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Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024

Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024

U.S. supermajors ExxonMobil and Chevron,…

The U.S. Supermajors Double Down on World's Top Oil Basins

The U.S. Supermajors Double Down on World's Top Oil Basins

The U.S. supermajors are doubling…

High Oil Prices Force Biden Admin to Halt SPR Refill Plans

High Oil Prices Force Biden Admin to Halt SPR Refill Plans

The Biden administration has canceled…

News

China Heralds Another Major Oil Discovery

China Heralds Another Major Oil Discovery

Aug 11, 2022 at 13:59 | Charles Kennedy

China’s state-run China Petrochemical Group, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves.  The discovery…

UK Energy Firms Meet With Govt Ahead Of Winter Bills Shock

UK Energy Firms Meet With Govt Ahead Of Winter Bills Shock

Aug 11, 2022 at 12:58 | Tsvetana Paraskova

Major UK energy providers met with the government on Thursday to discuss ways to alleviate the cost pressures on households who are seeing soaring energy and gas bills, and those…

OPEC’s Oil Production Rises But Still Well Below OPEC+ Target

OPEC’s Oil Production Rises But Still Well Below OPEC+ Target

Aug 11, 2022 at 10:26 | Tsvetana Paraskova

OPEC’s total crude oil production rose by 216,000 barrels per day (bpd) in July compared to June, but combined production from the 10 OPEC members part of the OPEC+…

Former UK PM Calls For Energy Utility Nationalization

Former UK PM Calls For Energy Utility Nationalization

Aug 11, 2022 at 09:55 | Irina Slav

A former British Prime Minister has called for the nationalization of energy utilities that cannot offer their customers lower electricity prices. In an op-ed for The Guardian, Gordon Brown…

Alberta Oil Output Hits Record High

Alberta Oil Output Hits Record High

Aug 11, 2022 at 08:43 | Irina Slav

Crude oil production in Alberta reached a record high in the first half of the year, at 3.6 million bpd, which was 100,000 bpd higher than the average output for…

EU Embargo On Russian Coal Goes Into Effect

EU Embargo On Russian Coal Goes Into Effect

Aug 11, 2022 at 08:28 | Tsvetana Paraskova

The European Union embargo on imports of coal from Russia went into effect on August 11, with no exemptions from now on. The EU agreed months ago, in April, to 

Falling Gasoline Prices Keep Inflation In Check

Falling Gasoline Prices Keep Inflation In Check

Aug 10, 2022 at 16:27 | Charles Kennedy

The U.S. Consumer Price Index (CPI) saw no real change in July, suggesting that inflation is easing as a result of falling gasoline prices, according to the latest…

French Nuclear Giant Sues Government For $8 Billion

French Nuclear Giant Sues Government For $8 Billion

Aug 10, 2022 at 14:26 | Charles Hugh Smith

French nuclear giant EDF, forced to sell power to competitors below market value, is now suing the French government for over $8 billion in compensation. 

U.S. Refiners See Demand Holding Strong Through Year-End

U.S. Refiners See Demand Holding Strong Through Year-End

Aug 10, 2022 at 14:24 | Tsvetana Paraskova

American refiners and oil and gas operators expect strong demand for fuels and energy through the remainder of the year, despite analyst concerns in recent weeks that demand could take…

U.S.-Europe Oil Tankers Hit Blowout Day Rates

U.S.-Europe Oil Tankers Hit Blowout Day Rates

Aug 10, 2022 at 14:21 | Charles Kennedy

Rates for mid-sized oil tankers sailing from the U.S. Gulf of Mexico to Europe hit the $57,000-per-day level this week, a figure representing a 12X increase since January…

Freeport LNG Retracts Force Majeure, Leaving Buyers On The Hook For $8 Billion

Freeport LNG Retracts Force Majeure, Leaving Buyers On The Hook For $8 Billion

Aug 10, 2022 at 12:59 | Julianne Geiger

The largest gas exporter in the United States, Freeport LNG, has retracted its force majeure, according to anonymous sources who shared the information with Reuters, leaving traders to source product…

Fitch: Global Coal Price Rally Could Last For Years

Fitch: Global Coal Price Rally Could Last For Years

Aug 10, 2022 at 12:08 | Charles Kennedy

The rally in coal prices, which began at the end of last year and intensified after the Russian invasion of Ukraine and the subsequent EU ban on Russian coal imports,…

Sky High Prices Cause Record-Breaking Energy Debt In The UK

Sky High Prices Cause Record-Breaking Energy Debt In The UK

Aug 10, 2022 at 10:57 | City A.M

Household energy debt is standing at an all-time high of £1.3bn ahead of expected bill hikes this autumn, according to new research from Uswitch, the comparison and switching…

OPEC’s Oil Exports Are Rising In August

OPEC’s Oil Exports Are Rising In August

Aug 10, 2022 at 10:41 | Charles Kennedy

Crude oil exports from OPEC producers rose by 223,000 barrels per day (bpd) in the first week of August, compared to the average shipments for the full month of July,…

Iran Nuclear Talks Move Close To Deal

Iran Nuclear Talks Move Close To Deal

Aug 10, 2022 at 08:57 | Irina Slav

The future of oil prices is on the table after the European Union moderators of the U.S.-Iran nuclear talks presented the two sides with a final version of the agreement…

Musk Sells Another $6.9 Billion In Tesla Shares

Musk Sells Another $6.9 Billion In Tesla Shares

Aug 10, 2022 at 08:34 | Charles Kennedy

Elon Musk has sold 7.92 million shares in Tesla, which made him about $6.88 billion richer, even though earlier this year, Musk said he had no plans for selling more…

Russia Set To Resume Pipeline Oil Exports Via Ukraine

Russia Set To Resume Pipeline Oil Exports Via Ukraine

Aug 10, 2022 at 08:32 | Tsvetana Paraskova

Russia is expected to resume oil exports to Europe via Ukraine today, after transit was halted on August 4 because of issues with payments of the transit fees for…

Pioneer CEO: New Tax Bill Could Put Small Drillers In Jeopardy

Pioneer CEO: New Tax Bill Could Put Small Drillers In Jeopardy

Aug 10, 2022 at 08:17 | Julianne Geiger

U.S. lawmakers’ proposal for a new minimum tax on corporations and methane emissions fees could squeeze small oil and gas companies, according to Pioneer’s CEO Scott Sheffield. The Inflation Reduction…

API Sees Another Surprise Build In Crude Inventories

API Sees Another Surprise Build In Crude Inventories

Aug 09, 2022 at 15:49 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.156 million barrels, while analysts predicted a draw of 400,000 barrels. The build comes as…

EIA Lowers U.S. Oil Production Forecast

EIA Lowers U.S. Oil Production Forecast

Aug 09, 2022 at 13:56 | Julianne Geiger

The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments…

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