Goldman Sachs Remains Bullish On Oil Prices
Goldman Sachs continues to hold a bullish view on oil despite the ongoing market sell-off, reiterating in a note its stance that “the skew to prices from here is squarely Continue Reading
Biden’s Talks With Israel Highlight a Split Over Iran
Israel’s caretaker prime minister, Yair Lapid, pushed President Biden on Thursday to go beyond his public commitment to stopping Iran from ever obtaining a nuclear weapon, declaring that all democratic Continue Reading
Libya’s New Oil Chief Says Output Will Be Fully Back in a Week
The new head of Libya’s National Oil Corp. has vowed to end a blockade, double crude production to 1.2 million barrels a day and protect existing contracts with foreign oil Continue Reading
Chemical Supply Squeeze Imminent As Refiners Prioritize Gasoline
The cost of key chemicals used in pharmaceuticals, rubber, and plastics are on the rise. Refiners have been prioritizing gasoline over chemicals as demand continues to rise. In addition, crude Continue Reading
Is Biden Ready To Ease Sanctions Against Venezuela?
In the first diplomatic contact between the U.S. and Venezuela since Trump, Biden dispatched a diplomatic mission to meet with President Maduro in early March 2022. The mission was among Continue Reading
Extreme heat propels more Chinese provinces’ peak power loads to record highs
Highlights Record temperatures logged by 71 national weather stations Power loads in Zhejiang, Jiangxi, Jiangsu hit record highs China’s power consumption to grow 5%-6% in 2022 Extreme heat is sweeping Continue Reading
China Growth Slows Sharply, Putting GDP Target Out of Reach
China’s economy grew at the slowest pace since the country was first hit by the coronavirus outbreak two years ago, making Beijing’s growth target for the year increasingly unattainable as Continue Reading
Japan Utilities Rise as PM Calls for Restarting Nuclear Reactors
Japanese Prime Minister Fumio Kishida’s new push to restart nuclear reactors probably won’t be enough to avert a looming power crunch later this year that will bring new risks of Continue Reading
China Property Market Shudders as Buyers Threaten to Stop Mortgage Payments
Aggregate new home sales at China’s 100 largest developers have fallen every month on a year-on-year basis since last July. Global investors and home buyers in China are losing confidence Continue Reading
China’s Economy Hits a Slump as Covid Policy Takes a Toll
When countries around the world have stumbled in the face of pandemic headwinds, China has often stood apart, seemingly impervious to financial pressures that undermined growth. But now, dragged down Continue Reading
CHINA DATA: H1 crude throughput falls 6% on year to 13.45 mil b/d amid lockdowns
China’s crude throughput fell 6% year on year to 332.22 million mt, or 12.75 million b/d, over January-June, National Bureau of Statistics data showed July 15, as GDP growth in Continue Reading
Unforgiving heat wave in Texas and Southern Plains to worsen next week – The Washington Post
The temperatures in Texas and the Southern Plains are about to be turned up during an already historically hot summer. Next week, some areas of interior Texas, Oklahoma and Kansas Continue Reading
Manchin Crushes Biden’s Hopes for Revival of Economic Agenda
Senator Joe Manchin told Democratic leaders Thursday he would not support new spending on climate measures or tax increases, delivering a colossal blow to President Joe Biden’s ambitious economic agenda. Continue Reading
Manchin says EV Tax Credit Bonus Is Gone From Spending Bill
Senate Democrats have scrapped a $4,500 bonus tax credit for electric vehicles made with domestic union labor that was opposed by Senator Joe Manchin as they seek to wrap up Continue Reading
Twelve and Alaska Airlines to collaborate with Microsoft to advance sustainable aviation fuel derived from recaptured CO2 and renewable energy
Carbon transformation company Twelve, Alaska Air Group, and Microsoft have signed a Memorandum of Understanding (MOU) to collaborate on advancing the market for sustainable aviation fuels (SAF) to include fuels Continue Reading
GM and Pilot Company to build out coast-to-coast EV fast charging network powered by EVgo eXtend
To accelerate the widespread adoption of EVs, increase access to charging and help enable long-distance electric travel of people and vehicles across the US, GM and Pilot Company (Pilot and Continue Reading
Utah’s Great Salt Lake is drying out, threatening ecological, economic disaster
Utah’s Great Salt Lake dropped to its lowest recorded level this month amid a two-decade drought, a grim milestone as researchers and politicians point to grave threats to wildlife and Continue Reading
As Europe bakes in heatwave, wildfires rage from Portugal to Croatia
Wildfires raged across the tinder-dry country in Portugal, Spain, France and Croatia on Thursday, burning homes and threatening livelihoods, as much of Europe baked in a heatwave that has pushed Continue Reading
Euro Slips Below Dollar as Europe’s Economic Fortunes Slump
The euro has been on a steady decline this year. The euro’s slide below parity with the U.S. dollar reflects Europe’s sinking economic fortunes in the face of the war Continue Reading
Shell Chief Warns Europe Could Be Forced To Ration Energy This Winter
With the reduced supply of Russian gas, Europe faces a harsh winter that could include energy rationing as European countries scramble to fill natural gas storage sites before November, according Continue Reading
Shell CEO warns of possible energy rationing this winter in Europe
Europe may be facing energy rationing this winter, Shell CEO Ben van Beurden said July 14 at Aurora Energy’s spring forum in Oxford. Russian gas supply curtailments have left much Continue Reading
French Nuclear Cuts Stretch to Next Week as Temperatures Soar
Electricite de France SA’s Tricastin nuclear plant in Saint-Paul-Trois-Chateaux, France. Photographer: Theo Giacometti/Bloomberg Output cuts at some French nuclear plants are expected to stretch into next week as a heatwave Continue Reading
EU Stalls on Ukraine Aid as Fears Spike of Gas Crisis at Home
The European Union is falling behind on its high-profile promises to deliver a substantial aid package to Ukraine at the same time the bloc is confronting the prospect of severe Continue Reading
Macron Calls For Public Lights To Be Turned Off Amid Russian Gas Threat
The French should brace for a complete cutoff of Russian natural gas, French President Emmanuel Macron said Thursday, Bastille Day, calling on citizens to turn public lights off at night Continue Reading
Brent Oil Hits Lowest Since March as Rate Hike Bets Intensify
Brent oil retreated after a bumper US inflation print bolstered expectations that the Federal Reserve will make further aggressive interest rate hikes. The global crude benchmark fell as much as Continue Reading
Oil prices fall ahead of potential large U.S. rate hike
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
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption. The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd. “Higher prices and a deteriorating economic environment Continue Reading
Oil edges higher after slide below $100
Oil edged up on Wednesday, a day after settling below $100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising Continue Reading
Iraq plan to boost oil export capacity suffers setback, source says
Iraq’s bid to boost oil export capacity at its Gulf ports has suffered a setback due to delays in pumping station upgrades, an Iraqi oil source said. OPEC’s second-largest oil Continue Reading
Hezbollah chief vows ‘no one’ will extract gas, oil from maritime zones if Lebanon unable to do so
The head of the powerful armed group Hezbollah warned on Wednesday that “no one” would be allowed to operate in maritime oil and gas fields if Lebanon was barred from Continue Reading
Libya’s oil sector faces more uncertainty as GNU looks to oust NOC’s Sanalla
Highlights Libyan oil production languishing at two-year lows due to oil blockade Bengdara appointment could further politicize Libyan oil Libya’s oil sector could see more political turmoil after the Government Continue Reading
Venezuela’s refining arm Citgo on the verge of yet another power shake-up
A new battle for control of Citgo Petroleum, the eighth largest U.S. oil refiner and Venezuela’s foreign crown jewel, could soon be unleashed under a proposed management shake-up by the Continue Reading
Heatwaves hammer megacities in China’s Yangtze River basin
Searing heatwaves swept across China’s vast Yangtze River basin on Wednesday, hammering densely populated megacities from Shanghai on the coast to Chengdu deep in the heartlands. More than 90 red Continue Reading
BP aims to start producing green jet fuel in Australia by 2025
BP Plc (BP.L) is aiming to start producing sustainable aviation fuel (SAF) in Australia by 2025 after converting its oil refinery near Perth to produce renewable fuels, a senior executive Continue Reading
Holiday driving, cooling demand prompt China’s independent refineries to boost runs
China’s independent refiners are set to push their runs even higher in July, extending the trend seen in June when throughput rose to five-month highs, as strong driving demand during Continue Reading
U.S. crude, fuel stockpiles rise as demand slackens – EIA
U.S. crude oil and fuel stockpiles rose last week, bolstered by another big release from strategic reserves, while demand slackened, the Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) Continue Reading
Column: Don’t blame the weather for Texas power shortages
Since the start of May, the Electric Reliability Council of Texas (ERCOT) has twice appealed to homes and businesses to limit consumption at peak times to avert power shortages and Continue Reading
U.S. annual consumer inflation posts largest increase since 1981
WASHINGTON, July 13 (Reuters) – U.S. annual consumer prices jumped 9.1% in June, the largest increase in more than four decades, leaving Americans to dig deeper to pay for gasoline, Continue Reading
Expensive Gasoline Keeps More Summer Drivers Off Road Than at Height of Pandemic
Expensive gasoline is keeping more US drivers off the road than the Covid-19 pandemic did at this time two years ago. The country’s demand for gasoline tumbled last week to Continue Reading
Biden: Inflation Data Does Not Reflect Impact Of Gasoline Price Decline
U.S. President Joe Biden said on Wednesday that the June inflation data showing the highest inflation in the United States in more than 40 years is “out-of-date” because gasoline prices Continue Reading
U.S. gasoline prices are finally falling. Why?
After exceeding $5 a gallon for the first time in history, U.S. gasoline prices are finally falling, giving some relief to consumers in the world’s largest user of the fuel. Continue Reading
U.S. solar prices soared over 8% in 2nd qtr -report
U.S. solar energy prices rose 8.1% in the second quarter as projects were stalled by a Commerce Department investigation into tariffs on products from Southeast Asia and soaring input costs, Continue Reading
Tesla Supplier Panasonic Plans $4 Billion EV Battery Factory in Kansas – WSJ
Tesla Inc.’s main battery supplier in the U.S., Panasonic Holdings Corp., PCRFY -1.05%▼ said it would build a $4 billion electric-vehicle battery factory in De Soto, Kan., the latest move in the EV industry’s race to Continue Reading
Gas Prices, a Big Inflation Factor, Are Coming Down Sharply
Gasoline prices, on an upward tear for months, have reversed course in recent weeks, giving consumers a welcome break. Gasoline was a major reason that U.S. consumer prices were 9.1 Continue Reading
High Inflation in June Puts Pressure on Interest Rates
Prices surged 9.1 percent in June as consumers faced rapidly rising costs for gas, food and rent, a higher-than-expected reading and bad news for Americans at a moment when their wages are Continue Reading
What Is Keeping America From Realizing Its LNG Potential?
U.S. liquefied natural gas has become an increasingly important part of the global energy mix since Russia invaded Ukraine. In June, the European Union imported more LNG from the United Continue Reading
Texas Heatwave Highlights A Major Problem With Wind Power
A major heatwave has hit Texas and put the Lone Star State’s energy grid under severe stress. At the same time, low wind speeds mean that wind turbines in Texas Continue Reading
Chevron CEO Sees Oil Prices Rebounding On Tightening Supply
Oil prices might be down on Wednesday, but that situation could be short-lived, according to Chevron CEO Michael Wirth, who spoke at the CNBC Evolve Global Summitt on Wednesday. According Continue Reading
Gazprom: Nord Stream gas link’s safety depends on stranded turbine
Kremlin-controlled energy giant Gazprom (GAZP.MM) said on Wednesday it could not guarantee the safe operation of a critical part of the Nord Stream 1 gas pipeline because of doubt over Continue Reading
Analysis: Euro is at parity; its fate is now with energy markets
The euro’s tumble below $1 for the first time in two decades puts it on course for one of the worst years in its history, especially if the energy price Continue Reading