Oil, Gas Companies Set To Spend More in 2025
Producers of crude oil and natural gas will invest more in their business next year amid a stumbling transition away from hydrocarbons. The development may come as a surprise in the context of ever more transition commitments on the part of government…
OPEC Slashes Oil Demand Growth Forecast Again
OPEC on Monday cut its oil demand growth estimate for a third consecutive month, due to actual consumption data so far this year and expectations of slightly lower demand in some regions.OPEC now expects global oil demand to grow by 1.93 million barre…
Oil, Gas Drilling Stalls in U.S.
The total number of active drilling rigs for oil and gas in the United States fell slightly this week, according to new data that Baker Hughes published on Friday.The total rig count fell by 2 this week, compared to 630 rigs this same time last year.T…
China's Solar Output is Surging but Coal is Still King
Coal currently accounts for almost two-thirds of Chinas power generation.Kemp: In July 2024, Solar and hydro reached record output in China.Coal, it seems, will remain king in Chinas energy mix for the observable future.China recently recorded record …
European Natural Gas Price Rally Loses Momentum
The big rally in Europe’s natural gas prices that kicked off in July appears to have run out of steam thanks to high inventory levels and easing supply jitters. Dutch front-month futures, Europe’s gas benchmark, were quoted at ?9.70 per megawatt-h…
Niger Aims to Become Major Oil Exporter
Niger has restarted oil exports following a resolution with Benin over a border dispute that had halted crude shipments since June.The reopening of the Niger-Benin pipeline, operated by China National Petroleum Corp (CNPC), is crucial for Niger to rep…
U.S. Oil and Gas Rig Count Falls for Second Week
The total number of active oil and gas rigs in the US fell by 2 this week, reaching 586.US crude oil production slipped by 100,000 barrels per day in the week ending August 9th.Oil prices, including WTI and Brent benchmarks, experienced declines on Fr…
Oil Prices Climb 2% as Gaza Ceasefire Talks Begin
Oil prices, including WTI and Brent crude, rose nearly 2% despite a surprise increase in US crude inventories.Positive US economic data, including strong retail sales and lower unemployment claims, contributed to the price rebound.Ongoing Gaza ceasefi…
Oil Prices Fall After the EIA Reports an Inventory Build
Oil prices initially rose on a smaller-than-expected US producer price increase and the APIs report of declining crude oil inventories.Optimism faded after the EIA reported an inventory build, causing prices to fall.Geopolitical tensions in the Middle…
Oil Gets Risky for Traders
Oil traders are increasingly bearish, selling futures despite supply concerns and potential disruptions in the Middle East.Economic data from the US and China, along with demand worries, are driving the pessimistic sentiment in the oil market.Algorith…
Why Oil Prices Fell $10 in a Month
The price of WTI fell by $10 over the past month, collapsing from $85 to $75.The primary reason for prices falling so dramatically was the growing concern over weak demand.With fears of the U.S. entering a recession and weak economic data out of China…
Oil Markets Driven by Macro Economy, Not Fundamentals
Oil prices rose for the fourth straight session on Friday, boosted by positive U.S. jobs data that eased economic concerns.The U.S. Labor Department reported a significant drop in unemployment claims, suggesting resilience in the job market.Despite po…
California Power Bills Are Soaring
California residents face the second-highest average electricity bills in the U.S., driven by investments in wildfire mitigation, grid upgrades, and renewable energy integration.The surge in electricity costs has left nearly 1 in 5 California househol…
Oil Prices Climb as Crude Inventories Decline
Oil prices climbed after the EIA reported a surprise crude oil inventory draw, reversing an earlier decline caused by concerns about a recession.Gasoline and distillate inventories saw builds, following earlier estimates of larger increases.Geopolitic…
Goldman Sachs: Carbon Offset Markets Are About To Take Off
Goldman Sachs predicts a sharp increase in carbon credit prices as the EU carbon market decouples from gas prices.Carbon capture and storage (CCUS) is expected to become profitable due to the rising carbon credit prices.Global CCUS capacity is project…
Russia's Arctic Energy Expansion: A Geopolitical and Economic Gambit
Russias Arctic Northern Sea Route allows the country to continue exporting oil to China despite sanctions, highlighting the routes strategic importance.Russia aims to significantly increase the NSRs cargo capacity, supported by vast Arctic oil and gas…