Oil Prices Drop As EIA Shows Crude Inventories Continue to Climb
Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7, according to the U.S. Energy Information Administration.Crude oil prices were trending lower today prior to the crude data release by the …
Petronas Slashes Jobs to Stay in the Game
Malaysia’s state energy major Petronas needs to slash thousands of jobs to survive beyond 2035. The striking message came from the company’s new chief executive, who called it “right-sizing.”“The rationale to do this is to ensure the survival of …
Baltic States Unplug From Russia and Join EU Grid
Estonia, Latvia, and Lithuania, the three Baltic States that were former Soviet Union republics, on Sunday definitively unplugged their electricity systems from the Russian grid and joined the EU continental power grid.EU member states Estonia, Latvia…
Oil, Gas Drillers See Increased Activity
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after a 6-rig increase in the week prior.The total rig count rose by 4 rigs, to 586, according t…
Trump’s Energy Boom Leaves Australia Struggling to Compete
Woodside Energy’s CEO Meg O’Neill isn’t sugarcoating it—Australia is losing ground in the global energy race, and Donald Trump’s aggressive push to ramp up U.S. fossil fuel production is only making things worse. Speaking at the Melbourne Mining …
Large Unexpected Crude Build Sinks Oil Prices
Crude oil inventories in the United States saw a colossal build of 8.7 million barrels during the week ending January 31, according to the U.S. Energy Information Administration.Crude oil prices were trending lower today prior to the release of the U.…
Burning More Coal at Home Is Worsening India’s Pollution
India reduced its imports of coal in 2024. On the face of it, this would have been wonderful news for power sector emissions in the world’s second-largest coal consumer, if we don’t analyze what’s behind lower coal imports.India has been looking to…
Trump's Trade Strategy Fuels Unexpected Energy Boom
When President Donald Trump was on the campaign trail, he threatened the biggest trade partners of the U.S. with 25% tariffs unless they did something about the surplus they were running with the U.S. Analysts said this idea was risky. Now, Bloomberg …
Oil Prices Fall Ahead Of Trump Inauguration
Oil prices fell in Monday’s morning session as traders await U.S. President-elect Donald Trumps inauguration in the hope of some clarity on his policy agenda. Brent crude for March delivery was down 1.5% to trade at $79.66 per barrel at 11.20 am ET w…
US Rig Count Falls in Strong Week for Oil
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, after a 5-rig drop in the week prior.The total rig count fell by four rigs, to 580, according to…
Early-Year Strength In Oil Markets Likely To Continue
The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI …
Climate Change and Conflict: Africa's Renewable Energy Paradox
The African continent is faced with an extremely difficult energy ‘trilemma’ – the largely underdeveloped bloc needs to find a way to manage its energy production and imports in a way that balances sufficient and reliable energy with affordability …
Big Oil’s Profit Warnings Bode Ill For Trump’s Drilling Bonanza
With just a week to go before U.S. President-elect Donald Trump ascends into the Oval Office for a second term, the oil and gas industry will be watching keenly to see what measures he will adopt to achieve his “Drill, Baby, Drill” agenda. Trump say…
US Oil Growth Slows as Gas Takes the Lead
Donald Trump’s inauguration later this month is almost unanimously believed to bring in a new era in U.S. energy policy—an era of pro-oil and pro-gas regulation aimed at boosting the country’s production and exports, in line with Trump’s energy do…
Oil Traders Turn Bullish for 2025
Crude oil traders are buying more oil futures after a year of overwhelmingly negative attitudes toward the price of the commodity. The big reason for the change: Donald Trump.Speculators have been buying more oil and fuels for three months, energy mar…
Middle East Oil Eyes Global Benchmark Status
Two years ago, West Texas Intermediate, the U.S. benchmark crude blend, joined the most traded, most liquid contract in the world: Brent. The move was hailed as a watershed moment in oil trading. With the oil market constantly changing, there could co…