Month: January 2023

Oil headed for a third straight monthly loss as traders awaited clues on China’s economic recovery, the latest guidance from cautious OPEC+ producers and Wednesday’s monetary policy decision from the Federal Reserve.West Texas Intermediate slid below $77 a barrel on Tuesday to the lowest in almost three weeks, after losing more than 2% the previous … Read more

A general view of Equinor’s Johan Sverdrup oilfield platforms in the North Sea, Norway, December 3, 2019. REUTERS/Ints Kalnins/File Photo LONDON, Jan 30 (Reuters) – Portfolio investors have piled into petroleum futures and options at the fastest rate since the first successful coronavirus vaccines were announced in late 2020. China’s exit from a zero-COVID strategy, … Read more

LONDON, Jan 30 (Reuters Breakingviews) – Sanctions on Russia are back under discussion. Eleven months after President Vladimir Putin’s invasion of Ukraine triggered a barrage of economic reprisals from the United States and its allies, some are pushing for further restrictions on oil and gas exports. But doing so would carry big economic risks – … Read more

Jan 30 (Reuters) – Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate “cleaner energy”, Saudi state TV reported on Monday, citing the kingdom’s energy minister. Prince Abdulaziz bin Salman added that the investments aim also to “add transport lines and distribution networks in order to eventually export the energy to … Read more

The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide … Read more

Shell Plc’s new chief moved to overhaul the energy major’s core business units just a month after taking the helm. Shell will combine its integrated gas and upstream divisions, and merge its downstream and renewables units, it said Monday. It’s the second significant announcement in a week after Chief Executive Officer Wael Sawan launched a … Read more

Oil edged lower, along with broader commodities markets, as China’s return from Lunar New Year holidays failed to deliver hoped-for gains. West Texas Intermediate slid toward $79 a barrel after topping $81 last week. Risk-off sentiment permeated markets ahead of a Federal Reserve meeting Wednesday that’s expected to result in another rate increase. Oil has had a bumpy ride … Read more

Jan 27 (Reuters) – U.S. energy firms this week kept oil and natural gas rigs steady, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, remains at 771 in the week to Jan. 27. Baker Hughes said that … Read more

Storing just 3 days of global energy would cost $590 trillion at Elon Musk’s current prices. And the panels would take up more space than all the world’s cities, towns, and villages combined. By Alex Epstein Several weeks ago, a common and destructive myth—that just a small area of solar panels can power the world—went … Read more

Oil rose along with many other commodities as optimism over Chinese demand countered concerns over a global economic slowdown. West Texas Intermediate increased as much as 1.5% on Friday, and were heading for a third straight weekly gain. Spain’s economy expanded more than expected last quarter, adding to bullish sentiments a day after similar data from the … Read more

Oil advanced as investors weighed the outlook for Chinese demand, while a weaker dollar made some commodities more attractive for buyers. West Texas Intermediate traded near $81 a barrel, after settling little changed on Wednesday. The number of virus-related deaths and severe cases at hospitals in China is now 70% lower than peak levels in early January, … Read more

Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE and BP Plc reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023. The five companies are expected to report $198.7 billion in combined 2022 profit … Read more

(Bloomberg)Bulls approached and quickly withdrew from oil’s 100-day moving average, driving crude to its first weekly loss since the start of the year. West Texas Intermediate shed 2% this week with much of that retreat occurring on Friday. Throughout the week, oil rallied on optimism driven by China’s gathering rebound only to swing as risk-off … Read more

DUBAI/LONDON, Jan 25 (Reuters) – Qatar is in talks to acquire a stake from French company TotalEnergies’ (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. A major investment by a Gulf state would mark an important win for … Read more

China’s economic recovery could keep the natural gas market tight this year, said Australia’s biggest exporter. The real impact of Beijing’s exit from Covid Zero is yet to be seen, said Meg O’Neill, chief executive officer of Woodside Energy Group Ltd. China’s LNG imports, which slumped last year due in part to the virus policy, … Read more

Exxon Mobil Corp said it has stopped routine flaring of natural gas from production in the top U.S. shale basin and will press for stronger regulations for rivals to do the same, company officials said in an interview. The largest U.S. oil producer is battling lawsuits that accuse it and other oil companies of contributing … Read more

Oil held steady as investors weighed the extent of China’s demand recovery and fears a global slowdown with drag down consumption.West Texas Intermediate futures were $80 a barrel after declining 1.8% on Tuesday as mixed company earnings and weaker business activity spurred concerns about the US economy. While there’s expectation that China’s oil demand will … Read more

Jan 24 (Reuters) – U.S. oil and gas deal-making declined by 13% last year to $58 billion compared to 2021, according to energy technology firm Enverus, with the volume of activity hitting its lowest level since 2005 as buyers became more choosy about asset purchases. The decline comes as large companies with strong balance sheets … Read more

Oil was stable as traders waited for fresh signals on the state of Chinese crude demand after the nation ditched Covid curbs. West Texas Intermediate for March delivery was little changed above $81 a barrel after swinging between gains and losses on Monday. Futures trading volumes are likely to remain subdued during Asian hours, with … Read more

OPEC+ delegates said they expect an advisory committee of ministers to recommend keeping oil production levels unchanged when they meet next week amid a tentative recovery in global demand. Saudi Arabia and its partners will hold a review of output levels on Feb. 1, after agreeing significant cutbacks late last year to keep world crude … Read more

Oil rose on expectations of rising demand in the wake of China’s reopening, while the US dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming.West Texas Intermediate climbed toward $82 a barrel following a back-to-back weekly gain that drove the US benchmark to the highest close since mid-November. … Read more

Summary Crude differentials rise in Europe, West Africa, U.S. China is buying more in physical market, traders say U.S. discount to Brent can boost U.S. grades’ foreign appeal LONDON/NEW YORK/SINGAPORE, Jan 23 (Reuters) – Crude oil prices in much of the world’s physical markets have started the year with a rally amid signs of more … Read more

U.S. energy firms cut the most oil rigs in a week since September 2021, energy services firm Baker Hughes Co said in its closely followed report on Friday. Oil rigs fell 10 to 613, their lowest since November, while gas rigs rose six to 156, in their biggest weekly rise since February. The combined oil … Read more

The science is overwhelmingly clear: Gas stoves are a source of air pollution located inside your home. They can emit climate pollution, as well as pollution linked to asthma and other health problems. They can release pollution when turned on, and even when they’re off. In some cases, the exposure to pollution is low; in … Read more

Oil rallied to the highest since mid-November, capping off its second straight week of gains on optimism over increased demand from China. West Texas Intermediate rose to settle above $81 a barrel, posting a 1.8% weekly gain. Bolstering crude this week were forecasts for record consumption in China, a buying spree from the country’s largest oil trader and increased crude … Read more

China’s declaration that it is open for business was welcomed by attendees at the World Economic (WEF) as a likely boost to global growth, though many also expressed caution over how it could drive up global COVID-19 cases and inflation. The topic of China’s reopening came up at several discussions, both public and private, as … Read more

Wall Street is sharply split on the prospect of oil hitting $100 a barrel this year. This week, veteran analyst Jeff Currie at Goldman Sachs Group Inc. made an exuberant pitch for raw materials markets in 2023: “You cannot come up with a more bullish concoction for commodities,” he said. A cocktail of resurgent Chinese demand and … Read more

(Bloomberg) Siemens Energy AG’s efforts to finally return to profitability have been dealt yet another blow by its struggling Spanish wind turbine business with more product quality issues coming to light.The German gas turbine and grid technology maker now expects a 2023 net loss at around last year’s level, Siemens Energy said late Thursday, which … Read more

Jan 20 (Reuters) – SLB (SLB.N) beat Wall Street estimates for fourth-quarter profit on Friday, driven by strong demand for drilling services and equipment from operators as oil and gas prices remained elevated amid tight supplies. SLB had benefited from increased oil drilling and production activity in North America last year. The top oilfield services … Read more

The target chamber of the Lawrence Livermore National Laboratory’s Ignition facility; courtesy of the LLNL Courtesy of ENERGYminute   See more articles and infographics from ENERGYminute HERE After the Lawrence Livermore National Laboratory (LLNL) proved late last year that they can create more energy from a fusion reaction than they put into it, the fusion hype-train left … Read more

Summary Sustainable aviation fuel only near-term option Could require $1.5 trln investment over 30 years Airlines, aircraft owners say EU must do more DUBLIN, Jan 19 (Reuters) – Greener fuel is the only way airlines will meet strict global carbon emission targets, executives meeting in Dublin this week agreed, but there’s little consensus on who … Read more

Oil fell for a second day on signs of rising US inventories and economic growth concerns. West Texas Intermediate dropped below $79 a barrel after declining almost 1% on Wednesday as US retail sales slowed, stoking fears of a potential slowdown. The American Petroleum Institute reported a 7.6 million-barrel gain in commercial stockpiles, according to people … Read more

DAVOS, Switzerland, Jan 19 (Reuters) – International Energy Agency (IEA) head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries. “I wouldn’t be too relaxed about the markets and 2023 may well be … Read more

SINGAPORE, Jan 19 (Reuters) – Voluntary carbon markets are set to become at least five times bigger by 2030, transacting volumes comparable to annual emissions by the global aviation industry in 2019, energy major Shell (SHEL.L) said in a report on Thursday. The voluntary carbon offset market, which was worth about $2 billion in 2021, will grow … Read more

Kinder Morgan Inc on Wednesday beat analysts’ estimates for fourth-quarter adjusted profit and said long-time Chief Executive Steve Kean will step down from the role. The company transported higher volumes of natural gas, jet fuel and carbon dioxide as sanctions on Russia following its invasion of Ukraine dried up supplies and boosted U.S. liquefied natural … Read more