U.S. natgas futures drop 4% on rising output, lower demand forecast
U.S. natural gas futures dropped about 4% on Friday after soaring over 14% in the prior session on a slow rise in output and forecasts for less demand next week Continue Reading
Where Is Oil Heading Next?
Fitch Solutions Country Risk & Industry Research has released its latest oil price outlook, which outlines where the company sees the commodity going through to 2026. According to its latest Continue Reading
Fitch Cuts Turkey’s Credit Rating Deeper Into Junk Territory
Tourists and locals on the waterfront in Istanbul, Turkey. Fitch Ratings downgraded Turkey’s sovereign debt rating further into junk, saying the government’s policies are contributing to “spiralling inflation” and discouraging Continue Reading
With world in energy shock, Saudi oil cushion gets very thin
Two industry sources question volume of spare Saudi capacity OPEC data shows decline in Saudi well completions in 2021 Saudi Arabia has been pumping below its OPEC quota Aramco says Continue Reading
Why India ramped up Russian oil imports, easing pressure on Moscow
India’s Russian oil imports since Ukraine war soar New Delhi feels it lost out when Iranian sanctions imposed Wants to buy cheap oil, in part because China doing same Officials Continue Reading
Citgo ready to resume oil imports from Venezuela if U.S. authorizes
U.S. refiner Citgo Petroleum is willing to resume imports of Venezuelan crude, suspended since 2019 by Washington’s sanctions on its parent company PDVSA, if the U.S. government authorizes the flow, Continue Reading
China’s Consumer Inflation Hits Two-Year High on Pork Rally
Customers purchase pork at a food market in Shanghai in June. Photographer: Qilai Shen/Bloomberg Bloomberg News China’s consumer prices grew faster than expected in June, partly driven by a rebound Continue Reading
US tells China its support for Russia complicates relations
China’s support for Russia’s war in Ukraine is complicating U.S.-Chinese relations at a time when they are already beset by rifts and enmity over numerous other issues, U.S. Secretary of Continue Reading
Top U.S. LNG producer Cheniere asks Biden admin to drop pollution rule
Cheniere Energy Inc (LNG.A) has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural Continue Reading
U.S. oil output slips 0.5% in April to lowest since February -EIA
U.S. crude oil production slid in April by about 0.5% to its lowest since February, according to a monthly report from the U.S. Energy Information Administration on Friday. Oil production Continue Reading
US Job Gains Top Estimates; Jobless Rate Holds at 3.6%
Payrolls rose 372,000 in June, in line with prior months’ pace Participation rate eases as more Americans left labor force US Added 372,000 Jobs in June, Topping Estimates Sign up Continue Reading
Texas Power Grid Flirts With Record as Heat Bakes State
Texas grid operators braced for near-record electricity demand Friday as triple-digit heat blanketed most of the state, sending power prices soaring. Demand on the power grid was expected to peak Continue Reading
Gas Prices Have Fallen for 24 Straight Days. The Relief Might Only Be Temporary.
Analysts said the recent decline in gas prices is likely to be short-lived. The price of gasoline in the U.S. has fallen for 24 consecutive days after hitting a record Continue Reading
U.S. to send $400 million in weapons to Ukraine, including more HIMARS
U.S. President Joe Biden signed a new weapons package worth up to $400 million for Ukraine on Friday, including four additional high mobility artillery rocket systems (HIMARS) and more ammunition. Continue Reading
US College Students Are Shunning Oil-Industry Degrees for ESG Future
Scott Lindberg’s dream of becoming a petroleum engineer was fueled by childhood drives through Texas oil country with his energy-consultant father, passing pumpjacks and pipeline hubs that kept the world’s Continue Reading
Rig Count Climbs As Oil Prices Bounce Back
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Why Is The U.S. Sending Its Emergency Oil Reserves To China?
The United States is exporting millions of barrels of oil from its emergency oil reserves to Europe and Asia. “The SPR remains a critical energy security tool to address global Continue Reading
Gasoline Prices See The Largest Drop In Nearly 15 Years
While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 Continue Reading
Germany confirms positive signal from Canada on Nord Stream 1 turbine
Germany on Friday confirmed that the government had received a positive signal from Canada regarding the delivery of a turbine needed for the maintenance of the Nord Stream 1 gas Continue Reading
Putin warns of ‘catastrophic’ energy crisis if west boosts sanctions
Russian President Vladimir Putin has threatened “catastrophic consequences” for world energy markets if western powers impose further sanctions on Moscow, as G7 members discuss plans to try to cap Russia’s Continue Reading
Putin Is Set to Halt Gas and Germany Fears It’s Not Coming Back
Maintenance on a critical pipeline to Europe is an opportunity for the Kremlin to further squeeze the continent. Source:: picture alliance/Getty Images Want the lowdown on European markets? In your Continue Reading
Nordic Power Prices Plunge To Levels Not Seen Since 2020
While Germany and France are grappling with record electricity prices amid low gas supply from Russia and low French nuclear power output, the Nordic countries, which rely mostly on hydro Continue Reading
Russia’s wheat sellers welcome shift to ruble-denominated export duty
Russia’s agriculture ministry on July 8 set the variable export tax on wheat at Rb5,558.9/mt ($87.88/mt) for the July 13-19 period, as the country’s grains traders welcomed a significant reduction Continue Reading
Crude oil futures ease after overnight surge; US crude stocks rise
Crude oil prices surge by 4% overnight US crude stocks rise, refined products fall US diesel, gasoline demand surge to historical highs Crude oil futures were lower in mid-morning Asian Continue Reading
Oil Heads for Weekly Loss as Growth Fears Trump Supply Tightness
Oil is set for a weekly loss after choppy trading in which concerns over a demand-sapping slump clashed with signals of tight supply. West Texas Intermediate was below $103 a Continue Reading
Oil heads for weekly loss as recession fears trump tight supply
Oil slipped in volatile trade on Friday and was heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies. Central banks are raising Continue Reading
Brent holds above $100 in tussle between supply, recession fears
Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted. Continue Reading
Decreasing Oil Prices Push Pump Prices Lower
Since Monday, the national average for a gallon of regular gasoline has decreased by a nickel to $4.75. According to new data from the Energy Information Administration (EIA), gas demand Continue Reading
IRAQ DATA: Oil production increases 1% in June, slightly above OPEC+ quota
Iraq’s oil production rose 1% in June from a month earlier, figures from state oil marketer SOMO showed July 7, as the country pumped slightly above its OPEC+ quota. Total Continue Reading
Kurdistan amends regional oil law, reviving Oil and Gas Council
Lawmakers in Iraqi Kurdistan have approved amendments to the semi-autonomous region’s 2007 Oil and Gas Law, adding Cabinet Secretary Omed Sabah to the Oil and Gas Council, one day before Continue Reading
Nigeria: As Aviation Fuel Crisis Escalates Cost of Flight Operations
Flight operations in Nigeria have become precarious as airlines face abrupt disruption of flights due to scarcity and high prices of aviation fuel, which may impair profitability, writes Chinedu Eze Continue Reading
Kazakhstan’s CPC crude exports uninterrupted as president orders push for alternative routes
Appeal on loading suspension order remains unresolved Tokayev seeks cooperation with Chevron on alternative routes Kremlin stresses Russian friendship, cooperation with Kazakhstan Kazakhstan’s exports of flagship crude grade CPC Blend Continue Reading
China’s Renewed Use of Coal Will Endanger Its Crops
China is turning back to low-cost coal to boost its ailing economy. It’s an understandable reaction to the toll caused by Covid lockdowns. But it will come with a steep price for Continue Reading
Explainer: How can Japan secure enough gas if Sakhalin supply is cut
Resource-poor Japan is facing a historic energy security risk as tensions with Moscow intensify, heightening the threat of gas supply disruptions at a time when global supply is tight and Continue Reading
China Considers $220 Billion Stimulus With Unprecedented Bond Sales
China’s Ministry of Finance is said to be considering a $220 billion sale of special bonds. James Mayger reports. Bloomberg News China’s Ministry of Finance is considering allowing local governments Continue Reading
Tesla China Shipments Soar to Record as Plant Fires Back Up
Tesla Inc. monthly shipments of China-made vehicles rebounded to a record in June, a stunning recovery after restrictions to stop the spread of Covid in Shanghai knee-capped the carmaker’s factory Continue Reading
U.S. natgas futures jump 14% on small storage build, hot weather
U.S. natural gas futures jumped about 14% on Thursday to their highest in a week, supported by a much smaller-than-expected storage build last week as power generators burned lots of Continue Reading
Big Cities Can’t Get Workers Back to the Office
Concerns about safety, including on public transportation, have contributed to a reluctance to go back to the office. Soon after a gunman shot and killed a Goldman Sachs Inc. employee Continue Reading
Shell Has Big Plans to Drill in the Gulf of Mexico Despite Climate and Political Debate
Political uncertainty is clouding prospects for new drilling in the Gulf of Mexico, but Shell SHEL 1.96%▲ PLC—the Gulf’s biggest producer—is still investing billions of dollars in its waters to pump oil for years Continue Reading
NYMEX August natural gas futures rally amid storage-driven short-squeeze
Buyers came out following the release of a bullish weekly natural gas storage report, which sent NYMEX August natural gas futures rallying 78.7 cents to settle at $6.297/MMBtu on July Continue Reading
US crude stocks show surprise build on weakened refinery demand, strong imports
Commercial crude stocks climb 8.23 million barrels Refinery demand drops 230,000 b/d Gasoline stocks draw ahead of July 4 holiday US crude oil inventories realized a counter-seasonal build during the Continue Reading
US working natural gas in underground storage rises by 60 Bcf: EIA
Deficit to five-year average trimmed to 12.2% Injection undershot survey expectations of 73 Bcf NYMEX Henry Hub August soars in post-report trading US natural gas working stocks rose by 60 Continue Reading
US hiring was likely solid in June despite recession fears
U.S. employers likely downshifted their pace of hiring in June, but to a level that remains solid despite fears that the economy faces the growing risk of a recession . Continue Reading
Chuck Schumer, Joe Manchin work to clinch deal on climate and energy – The Washington Post
Democratic leaders are racing to finalize a revised proposal to tackle climate change and jump-start the nation’s transition to clean energy, part of a larger sprint to strike a deal Continue Reading
ERCOT peakload records, Texas wind output may fall July 8-12; gas burn may fill in
Highlights Triple-digit high temperatures forecast Day-ahead trading up sharply Power burn likely above five-year average The Electric Reliability Council of Texas on July 7 forecast record peakloads July 8-12, as Continue Reading
Energy minister says Dutch braced for Russian gas cutoff, Groningen is last resort
The Netherlands has met a goal of ending its dependence on Russian gas, its energy minister told Reuters in an interview, but as a major storage and transport hub, it Continue Reading
Germany’s largest landlord to reduce heating for tenants to save energy
Germany’s largest residential landlord Vonovia (VNAn.DE) will reduce heating for tenants in many of its apartments at night, as Europe’s biggest economy braces for a possible gas crunch with falling Continue Reading
France ready to requisition gas plants if crisis bites hard – draft bill
France could requisition gas-powered electricity generation plants if gas supplies were threatened or order power generation operators using gas to restrict or even suspend operations in case of crisis, according Continue Reading
Norway scrambles to avoid empty hydropower reservoirs this winter
Norwegian hydropower producers are cutting output in southern Norway this summer to save water for the winter, fearing a looming supply crunch after a prolonged period of dry weather diminished Continue Reading
Lack of baseload drives Winter 2022 European gas to new lifetime high
Highlights NBP front winter hits 443 p/th intraday July 7, TTF Eur182/MWh Contract up sevenfold on year as prompt spikes transposed Four distinct spikes since 2021 as pipeline supply sharply Continue Reading