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Author: Tom Whipple

Category:
  • Prices

Oil Rises as Traders Focus on US Gasoline Market, China Demand

Oil rose as tight US product markets and the prospect of higher demand in China, the world’s top importer, add urgency to the hunt for barrels. West Texas Intermediate surpassed Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Prices

Oil prices edge up on China demand recovery expectations, tight stocks

Oil prices edged up on Wednesday on expectations that easing COVID-19 restrictions in China will push up demand and as industry data showed drawdowns in U.S crude inventories. Brent crude Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Prices

Oil rises on EU’s Russian oil ban effort, demand hopes

Oil hit its highest in seven weeks on Tuesday, supported by the European Union’songoing push for a ban on Russian oil imports that would tighten supplyand as investors focused on Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Climate

Dire Climate Report Prompts UN Official to Ask Rich Countries to Share Energy Tech

The World Meteorological Organization’s new report catalogs new records for sea-level rise, ocean temperature, greenhouse gas concentrations and ocean acidification. Last year brought new records for sea-level rise , ocean Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Climate

Climate Change Has Made Deadly Heat Waves Normal

It doesn’t take the end of the world to upend the way billions live in it. The punishing weather we are uneasily learning to call “normal” is doing that already. Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Libya

Libyan Oil Deadlocked As Clashes Force PM-Designate Out of Tripoli

Libyan prime minister-designate Fathi Bashagha was forced out of the capital Tripoli on Tuesday by armed militias backed by current interim Prime Minister Adbdul Hamid Dbeibah, who refuses to step Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Iraq

Tensions rise over alleged intrusion at Kirkuk oil wells

Iraq’s state-run North Oil Company (NOC) has accused the semi-autonomous Kurdistan Regional Government (KRG) of deploying armed forces to control a handful of oil wells along its disputed boundary with Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria: Divestment – TotalEnergies Puts Up 16 Oil Assets in Nigeria for Sale

French multinational oil and gas giant, TotalEnergies has launched the sale of its10 per cent stake in Nigerian joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Shell Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • India

Surging prices hold back India’s oil demand growth momentum, albeit temporarily

India’s oil products consumption falls 4% on month in April Initial May consumption trend showing healthy recovery signs India’s oil demand to grow 245,000 b/d in 2022: Platts Analytics India’s Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Sri Lanka

Sri Lanka Can’t Find Cash to Pay Even One Ship for Petrol

Sri Lanka asked citizens not to queue for gasoline as the nation on the verge of default has no dollars to pay for a fuel shipment. “There is a petrol Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Pakistan

Pollution Kills 9 Million People a Year as Fixes Are Neglected

Traffic travels along a highway shrouded in smog in Lahore, Pakistan in December 2021. The city of more than 11 million people in Punjab province near the border with India Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • India
  • Pakistan

Climate change swells odds of record India, Pakistan heatwaves

Taking shelter from the scorching heat in Delhi Climate change makes record-breaking heatwaves in northwest India and Pakistan 100 times more likely, a Met Office study finds. The region should Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • India

India’s heatwave to lift AC sales to record, but supplies from China delayed

Indian air conditioner manufacturers are expecting record sales this year as a heatwave scorches most of the country, an industry body told Reuters, but delayed arrivals of components from COVID-hit Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • USA
  • Venezuela

U.S. Allows Chevron to Maintain Venezuela Operations but Won’t Permit Drilling

Chevron has a joint venture with state-owned oil company Petróleos de Venezuela. The U.S. extended a limited license held by Chevron Corp. on Tuesday that allows the oil company to Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • USA
  • Venezuela

Oil Falls as US to Allow Talks With Venezuela’s State Producer

Crude fell after the US government announced it plans to allow Chevron Corp. to negotiate its oil license with Venezuela’s national producer. West Texas Intermediate settled below $113 on Tuesday. Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Japan
  • Nuclear

Japan nuclear regulator grants initial nod to Fukushima water release plan

Japan’s Nuclear Regulation Authority (NRA) granted an initial approval on Wednesday for a Tokyo Electric Power’s (Tepco) (9501.T) plan for releasing water from the destroyed Fukushima nuclear power plant into Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • China

Goldman Cuts China’s Growth Forecast to 4% on Covid Policy

Goldman Sachs Group Inc. cut its economic growth forecast for China for this year to 4% as the government doubles down on a Covid Zero policy that’s forced major cities Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • China
  • North Korea

North Korea Receives Aid From China as Covid Outbreak Spreads

North Korea, battling its first major Covid-19 outbreak, has reached out for help to its closest ally, China, while ignoring offers of vaccines from South Korea. Three North Korean cargo Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • China
  • coronavirus

China diverts anti-poverty funds to Covid testing as crisis deepens

China’s cash-strapped local governments have been forced to divert funds from poverty alleviation and infrastructure to finance mass coronavirus testing as President Xi Jinping’s zero-Covid policy causes growing financial strains. Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • China

How China Is Attempting To Control Middle East Oil Chokepoints

The geographical location of Oman makes it one of the most strategically important countries in the world when it comes to energy and trade. China, notably through its relationship with Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Russia
  • USA

U.S. considering move to block Russian debt payments -Treasury

The United States is considering blocking Russia’s ability to pay its U.S. bondholders by allowing a key waiver to expire next week, a U.S. administration official said on Tuesday, which Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

API Reports Inventory Draws In Crude, Gasoline Despite SPR Release

The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Offshore
  • USA

USA Lease Sale Cancellation Leaves Industry in Limbo

The move leaves the industry in limbo, according to Fitch Solutions. The cancellation of lease sales 258 (Cook Inlet) and 259, 261 (Gulf of Mexico) that were planned under the Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Electricity
  • USA

Texas grid operator calls for power conservation as temperatures, prices soar

The state of Texas’ power-grid operator on Friday called on residents to cut their electricity use this weekend after six generating plants fell offline in a heatwave. Record temperatures have Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Prices
  • USA

Gas prices top $4 a gallon in every U.S. state for the first time

Not too long ago in some parts of the United States, paying more than $4 for a gallon of gas was seen as a coastal problem faced by Americans in Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Prices
  • USA

High Gasoline And Diesel Prices Are Here To Stay

U.S. gasoline and diesel prices are at record highs and show no sign of falling or of denting demand. Refining capacity has shrunk dramatically since 2020 due to the covid Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • USA
  • Venezuela

Biden administration begins easing Venezuelan oil restrictions with Chevron

 Chevron waiver was due to expire June 1 Opposition leader Guaido denies involvement Republican lawmakers May 17 were quick to condemn steps the Biden administration reportedly took to ease oil Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Shale Oil

Permian growth outlook brightens as brownfield gas pipeline expansions advance

Highlights Open season or FID declared for 1.7 Bcf/d capacity Projects delays gas pipeline constraints to late 2025 Crude constraints unlikely before late 2025 or later Permian Basin producers are Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • EU
  • Russia

How Germany Is Racing to Sever Dependence on Russian Energy

Days after taking office as Germany’s vice-chancellor and economy minister in December, Robert Habeck asked his most senior officials for a detailed assessment of his country’s dependence on Russian energy. Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Russia

The Swiss Connection: How Russia Is Weathering Tough Sanctions

Continued oil and gas exports as well as a propped-up ruble, have allowed Moscow to weather Western sanctions. JPM has backtracked on its earlier forecasts of a 35% contraction in Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Germany

Cold War Relic Threatens Europe’s Plans to Ditch Russian Oil

Berlin risks running out of fuel unless German officials can find a way to keep a Cold War relic from falling victim to geopolitics. A refinery on the Polish border, Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • EU
  • Russia

EU to map out escape route from Russian fossil fuels

 The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • EU
  • Wind

Four EU countries to increase offshore wind power capacity tenfold

Germany, Belgium, the Netherlands and Denmark will on Wednesday announce a joint pledge to build at least 150 gigawatts (GW) of offshore wind in the North Sea by 2050, Danish Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Hungary

Hungary needs EU cash to diversify energy supply, Poland says

Hungary needs European Union funds to be unlocked to diversify its energy supplies, Poland’s president said on Tuesday, offering some support to a country that has blocked a proposed EU Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • EU

European Gas Rises With Buyers Still Unsure About Ruble Payments

Natural gas prices in Europe rose as buyers try to unravel mixed signals from Brussels about how they can keep paying for Russian supplies just days before bills come due. Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • United Kingdom

Britain’s Inflation Rate Surges to a 40-Year High of 9%

Is the UK’s Leveling Up Plan Just a Slogan? Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . UK inflation rose to Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • EU

Europe’s push to cut Russian gas faces a race against winter

While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Continue Reading

Posted On : 18 May 2022 Published By : Tom Whipple
Category:
  • Prices

Oil rises on EU’s Russian oil ban effort, demand hopes

 Oil hit its highest in seven weeks on Tuesday, supported by the European Union’songoing push for a ban on Russian oil imports that would tighten supplyand as investors focused on Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Prices

Oil in Longest Run of Gains Since February on Tight US Products

Oil edged higher in its longest run of daily gains since February as traders weighed strength in key petroleum products markets and as China continued to grapple with its virus Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Prices

Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65

Simon Watkins is a former senior FX trader and salesman, financial journalist, and best-selling author. He was Head of Forex Institutional Sales and Trading for… Several E.U. member states made Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Iraq

Iraq balks at greater Chinese control of its oilfields

Iraq’s oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • OPEC

OPEC+ Ministers Say Pumping More Oil Won’t Ease Gasoline Prices

Oil Tumbles as Virus Lockdowns in China Pummel Economy Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • India
  • Russia

Russia jumps to 4th position as oil supplier to India – tanker data

Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world’s No. 3 oil Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • China

China’s Economic Distress Deepens as Lockdowns Drag On

China’s economy descended deeper into a Covid-19-induced doldrums last month, raising questions about whether Beijing’s planned stimulus measures can prevent a prolonged downturn. Consumer spending and factory output tumbled in Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • China

CHINA DATA: April crude throughput hits two-year low of 12.66 mil b/d

China’s crude throughput slumped 10.5% year on year to a two-year low of 12.66 million b/d, or 51.81 million mt in April, as COVID-19 resurgence hurt oil demand, the National Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • coronavirus
  • North Korea

N.Korea mobilises army, steps up tracing amid COVID wave

North Korea has mobilized its military to distribute COVID medications and deployed more than 10,000 health workers to help trace potential patients, as it fights a sweeping coronavirus wave, state Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • China
  • Climate

Climate Change Threatens China With Yet Another Deadly Flood Season

As China’s rainy season starts, National Climate Center forecasts show that flooding in the north and south of the country could be as bad as last summer when torrential rain Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Shale Oil

US shale companies enjoy ‘tsunami of cash’ on high oil prices

America’s shale oil companies are enjoying a cash bonanza, as soaring oil prices and months of capital restraint transform the fortunes and balance sheets of a sector once notorious for Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Prices
  • USA

Highest Ever U.S. Gasoline Prices Aren’t Destroying Demand

U.S. gasoline demand is resilient despite all-time high prices. As of May 16, the nationwide average price of a gallon of regular gasoline was $4.483. Gasoline demand in the United Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple
Category:
  • Electric Cars

Battery storage systems seen shifting toward more abundant elements than lithium

Highlights Lithium-ion to be used for short duration Increased power price volatility expected Cost and limits on the availability of key materials currently used in battery manufacture have set a Continue Reading

Posted On : 17 May 2022 Published By : Tom Whipple

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