Shipping Costs Soar as Russian Fallout Upends Fuel Flows
The dislocation of global fuel markets after Russia’s invasion of Ukraine has boosted the cost of shipping products such as diesel by sea. Rates to haul fuels such as gasoline Continue Reading
Crude Oil Buckles as Recession Angst Rattles Commodity Investors
Oil tumbled Wednesday amid concern of a US recession. Anthony Di Paola reports. Oil plunged for the second time in a few days on concerns that a global economic slowdown Continue Reading
Oil prices climb on supply and demand fundamentals
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.61, or Continue Reading
Oil Edges Higher as Strong Fuel Market Outweighs Recession Fears
Oil climbed as financial markets recovered from last week’s rout, with traders confident that tight supplies will sustain higher prices even if the global economy contracts. West Texas Intermediate August Continue Reading
Oil Spending Won’t Recover in 2022 as War Riles Market, IEF Says
A structure burns in Druzhkivka, Ukraine on June 20. Photographer: Scott Olson/Getty Images Global oil investment will be stagnant this year and may even decline as producers deal with surging Continue Reading
Energy Investments Aren’t Enough to Bring Down Prices, IEA Says
Investments in global energy supplies will jump this year, led by an expansion in no-emission or low-emission capacity but the spending won’t be sufficient to tame soaring energy prices, or Continue Reading
Airports Around the World Battle Long Lines, Canceled Flights
Delays, cancellations, long lines and lost baggage are plaguing air travel world-wide, as airlines and airports struggle with soaring summer demand and staff shortfalls. London’s Gatwick Airport has told airlines Continue Reading
Airlines warn oil companies to speed up alternative fuel production
Major oil companies must speed up the development of alternative fuels crucial to the aviation industry meeting its 2050 net-zero emissions target or risk losing out to businesses that will, Continue Reading
Saudi Oil Giant Understates Carbon Footprint by Up to 50%
Saudi Aramco’s Ras Tanura oil refinery and terminal. Many refineries operated by the world’s biggest oil company have been excluded from its disclosure of greenhouse emissions. Photographer: Simon Dawson/Bloomberg Before Continue Reading
Global climate goal could be in peril without carbon price reform
Investors managing $10.6 trillion on Wednesday said an overhaul of international carbon pricing policies was necessary to prevent the world from missing a goal to limit climate change. As part Continue Reading
Nigeria: Commuters Stranded in Lagos, Abuja, Oyo, Others As Fuel Scarcity Bites Harder
Commuters were, yesterday, stranded in Lagos, Abuja, Oyo and some other states, as the ongoing fuel crisis bites harder in the country. The scarcity, which started in Abuja about three Continue Reading
Nigeria, Angola won’t meet OPEC output quotas for at least another year: IEA
Nigeria output at multi-decade low, Angola close to the nadir of the early 2000s: S&P Global Nigeria, Angola show biggest over compliance to quotas among OPEC producers Persistent underinvestment, low Continue Reading
Africa: Glencore Subsidiary Pleads Guilty to Bribery At African Oil Operations
Glencore Energy on Tuesday admitted to paying over $28 million (€26.5 million) in bribes across five African countries to secure preferential access to oil and generate illicit profit. The United Continue Reading
India Tells Oil Companies to Load Up on Discounted Russian Crude
The Indian government has asked state oil companies to scoop up huge volumes of cheap crude from Russia, according to industry executives, strengthening commercial ties with the country even as Continue Reading
Turkmenistan Only Has One Customer For Its Natural Gas
Turkmenistan is scrambling to diversify its export markets. The problem, however, is that China is the only major customer of Turkmenistan’s natural gas. Other Eurasian countries could emerge as larger Continue Reading
Rain-triggered floods in Bangladesh conjure climate warnings
Scientists say that climate change was likely to have made the rains that unleashed catastrophic flooding across Bangladesh worse. While South Asia’s monsoon rains follow natural atmospheric patterns, the rains Continue Reading
China May No Longer Be A Pillar Of Growth For Global Oil Markets
For the first time since 1976, the U.S. economy might grow faster this year than China’s economy. China’s “zero-Covid” strategy has had a detrimental impact on the demand recovery for Continue Reading
China’s Geopolitical Pivot Could Have Huge Ramifications For Oil
Beijing’s caution in challenging U.S. supremacy around the globe might be dissipating. Practical ramifications for the global oil sector from China’s geopolitical shift would be enormous. President Xi has signed Continue Reading
Japan asks EU to ‘avert impact’ of Russian shipping insurance ban on Sakhalin oil
Highlights METI requests exception for Sakhalin 1, 2 equity oil liftings No Japanese refiner imports Russian crude currently: PAJ chief Japan’s Ministry of Economy, Trade and Industry has requested the Continue Reading
Supply Issues Account for Half of Surge in US Inflation, Study Says
Shipping containers are loaded onto trucks at the Port of Boston in Massachusetts. Supply constraints, exacerbated by Russia’s war in Ukraine this year, account for about half of the surge Continue Reading
EIA: US Refining Capacity Sinks To Near Decade Low
Operable refining capacity in the United States hit a nearly decade low in 2022, the EIA’s latest Refining Capacity Report showed on Tuesday. U.S. refining capacity fell this year to Continue Reading
U.S. Gasoline Demand Increasing, Not Waning
U.S. gasoline demand increased by 5.5 percent on Sunday compared to the previous Sunday and was 11.4 percent higher than the average U.S. demand of the past four Sundays, according Continue Reading
ExxonMobil CEO says oil and gas markets may be tight for 3 to 5 more years
Highlights ExxonMobil wins part of Qatar LNG expansion Kuwait can increase oil output: KPC CEO Underinvestment causing high prices: Qatar’s Kaabi Oil and gas markets may be tight for another Continue Reading
High Gas Prices Hit Demand as Drivers Cut Back at the Pump
American drivers are starting to buy less gasoline as they feel the economic burden of record prices that continue to hover near $5 a gallon.In the first full week of June, gasoline sales at Continue Reading
Below-average weekly US natural gas storage build expected amid rising power burn demand
Highlights Storage survey shows 70 Bcf weekly net build expected June 11-17 power burn highest for that week since 2012 NYMEX Henry Hub prompt falls to 7-week low June 21 Continue Reading
What Do You Pay for in a Gallon of Fuel?
What exactly do you pay for when you buy fuel? What exactly do you pay for when you buy fuel? Well, that depends on whether you’re purchasing regular gasoline or Continue Reading
Germany risks recession as Russian gas crisis deepens
Germany faces certain recession if faltering Russian gas supplies stop completely, an industry body warned on Tuesday, and Italy said it would consider offering financial backing to help companies refill Continue Reading
UK Energy Price Cap Set to Peak at Over £3,000 in 2023
Goldman Has Raised European Gas Price Forecast UK energy prices are set to rise more than 50% from current levels, as natural gas supplies continue to face disruption following Russia’s Continue Reading
Europe faces ‘scramble’ to replace dwindling Russian energy – IEA
Europe must race to replace sanctioned and curtailed Russian energy supply and should double down on efficiency and renewables, including nuclear power, the International Energy Agency (IEA) said on Wednesday. Continue Reading
Fire tears through Russian oil refinery near Ukrainian border
A fire tore through part of Russia’s Novoshakhtinsk refinery on Wednesday just 8 kilometres from the border with Ukraine after drones were spotted flying over the oil plant. Social media Continue Reading
UK inflation hits 40-year record, highest in G7
Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity Continue Reading
IEA chief warns Europe to prepare for total shutdown of Russian gas exports
The International Energy Agency has warned that Europe must prepare immediately for the complete severance of Russian gas exports this winter, urging governments to take measures to cut demand and Continue Reading
Ukraine’s Strikes in Black Sea Point to New Firepower
As Ukrainian forces launch a renewed assault on Snake Island in the Black Sea, recent strikes suggest that they are using powerful Western anti-ship weapons in an effort to undermine Continue Reading
Europe Faces “Red Alert” For Gas Supply As Russia Reduces Flows
Russia’s Gazprom significantly reduced gas flows to European consumers this week. WoodMac: unless Europe takes additional supply and demand measures, its storage refill this year is at risk. Benchmark European Continue Reading
Oil prices climb on supply and demand fundamentals
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.61, or Continue Reading
Oil prices rise as tightening supply offsets global economic concerns
Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand. Brent crude futures rose 42 cents, Continue Reading
Can The Global Gasoline And Diesel Crisis Be Solved?
Rystad Energy’s… Diesel and gasoline markets are witnessing crack spreads in the $50-$60 per barrel range due to inventory stocks across the world being at record lows. The global oil Continue Reading
Here’s Why Global Oil Demand Slumped This Spring
World oil demand dropped in April to 97 percent of the 2019 level as demand in Asia weakened, according to data from the Joint Organisations Data Initiative (JODI) cited by Continue Reading
Diesel Price Shock Imminent As Reserves Drop, Refining Lags
Global diesel and gasoline markets are witnessing blowout crack spreads in the $50-60 per barrel (bbl) range, reflecting a clear lag in the refining system to respond effectively and decide Continue Reading
Old is gold: sky-high cost of ageing ships sounds inflation SOS
Shipping companies are transforming rust buckets into gold mines in modern-day alchemy that could fuel already rampant inflation for years to come. The disruption to world trade caused by pandemic Continue Reading
Global Food Inflation Gets Reprieve as Wheat to Palm Oil Tumble
Agricultural commodities fell as traders weighed an improved outlook for global food supplies, with signs pointing to burgeoning palm oil exports from Indonesia and a large Russian wheat crop this Continue Reading
Iran Makes Major Concession To Revive Stalled Nuclear Negotiations
In a significant concession aimed at reviving stalled negotiations with the United States, Iran has dropped its demand that the Iranian Revolutionary Guard Corps (IRGC) be removed from Washington’s list Continue Reading
Qatar Expands LNG Capacity To Become Europe’s Emergency Gas Supplier
Qatar signed massive deals with TotalEnergies and Eni for the expansion of the world’s biggest LNG project. The North Field Expansion plan includes six LNG trains that will raise Qatar’s Continue Reading
Political Turmoil Could Plague Libya’s Oil Exports All Year Long
Bashaga: It’s unlikely that Libya will descend into a full-blown civil war again. Without a unified government, Libya’s oil exports will remain unstable in the short-to-midterm. As of the middle Continue Reading
Court again delays Baghdad lawsuit against Kurdistan IOCs
A Baghdad court postponed the Oil Ministry’s lawsuit against international oil companies working in Iraqi Kurdistan for a third time on Monday, marking a further delay in a complicated legal Continue Reading
Nigeria: Fuel Shortage Hits Lagos As Scarcity Bites Harder in Abuja, Oyo
There were indications, weekend, that the fuel shortage noticed in Lagos and its environs would worsen, as independent marketers said they have not been supplied for days. An investigation by Continue Reading
Nigeria, Others Move to Revive $13bn Trans-Saharan Gas Pipeline As Demand Pressure Mounts
Nigeria, Algeria and Niger Republic yesterday moved to reactivate the $13 billion Trans- Saharan Natural Gas Pipeline (TNGP) project as demand pressure continues to mount from within the continent and Continue Reading
Iraq’s Basrah crude faces competition from cheaper alternatives
Highlights Smaller OSP hike for July versus other producers Cheaper Urals, Canadian grades weigh on Basrah demand Iraqi Basrah crude is likely to face stiff competition in the current trading Continue Reading
Ecuador Halts All OIl Operations Amid Escalating Protests
Ecuador’s state-owned oil company Petroecuador declared force majeure across exploration, production, and transportation operations amid escalating protests against the government. This means that exports of oil from the Andean country Continue Reading
China May oil imports from Russia soar to a record, surpass top supplier Saudi
Russia overtakes Saudi as top supplier after 19-month gap Russian imports nearly 2 mln bpd in May Imports from Malaysia more than doubled in May yr/yr Customs reports 3rd Iranian Continue Reading