Month: August 2023

Six months after becoming the chief executive at Shell Plc, Wael Sawan quietly ended the world’s biggest corporate plan to develop carbon offsets, the environmental projects designed to counteract the warming effects of CO2 emissions. In an all-day investor event in June, Sawan laid out an updated strategy for the European oil major that included cutting costs and doubling … Read more

LONDON, Aug 31 (Reuters) – Oil prices rose on Thursday, boosted by a large drawdown in U.S. crude inventories and production cuts by OPEC+, but a slowdown in China’s manufacturing activity limited gains. Brent crude futures for October, expiring on Thursday, rose 45 cents, or 0.5%, to $86.31 a barrel by 1004 GMT. The more … Read more

Saudi Arabia is expected to extend a 1 million-barrel oil supply cut into October, as it seeks to shore up prices against a faltering economic backdrop. While global crude markets are tightening as demand climbs toward record levels, this summer’s price rally has stalled on mounting concern over economic growth in China. The pullback poses risks … Read more

Summary Crude stockpiles down by 11.5 million barrels -API Saudi official selling prices for October likely to rise Hurricane Idalia and Gabon coup could hit supply (Reuters) – Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world’s biggest fuel consumer, and as a … Read more

Exxon Mobil Corp. sees the world failing to reduce emissions fast enough to limit global warming to 2C (3.6F) above pre-industrial norms by 2050 due to soaring economic growth, particularly in developing countries. Energy-related carbon dioxide emissions will be 25 billion metric tons by 2050, more than twice the 11 billion tons needed to meet … Read more

US independent shale oil producers plowed money into output growth in the second quarter at the fastest rate in three years, a departure from the fiscal discipline that’s been the industry’s focus, according to a report from research firm Rystad Energy. Reinvestment rate surged to 72% in the second quarter, highs not seen since 2020, … Read more

China is continuing to permit massive amounts of new coal power plants, raising questions about its promises to consign the fuel to a supporting source for renewables. The dirtiest fossil fuel has long been China’s mainstay energy source, accounting for more than 56% of total consumption. As the country has focused on meeting climate goals … Read more

Summary Norway makes annual awards of oil, gas drilling acreage Country aims to extend petroleum output for decades Environmental groups argue policy harms climate OSLO, Aug 29 (Reuters) – Norway’s latest offshore oil and gas exploration licensing round attracted bids from 25 companies, including Shell , ConocoPhillips (COP.N), Aker BP and Equinor , the energy ministry said on … Read more

(Reuters) – Oil prices crept up on Tuesday as supply concerns from a hurricane hurtling towards the U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand. Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up … Read more

Convincing everyone to adopt a new technology can be a slog at first. The humble microwave oven, for example, took two decades of lukewarm sales to reach just a tenth of US households. But then came the 1980s, and quicker than you could say “Hot Pockets,” microwaves had spread to nearly every kitchen. That fast part of the technology adoption curve is happening … Read more

The latest buzzword in battery materials sounds like a concept borrowed from astrophysics. But “black mass” is just a very literal description of the intermediate product from recycling either spent electric-vehicle batteries or scrap from battery plants. It’s a dark, powdery cocktail of metals such as lithium, cobalt and nickel that’s emerging as a commodity in its own … Read more

Summary China halves stamp duty on stock trades to boost flagging market Tropical Storm Idalia expected to hit Florida as hurricane Fed’s Powell says higher rates may be needed LONDON, Aug 28 (Reuters) – Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the … Read more

Aug 25 (Reuters) – U.S. energy firms in August cut the number of active oil rigs for a ninth straight month while the combined oil and natural gas rig count fell for the fourth month in a row, energy services firm Baker Hughes said in its closely followed report on Friday. For the week to … Read more

Oil posted its second straight weekly decline as signals of additional crude supplies and a deteriorating global demand outlook loomed over a string of thinly traded sessions. The narrative of tight supplies that has driven crude’s rally since June has faded amid prospects that the US will ease sanctions on Iran and Venezuela. Meanwhile, faltering growth in China and … Read more

(Reuters) – Global oil major BP (BP.L) said the world must invest in the production of oil and gas to avoid to sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia’s invasion of Ukraine, … Read more

(Reuters) – Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates. Brent crude rose 93 cents, or about 1.1%, to $84.29 a barrel by 1104 GMT. U.S. West Texas Intermediate … Read more

Despite repeated government pledges to cut back on fossil fuel subsidies, a new report found such subsidies surged to a record $1.3 trillion last year. The report by the International Monetary Fund (IMF) looked at both explicit and implicit subsidies for fossil fuels across 170 countries. It found explicit subsidies alone have more than doubled since … Read more

Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep OPEC cuts have been supporting crude oil prices,” analysts … Read more

In the Republican debate, some candidates made good points about energy. But there’s a lot of room for improvement. By Alex Epstein During and after last night’s Republican Primary debate I got a bunch of messages praising the candidates for using some of my Energy Talking Points.¹ One top Senate staffer wrote me: “I think your … Read more

SYDNEY/SINGAPORE, Aug 24 (Reuters) – Woodside Energy  on Thursday reached an in-principle agreement with unions at Australia’s largest liquefied natural gas (LNG) project, potentially averting a disruption to supplies from one of the world’s biggest exporters of the super-chilled fuel. The agreement caused a sharp fall in Dutch and British wholesale gas prices on Thursday, with … Read more

(Reuters) – Oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves. Brent crude climbed 6 cents, or 0.1%, to $83.27 a barrel by 0855 GMT, after dropping to … Read more

Courtesy of Space Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Earthlings are channeling their inner Slim Shady, planning an Encore trip to the Moon and ready to say “Guess who’s back, back again”. From Russia’s recent failed lunar mission to China’s discovery of helium-3 last year to NASA’s Artemis program, the space race has lifted off again. But … Read more

Saudi Arabia will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, five analysts said, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, … Read more

(Reuters) – Oil prices slid more than 1% on Wednesday as gloomy global manufacturing data grabbed attention ahead of an annual meeting of central bankers at Jackson Hole in the United States, with interest rates high on the agenda. Brent crude was down $1.01, or 1.2%, at $83.02 a barrel by 1027 GMT while U.S. … Read more

ummary World’s largest floating offshore wind farm opens 11 turbines will power oil platforms, cutting emissions Hywind Tampen key to Equinor’s floating wind expansion Part of wider Norway plans to pivot toward offshore wind GULLFAKS C PLATFORM, North Sea, Aug 23 (Reuters) – Norwegian energy firm Equinor  and its partners inaugurated the world’s largest floating offshore … Read more

Threatened strikes by workers at Australian liquefied natural gas (LNG) providers would need to last more than a month to significantly push up global prices, analysts said this week. The Woodside Energy and Chevron operations supply about 10% of global LNG output and worries of a walkout have lifted prices of European gas benchmark TTF forward curve … Read more

(Reuters) – Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday. The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according … Read more

(Reuters) – Oil prices were little changed on Tuesday as investors remained downbeat on China’s economic malaise hobbling demand from the world’s top crude importer, limiting the impact of supply cuts. Brent crude was down 29 cents at $84.17 a barrel by 1014 GMT, while the more active U.S. West Texas Intermediate October contract slipped … Read more

Summary China draws on record inventories amid high prices – data Bouyant price of heating oil lifts crude prices – analyst China economic sentiment, US rate hike risk continues to weigh LONDON, Aug 21 (Reuters) – Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and … Read more

(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 12 to 642 in … Read more

Production cuts announced by Saudi Arabia and its OPEC⁺ allies are expected to tighten the global petroleum market moderately over the remainder of 2023 and into the first quarter of 2024. Commercial inventories of crude oil and refined products in the OECD advanced economies were around 2,821 million barrels at the end of June, according … Read more

Summary Oil rises 1% on declining U.S. rig count Brent, WTI fall about 2% week-over-week Worsening property crisis in China curbs risk appetite Increasing risk of continuing US interest rate hikes BENGALURU, Aug 18 (Reuters) – Oil prices rose about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended … Read more

(Reuters) – Oil prices looked set to close down this week following seven weeks of gains, as China’s economic woes eclipse signs of tight supply. The seven-week upswing in prices, galvanised by supply cuts by the Organization of the Petroleum Exporting Countries and allies (OPEC+), was the longest streak for both benchmarks this year. Brent … Read more

Workers at Chevron’s Gorgon and Wheatstone liquefied natural gas (LNG) facilities in Australia will begin voting from Friday to decide if they want to strike due to disputes over wages and working conditions, a union alliance said. Australia’s labour regulator last week cleared the way for unions to conduct a “protected action ballot” that gives employees … Read more

By Irina Slav More From Irina Slav “Every additional ton of GHG (greenhouse gas) emissions exacerbates plaintiffs’ injuries and risks locking in irreversible climate injuries.” The above is a quote, per the AP, from the ruling of District Judge Kathy Seeley in the Held vs Montana case, in which plaintiffs, all but one legal children, claimed … Read more