Some 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are sitting in vessels at sea, data from energy analytics firm Vortexa showed, as traders struggled to find buyers for the crude. The United States and other countries have banned imports of Russian crude and oil products over its invasion of Ukraine, … Read more
May 24, 20 (Bloomberg) —Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets, implying that the world’s biggest crude exporter has no plan to accelerate its gradual production increases. “As far as we are aware there is no shortfall of oil,” Prince Faisal bin Farhan said, speaking on … Read more
May 24, 2022 U.S. natural gas futures eased about 1% on Tuesday from a near 13-year high in the prior session on a slow increase in monthly output and forecasts for less demand this week than previously expected. That small price decline came despite forecasts for a little more demand next week than previously expected … Read more
U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods while increasing calls on OPEC to raise oil production as he grappled with a politically damaging wave of inflation. “I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they’re under consideration,” … Read more
(Bloomberg) The UK’s energy price cap is likely to soar to a record £2,800 in October, just as heating demand starts to pick up at the beginning of winter. The sharp jump will add even more pressure on Sunak to help consumers struggling with the worst squeeze on living standards since the 1950s. Even with … Read more
LAUNCESTON, Australia, May 24 (Reuters) – The merry-go-round of liquefied natural gas (LNG) between Europe and Asia appears to be tilting back toward Asia as buyers in the top-consuming region start to chase cargoes ahead of the summer demand peak. The dynamics of the LNG market for the first four months of the year was … Read more
(Bloomberg)The liquefied natural gas market is hurtling toward a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel. Europe’s plan to cut imports of piped Russian gas by two-thirds by the end of the year and replace it with LNG from the US and Africa is sharply intensifying competition for the power-plant … Read more
(Bloomberg) –Oil was little changed as Chinese efforts to cushion the impact of anti-virus lockdowns failed to reassure investors over the outlook for Asia’s top economy. West Texas Intermediate traded near $110 a barrel, having faltered initially even as China rolled out a broad package of measures to support businesses and aid demand, including policies to help … Read more
(Bloomberg) Political contagion in Texas’ $50-billion-a-year debt market is moving from guns to oil. Big Wall Street banks were already shut out of Texas’ municipal bond market, where the state and its cities raise money, for policies deemed unfriendly to the gun industry. Now an even larger group could see their public finance businesses hurt by … Read more
May 24, 2022 (Bloomberg) The world is rethinking its energy transition after a shortage of traditional fuels has left billions either in the dark or paying skyrocketing prices for power. Trying to rapidly deploy clean energy without investing enough in conventional sources has led to a series of lurches in the transition, author Daniel Yergin said at … Read more
May 24, 2022 (Bloomberg) Shell Plc called the police to its annual general meeting in London after environmental protesters disrupted the gathering with chants of “Shell must fall.” Chairman Andrew MacKenzie asked protesters to take their seats in order to discuss environmental concerns later on in the meeting. But police were called to start removing protesters … Read more
Kingsway Instruments is excited to share Fluke’s Under Pressure promotion valid to May 31, 2022. Buy a participating Fluke Tool, such as the Fluke 754 Process Calibrator, and receive a free Fluke 750P Pressure Module with your purchase! With discounted pricing in place you can save over $5,000.00 on the calibrator and pressure module with … Read more
REUTERS/Angus Mordant LONDON, May 23 (Reuters) – Investors grew significantly more bullish on petroleum prices last week in response to an increasing likelihood that EU sanctions on Russia’s exports that will intensify global oil shortages. Hedge funds and other money managers purchased the equivalent of 56 million barrels in the six most important petroleum-related futures … Read more
NEW YORK, May 24 (Reuters) – U.S. Memorial Day weekend travel is expected to be the busiest in two years as more American drivers hit the road and shake off coronavirus lock-ins despite high fuel prices. The kickoff to the summer U.S. driving season may indicate just how much consumers are willing to tolerate fuel … Read more
“This Little Project Went to Market” Prageet Nibber: CEO & Co-Founder of ReWatt In Episode #9, Host Geoffrey Cann is in discussion with Prageet Nibber of Rewatt on financing clean energy projects. Large scale emitters with limited scope to eliminate their emissions can offset their tax charges on emissions with investments in clean energy. To … Read more
LONDON, May 23 (Reuters) – The British government is not ruling out a windfall tax on oil and gas firms if the companies fail to invest their profits into boosting capacity soon, Chief Secretary to the Treasury Simon Clarke said on Monday. The Times reported the government was drawing up plans for a temporary levy … Read more
DAVOS, Switzerland, May 23 (Reuters) – The energy security crisis since Russia’s invasion of Ukraine must not lead to a deeper dependence on fossil fuels, International Energy (IEA) chief Fatih Birol said on Monday. The right investments, especially in renewable energy and nuclear power, mean the world need not choose between energy shortages and accelerated … Read more
LONDON, May 23 (Reuters) “Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season,” said SPI Asset Management Managing Partner Stephen Innes. “Refineries are typically in ramp-up mode to feed U.S. drivers’ unquenching thirst at the pump.” The U.S. peak driving season traditionally begins on Memorial … Read more
Saudi Arabia signaled it will continue to support Russia’s role in the OPEC+ group of oil producers, undermining US-led efforts to isolate Moscow over its invasion of Ukraine, the Financial Times reported. Saudi Arabia was hoping “to work out an agreement with OPEC+ …. which includes Russia,” Energy Minister Prince Abdulaziz bin Salman told the FT. The … Read more
(Bloomberg) An auction for a controlling stake in a Chinese lithium mine has garnered 3,448 bids, underscoring the scramble to secure the battery metal that’s key to the clean-energy transition. The 54.3% stake in Yajiang Snowway Mining Development, which owns the mine in Sichuan, a southwestern province in China, was sold for about 2 billion … Read more
May 23, 2022 (Bloomberg) Oil extended four weeks of gains amid tight fuel supplies and a weaker dollar, though elevated prices are fanning concerns that the world economy may be heading for recession. West Texas Intermediate futures topped $111 a barrel while gasoline and diesel prices have rallied to records ahead of the start of the … Read more
At FlareTech Inc., the customer comes first. Our team is devoted to providing quality with integrity, accountability, and excellence. FlareTech’s Quality Management Program measures customer’s satisfaction with weekly reporting and documentation, providing the information necessary to make continual improvement through training and written process. Our exceptional track record stems from our commitment to testing, trial … Read more
Superheat speaks frequently about safety and the systemic impact their innovations have on their safety program. It is a core pillar of their business and something they practice every day – “safety is no accident”. It is their priority to remain the safest on-site heat treatment provider in the industry and to do this, they … Read more
Energy, ESG, Oil & Gas, Politics by Michelle Heath and Aaron Foyer Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE The Economist Intelligence Unit (EIU) releases an annual study of the state of democracies around the world. Each country receives an individual score and gets classified as either a full democracy, flawed democracy, hybrid regime, or authoritarian regime. … Read more
The recovery of the shale patch workforce is still years in the making despite the frothy profits that rallying crude prices are generating for US oil companies and their contractors. Employment in the US oil and gas industry is expected to jump 12.5% this year to 971,000, according to Rystad Energy. But it will take another half decade before employment in the region … Read more
U.S. energy firms this week added oil and natural gas rigs for a ninth week in a row, data showed on Friday, as mostly small producers respond to high prices and prodding by the government to ramp up output. The oil and gas rig count, an early indicator of future output, rose 14 to 728 … Read more
The range anxiety didn’t start until I pulled up to the charging station. I had made it to the bank of hoses with about 15 miles to spare, but three of the six units weren’t working and a Nissan Leaf owner at the fourth slot was on the phone with the station’s customer service, looking far … Read more
(Bloomberg) As Texas officials hunt for financial firms hostile to the energy industry, Wall Street is rolling out its fossil fuel bona fides to convince officials not to bar them from doing business with the state.Twenty firms, including JPMorgan Chase & Co. and HSBC, have so far replied to requests from state comptroller Glenn Hegar over … Read more
By David Yager May 20, 2022 The continued inability of fossil fuel producers or climate changes crusaders to read the crowd during this period of turmoil in energy, financial markets and the rising cost of everything is amazing. Because if there anything the captains of industry and advocates for decarbonization must concede after the events … Read more
May 20 (Reuters) – Private equity firms Kayne Anderson Capital Advisors and Warburg Pincus are exploring a sale of Terra Energy Partners LLC, seeking as much as $2.5 billion, including debt, for the natural gas producer, people familiar with the matter said. The buyout firms launched an auction process to sell their majority stake in … Read more
The late Nobel Prize-winning economist Paul Samuelson once quipped that Wall Street had predicted nine out of the last five recessions. This time, the stock market may be right.The US economy is starting to show signs of strain under the weight of decades-high inflation and climbing interest rates — raising the risk of a downturn.Investors … Read more
May 20, 2022 (Bloomberg) Oil set its fourth straight weekly gain as product markets remain tight amid strong demand, eclipsing concerns about an economic slowdown that have roiled financial markets.West Texas Intermediate rose to settle above $113 a barrel, after fluctuating in a session where equities slid closer to a bear market, weighing prices. Despite the … Read more
WASHINGTON/SEOUL, May 20 (Reuters) – South Korea’s Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States. Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin … Read more
By Irina Slav More from Irina Slav A couple of weeks ago I attended a media briefing organised by the Louisiana Bucket Brigade. For those of you who are familiar with this nonprofit, don’t get shocked. It’s not like anyone is denying the oil and gas industry pollutes. But pollution as such is not the topic … Read more
May 20, 2022 Elon Musk’s rejection of environmental, social and corporate governance (ESG) scores as a “scam” highlights how Wall Street’s hottest investment trend that encompasses some $35 trillion in assets means different things to different people. The chief executive of Tesla Inc lashed out on Wednesday against S&P Global Inc after the electric car … Read more
U.S. natural gas futures fell about 5% on Friday as output slowly rises and on forecasts for milder weather and lower demand over the next two weeks than previously expected. That decline comes despite a jump in the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants to a near seven-week high … Read more
A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, U.S., March 10, 2022. Picture taken March 10, 2022. REUTERS/Bing Guan WASHINGTON, May 19 (Reuters) – The U.S. House passed a bill on Thursday that allows the U.S. president to issue an energy emergency … Read more
A local resident walks by the power grid towers at Bair Island State Marine Park in Redwood City, California, United States, January 26, 2022. REUTERS/Carlos Barria May 19 (Reuters) – U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers … Read more
SINGAPORE, May 20 (Reuters) – China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world’s biggest … Read more
May 20, 2022 (Bloomberg) US President Joe Biden is weighing a meeting with Saudi Arabia’s Mohammed bin Salman as soon as next month, according to people familiar with the matter, after avoiding contact with the crown prince over the murder of columnist Jamal Khashoggi. The move will mark a significant shift for Biden. Early in his … Read more
May 20, 2022 (Bloomberg) Finland is becoming the third European country to be cut off from Russian natural gas after refusing to pay for the fuel in rubles. Flows on a main pipeline from the region’s top supplier are set to stop in the early hours of Saturday, according to a filing by Finnish importer Gasum Oy. … Read more
May 19, 2022 The Biden administration has not ruled out the possibility of placing sanctions on countries that purchase Russian oil amid the war in Ukraine, but was being careful about impacts on oil markets, U.S. Energy Secretary Jennifer Granholm said Thursday. The United States, along with Britain and Canada have placed bans on purchases … Read more
May 18, 2022 (Bloomberg) A vast swath of North America from the Great Lakes to the West Coast is at risk of blackouts this summer as heat, drought, shuttered power plants and supply-chain woes strain the electric grid.Power supplies in much of the US and part of Canada will be stretched, with demand growing again after … Read more
May 19 (Reuters) – Russia will send any oil rejected by European countries to Asia and other regions, Deputy Prime Minister Alexander Novak said on Thursday, adding that Europe would have to find substitute supplies that would be more expensive. The European Commission on Wednesday unveiled a 210 billion euro ($220 billion) plan for Europe … Read more
HOUSTON, May 19 (Reuters) – U.S. refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies. The United States in March banned imports of Russian crude and refined products over … Read more
May 19 (Reuters) – BlackRock Inc (BLK.N), JPMorgan Chase & Co (JPM.N) and other top financial firms have told a Texas official they are not boycotting energy companies, responding to a request for information that could determine if they are able to continue to manage state funds. The money managers are under pressure from a new Texas law … Read more
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