• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 17 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Editorial Dept

Editorial Dept

More Info

Premium Content

Texas Is Preparing for Electricity Demand to Surge


1. Shell Remains on the Right Track to Recovery

- UK-based energy major Shell was one of the rare oil companies to surpass analyst expectations with its Q1 reported profit of $7.7 billion, buoyed by rebounding LNG production.

- Shell’s cash flow rose by 6% from Q4 2023 to $13.3 billion, prompting the oil major to ramp up share repurchases by a further $3.5 billion over the next three months.

- Compared to somewhat disappointing Exxon and Chevron results, Shell timed its refinery maintenance for the last quarter of 2023, allowing its downstream segment to fire on all cylinders lately.

- Under new CEO Wael Sawan, Shell has weakened its 2030 carbon targets and costs across the oil and gas business, as a result of which the company’s shares have gained 14% this year.

2. One Year On, WTI Midland Becomes a Brent Mainstay

- Exactly a year ago, WTI Midland was added to the world’s most important oil benchmark, the Dated Brent, prompting a surge in physical crude transactions in both forward and dated markets.

- Since the inclusion of WTI Midland in May 2023, 214 cargoes with a total volume of 149.8 million barrels have traded in the Platts window, with 138 of them being WTI Midland, boosting liquidity in the contract.

- Being the first non-North Sea blend to be included in the Brent basket, Midland has also had a slightly depreciative effect on the benchmark, being the lowest-priced grade on 130 pricing days out of the…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News