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News

Gold Demand Soars To Hit 11-Year High In 2022

Gold Demand Soars To Hit 11-Year High In 2022

Feb 01, 2023 at 14:22 | ZeroHedge

Gold demand grew by 18% to 4,741 tons in 2022, the highest demand in 11 years, according to data compiled by the World Gold Council. Massive central bank purchases coupled with…

Germany’s Largest Gas Storage Facility Can’t Store Gas

Germany’s Largest Gas Storage Facility Can’t Store Gas

Feb 01, 2023 at 13:23 | Julianne Geiger

Germany’s natural gas storage facility in Rehden, Lower Saxony—Germany’s largest—cannot store any gas, a Lower Saxony supervisory authority said on Wednesday, according to Spiegel. The pore storage facility accounts for…

U.S. Manufacturing PMI Hits Lowest Since May 2020

U.S. Manufacturing PMI Hits Lowest Since May 2020

Feb 01, 2023 at 10:34 | Josh Owens

U.S. manufacturing PMI for January has come in at 47.4%, representing the third consecutive contraction of economic activity in the manufacturing sector, with the petroleum products and coal…

Iran And Russia Integrate Banking Systems To Skirt SWIFT Sanctions

Iran And Russia Integrate Banking Systems To Skirt SWIFT Sanctions

Feb 01, 2023 at 09:51 | ZeroHedge

A top Iranian official announced this week that Iran and Russia had integrated their interbank communication and transfer systems to help enhance trade and financial operations in an…

UK Food Inflation Is Out Of Control

UK Food Inflation Is Out Of Control

Feb 01, 2023 at 09:39 | City A.M

Food inflation has reached its highest level on record, with the sector predicting no stall in price increases throughout the year.  Figures published in the British…

Russian Urals Traded At $49.48 in January, But The Kremlin Isn’t Worried

Russian Urals Traded At $49.48 in January, But The Kremlin Isn’t Worried

Feb 01, 2023 at 09:31 | Charles Kennedy

Russian Urals crude traded at $49.48 per barrel in January, with rising transportation costs compounding a discount that has seen the country’s flagship crude price drop by 42%…

Oil Pipeline From Russia To Europe Remains Operational Despite Shelling

Oil Pipeline From Russia To Europe Remains Operational Despite Shelling

Feb 01, 2023 at 08:44 | Tsvetana Paraskova

A pumping station on the Druzhba oil pipeline was shelled on Tuesday in a western Russian region bordering Ukraine and Belarus, but the pipeline carrying oil from Russia to Europe…

Russia’s Economy Shrinks 2.7% Due To Western Sanctions

Russia’s Economy Shrinks 2.7% Due To Western Sanctions

Feb 01, 2023 at 08:33 | RFE/RL staff

Western sanctions against Russia have been "very effective" in cutting off Russia's war machine, a U.S. official asserted, amid growing questions about Moscow's ability to circumvent the measures.…

Disappointing Returns May Force BP To Rein In Its Renewable Energy Push

Disappointing Returns May Force BP To Rein In Its Renewable Energy Push

Feb 01, 2023 at 08:29 | Michael Kern

Bernard Looney, the chief executive of BP, has recently discussed plans with people close to the supermajor to potentially scale back the company’s push into greener operations with less emphasis…

Goldman: The Fed Is Approaching A “Critical Inflection Point”

Goldman: The Fed Is Approaching A “Critical Inflection Point”

Feb 01, 2023 at 08:18 | ZeroHedge

Cutting to the chase, ahead of the Fed's decision (due at 2pm, Powell press conference 2:30pm, no projections so no new dots so no way to push back…

Biden Set To Support A Scaled-Down Oil Project In Alaska

Biden Set To Support A Scaled-Down Oil Project In Alaska

Feb 01, 2023 at 05:53 | Tsvetana Paraskova

In a setback for environmentalists, the Biden Administration could be ready to approve an oil project in Alaska proposed by ConocoPhillips with a plan for limited drilling in the northwestern…

White House Slams Exxon’s Record Profit As ‘Outrageous’

White House Slams Exxon’s Record Profit As ‘Outrageous’

Feb 01, 2023 at 04:17 | Tsvetana Paraskova

The White House continues to express indignation at Big Oil as the U.S. supermajors continue to report record earnings for 2022, with ExxonMobil the latest target of the Biden Administration’s…

U.S. Refiners Expect High Margins In 2023

U.S. Refiners Expect High Margins In 2023

Feb 01, 2023 at 03:05 | Tsvetana Paraskova

The biggest U.S. refiners expect refining margins to remain strong this year and into 2024, on the back of the EU ban on seaborne imports of Russian fuel and a…

China’s Economy Is Bouncing Back As PMI Beats Expectations

China’s Economy Is Bouncing Back As PMI Beats Expectations

Feb 01, 2023 at 02:19 | Charles Kennedy

The much anticipated January reading for China’s purchasing managers’ index has confirmed expectations that Asia’s powerhouse is back into growth mode, beating analyst expectations and topping 50. At 50.1,…

Russian Oil Exports On Western Tankers Surge

Russian Oil Exports On Western Tankers Surge

Feb 01, 2023 at 00:48 | Irina Slav

Export shipments of Russian crude have risen substantially this month, with most of these leaving on Western-insured tankers thanks to prices, which are lower than the G7 and EU price…

Oil Under Pressure As API Reports Large Crude, Product Builds

Oil Under Pressure As API Reports Large Crude, Product Builds

Jan 31, 2023 at 15:50 | Julianne Geiger

Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday, on top of last week’s 3+ million barrel build. U.S.…

WoodMac: $100 Price Cap On Products Won’t Cripple Russian Refiners

WoodMac: $100 Price Cap On Products Won’t Cripple Russian Refiners

Jan 31, 2023 at 15:03 | Julianne Geiger

The Western-invoked price cap on Russian refined products coming into effect on February 5 won’t “severely impact” Russian refiners, WoodMac said on Tuesday. Mark Williams, WoodMac’s Research Director of Short-Term…

Russian Oil Companies Told To Comply With Ban On Oil, Oil Product Exports

Russian Oil Companies Told To Comply With Ban On Oil, Oil Product Exports

Jan 31, 2023 at 11:02 | Julianne Geiger

Russian Prime Minister Mikhail Mishustin has signed an agreement demanding that all Russian oil companies comply with a previous order that disallows any exports of Russian crude oil or crude…

UK Oil Boss: Fighting Windfall Tax Led To Missed Opportunities

UK Oil Boss: Fighting Windfall Tax Led To Missed Opportunities

Jan 31, 2023 at 09:22 | City A.M

The UK’s oil and gas industry should have taken the chance to invest in new projects instead of fighting the windfall tax, the boss of a North Sea…

Environmentalists: Steel Bailout Deal Should Come With Climate Conditions

Environmentalists: Steel Bailout Deal Should Come With Climate Conditions

Jan 31, 2023 at 09:05 | City A.M

British Steel and Tata Steel must be forced to commit to a host of green targets if they receive a bumper bailout from the UK taxpayer, green think…

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