Russia’s messages with missiles tell West to back off
The latest in a litany of horrors in Ukraine came this week as Russian firepower rained down on civilians in a busy shopping mall far from the front lines of Continue Reading
Decreasing Gas Demand and Oil Prices Push Pump Prices Lower
Since Monday, the national average for a gallon of regular gasoline has decreased by four cents to $4.85. Due to the delayed release of the Energy Information Administration’s (EIA) report Continue Reading
Natural Gas Prices To Rally As G7 Changes Its Tune On LNG Investment
The G7 reversed course this week regarding investment in natural gas, declaring support for investments in new LNG production. Since Russia invaded Ukraine, the European Union has had to reconsider Continue Reading
Oil Feels Sting of Recession Concerns as Weekly Losses Pile Up
Oil headed for a third weekly drop, its longest losing run this year, on concern that a potential recession will cut into energy demand. West Texas Intermediate fell toward $105 Continue Reading
Oil prices fall on recession fears, on track for third weekly loss
Oil prices fell on Friday, extending the previous day’s plunge, as lingering fears of a recession weighed on sentiment, putting the benchmarks on track for their third straight weekly losses. Continue Reading
Who Produced the Most Oil and Gas in 2021?
BP’s latest statistical review of world energy has the answer. According to BP’s latest annual statistical review of world energy, the top oil producer in the world in 2021 was Continue Reading
Analysts Hike Oil Price Forecast As Supply Concerns Intensify
Analysts polled by Reuters expect Brent to average $106.82 per barrel in 2022. This is the most bullish take on average oil prices so far this year. The experts polled Continue Reading
OPEC+ meets with little prospect of pumping more oil
OPEC+ enters a second and final day of meetings on Thursday with sources saying the group is unlikely to decide imminently to pump more barrels to the market beyond August. Continue Reading
Libya’s Crude Oil Exports Drop Sharply After Key Ports Halt
The Brega oil port in Marsa Brega, Libya. Source:: -/AFP/Getty Images Libya’s oil exports have fallen to about a third of last year’s level after the worsening political crisis prompted Continue Reading
Nigerian Experts Praise Trans-Saharan Gas Pipeline Project
As Europe seeks to wean itself off Russian natural gas, Algeria, Niger, and Nigeria have revived a decades-old, multi-billion-dollar gas project. The Trans-Saharan Gas Pipeline (TSGP) could send up to Continue Reading
Pakistan Inflation Accelerates to 21.32% in June on Costly Oil
Pakistan’s headline inflation accelerated in June amid higher food and fuel costs even as the nation closes in on a International Monetary Fund bailout. Consumer prices rose 21.32% last month Continue Reading
Venezuela’s Economy Seen Growing Most in 15 Years as Oil Flows
Venezuela’s economy is forecast to expand at its fastest pace in 15 years, marking a rebound for a country that recently emerged from the deepest recession in Latin America. Gross Continue Reading
Suriname Prepares Major Oil Block Offering
Suriname is preparing to tender some 60 percent of its offshore blocks over the next 12 months, Reuters reported this week, citing a vice-president of the state oil firm, Staatsolie. Continue Reading
The Supreme Court Tries to Overrule the Climate
Credit where due: the Supreme Court’s 6–3 ruling in West Virginia v. E.P.A. is the culmination of a five-decade effort to make sure that the federal government won’t threaten the Continue Reading
Peak hurricane season looms with no room for U.S. refining outages
A busy Atlantic hurricane season and tight fuel supplies could further strain U.S. refiners who already have the lowest oil-processing capacity in eight years, analysts warned, adding this would boost Continue Reading
U.S. regulator bars restart of Freeport LNG plant amid unsafe conditions
A U.S. pipeline safety regulator on Thursday said it found unsafe conditions at a Texas liquefied natural gas export facility and will not allow owner Freeport LNG to restart the Continue Reading
Biden administration drilling plan may exclude all waters beyond Gulf of Mexico
The U.S. Interior Department has recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Continue Reading
U.S. natgas plunge 17% as Freeport LNG outage leaves more fuel for storage
June 30 (Reuters) – U.S. natural gas futures plunged about 17% on Thursday to a three-month low as the shutdown of Freeport LNG’s liquefied natural gas (LNG) export plant in Continue Reading
A short history of U.S. oil refining losses due to hurricanes
Clouds from Hurricane Harvey are seen in the background as smoke rises from a burn off at an oil refinery Historically, the Atlantic hurricanes have prompted U.S. oil refiners to Continue Reading
U.S. to add 6 GW offshore wind capacity through 2029 -EIA
Power plant developers and operators plan to install more than 6 gigawatts of offshore wind capacity at sites mostly along the U.S. eastern seaboard over the next seven years, the Continue Reading
Economists Sour on US Outlook After Spending Stumbles
US Jobless Claims Fall, Consumer Spending Softens An influx of data showing softer consumer spending, sagging sentiment and subdued manufacturing suggest a US economy with a more fragile foundation, prompting Continue Reading
King Corn to the Rescue for Food Inflation as Plantings Rise
Corn is again the top US crop after soaring grain prices motivated farmers to shrug off weather woes and high fertilizer costs to plant more than expected while cutting back Continue Reading
EPA Isn’t ‘Knocked Out,’ But Doing Its Job Just Got Much Harder
The Supreme Court ruling Thursday that curtailed the Environmental Protection Agency’s flexibility to curb power-plant emissions on a systematic basis is setting the stage for a piecemeal approach to the Continue Reading
General Motors Slowly Ramps Up Electric Hummer Production
The waiting list for General Motors Co.’s GM -5.05%▼ new GMC Hummer electric pickup truck and related SUV model recently topped 77,000 prospective buyers. Most are likely in for a long wait. GM’s renovated Detroit factory, Continue Reading
Court Decision Leaves Biden With Few Tools to Combat Climate Change
One by one, the tools available to President Biden to fight climate change are being stripped away. After a Supreme Court decision on Thursday, the Environmental Protection Agency will have less authority Continue Reading
Auto Sales Slide, Prices Soar in First Half of 2022
Supply-chain kinks continued to suppress vehicle inventory and sales in the first half of the year, exacerbating a seller’s market that has pushed new-car prices to record highs. Sales of Continue Reading
Why $5 Gasoline Won’t Cause A Recession
Oil prices fell on Wednesday after a report was released by the EIA showing an uncharacteristic slowdown in gasoline demand. Despite this demand destruction, it is unlikely that high oil Continue Reading
Germany Risks ‘Imminent’ Recession on Gas Cutoff, Deutsche Bank Says
Likelihood of German Recession ‘Clearly’ Increasing: Ifo’s Fuest. European economies are facing a major new shock from slowing deliveries of Russian natural gas, which threaten to push inflation even higher Continue Reading
EU Imports More U.S. LNG Than Russian Pipeline Gas For The First Time Ever
For the first time in history, U.S. LNG overtakes Russian piped gas in EU. IEA: The drop in Russian supply calls for efforts to reduce EU demand to prepare for Continue Reading
UK Ready To Pay Companies To Cut Electricity Consumption
The UK’s National Grid is exploring the idea of paying companies in Britain to use less electricity next winter as part of measures to conserve gas and avoid blackouts, Bloomberg Continue Reading
Europe’s Power Prices Surge As Market Fears Worsening Supply Crunch
Electricity prices in Europe are soaring again as the market starts to fear that energy shortages this winter would be much larger than expected a few weeks ago. The German Continue Reading
Russia seizes control of Sakhalin gas project, raises stakes with West
President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil Continue Reading
Euro-Zone Inflation Hits Record in Boost for Big-Hike Calls
First ECB rate increases in over a decade to kick off in July Photographer: Andrey Rudakov/Bloomberg Euro-area inflation surged to a fresh record, surpassing expectations and bolstering calls for the Continue Reading
Putin orders transfer of Sakhalin-2 gas project to Russian entity
Vladimir Putin has ordered the transfer of all rights to the Sakhalin-2 natural gas project to a Russian entity in a move that could force foreign investors including Shell, Mitsubishi Continue Reading