Oil Ekes Out Weekly Gain as Slowdown Fears Linger
Oil edged higher after a volatile week of trading as concerns over a global economic slowdown continued to dun the market. West Texas Intermediate futures rose 0.6% to settle above Continue Reading
Oil prices settle up; China demand hopes outweigh recession worry
Oil prices settled up on Friday as hopes of stronger Chinese demand and a weakening U.S. dollar outweighed concern about a global economic downturn and the impact of interest rate Continue Reading
The World’s Oil Buyers Are Being Crushed by a Surging Dollar
From Paris to Mumbai, exchange rates are keeping fuel costly Oil is at record levels in Ghana, while Sri Lanka is shut out Sri Lanka recently shut its only oil Continue Reading
Shell Resumes Oil Flows From Key Nigerian Terminal
Oil flows from the Forcados terminal in Nigeria has been restarted following a months-long pause. Shell, the operator of the terminal, halted exports in mid-July due to a leak in Continue Reading
Colombia Is On The Brink Of An Energy Crisis
Colombian President Gustavo Petro is planning to end contracting for hydrocarbon exploration. The plan could endanger the country’s energy security. Some analysts warn that ending contracting for hydrocarbon exploration could Continue Reading
China Plans Mammoth Offshore Windfarm
The Chinese city of Guangdong plans to start the of a massive 43.3 GW offshore wind farm. The location of the wind farm is ideal, with winds strong enough to Continue Reading
Australia’s east braces for more heavy rain, ‘life-threatening’ floods
Large swaths of Australia’s southeast were under flood evacuation alerts on Saturday as the nation’s weather forecaster warned major flooding could hit parts of New South Wales devastated by floods Continue Reading
Exxon Mobil shares surge to record intraday high
Cars are seen at an Exxon gas station in Brooklyn, New York City, U.S., November 23, 2021. REUTERS/Andrew Kelly HOUSTON, Oct 21 (Reuters) – Exxon Mobil Corp (XOM.N) shares passed Continue Reading
Goldman: U.S. SPR crude releases to have modest price influence
The Biden administration’s plan to continue releasing the Strategic Petroleum Reserves (SPR) “as appropriate” to bring down retail rates poses limited downside from current crude price levels, Goldman Sachs said Continue Reading
Top Republicans clash over future of Ukraine aid
The top Republican in the US Senate called for the Biden administration to step up assistance for Ukraine, breaking with his counterpart in the House of Representatives who warned earlier Continue Reading
Oil Could Surge Well Above $100 After Midterms
Analysts are becoming increasingly concerned about where oil prices might head following the midterms. The looming EU embargo on Russian oil could send prices significantly higher. The White House’s newly Continue Reading
Drilling Activity In The U.S. Sees Little Change This Week: Baker Hughes
The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count Continue Reading
U.S. EV Market Set To Grow By 390% By 2028
The electric vehicle market in the United States is on track to grow by 390% by 2028. Major automakers like Ford and GM are joining the race, launching their own Continue Reading
EXCLUSIVE At least half of Ukraine’s thermal power capacity hit by Russian strikes -minister
Ukraine may need electricity imports – energy minister Energy system still stable, minister says in interview 30-40% of power infrastructure hit by Russian attacks KYIV, Oct 21 (Reuters) – Russian Continue Reading
“Frankly Terrifying”: Energy Crisis Could Drag 26M Brits Into Fuel Poverty
The axing of the energy price guarantee from April next year could lead to almost 11m UK households falling into fuel poverty, campaigners have warned, which is about 26m people. Continue Reading
Macron Lashes Out At United States Over Double Standard Energy Policies
U.S. trade and energy policies have created a “double standard”, with Europe left paying higher prices for its natural gas, French President Emmanuel Macron said on Friday. France, the latest—and Continue Reading
Oil Price Fluctuates After Choppy Week as Global Recession Concerns Linger – Bloomberg
Oil retreated on Friday after a volatile week as concerns over a global economic slowdown continue to hang over the market. Benchmark Brent futures traded near $91 a barrel amid Continue Reading
Oil Prices On Course For A Second Consecutive Weekly Loss
Oil prices are on course to post a weekly loss for the second week in a row, with economic fears continuing to trump market fundamentals. Comments from the Fed that Continue Reading
Weak Oil Demand To Slow Economic Growth In The Middle East Next Year
The major oil exporters in the Arab Gulf will see their economies grow at a lower rate next year compared to this year’s growth and previous expectations due to weaker-than-projected Continue Reading
Oil Holds Gains as Market Shrugs Off US Measures to Tame Prices
Oil held gains as the market shrugged off measures from US President Joe Biden to tame rising energy prices that have fueled inflation. West Texas Intermediate for December traded near Continue Reading
How The Diesel Crisis Became An Inflationary Time Bomb
Diesel inventories have fallen to dangerously low levels. U.S. refineries are churning out less diesel and exporting more amidst a period of high demand. An ongoing diesel shortage would lead Continue Reading
Blackout Halts 955,000 Bpd Refining Complex In Venezuela
Venezuela’s largest refinery center stopped all operations on Tuesday following a fire and a blackout at the site. A small fire erupted at a vacuum tower at the Amuay oil Continue Reading
Akkas gas field to start production
Iraqi state companies have been quietly prepping the massive Akkas gas field near the Syrian border to begin production, more than a decade after it was awarded to the Korean Continue Reading
Nigeria: Relief As Shell Resumes Crude Oil Export At 400,000bpd Forcados Terminal
Hope for the addition of 500,000 barrels per day (bpd) of crude oil to Nigeria’s daily output by the end of November to earn more revenue to finance the 2023 Continue Reading
CNOOC Limited Announces First Deep-Deep Large Gas Field
CNOOC Limited has announced the first ‘deep-deep’ large gas field. CNOOC Limited has announced the first “deep-deep” large gas field, dubbed Baodao 21-1, which it says has proved gas-in-place of Continue Reading
Oil prices rise on possible easing in China COVID quarantine measure
Oil prices gained around $1 on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors. Brent crude futures Continue Reading
New England May Face a Gas Shortage This Winter
New England is at risk of natural gas shortages this winter amid surging global demand that’s driving up US exports, according to the top federal energy regulator. Fuel availability “is Continue Reading
Surge in Commodity Prices Brings Drilling Boom to Alberta
A total of 6,563 wells have been finished in Alberta this year with more than two months to go, versus 6,166 in all of last year. Alberta’s oil and gas Continue Reading
Justin Trudeau Defends Canada’s Minuscule Climate Progress
A bevy of climate policies championed by Canadian Prime Minister Justin Trudeau have not yet translated into steep pollution cuts in the country. Trudeau speaks during the Ottawa Climate Conference Continue Reading
83% Of Americans Are Concerned About High Gasoline And Energy Prices
Rasmussen reports: 83% of U.S. voters are concerned about high gasoline and home heating fuel prices. Many voters give Biden low marks for his energy policy. As of October 20, Continue Reading
USA Oil Groups React to Biden Measures
The API, AXPC and EWTC have had their say. Several U.S. oil and gas associations have reacted after the Biden administration revealed that it was taking additional energy measures . Continue Reading
U.S. natgas languishes near 7-month low after big storage build
U.S. natural gas futures fell to their lowest since March on Thursday, after a federal report showed a larger-than-expected storage build last week and as the market is expected to Continue Reading
U.S. LNG Production Declines Despite Robust Demand
The flow of natural gas to liquefaction plants along the Gulf Coast has declined in October, largely due to maintenance and outages. S. LNG exports could start to rise this Continue Reading
U.S. says Iranians in Crimea helping Russia use drones against Ukraine
U.S. says Iranian drones used to attack Ukraine Drone strikes destroy Ukrainian power, water facilities Ukraine seeks to cut power use by a fifth Battle for southern city of Kherson Continue Reading
Energy crunch pits Germany against frustrated EU leaders seeking gas cap
Prime ministers of Italy and Belgium were among those to air frustration on Thursday with Germany’s refusal to cap gas prices as the 27 European Union leaders met for a Continue Reading
France, Spain and Portugal agree to build Barcelona-Marseille gas pipeline
Spain, Portugal and France said on Thursday they will build a sea-based pipeline to carry hydrogen and gas between Barcelona and Marseille, substituting plans to extend the so-called MidCat pipeline Continue Reading
Hungary will not agree to EU gas price cap, will need exemption
Hungary will not agree to an EU price cap on imported gas because it would end Russian deliveries, a senior aide to Prime Minister Viktor Orban said, adding that if Continue Reading
German Government May Have To Inject Another $39 Billion In Energy Giant Uniper
The German government may have to pour another up to $39 billion (40 billion euros) in saving the country’s largest natural gas importer, Uniper, on top of a multi-billion euro Continue Reading
Ukraine Facing Nationwide Power Outages After Russian Strikes
For the first time since Russia invaded, Ukraine is facing large-scale nationwide disruptions to electricity and rolling blackouts from extensive damage to the country’s power infrastructure from Russian missile attacks Continue Reading
Germany’s parliament approves 200 billion euro fund to tackle energy crisis
Germany’s parliament on Friday approved the government’s 200 billion euro ($195 billion) rescue package that aims to protect companies and households from the impact of soaring energy prices. It earlier Continue Reading
Energy Crisis Poses Existential Threat To Europe’s Industry
European industries are struggling to stay competitive amid soaring energy costs. Surging natural gas and electricity costs have resulted in a jump in operational costs for all industries, from steelmaking Continue Reading
U.S. Oil Exports To France Fall To Zero Amid Refinery Strikes
Crude oil exports from the United States to France have fallen to zero for the first time in four years, Bloomberg has reported , citing industrial action at French refineries Continue Reading
Oil Extends Gains as China Debates Quarantine Cuts for Travelers
Oil advanced as Chinese officials debate easing some Covid rules, a policy that has weighed on its economy and energy demand. Brent rose much as 1.6% to trade above $93 Continue Reading
Oil Holds Gains as Market Shrugs Off US Measures to Tame Prices
Oil held gains as the market shrugged off measures from US President Joe Biden to tame rising energy prices that have fueled inflation. West Texas Intermediate for December traded near Continue Reading
Oil prices rise on possible easing in China COVID quarantine measure
Oil prices gained around $1 on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors. Brent crude futures Continue Reading
Oil prices rise as investors seek riskier assets and on China demand outlook
Oil prices climbed on Wednesday, paring losses from the previous session, as investors jumped into riskier assets such as commodities amid gains in broader equity markets and on signs of Continue Reading
OPEC Update, October 2022
The OPEC Monthly Oil Market Report (MOMR) for October 2022 was published recently. The last month reported in most of the OPEC charts that follow is September 2022 and output Continue Reading
Catastrophic Flooding in Nigeria Uproots Millions and Severs Gas Production
Flooding across Nigeria has hobbled gas production and decimated thousands of square kilometers of farmland, the country’s government said Wednesday, aggravating fuel and food shortages across Africa’s most populous nation Continue Reading
Nigerian Authorities Hopeful After Massive Oil Theft Busts
The Nigerian National Petroleum Corporation says that weeks of an intense crackdown on oil thieves have significantly reduced the scale of oil theft in the oil-rich Niger Delta and that Continue Reading
Six dual-fuel MAN methanol ME-LGIM engines ordered for Maersk container ships
Hyundai’s shipbuilding division (HHI-SBD) has ordered 6 × MAN B&W G95ME-C10.5-LGIM dual-fuel main engines in connection with the construction of 6 × 17,000 teu container vessels for A.P. Moller – Continue Reading