EIA Inventory Report Pushes Oil Prices Higher
Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to July 22. This compared with a Continue Reading
Oil rises on U.S. inventory drop, Russian gas cuts
Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker Continue Reading
Who Were the Biggest Oil and Gas Consumers in 2021?
BP’s latest annual statistical review of world energy reveals the top oil and gas consumers of last year. According to BP’s latest annual statistical review of world energy, the top Continue Reading
Hidden Menace: Massive methane leaks speed up climate change | AP News
To the naked eye, the Mako Compressor Station outside the dusty West Texas crossroads of Lenorah appears unremarkable, similar to tens of thousands of oil and gas operations scattered throughout Continue Reading
How Is the Jet Stream Connected to Simultaneous Heat Waves Across the Globe?
The deadly heat waves that have fueled blazes and caused transport disruptions in Europe, the U.S. and China this month have one thing in common: a peculiar shape in the Continue Reading
Climate disinformation leaves lasting mark as world heats
In 1998, as nations around the world agreed to cut carbon emissions through the Kyoto Protocol, America’s fossil fuel companies plotted their response, including an aggressive strategy to inject doubt Continue Reading
Nigeria’s Trans-Niger Pipeline Runs Dry Due to Oil Theft – Report
A new report showed that Nigerian oil revenue underperformed due to significant shortfalls such as shut-ins resulting from pipeline vandalism and crude oil theft. The Trans-Niger Pipeline, a major pipeline Continue Reading
Iran’s Oil Earnings Soar Despite Sanctions
With high oil prices and an incredibly tight physical oil market, Iran’s oil industry is bouncing back and providing the government with significant income. China, Russia, Turkey, Venezuela, and Afghanistan Continue Reading
Saudi Arabia’s Real Production Capacity: Is 15 Million Bpd Possible?
As the OPEC+ group prepares to roll back all production cuts by the end of next month, analysts and the market are searching for the answer to the million-dollar question Continue Reading
Saudi crude prices to Asia may hit record highs in Sept
Top oil exporter Saudi Arabia could raise September crude prices for customers in Asia for a third month even though refining margins have declined as high fuel prices and persistent Continue Reading
Dramatic Heatwave Threatens Uzbekistan’s Electric Grid
Particularly hot weather in Uzbekistan over the past 10 days or so has caused occasional blackouts as the state power company looks to ration electricity supplies to households and industry Continue Reading
Sri Lanka Is Facing An Energy Catastrophe
Sri Lanka is suffering through both an economic and energy crisis, with foreign exchange reserves at a record low and fuel supplies set to run out at any moment. The Continue Reading
Keep calm and cut the air con – Japan’s energy saving is model for Europe
As Europe braces for energy shortages from Russian gas cuts, Japan’s own energy crisis a decade ago offers survival lessons to households and businesses – such as dimming the lights Continue Reading
Covid in China: Million in lockdown in Wuhan after four cases
Image caption, A recent study suggested a strong association between the outbreak and animals at Wuhan’s Huanan wildlife market Almost one million people in a suburb of Wuhan – China’s Continue Reading
Record US Oil Exports Set to Grow as WTI Discount Deepens
Goldman’s Courvalin: Physical Oil Market Remains Tight The US is exporting more oil than ever before, with shipments poised to climb even higher. A key factor: The widening gap between Continue Reading
Forecast: Scorching heat wave extended in US Northwest
expected to last longer than forecasters had initially predicted, setting parts of the normally temperate region on course to break heat wave duration records. As temperatures hit a daily record Continue Reading
Battery Recycling: The Next Big Challenge For The EV Boom
The surge in electric vehicle demand has sparked a boom in the battery metals industry. Battery metals pose a serious environmental and health hazard if not handled properly. Recycling old Continue Reading
US Senate passes CHIPS bill with semiconductor funding
The US Senate passed the CHIPS bill with a 64-33 vote July 27, representing a significant step forward for the legislation that includes $52 billion in funding to boost domestic Continue Reading
As Texas heat persists, ERCOT forwards indicate risk of triple-digit power prices
Judging by forward trading, Electric Reliability Council of Texas power prices will likely average in triple digits into September, after a brutal July heat wave pushed real-time prices into quadruple Continue Reading
July USA Gasoline Demand Readings Lower Than Pandemic Era
‘You have to go back to 1996 to find a lower July average’. July U.S. gasoline demand readings are extremely poor. That’s according to a new report from Standard Chartered, Continue Reading
Manchin Backs $369 Billion Energy-Climate Plan, Rejects SALT
Biden’s Tax, Climate Plan Revived by Manchin, Schumer Senator Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock Continue Reading
Joe Manchin Reaches Deal With Chuck Schumer on Energy, Healthcare, Tax Package
Sen. Joe Manchin (D., W.Va.) agreed to back a package aimed at lowering carbon emissions and curbing healthcare costs while raising corporate taxes, marking a stunning revival of core pieces Continue Reading
What’s in the Manchin-Schumer Deal on Taxes, Climate and Energy
Senate Majority Leader Chuck Schumer and West Virginia Senator Joe Manchin released the outline of a tax, climate and health care deal on Wednesday, in what could prove to be Continue Reading
Surprise Deal Would Be Most Ambitious Climate Action Undertaken by U.S.
The $369 billion climate and tax package forged in a surprise deal by Senate Democrats on Wednesday would be the most ambitious action ever taken by the United States to try to Continue Reading
New York launches third offshore wind power solicitation, seeks 2 GW of capacity
New York Governor Kathy Hochul July 27 announced the release of the state’s third competitive offshore wind solicitation, seeking an incremental 2 GW of offshore wind power capacity to help Continue Reading
Russia cuts gas flows further as Europe issues savings plea
Russia delivered less gas to Europe on Wednesday in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for Continue Reading
Germany Approves $180 Billion Funding to Accelerate Energy Shift
Germany approved plans for the government’s special “climate and transformation fund” to invest 177.5 billion euros ($180 billion) over the next four years to help accelerate the shift to an Continue Reading
Ukraine’s Odessa port set to see first corn shipment since Russia’s invasion
Ukraine plans to reopen its deep water ports on July 28, market sources said, enabling the departure of ships that have been stranded in Ukraine’s deep sea ports, laden with Continue Reading
Crops ‘Stored Everywhere’: Ukraine’s Harvest Piles Up
A small army of combine harvesters rolled across an endless farm field on a recent afternoon in western Ukraine, kicking dust clouds into the blue sky as the machines gathered Continue Reading
Europe Looks To Fill Storage As It Braces For Permanent Halt Of Russian Gas
Reduced gas flows via the Nord Stream 1 pipeline have further complicated the plan to fill gas storage units across Europe. The goal of the European Union as a whole Continue Reading
Oil rises on U.S. inventory drop, Russian gas cuts
Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker Continue Reading
Crude oil futures stable to lower as recession fears resurface
Crude oil futures were stable to slightly lower in mid-morning Asian trade July 27 as recession fears returned to the fore after fresh US data overnight showed weakening consumer confidence Continue Reading
Oil Climbs as US Crude Stockpiles Shrink Ahead of Fed Decision
Oil rose as industry data signaled a big drop in US crude inventories ahead of an expected interest-rate hike by the Federal Reserve. West Texas Intermediate futures edged up near Continue Reading
High Oil Prices Spark A New Wave Of Exploration
Oil companies are reaping the benefits of high energy prices. Indebted American oil and gas companies, armed with improved balance sheets, are finally drilling again. Oilfield services companies are among Continue Reading
Rocket strike causes fire at Khor Mor gas field
Rockets hit the Khor Mor gas field Monday night for the fourth time in two months, highlighting a major, unresolved threat against a strategically important project that provides the vast Continue Reading
Is This The Most Succesful Western Oil Major In The Middle East?
French oil major TotalEnergies has successfully closed a number of high-profile deals in Qatar, Iraq and the UAE. TotalEnergies is seen by some senior members of the EU as sometimes Continue Reading
Saudis to Hike Oil Price to Record Even as Traders See Risks
OPEC+ kingpin Saudi Arabia is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market Continue Reading
Iraq’s oil output surges in June as southern fields ramp up
Iraq’s oil production moved sharply higher in June, with a monthly increase of 153,000 barrels per day (bpd) taking output to 4.62 million bpd, the highest since February 2020, according Continue Reading
Iran’s Oil Revenues Soar By 580% As Crude Prices Rally
Iran has seen its oil and condensate revenues rise by 580% between March 21 and July 21. Despite rising oil income, Iran’s inflation rate rose to 40% year-on-year. In recent Continue Reading
Libya Raises Oil Production To 1.1 Million Bpd
Libya ramps up production to 1.1 million bpd following the resumption of exports. NOC looks to reach ‘normal’ rates of 1.2 million bpd within the next two weeks. The recent Continue Reading
East African Governments Clash With Environmentalists Over New Oil Pipeline
The controversial East African Crude Oil Pipeline being built in Uganda and Tanzania is facing harsh criticism from environmentalists. East African governments are hopeful about how the project could help Continue Reading
Guyana Just Keeps On Giving As Exxon Makes Two More Discoveries
ExxonMobil is continuing with its incredibly precise exploration of Guyana’s Stabroek block with two new discoveries southeast of the Liza and Payara developments. U.S. supermajor ExxonMobil is continuing with its Continue Reading
Exxon accelerates production in Guyana, makes two new discoveries
Exxon Mobil Corp (XOM.N) on Tuesday said it has made two new oil discoveries offshore Guyana and that it has already exceeded, in July, its 2022 production target for the Continue Reading
China’s Blistering Heat Strains Power Grids and Disrupts Farming
A woman shields from the sun in Beijing’s central business district. Photographer: Mark Schiefelbein/AP Photo Bloomberg News Scorching temperatures across China are straining power grids as the country tries to Continue Reading
Natural Gas Roars Toward Record Monthly Gain on Searing US Heat
US natural gas futures are surging toward the biggest monthly gain on record, buoyed by scorching weather and the expiration of August options. Gas has jumped more than 65% in Continue Reading
GM Slows Down, Needs More Batteries
General Motors GM -3.42%▼ and Ford are doing what they can to reassure investors they will have enough electric-vehicle batteries to take on Tesla in the coming years. True security Continue Reading
The I.M.F. warns that a global recession could soon be at hand.
The world could soon be on the brink of a global recession as the economies of the United States, China and Europe slow more sharply than anticipated amid a collision Continue Reading
US Economy Seen Narrowly Averting So-Called Technical Recession –
The US economy may have eked out modest growth in the second quarter to skirt a so-called technical recession, yet at a pace tepid enough to feed concerns of an Continue Reading
Renewables Falter As Texas Power Grid Sees Record Demand
Renewable power generation was lower than its potential through Texas’ brutal heatwave, adding further strain to the already-battered ERCOT power grid. The grid saw record electricity demand as Texans cranked Continue Reading
Large Crude Draw Adds To Bullish Sentiment
The American Petroleum Institute (API) reported a large draw this week for crude oil of 4.037 million barrels, while analysts predicted a draw of 1.121 million barrels. The build comes Continue Reading