Oil Jumps On Massive Crude Inventory Draw
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
U.S. Shipping Backups Shift to East Coast and Gulf Coast Ports
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
U.S. Crude Inventories Fell To Lowest Level Since 2004 In June
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
California ISO issues flex alert, calls for voluntary electricity conservation in heat wave
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
Oil Giants Must Face Climate-Liability Suits in States, Appeals Court Rules
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
Oil companies work around Jones Act to supply U.S. fuel markets
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
How new Colorado River cuts will impact states, residents
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
Iran Delivers Nuclear Deal Response But Details Remain Unclear
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
Bureau of Reclamation demands water cuts as Colorado River hits dire lows
As the historic drought in the U.S. Southwest pushes the nation’s largest reservoirs to record lows, the Biden administration Tuesday announced that water shortages along the Colorado River had passed a threshold for the Continue Reading
U.S. big company oil reserves up 13% since 2017, deals drive recent growth -study
U.S. oil reserves held by 50 large companies rose by 13% over the five years ended in December, according to an Ernst & Young report released on Wednesday, with mergers Continue Reading