Oilprice.com https://oilprice.com/rss/main The latest news and headlines Fri, 15 Mar 2024 00:31:57 -0500 Oil Could Rise More than Anyone Expects This Year https://oilprice.com/Energy/Oil-Prices/Oil-Could-Rise-More-than-Anyone-Expects-This-Year.html oilprice-article-36867 Oil prices have been strengthening over the past few weeks. The trend is not of particularly noticeable proportions, with Brent still stuck in the low $80s and West Texas Intermediate hovering around $80 per barrel. This could change later in the year, however, Morgan Stanley’s global oil strategist Martijn Rats has predicted. In fact, prices could rise so sharply that they might take some by surprise. “There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn’t… Thu, 14 Mar 2024 19:00:00 -0500 Irina Slav The Race for The Holy Grail of EV Batteries Heats Up https://oilprice.com/Energy/Energy-General/The-Race-for-The-Holy-Grail-of-EV-Batteries-Heats-Up.html oilprice-article-36869 Researchers, top carmakers, and EV battery manufacturers have been looking to unlock the next game-changing technology to make safer and more durable batteries that can be recharged in minutes—solid-state batteries.   Many have claimed technological breakthroughs in recent months, and some of the world’s biggest legacy auto manufacturers are already drafting plans to begin mass production of solid-state batteries by the end of the decade. The (re)search for the “holy grail” of batteries, as scientists have dubbed solid… Thu, 14 Mar 2024 18:00:00 -0500 Tsvetana Paraskova Why Did Biden Forget To Mention Booming U.S. Oil in State of the Union Speech? https://oilprice.com/Energy/Crude-Oil/Why-Did-Biden-Forget-To-Mention-Booming-US-Oil-in-State-of-the-Union-Speech.html oilprice-article-36874 President Joe Biden delivered the 2024 State of the Union address last Thursday night under what is always one of the most intense spotlights of the year. This comes as he prepares for a general election campaign against former President Donald Trump. I tuned in briefly, but I don’t enjoy political theater. Therefore, after the speech was over, I read through the transcript. My primary interest is to see what the speaker said about energy. Given that President Biden’s energy policies have come under attack, I felt certain that he would… Thu, 14 Mar 2024 17:00:00 -0500 Robert Rapier New Tech Could Make Hydrogen Cars a Commercial Reality https://oilprice.com/Energy/Energy-General/New-Tech-Could-Make-Hydrogen-Cars-a-Commercial-Reality.html oilprice-article-36873 An Ulsan National Institute of Science and Technology (UNIST) research team has reported a groundbreaking development in efficient hydrogen storage. The groundbreaking development in efficient hydrogen storage has been reported by Professor Hyunchul Oh in the Department of Chemistry at UNIST, in the journal Nature Chemistry so marking a significant advancement in future energy systems. The innovative research focuses around a nanoporous magnesium borohydride structure (Mg(BH?)?), showcasing the remarkable capability to store hydrogen at high densities… Thu, 14 Mar 2024 16:00:00 -0500 Brian Westenhaus Uzbekistan’s Black Shale Uranium Bonanza Draws International Interest https://oilprice.com/Alternative-Energy/Nuclear-Power/Uzbekistans-Black-Shale-Uranaium-Bonanza-Draws-International-Interest.html oilprice-article-36871 A state-owned uranium producer in Uzbekistan is in talks with China Nuclear Uranium, also state-run, on the possibility of working together to develop a pair of mines. Navoiuran said in a statement on March 12 that the black shale uranium deposits under consideration — Jantuar and Madanli — are both in Uzbekistan’s Navoi region. Black shale uranium refers to uranium deposits found within black shale rock formations. Navoiuran has been operating since 2022, when it was hived off from the Navoi Mining and Metallurgical Plant. The… Thu, 14 Mar 2024 15:00:00 -0500 OilPrice.com Brent Soars Past $85 As IEA Recalculates Supply, Demand https://oilprice.com/Latest-Energy-News/World-News/Brent-Soars-Past-85-As-IEA-Recalculates-Supply-Demand.html oilprice-news-36875 Crude oil prices hit a four-month high on Thursday, with the U.S. benchmark crossing over the $80 mark and Brent passing $85 per barrel after changes in supply and demand predictions that bring OPEC+ and International Energy Agency (IEA) forecasts into closer alignment.  After gaining nearly $3 on Wednesday, at 3:43 p.m. ET on Thursday, Brent crude was trading at $85.23, up 1.43% on the day. West Texas Intermediate (WTI) was trading at $81.13, up 1.77% on the day.  Earlier on Thursday, the IEA tweaked its forecasts for this year, predicting… Thu, 14 Mar 2024 14:45:00 -0500 Tom Kool Gold Prices Soar Past $2,150 After Bullish Rally https://oilprice.com/Metals/Gold/Gold-Prices-Soar-Past-2150-After-Bullish-Rally.html oilprice-article-36870 Via Metal Miner Once again, the Global Precious Metals MMI (Monthly Metals Index) failed to exhibit strong bearish or bullish pressure. The index remained sideways throughout February, budging down a mere 0.65%. Despite this, some bullish pressure did seep into precious metal prices at the beginning of March, when numerous precious metals began to rally. Gold prices, in particular, shot up, likely due to the weakening of the DXY (U.S. dollar index). At this time, precious metal investors should remain cautious about purchasing precious metals,… Thu, 14 Mar 2024 14:00:00 -0500 Metal Miner Shell Focuses on Investor Returns as Climate Goals Take a Backseat https://oilprice.com/Energy/Energy-General/Shell-Focuses-on-Investor-Returns-as-Climate-Goals-Take-a-Backseat.html oilprice-article-36868 The head of Shell received nearly £8m last year as the petrol giant cut executive pay following a drop in energy prices. The firm handed chief executive Wael Sawan, who took over the role from longstanding predecessor Ben van Beurden in January of 2023, a total pay packet worth £7.94m. This comprised a base salary of £1.40m, an annual bonus of £2.71m and a £2.60m long-term incentive payment, among other payments. This figure ranks more than van Beurden’s 2021 pay packet, but less than the £9.7m the former… Thu, 14 Mar 2024 13:00:00 -0500 OilPrice.com Fourth Russian Lukoil Exec Found Dead by Apparent Suicide https://oilprice.com/Latest-Energy-News/World-News/Fourth-Russian-Lukoil-Exec-Found-Dead-by-Apparent-Suicide.html oilprice-news-36873 The vice president of Russian Lukoil, Vitaly Robertus, has been found dead in his office in Moscow, according to a Lukoil, making him the fourth top Lukoil executive to die since the Russian invasion of Ukraine in March 2022.   “It is with deep regret that we inform you that at the age of 54, the vice-president of the company, Robertus Vitaly Vladimirovich, suddenly died,” Lukoil said in a March 13 press release, which did not disclose the cause of death.   While the Lukoil press release avoided mentioning the… Thu, 14 Mar 2024 12:30:00 -0500 Charles Kennedy Australia’s Victoria State Fast-Tracks Renewable Energy Projects https://oilprice.com/Latest-Energy-News/World-News/Australias-Victoria-State-Fast-Tracks-Renewable-Energy-Projects.html oilprice-news-36874 The Victoria state government in Australia is accelerating planning approvals for renewable energy projects to ensure clean energy capacity gets built faster and easier, Victoria’s Premier Jacinta Allan said on Thursday. Under the new plan, renewable energy projects in Victoria will be eligible for an accelerated planning pathway under the Development Facilitation Program (DFP), which will treat these projects the same as other significant works.    Since 2015, more than one in five renewable energy applications have ended… Thu, 14 Mar 2024 12:30:00 -0500 Charles Kennedy U.S. Drivers Warned to Brace For Jump in Gasoline Prices https://oilprice.com/Energy/Energy-General/US-Drivers-Warned-to-Brace-For-Jump-in-Gasoline-Prices.html oilprice-article-36875 It couldn’t have come at a worse time. Refinery outages in the United States are colliding with the beginning of driving season, and analysts are warning that drivers could see a spike in prices at the pump. The national average price for a gallon of gasoline in the United States is currently sitting at $3.412—up from $3.396 yesterday an up a hearty $0.156 per gallon (4.8%) from $3.256 per gallon just a month ago. Still, prices are down year over year, with the average price for a gallon of gasoline selling for $3.466 this time last… Thu, 14 Mar 2024 12:00:00 -0500 Julianne Geiger Brazil Boosts Clean Energy Beyond Hydropower https://oilprice.com/Latest-Energy-News/World-News/Brazil-Boosts-Clean-Energy-Beyond-Hydropower.html oilprice-news-36872 South America’s top hydropower producer, Brazil, has been installing a lot of other clean energy sources over the past half-decade, with solar and wind power now accounting for nearly one fourth of its power generation mix. While Brazil boasts one of the biggest clean energy shares in power in the world, some of the previous market share held by hydro generation has been replaced by soaring wind and solar power generation. The share of hydropower in Brazil’s electricity production declined to 67% last year, from 74% in 2018, according… Thu, 14 Mar 2024 11:30:00 -0500 Charles Kennedy Bullish Oil & Gas Producers Remain Under-hedged https://oilprice.com/Energy/Crude-Oil/Bullish-Oil-Gas-Producers-Remain-Under-hedged.html oilprice-article-36872 Oil prices edged up in Wednesday’s session supported by a decline in U.S. crude inventories, Ukrainian attacks on Russian refineries and signs of strong demand. According to weekly data by the U.S. Energy Information Administration (EIA), U.S. crude stockpiles fell by 1.5 million barrels to 446.99 million barrels in the week to March 8, marking the fourth consecutive week of draws, while U.S. crude processing rose by 1.9 percentage point to 86.8% utilization. The American Petroleum Institute (API) reported… Thu, 14 Mar 2024 11:00:00 -0500 Alex Kimani Vattenfall Ditches Project to Produce Hydrogen From Offshore Wind https://oilprice.com/Latest-Energy-News/World-News/Vattenfall-Ditches-Project-to-Produce-Hydrogen-From-Offshore-Wind.html oilprice-news-36871 Swedish utility Vattenfall is scrapping a project to explore the possibilities of hydrogen production on offshore wind farms and transportation to shore, nearly two years after it began.? The HT1 Project was designed around Vattenfall’s European Offshore Wind Development Centre off the coast of Aberdeen, Scotland, and was partly funded by the UK’s Department for Energy Security and Net Zero through the Low Carbon Hydrogen Supply 2 funding program.? “Having tested the development phase for decentralised offshore hydrogen… Thu, 14 Mar 2024 10:30:00 -0500 Charles Kennedy The U.S. Is Betting Big on Small Nuclear Reactors https://oilprice.com/Alternative-Energy/Nuclear-Power/The-US-Is-Betting-Big-on-Small-Nuclear-Reactors.html oilprice-article-36866 The U.S. is set to accelerate the rollout of new nuclear power plants and reactors following the passing of new legislation this month. This follows a movement away from nuclear power for several decades due to the poor political and public perception of nuclear power due to several notable nuclear disasters. Now, in line with plans for a green transition, the U.S. is once again turning to nuclear power to provide abundant low-carbon energy and help decarbonize its economy.  This month, the House approved legislation aimed at developing U.S.… Thu, 14 Mar 2024 09:40:00 -0500 Felicity Bradstock