Brussels is preparing to tell EU members to cut gas consumption”Immediately”, warning that without increased conservation the continent risks running short of fuel this winter as Russia restricts supplies. The Continue Reading
Oil rose back near $100 a barrel, aided by a weaker dollar that put commodities broadly on a firmer footing. West Texas Intermediate added as much as 3.1%. European stock Continue Reading
The International Monetary Fund will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging Continue Reading
Drivers relieved by the recent dip in gas prices may be in for a shock when the summer winds down, with energy analysts warning a fresh round of price surges Continue Reading
Major crude oil producers have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the Middle East, a senior U.S. energy envoy said on Sunday. Continue Reading
OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand. OPEC producers will need to Continue Reading
Libya, which replaced the board of state-owned National Oil Corp., is loading its first cargo of condensate since the lifting of force majeure from all ports and fields, though the Continue Reading
Over 11 billion barrels of oil and gas found off Guyana Country wants to accelerate production to develop economy Hopes to negotiate more favorable contracts for next phase New offshore Continue Reading
Covid-19 is surging around the United States again in what experts consider the most transmissible variant of the pandemic yet. But something is different this time: The public health authorities are holding Continue Reading
Nymex natural gas for August delivery was quoted at $6.49/MMBtu in Friday’s session, good for a nearly 70% climb in the year-to-date. The natural gas rally has come mainly thanks Continue Reading
Two of China’s biggest cities ordered residents to undergo mass Covid-19 tests this week, highlighting the risk that fresh outbreaks could trigger new and economically costly lockdowns. Authorities in Tianjin, Continue Reading
China’s gasoil, gasoline and jet fuel exports in June dropped to a seven-year low of 1.58 million mt, or 426,000 b/d, data released by the General Administration of Customs July Continue Reading
Tanker owners in Europe are shipping as much Russian crude as possible before energy sanctions against Moscow take effect in December. Since Russia’s invasion of Ukraine in February, Western nations have pledged to Continue Reading
Canada sent a turbine for the Nord Stream gas pipeline to Germany by plane on July 17 after repair work had been completed, Kommersant newspaper reported on Monday, citing people Continue Reading
Europe needs to drastically slash natural gas consumption in the next few months to prepare for what is likely to be “a long, hard winter,” the head of the International Continue Reading
Temperatures in London and the south of England might hit a record-setting 40° Celsius (104° Fahrenheit) next week, hotter than the forecast in Madrid, Rome or Marseille. The English may Continue Reading
Highlights US June retail sales exceed expectations Biden visit to Saudi Arabia unlikely to result in more supply Brent backwardation widens Crude oil futures settled higher July 15, as recession Continue Reading
In this week’s edition of oil and gas industry hits and misses, Rigzone’s regular market watchers focus on this week’s oil price drop, inflation, inventory levels and more. Read on Continue Reading
Oil gained 2.5% on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room Continue Reading
Wheat futures wiped out their gains for the year in Chicago, as prospects for weaker demand offset supply worries that were exacerbated by Russia’s invasion of Ukraine. Crop markets have Continue Reading
Uncertainty is dominating the oil market this week, with recession fears being countered by physical tightness and growing supply risks.Oil market watchers have become senior macroeconomists lately, with price swings Continue Reading
High refining margins and fuel demand in the second quarter are set to lead to exceptional earnings at Big Oil’s refining businesses. Some of the largest international oil majors have Continue Reading
The OPEC Monthly Oil Market Report (MOMR) for July 2022 was published recently. The last month reported in most of the OPEC charts that follow is June 2022 and output Continue Reading
Two Libyan tribal figures involved in a blockade of oil exports that has reduced output by 850,000 barrels per day said they expect the government-installed National Oil Corporation chief to Continue Reading
Russian fuel oil exports to Saudi Arabia rose almost twofold during the second quarter as the Saudis sought to free up more local crude for export while using the discount Continue Reading
The Director General, Budget Office of the Federation, Ben Akabueze, yesterday stated that Joint Ventures (JVs) are bleeding the most as a result of rising crude oil theft and rampant Continue Reading
Japan hopes to restart four more nuclear reactors in time to avert any power crunch over the winter, industry minister Koichi Hagiuda said on Friday, a week after the pro-nuclear Continue Reading
Bloomberg News China is censoring crowd-sourced documents tallying the number of mortgage boycotts spreading across the country, potentially hampering a key source of data for global investors and researchers tracking Continue Reading
Two years ago, China’s economy bounced back briskly after suffering its worst contraction in decades when authorities locked down the metropolis of Wuhan to keep the coronavirus at bay. China Continue Reading
Office workers line up at a Covid-19 testing booth in downtown Shanghai on July 13. China’s daily tally of Covid-19 cases rose to the highest level in more than seven Continue Reading
China’s property downturn showed little signs of improvement in the three months through June, with its output contracting for the fourth straight quarter and clouding the growth outlook for the Continue Reading
U.S. natural gas futures jumped about 6% to a four-week high on Friday on a drop in output this week and forecasts for hotter weather and more demand over the Continue Reading
U.S. stocks rebounded Friday, capping a volatile week during which investors responded to a flurry of corporate-earnings reports and economic indicators. The news offered at-times conflicting narratives on the nation’s Continue Reading
The number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
Texas and California are once again facing potential energy crises as their aging energy grids struggle to cope with soaring demand. Despite promises from both the federal and state governments, Continue Reading
Los Angeles County may reinstate an indoor mask mandate. More than half the U.S. population lives in counties where Covid-19 cases and hospitalizations are high enough that people should wear Continue Reading
It was a familiar, if excruciating, position for Democrats. A day after pulling the plug on his party’s plans to pass a climate, energy and tax package this summer, Senator Joe Manchin Continue Reading
As a blistering heat wave smothered Texas this week and taxed the power grid with record-high demand, bitcoin mining operators in the state shut down their electricity-guzzling machines. Complying with requests from Continue Reading
German conservative politicians have revived debate on extending the life of the country’s three remaining nuclear power plants, and polls show a rise in public support for the energy source Continue Reading
The European Union could ban the import and transit of some fuel oil from Russia around six months ahead of the planned deadline, an EU official and four traders told Continue Reading
High water temperatures threaten to reduce France’s already unusually low nuclear output, piling more pressure on operator EDF (EDF.PA) at a time when half its reactors are offline due to Continue Reading
The gas receiving compressor station of the Nord Stream 1 natural gas pipeline in Lubmin, Germany. Europe will need to ration natural gas to meet winter heating demand if the Continue Reading
Western sanctions and the exodus of international oil and engineering companies from Russia after Putin’s invasion of Ukraine will slow down Russia’s energy industry development. Russia’s claims that it can Continue Reading
New passenger car registrations in the European Union fell 15.4% year on year in June to 886,510 units, bringing the total sales for the first half of 2022 to 4.6 Continue Reading
Russian gas exporter Gazprom said on Saturday it expected Siemens (ENR1n.DE) to meet its obligations in full when servicing gas turbines needed for the reliable operation of the Nord Stream Continue Reading
The Met Office issued its most severe warning for next week with temperatures set to rise above 35 degrees Celsius. Photographer: Matthew Chattle/Future Publishing/Getty Images After strikes, transport disruption, soaring Continue Reading
Power plants in Germany are finding it increasingly difficult to source coal amid an energy crisis that is spiraling out of control as falling water levels on the Rhine river Continue Reading
The European Commission approved , under EU State aid rules, an Important Project of Common European Interest (IPCEI) to support research and innovation and first industrial deployment in the hydrogen Continue Reading
Oil is poised to end the week below $100 a barrel for the first time since early April after another volatile period of trading marked by escalating concerns over an Continue Reading
Oil prices fell on Thursday as investors weighed tight supplies against the prospect of a large U.S. rate hike that could stem inflation and curb crude demand. Brent crude futures Continue Reading
