian exports

 Oil prices edged down on Monday in a volatile session as investors stood on guard for any moves against Russian oil and gas exports that might come out of a Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Prices

Crude Oil Fluctuates as Traders Monitor G-7, Recession Concerns

Oil fluctuated above $107 a barrel as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market. Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Oil Supply

Economic Uncertainty Could Spark A Drop In Diesel Consumption

Growing uncertainty over economic growth is beginning to weigh on the oil price rally. Slowing demand and the historic strategic petroleum reserve release have been major factors in the selloff. Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Economy

Is A Recession Really The Next Big Risk For Oil?

Signs of an economic slowdown are emerging in different parts of the world. Kemp: demand destruction is about to become pronounced in diesel fuel demand. Goldman Sachs: it may take Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Egypt

One of World’s Major Wheat Buyers to Trim Imports as Prices Rise

A worker arranges freshly baked bread for sale at the Al-Monira market in Cairo, Egypt. Sign up for our Middle East newsletter and follow us @middleeast for news on the Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria ramping up output to meet August OPEC quota: Oil minister

Highlights Eyes around 500,000 b/d in increase in next two months OPEC may not raise output quotas at August meeting Nigeria is increasing crude oil production and has set a Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • India

Flood-Hit Indian States Brace for More Monsoon Rains, 532 Killed

 India’s flood-hit areas are forecast to receive heavy rains this week, with 532 people losing their lives so far across the nation during the monsoon season and hundreds of thousands Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Ecuador

Ecuador to halt pumping oil within 48 hours amid protests – Bloomberg News

 Ecuador will likely suspend oil production completely within 48 hours if road blocks and vandalising of oil wells continue, Bloomberg News reported on Sunday, citing an emailed statement from the Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Latin America

Latin America sees relief on gasoline imports, but diesel near record when needed most

Delivered cargo assessments for Latin America gasoline were sharply lower June 24 than record highs set weeks earlier, but ultra low sulfur diesel prices remained close to record highs set Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • China

China’s Economy Improves in June From Lockdown-Induced Slump

WATCH: China’s economy showed some improvement although there are still a lot of questions about the recovery. Enda Curran reports. Bloomberg News Sign up for the New Economy Daily newsletter, Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • Japan

Extreme Heat Stretches Japan’s Power Grid to Near Its Limits

Japan is asking Tokyo residents to conserve power, with unusually hot weather stretching the city’s grid as fears increase that the heat could last for longer. Electricity supply in the Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • China

Covid in China: Xi’s fraying relationship with the middle class

For decades, China’s expanding middle class had but one option to get ahead:neijuan, or joining the rat race of relentless competition. Then, a surprising strain of resistance sprouted among the Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • China
  • EU

G7 summit: Leaders detail $600bn plan to rival China’s Belt and Road initiative

Leaders of the G7, including US President Joe Biden (L) and UK Prime Minister Boris Johnson (R), proposed a plan geared towards competing with China’s Belt and Road Initiative G7 Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • China
  • USA

Why Chinese Imports Of U.S. LNG Collapsed

Chinese imports of LNG from the U.S. plunged by 95% between February and April. Most U.S. LNG spot cargoes were headed to Europe at the beginning of 2022. Russia could Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple
Category:
  • East Asia

Factbox: Asia-Pacific economies face escalating energy crisis

Asia-Pacific economies are facing an energy crisis that threatens to worsen in coming months and reach historic proportions if the Russia-Ukraine war continues. The magnitude of the crisis varies in Continue Reading

Posted On : 27 Jun 2022 Published By : Tom Whipple

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