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Why Trump Wants Higher Tariffs on Steel and Aluminum

Steel Pipes

By Bloomberg News As he tries to reshape US trade ties with the rest of the world, President Donald Trump has unveiled a new tariff threat: He’s pledged to impose a 25% levy on US imports of steel and aluminum, which were valued at almost $50 billion in 2024. While the move is aimed at strengthening domestic … Read more

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Recent Cold Snap Lead to Fourth-Largest NatGas Storage Withdrawal, US EIA Says

natural gas stove 1200x810

(Reuters) – The United States saw the fourth-largest weekly withdrawal from natural gas storage during mid-January as colder-than-normal temperatures boosted consumption, the U.S. Energy Information Administration (EIA) said on Monday. During the week ending January 24, 2025, stocks fell by 321 billion cubic feet (bcf), which was nearly 70% more than the five-year (2020–24) average … Read more

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Energy Transfer to Supply Natural Gas to AI Data Center in Texas

energy transfer building 1200x810

Oasis Pipeline will provide gas to CloudBurst Texas campus It’s the pipeline company’s first direct-supply deal in AI Pipeline operator Energy Transfer LP will provide natural gas directly to CloudBurst Data Centers, Inc. as companies prepare for an expected boom in power demand from artificial intelligence. Energy Transfer’s Oasis Pipeline, LP, will provide as much as 450,000 million … Read more

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Venture Global IPO Shows Limits of Trump Bump

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LNG company’s trading debut flopped despite coming on the heels of the president’s return to power.   Bloomberg News Venture Global Inc.’s belly flop of an IPO isn’t just a setback for the liquefied natural gas-exporting upstart. It may be an early indication of the limits of Wall Street’s enthusiasm for President Donald Trump’s grand energy ambitions. … Read more

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Where Does the U.S. Get Its Steel and Aluminum From?

Steel Pipes

(Reuters) – U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul. Here’s a summary of the major trade partners it will affect. Steel Roughly a quarter of all … Read more

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COMMENTARY: Weaponizing Canadian Oil Would Rattle Trump

Reducing crude output has the potential to inflict real pain on US refiners and consumers. By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Canada is in that awkward position where a … Read more

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Trump’s Renewables Permit Flip-Flop Unsettles Sector

Developers fear the US president may seek to block solar and wind projects. Renewable-energy developers knew US President Donald Trump preferred oil and gas to solar and wind — and long opposed offshore turbines. But they were hoping he wouldn’t throw roadblocks in front of other clean-power projects. After the last week, they’re not so … Read more

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Plains All American Reports Fourth-Quarter and Full-Year 2024 Results; Provides Update on Efficient Growth Initiatives and Announces 2025 Guidance

plains all american 1200x810

HOUSTON, Feb. 07, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2024 results, announced 2025 guidance and provided the following highlights: 2024 Results Fourth-quarter and full-year 2024 Net income attributable to PAA of $36 million and $772 million, respectively, and 2024 Net … Read more

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China to Roll Back Clean Power Subsidies After Boom

China’s top economic planning agency said on Sunday it was taking steps to scale back subsidies for renewable energy projects after a boom in solar and wind power installations. China broke its own records for new solar installations in 2024 with installed capacity up 45% from the previous year. China now has almost 887 GW … Read more

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GEOWEB® Geocells Repair Asphalt Roadway

Heavy Industrial Traffic Damages Roadway In Cold Lake, Alberta, a project site experienced extremely heavy industrial traffic, with 1,200 to 1,500 40-kip axle loads daily. The project owner initially applied a 4-inch (10 cm) lift of cold mix over a prepared subgrade to address persistent maintenance challenges. The cold mix was intended to reduce dust … Read more

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Lyondell Completes Shutdown of Houston Refinery, Sources Say

Lyondell Basell Industries completed the final shutdown of its 263,776 barrel-per-day Houston refinery, people familiar with plant operations said on Friday. Lyondell began the previously announced shutdown of the refinery on January 27. Lyondell, in an emailed statement on Friday night, declined to discuss the status of the refinery. Some units at the refinery are … Read more

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Activist Elliott Builds Stake in Oil Major BP, Source Says

bp 1200x810 feb 2023

Activist investor Elliott Investment Management has built a stake in oil major BP, a source familiar with the matter told Reuters on Saturday. The source did not provide the size of the stake. U.S.-based Elliott is seeking to boost shareholder value by urging BP to consider transformative measures, Bloomberg News reported earlier on Saturday, calling … Read more

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Oil Prices Advance Despite Concern Over More US Tariffs

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Summary • Trump to announce 25% steel and aluminium tariffs on Monday • China responds with retaliatory tariffs on some US exports • Trump holds talks with Putin to end Ukraine war LONDON, Feb 10 (Reuters) – Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald … Read more

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Drill Baby Drill? Not So Much – Bernstein Sees Modest Pullback in Upstream Capex in 2025

** Bernstein sees a very modest pullback of nearly $5 billion in upstream capex in 2025 ** “We see an upstream sector that returns a bit over half its cash flow while investing a bit under half” – brokerage ** Bernstein says that the supply side has reallocated capital toward downstream, renewables, trading, and cash … Read more

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Zelenskiy Says ‘Let’s Do a Deal’, Offering Trump Mineral Partnership, Seeking Security

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By Tom Balmforth and Olena Harmash ‘Let’s do a deal,’ says Zelenskiy to Trump, offering rare earths Summary • In interview, Ukraine’s Zelenskiy offers mineral partnership to US • Zelenskiy emphasizes need for security guarantees in any deal • Ukrainian president keen to speak to Trump before Putin does Ukraine proposes using its gas storage … Read more

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Norway Gets First Ship to Carry Waste Carbon to Undersea Storage

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Gas will be stored on coast before being pumped below seabed Technology to trap and bury CO2 remains complex and costly The first ship in a 30 billion-kroner ($2.7 billion) plan to store emissions under the North Sea arrived in Norway as the country seeks to transform nascent carbon-capture technology into a commercial business. The Northern … Read more

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Trump Twitches and the World Gets the Shakes

trump bloomberg 1200x810 nov 12 2024

From Panama to Canada to  China and Europe to India, the US president spreads fear and loathing but wins lots of concessions. By Howard Chua-Eoan Howard Chua-Eoan is a columnist for Bloomberg Opinion covering culture and business. He previously served as Bloomberg Opinion’s international editor and is a former news director at Time magazine. Is … Read more

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Trump Says He Discussed LNG Exports With Japan’s Ishiba

trump japanese prime minister shigeru ishiba 1200x810

Trump says Japan will import American gas in ‘record numbers’ Trump, Ishiba meeting aimed at bolstering economic ties Bloomberg News President Donald Trump said that the US and Japan are discussing a pipeline project in Alaska after meeting with the country’s prime minister, Shigeru Ishiba. “We’re talking about a joint venture of some type between Japan and US, … Read more

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Big Oil’s Wave of Buyouts Sets Up Next Leg of Energy IPO Rebound

Large US producers have moved to purchase competitors Energy investors have ‘lost a ton of names’ in past 18 months After a burst of oil and gas M&A deals, demand for new investment targets and buoyant natural-gas prices are helping drive a rebound in IPO activity in the energy industry to start 2025. The largest … Read more

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US Drillers Add Oil and Gas Rigs for Second Week in a Row, Baker Hughes Says

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(Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024, 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, rose by four … Read more

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Oil Prices Decline for 3rd Straight Week on Tariff Concerns

pumpjack sunrise 1200x810

Summary • Prices supported by new US sanctions on Iran crude exports • Offset by fears that trade tensions will hit demand • Trump also repeating pledge to increase US oil production (Reuters) – Oil prices finished with daily gains on Friday after new sanctions were imposed on Iran’s crude exports but prices were down … Read more

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Trudeau Says Trump Talk of Absorbing Canada is ‘a Real Thing’, Says Source

trudeau trump 1200x810 1

(Reuters) – Prime Minister Justin Trudeau on Friday said U.S. President Donald Trump’s talk about absorbing Canada “is a real thing” and is linked to the country’s rich natural resources, a government source said. Trudeau made the remarks during a closed-door session of business and labor leaders on how best to respond to Trump’s threats … Read more

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Venezuela’s PDVSA Resumes Light Crude Imports as Output Dwindles

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(Reuters) – Venezuela’s state oil company PDVSA has resumed regular imports of light crude as its own output of medium and light grades dwindles, creating bottlenecks for producing exportable blends, according to company documents and vessel tracking data. U.S.-sanctioned Venezuela and Iran had a swap agreement that allowed PDVSA to import crude and condensate between … Read more

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Chevron Accelerates Kazakh Oilfield Ramp-Up, Sources say

chevron 1200x810 jan 26 2023

• Chevron expected full capacity of Tengiz expansion by June • Output at Tengiz jumped to 900,000 bpd in early February – data • Kazakhstan frequently overproduces under OPEC+ deal (Reuters) – Chevron is speeding up its expansion of Kazakhstan’s Tengiz oilfield, two sources familiar with the plans told Reuters, raising its output to around … Read more

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TPG to Buy Solar Firm Altus Power for $2.2 Billion

(Reuters) – Buyout firm TPG’s climate investment arm will acquire Altus Power in an all-cash deal worth $2.2 billion, including the assumption of debt, the companies said in a statement on Thursday. The announcement, confirming a Reuters report from December that TPG Rise Climate was in talks to acquire Altus, sent shares in the company … Read more

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ConocoPhillips’ Quarterly Profit Beats Estimates on Higher Production

(Reuters) – ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, as higher production offset lower realized prices. Benchmark crude prices rose about 4% during the October-December quarter, encouraging companies to drill more. However, ConocoPhillips’ total average realized prices fell 10% to $52.37 per barrel of oil equivalent (boe) in the reported quarter. The … Read more

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US Crude Inventories Surge Amid Refinery Maintenance Season, EIA Says

(Reuters) – U.S. crude oil inventories rose sharply last week as demand softened on ongoing refinery maintenance, the Energy Information Administration (EIA) said on Wednesday. Gasoline stockpiles also rose more than expected, while distillate inventories declined. Crude inventories were up by 8.7 million barrels to 423.8 million barrels in the week ended Jan. 31, the … Read more

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Oil, Gas Traders to Seek Tariff Waivers From Beijing for US Imports, Sources Say

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(Reuters) – Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday. Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China’s … Read more

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Total CEO Says Company Rejected Venture Global as LNG Supplier Over Lack of Trust

totalenergies may 23 2024 1200x810

(Reuters) – TotalEnergies rejected opportunities to become a long-term customer of Venture Global LNG’s U.S. terminals because it did not trust the company, CEO Patrick Pouyanné told Reuters on Wednesday. Venture Global has become the most valuable U.S. LNG company after a blockbuster initial public offering last month, but has been roiled by legal challenges … Read more

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China’s Retaliatory Tariffs on Crude Likely to Push US Exports Lower in 2025

Summary • Beijing slapped 10% tariffs on U.S. crude imports after U.S. levies imposed • U.S. crude export growth stalled in 2024, rising just 0.6% • Medium-sour crude exports to China may stay in U.S. refineries (Reuters) – China’s retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for … Read more

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US Risks Losing Long Game in China LNG Spat

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Chinese buyers of US LNG could divert cargoes to Europe China’s share of US LNG offtake set to grow Tit-for-tat tariffs could impact new US LNG projects LONDON, Feb 6 – The burgeoning trade war between the United States and China has caught American gas exporters in the crossfire as they face the prospect of … Read more

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US Energy Secretary Derides Net-Zero Policies in New Order

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(Reuters) – The U.S. Department of Energy will prioritize expanding energy production over achieving net-zero greenhouse gas emissions, according to an order issued on Wednesday by Energy Secretary Chris Wright. The secretarial order is meant to align the department with priorities outlined by President Donald Trump, who has called climate change a hoax and has … Read more

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NOW YOU KNOW: By the Numbers – US, Mexico, Canada, China Trade

By Karen Braun (Reuters) – A potential trade war between the United States and its two neighbors has been thwarted for now, though the U.S.-China status remains murky after both parties implemented tariffs on Tuesday, their leaders yet to speak with one another as of late afternoon. All four countries occupy significant spots on each … Read more

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Oil Set for Third Straight Weekly Decline Amid Tariff Concerns

(Reuters) – Oil prices rose on Friday after new sanctions were imposed on Iran’s crude exports but were on track for a third straight week of decline, hurt by U.S. President Donald Trump’s renewed trade war on China and threats of tariffs on other countries. Brent crude futures were up 51 cents, or 0.7%, at … Read more

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ConocoPhillips Reports Fourth-Quarter and Full-Year 2024 Results; Announces 2025 Guidance and Quarterly Dividend

Completed the acquisition of Marathon Oil, adding high-quality, low cost of supply inventory adjacent to the company’s leading U.S. unconventional position. Reported fourth-quarter 2024 earnings per share of $1.90 and adjusted earnings per share of $1.98. Delivered 2024 preliminary reserve replacement ratio of 244% and preliminary organic reserve replacement ratio of 123%. Announced planned 2025 return … Read more

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Egypt Signs $3 Billion LNG Deals with Shell and TotalEnergies

Shell LNG

(Reuters) – Egypt has signed deals worth about $3 billion with Shell and TotalEnergies to secure 60 cargoes of liquefied natural gas (LNG) to cover demand for 2025, three trading sources told Reuters. The most populous Arab country last year returned to being a of natural gas, buying dozens of cargoes and abandoning plans to … Read more

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TotalEnergies CEO Doubles Down on US LNG, Downplays Trump Tariff Fears

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(Reuters) – TotalEnergies will expand its investment in U.S. liquefied natural gas over the next decade as the French company seeks to cement its position as a major exporter of U.S. LNG, its CEO told Reuters on Wednesday, dismissing fears by American market watchers that more exports could boost U.S. gas prices. In an interview … Read more

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Oil Firms Slightly as Trump Policies Continue to Drag on Prices

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Summary Saudi Aramco raised March crude prices for Asian buyers • U.S.-China trade tariffs cloud oil demand outlook • Trump policies make for oil market volatility, analysts say Oil prices edged up on Thursday after Saudi Arabia’s state oil company raised its March crude prices sharply, but the gains barely dented the previous day’s slide … Read more

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OPEC Oil Output Falls for Second Month in January on Nigeria, Iran, Survey Finds

(Reuters) – OPEC oil output fell in January for a second month, a Reuters survey found, as a drop in exports from Nigeria and Iran offset a rebound from the United Arab Emirates where field maintenance had curbed output in December. The Organization of the Petroleum Exporting Countries pumped 26.53 million barrels per day last … Read more

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US Crude Imports From Mexico Drop to Record Low in Jan 31 Week, EIA Says

(Reuters) – U.S. crude oil imports from Mexico fell by 372,000 barrels per day (bpd) to a weekly record low of 149,000 bpd in the week ended Jan. 31, according to data from the U.S. Energy Information Administration’s (EIA) Petroleum Supply Report going back to 2010. That was lower than the prior all-time low for … Read more

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Equinor Cuts Renewable Energy Target Due to Industry Headwinds

(Reuters) – Norway’s Equinor is reducing its ambitions for developing renewable energy capacity by 2030, it said on Wednesday, the latest move by a European energy company to cut green targets as the market for renewables sours. Equinor follows peers BP and Shell, which have trimmed plans to expand in renewable energy, especially offshore wind, … Read more

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Trump Mulls Revoking Loans From $400 Billion Clean-Energy Office

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Administration considering retooling energy loan program Loan program could be revamped to focus on different sectors The Trump administration is exploring legal options to cancel loans issued under a $400 billion program to finance clean-energy technology as it considers overhauling the initiative, according to a person familiar with the matter. The newly installed director of … Read more

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