China’s Mounting Risks Set Stage for PBOC to Rein In Stimulus
Bloomberg News China may be ready to curb some of the excess liquidity sloshing in the banking system as it turns its focus to mitigating risks in the financial industry. Continue Reading
U.S. consumer prices unchanged in July as cost of gasoline tumbles
U.S. consumer prices were unchanged in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for weary Americans who have watched Continue Reading
United Airlines Puts Down Deposit on Flying Taxis
United Airlines Holdings Inc. UAL 2.35%▲ has paid a $10 million deposit for 100 electric flying taxis, a sign that the airline is growing more confident in the nascent technology. Continue Reading
The Inflation Reduction Act Is A Game-Changer For Decarbonization
The Inflation Reduction Act (IRA) includes more than $170 billion of tax credits for the electric industry, designed to encourage the shift from carbon-intensive fuels. An analysis carried out in Continue Reading
U.S. Refiners See Demand Holding Strong Through Year-End
American refiners and oil and gas operators expect strong demand for fuels and energy through the remainder of the year, despite analyst concerns in recent weeks that demand could take Continue Reading
Freeport LNG Retracts Force Majeure, Leaving Buyers On The Hook For $8 Billion
The largest gas exporter in the United States, Freeport LNG, has retracted its force majeure, according to anonymous sources who shared the information with Reuters, leaving traders to source product Continue Reading
Oil Inches Higher After EIA Reports Large Crude Inventory Build
Crude oil prices inched down before the EIA reported its crude inventory report today, but saw a small jump after the release, when the agency reported that crude oil inventories Continue Reading
US natural gas prices could ease in 2023, potentially lowering northeast power prices: EIA
Mid-Atlantic power prices highest in years Mostly driven by higher fuel prices US Energy Information Administration analysts discussed the relationship between fuel costs and power prices, and how recent US Continue Reading
Falling Gasoline Prices Keep Inflation In Check
The U.S. Consumer Price Index (CPI) saw no real change in July, suggesting that inflation is easing as a result of falling gasoline prices, according to the latest data from Continue Reading
US gasoline demand rises while commercial crude stocks spike: EIA
Implied gasoline demand jumps 6.8% to 9.12 million b/d Commercial crude stocks spike by 5.5 million barrels Gasoline stocks plunge by 5 million barrels US gasoline demand rose for the Continue Reading
Retailers turn off lights, cut opening hours to save energy
As energy bills mount and the threat of rationing increases, some European retailers are turning off lights and considering shorter opening hours this winter. Energy bosses and government officials have Continue Reading
Sweden tops France as Europe’s largest net power exporter
Sweden overtook France as Europe’s largest net power exporter in the first half of 2022, as deep-rooted problems reduced French nuclear availability to historic lows, Energy analysts EnAppSys said on Continue Reading
Oil Tanker Freight Rates From US to Europe Soar to Two-Year High
Shipping costs for mid-size oil tankers from the US Gulf to Europe are near the highest levels since early in the pandemic, due to changes in trade flows amid Russia’s Continue Reading
Ukraine says 9 Russian warplanes destroyed in Crimea blasts
Ukraine’s air force said Wednesday that nine Russian warplanes were destroyed in a deadly string of explosions at an air base in Crimea, amid speculation the blasts were the result Continue Reading
Standard Chartered: Putin’s Gas Weapon Is Weakening As Inventories Build
Standard Chartered: “The power of Russia’s gas ‘weapon’ has deteriorated significantly,”. Europe started the 2021/2022 winter heating season with gas in storage below seasonal norms. Even if Russia cuts off Continue Reading
Russia Is Playing A Dangerous Game With Europe’s Largest Nuclear Plant
Russian occupiers of Europe’s largest nuclear plant are preparing to redict electricity production using aging technology. The move has been criticized by UN officials, with the IAEA issuing grave warnings Continue Reading
Europe’s dash for new LNG import infrastructure picks up pace
Germany decides on locations for five FSRUs Netherlands expects first FSRUs to start in 2022 Europe to face Asian competition for cargoes The scramble by countries across Europe to install Continue Reading
Climate risks dwarf Europe’s energy crisis, space chief warns
The head of the European Space Agency (ESA) has warned economic damage from heatwaves and drought could dwarf Europe’s energy crisis as he called for urgent action to tackle climate Continue Reading
Switch from gas boosts oil demand, but economic headwinds loom – IEA
Sweltering summer temperatures and soaring gas prices have boosted the use of oil in power generation, the International Energy Agency (IEA) said on Thursday, increasing demand but masking weakness in Continue Reading
Rhine River Level to Drop Further as IEA Sees Prolonged Crisis
The Rhine River is set to drop well below a critical depth over the weekend, signaling further turmoil for shipments of energy supplies on one of Europe’s most vital waterways. Continue Reading
Britain says sanctions also impact Russia’s defense sector
The European Union’s full ban on Russian coal imports kicked in on Thursday at a time when British defense intelligence said that Western sanctions were increasingly having an impact, even Continue Reading
Soaring European gas prices will drive higher oil use, IEA forecasts
Soaring oil use for power generation in Europe and the Middle East will boost crude consumption for the rest of the year, the International Energy Agency said on Thursday, as Continue Reading
Zelensky addresses tThe explosions in Crimea as photos suggest a major loss for Russia.
With satellite images showing at least eight wrecked warplanes after explosions at a Russian air base in Crimea, President Volodymyr Zelensky of Ukraine said late Wednesday that Moscow’s mounting losses Continue Reading
A Radical Plan To Reduce Europe’s Oil Demand By 33%
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. With the cost of energy soaring across Europe, governments and NGOs Continue Reading
Brent-WTI Oil Price Spread at Highest Point Since 2014
The price spread between Brent and West Texas Intermediate oil increased to a high of $13.26 per barrel on July 29. The price spread between Brent and West Texas Intermediate Continue Reading
Crude oil futures rangebound amid lack of fresh cues
Highlights Oil prices supported by Druzbha pipeline disruption Upside capped by uncertain demand outlook Crude oil futures were mostly steady in mid-morning Asian trade Aug. 10 as prices continued to Continue Reading
Oil drops on Druzhba pipeline news and U.S. inflation expectations
Oil prices edged lower on Wednesday on expectations that Druzhba pipeline flows will resume shortly and demand concerns ahead of publication of key demand indicators. Brent crude futures fell 73 Continue Reading
Oil slips amid chance of Iran nuclear deal supply boost
Oil dropped over $1 a barrel on Tuesday, approaching a multi-month low hit last week, pressured by the latest progress in talks to revive the 2015 Iran nuclear accord, which Continue Reading
Gasoline-Demand Forecast Is Cut for This Year Amid High US Prices
The US will consume less gasoline this year than previously thought, although total demand will still top 2021 levels, according to the latest government forecast. Gasoline consumption for 2022 is Continue Reading
An Iran Nuclear Deal Could Send Oil Prices Tumbling Towards $80
Speculation that a new Iran nuclear deal could soon be agreed upon has added downward pressure to oil prices, although the disruption of Russian oil flows to Central Europe is Continue Reading
Dust storms highlight Iraqi leadership failures as climate crisis worsens
Iraq’s most vulnerable citizens are the hardest hit by dust storms, which are growing in frequency and intensity due to both global climate change and government inaction. . View full Continue Reading
Indian companies swapping dollar for Asian currencies to buy Russian coal
India has ramped up imports of Russian coal since Ukraine war June customs data shows non-dollar payments now common Chinese yuan, Emirati dirham trades becoming more popular Banks and traders Continue Reading
Venezuela diverts oil cargoes to small Cuban ports as terminal fire continues
Venezuela’s state oil firm PDVSA diverted two crude cargoes set to discharge at Cuba’s Matanzas terminal, Refinitiv Eikon data and company documents showed on Tuesday, as a fire that devastated Continue Reading
The US-China Rift Moves Climate Politics Into an Era of Competition
This month’s biggest climate milestones happened over one weekend. On Sunday, the US Senate approved hundreds of billions of dollars in climate and clean-energy spending. Just two days before, climate Continue Reading
Ford’s New F-150 Lightning Truck to Get Price Hike
Ford Motor Co.’s new all-electric truck is getting a price increase fewer than four months after it started shipping to dealerships for the first time. The Dearborn, Mich., automaker said Continue Reading
Iraq’s July oil output rises by around 70,000 bpd, SOMO data show
Iraq pumped 4.584 million barrels per day (bpd) of oil in July, up by 69,000 bpd from June, data from state-owned marketer SOMO seen by Reuters showed on Wednesday. According Continue Reading
Cuba brings oil depot fire under control, worst in island’s history
Firefighters on Tuesday finally overcame what officials described as the worst fire in Cuba’s history that over five days destroyed 40% of the Caribbean island’s main fuel storage facility and Continue Reading
Northern Mexico has a historic water shortage. These maps explain why. – The Washington Post
Water has become a sacred commodity in northern Mexico. Reservoirs have been hitting the bottom of their basins. Taps have been running dry for millions of people in the city of Continue Reading
Conceding to Manchin, U.S. climate bill exempts most oil industry from methane fees
The U.S. Senate climate bill’s fee on oil and gas industry methane emissions will cover less than half the sector’s releases of the powerful greenhouse gas, thanks to concessions made Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The August Short-Term Energy Outlook (STEO) is subject to heightened uncertainty resulting from Russia’s full-scale invasion of Ukraine, how sanctions affect Russia’s oil production, the production decisions Continue Reading
API Sees Another Surprise Build In Crude Inventories
The American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.156 million barrels, while analysts predicted a draw of 400,000 barrels. The build comes as Continue Reading
EIA Lowers U.S. Oil Production Forecast
The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments Continue Reading
Chip Makers Expect Demand Slowdown to Expand Beyond PCs, Smartphones
President Biden on Tuesday signed the Chips and Science Act of 2022, directing financial assistance for the construction and expansion of semiconductor manufacturing facilities and other programs. Photo: Evan Vucci/AP Continue Reading
Green Jet Fuel Is Causing Problems For Biden’s Inflation Reduction Act
The Inflation Reduction Act budget reconciliation bill has passed the Senate and will now move for approval in the House. As well as extending the existing biodiesel and renewable diesel Continue Reading
Ukraine halted oil flows to Europe over payment issue, Russia’s Transneft says
Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Continue Reading
Germany May Consider Lifting Its Ban On Fracking Amid Energy Crisis
Debates in Germany have resurfaced over whether Europe’s biggest economy—severely hit by low Russian pipeline gas supply—should consider lifting its ban on fracking, The Globe and Mail reports . Fracking Continue Reading
UK Plans On Power Outages This Winter
The UK is planning on running short on natural gas this coming winter, resulting in blackouts, according to Bloomberg sources familiar with the government’s plans—even with emergency coal-fired power plants Continue Reading
Russian gas flows resume into Latvia following July 30 suspension: data
Highlights Flows at Korneti entry point restarted on Aug 5 Gazprom suspended gas flows to Latvia on July 30 Latvia to ban Russian gas imports from 2023 Gas flows into Continue Reading
UK Plans for Blackouts in January in Emergency Energy Plan
Will Europe Get Enough Gas From Russia This Winter? The UK is planning for several days over the winter when cold weather may combine with gas shortages, leading to organized Continue Reading
Wildfires rage in southwestern France amid new heatwave
Wildfires raged in southwestern France on Tuesday, destroying sixteen houses, burning 6,000 hectares, and forcing the evacuation of almost 6,000 people in an area already hit last month by huge Continue Reading