Russia needs strategic oil storage facilities to help its oil industry and oil trade with the Western sanctions, Russian experts and industry officials say. “As of today, it is necessary, Continue Reading
London’s transport network ground to a halt on Friday as train and bus workers held strikes over pay and conditions, the latest in a summer of labour market disputes as Continue Reading
Britain faces a “humanitarian crisis” this winter when the difficult choices forced upon low-income households by soaring energy bills could cause serious physical and mental illness, a healthcare lobby group Continue Reading
German power prices climbed to a fresh record, putting more pressure on industrial production and consumers struggling with a cost-of-living crisis. Rallying gas and coal prices and little sign of Continue Reading
The water level at a key German chokepoint on the Rhine River is forecast to surge early next week, making it significantly easier for barges carrying vital cargoes to traverse Continue Reading
BASF’s hub in Ludwigshafen, Germany, could be run at 50% under contingency plans for possible gas rationing. This column is part of the sixth annual Heard on the Street stock-picking Continue Reading
The Iberian Peninsula holds around 30% of total Europe’s LNG processing capacity and yet it is not well connected to the rest of Europe. A plan to build a pipeline Continue Reading
Oil rose as investors weighed lingering concerns about a global economic slowdown against bullish signals from the US and OPEC. West Texas Intermediate climbed 1.1% to over $89 a barrel, Continue Reading
Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply late in the year offset concerns that a possible looming recession could undercut Continue Reading
Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12. This compared with Continue Reading
Nigeria was hit by a nationwide electricity blackout on Wednesday after workers at the Transmission Company of Nigeria (TCN) shut the national grid as they began an indefinite strike over Continue Reading
While OPEC often finds itself the usual suspect when it comes to high crude oil and gasoline prices, it is not behind the current inflation trend, OPEC Secretary General Haitham Continue Reading
Iran could increase its oil exports in August as its crude is now estimated to be much cheaper than Russia’s in China, the key oil customer for both exporters, oil Continue Reading
Again, Nigeria has hit a new oil production loss record as a result of disruptions to its crude assets due to maintenance challenges, community issues and prolonged force majeure. Latest Continue Reading
Commuters brave a heat wave in Allahabad in India’s Uttar Pradesh state on June 7. Air conditioners in the Himalayas and fans for the cows: How communities in India and Continue Reading
Residents living near a tributary of the Yangtze river in the southwestern region of Chongqing clambered along the dry riverbed on Thursday amid an unprecedented drought across the region that Continue Reading
An exposed riverbed, due to low water levels caused by drought, along the Jialing River, Aug. 17. Bloomberg News Chinese President Xi Jinping called on local authorities to work to Continue Reading
The company, in a filing on Thursday, said core profit was between about Rmb4-5bn and Rmb5bn ($6634mn and $736mn) in the first six months of 2022, down from Rmb15.2bn a Continue Reading
Faced with China’s most searing heat wave in six decades, factories in the country’s southwest are being forced to close. A severe drought has shrunk rivers, disrupting the region’s supply Continue Reading
Highlights Several parts of China face unprecedented heatwaves Authorities order industrial production restrictions amid power crunch Sichuan industry most affected due to power supply issues Authorities in several parts of Continue Reading
Toyota Motor Corp. and Contemporary Amperex Technology Co. , the world’s top battery maker, are closing plants in China’s Sichuan province as a drought-induced power crisis worsens. The Japanese automaker Continue Reading
U.S. importers seeking relief from bottlenecks at West Coast gateways are triggering new backups at East Coast and Gulf Coast ports, adding to strains on the country’s troubled supply chains. Continue Reading
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June. The low level of crude inventories coincided with record-high gasoline prices in the U.S. in Continue Reading
A U.S. court of appeals has ruled that President Joe Biden’s pause on oil and gas leases on public land can be reinstated, just days after the passage of a Continue Reading
Excessive heat watch, heat advisory through Aug. 19 SP15 spot reaches 11-month high of $149.97/MWh Peakload reached 23-month high of 45.06 GW Aug. 16 The California Independent System Operator has Continue Reading
A federal appeals court ruled that lawsuits by Delaware and Hoboken, N.J., seeking compensation from oil companies for the impacts of climate change should be decided in state, not federal Continue Reading
U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand Continue Reading
Arizona and Nevada residents won’t face bans on watering their lawns or washing their cars despite more Colorado River water shortages. But U.S. officials announced Tuesday there will be less Continue Reading
Supply chain disruptions have sent energy costs soaring. Air travel has struggled to rebound following the global pandemic. RyanAir CEO Michael O’Leary warns that the days of cheap air travel Continue Reading
The chance of the weather pattern forming into a cyclone through the next 48 hours has risen. An unnamed weather disturbance projected to move over the southwestern Gulf of Mexico Continue Reading
Higher oil export volumes, coupled with rising gas prices, will boost Russia’s earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy Continue Reading
Since the beginning of the Ukraine war, the rest has been racing to reduce reliance on Russian energy. Last week, the EU proposed a 15% cut in gas usage across Continue Reading
The Netherlands could decide this month whether it will fill its largest gas storage facility past 80%, Dutch officials told Reuters on Tuesday. The news comes as Europe moves to Continue Reading
Below are a number of Crude oil plus Condensate (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated Continue Reading
European spot power prices fell on Thursday as German solar supply is seen rising, while French nuclear availability increased. German baseload power for delivery on Friday was down 6.2% to Continue Reading
Germany will lower the sales tax on gas to 7% in an effort to cushion the blow of additional charges being placed on consumers to ensure energy companies can afford Continue Reading
Water levels on the Rhine are set to rise over the weekend, potentially providing respite to a crisis that has snarled the shipment of energy products and other goods along Continue Reading
Asia-to-Europe flows set for five-month high, Vortexa predicts Trade driven by energy-security concerns, slowdown in China A fleet of ships carrying diesel, one of the world’s most important fuels, is Continue Reading
A combination of record-breaking natural gas prices, rising coal prices, and droughts across Europe are putting the EU electricity market under massive pressure. French utility EDF has had to significantly Continue Reading
Oil hit a six-month low on Wednesday after a brief rally as concerns about the prospect of a global recession that would weaken demand overshadowed a report showing lower U.S. Continue Reading
Oil pared early losses on Wednesday after China signaled it would take steps to boost a flagging economy, as traders awaited further news about the potential resumption of the Iran Continue Reading
Barclays has slashed its Brent oil price forecast by $8. The bank noted that persistent Russian oil supply and an expected surplus were causes for the change in the forecast. Continue Reading
Uncertainty about the Iran nuclear deal and disappointing Chinese crude demand and refinery throughput are creating headwinds for crude. Chart of the Week Can the German Economy Fall by the Continue Reading
The global energy crisis deepened on Tuesday as a further surge in natural gas prices in Europe and the US threatened to push some of the world’s largest economies into Continue Reading
Microsoft and Amazon say they’re accelerating a transition to a greener future, but critics argue they’re helping prolong the fossil-fuel age. Oil pump jack. Photographer: Ian Tuttle/Bloomberg It’s been a Continue Reading
Five more ships have left Ukrainian ports carrying corn and wheat, three from Chornomorsk and two from Pivdennyi, under a U.N.-brokered grain export deal, Turkey’s defence ministry said on Tuesday. Continue Reading
The $40Bn Iran–Russia deal for joint development of offshore fields in the Middle Eastern country could fall through due to corrosion issues. Iran and Russia face significant challenges in their Continue Reading
Iran has delivered a response to the latest proposal of a nuclear deal being brokered by the European Union. Iranian media notes that there are still three issues that remain Continue Reading
Iraq holds a very conservatively estimated 145 billion barrels of proven crude oil reserves. Hamid Younis, first vice president of the Iraq National Oil Company, said last week that the Continue Reading
Nigerian police said on Tuesday two oil pipelines that feed the Brass export terminal, one of Nigeria’s export streams operated by Italian group Eni (ENI.MI) , were recently blown up Continue Reading
