Weak Buying from Top Users Drags Asia’s Oil Imports To Two-Year Low
Asias crude oil imports fell to a two-year low in July, driven by weak demand in China and India.Chinas economic slowdown, property crisis, and tepid fuel demand have contributed to lower crude imports.Indias oil imports typically decline during the m…
Natural Gas Becomes the Dominant Source of Electricity in the U.S.
U.S. natural gas prices hit multi-decade lows, leading to increased gas consumption for power generation.Natural gas power plants accounted for two-thirds of the 4% increase in total U.S. power generation in the first four months of the year.Gas consu…
Why the Energy Sector is Avoiding Full Emissions Disclosure
Only a small fraction of energy companies disclose investment-related Scope 3 emissions, despite regulatory pressure.Tracking Scope 3 emissions is challenging and resource-intensive, leading to reluctance from oil and gas companies to fully report the…
The Oil Trading Boom Has Finally Fizzled Out
Giant trading houses and trading desks of integrated oil majors have taken advantage of the extreme volatility in oil and energy prices to make a killing in the markets.Last month, Singapore-based oil and commodities trading powerhouse Trafigura Group…
Why Falling U.S. Inventories Fail To Lift Oil Prices
Oil prices have just booked their third consecutive weekly drop.Kemp: Between June 21 and July 19, commercial crude inventories in the United States fell by a total of 24 million barrels.Lingering concerns about the state of China’s economy and oil d…
Oil Rig Count Jumps as Drilling Activity Picks Up
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.The total rig count rose by 3 to 589 this week, compared to 664 rigs this same time last year.The…
Oil Prices Tank on Fears China’s Rate Cuts Herald Demand Weakness
Oil prices dropped nearly 2% due to fears of slowing economic growth in China, despite positive US inventory data.Chinas recent interest rate cut and declining crude oil imports raise concerns about weakening demand.Weak refining margins worldwide and…
Iranian Oil Exports Have Risen Sharply, Facilitated By Malaysia
According to StanChart, the latest China customs import data shows crude oil imports from Malaysia clocked in at 1.456 million barrels per day, a lot more than the country produces.Previously, we reported that Iran’s oil exports have seen a strong re…
Kuwait Looks To Nearly Double Production After Major Oil Find
A week ago, Kuwait Oil Company (KOC) announced a significant discovery of light oil and associated gas in the offshore Al-Nokhatha field.Kuwait has revealed ambitions to nearly double its oil output over the next decade.Sheikh Nawaf al-Sabah, CEO of K…
Stock Market’s Short-Term Focus Threatens Energy Transition Goals
KKR: The energy transition would need a major change in the mentality of stock market investors to succeed.Earlier this year, several Big Oil supermajors, notably BP and Shell, signaled a pullback on their transition investments.The problem that most …
The Plot To Further Disrupt Russian Oil Flows Proof That Sanctions Don’t Work
While Russia sends more of its crude to its own refineries, it appears that the West, led by the UK, is doubling down on its efforts to further strain the Russian economy by targeting its oil sales.The reduction in Russian oil exports has contributed …
Oil Prices Are Heading for a Second Consecutive Weekly Decline
Oil prices are on track for another weekly decline as demand fears take center stage.A larger-than-expected U.S. crude inventory draw offered temporary support but prices were falling again on Friday morning.Hopes of a Fed rate cut in September and wi…
Middle East Oil Benefits As China Buys Less African Crude
SCMP: Angola was the No. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. 8.Angola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost inf…
Four Unexplored Indian Basins May Hold More Oil Than The Permian
Four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil, S&P Global Commodity Insights has reported. In effect, lesser-known Category II and III basins, namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan…
Oil prices fall to snap four-week winning streak as rally stalls out
Crude oil futures fell on Friday, snapping a four-week winning streak as the recent rally lost momentum. Prices rose earlier in the session after two days of gains, as June consumer inflation eased to around its lowest level in more than three years, …
U.S. Oil, Gas Drilling Activity Continues To Drop
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.The total rig count fell by 1to 584 this week, compared to 675 rigs this same time last year.The …