Surging gas prices are the ‘transition premium’ in the push toward renewables, OPEC chief says
DUBAI, United Arab Emirates — Soaring gas prices are the cost of the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday. “I have talked about a new premium that is emerging in the energy market…
Europe's energy crisis is making the market nervous
LONDON — European power prices have spiraled to multi-year highs on a variety of factors in recent weeks, ranging from extremely strong commodity and carbon prices to low wind output.What’s more, the record run in energy prices is not expected to en…
Enbridge buys Moda Ingleside crude export terminal
Enbridge Inc. has agreed to purchase the Moda Ingleside Energy Center (MIEC) and other assets from Moda Midstream LLC and EnCap Flatrock Midstream.
FG, IEA to brainstorm on energy transition
The Federal Government, the International Energy Agency, IEA and stakeholders in the oil and gas sector will on September 10, hold a workshop as part of Nigeria’s efforts at facilitating its energy transition through carbon capture, utilisation, and …
Damage assessments under way at Louisiana refining complexes
Timeframes for full restoration of operations at Louisiana’s major refining and petrochemical complexes remain uncertain amid extensive regional power outages in the aftermath of Hurricane Ida.
Norwest begins drilling last Lockyer Deep-1 well
Norwest Energy has reported that the immediate section to 3097m at the Lockyer Deep-1 well was cased and cemented for the Western Australian project.Drilling beyond the casing show commenced on Saturday, with the well set to be directionally steered t…
Oil has only done this twice in the past 20 years — and it could forecast a 50% rally
Oil prices could be setting up for a major rally, one strategist says.Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt Maley told CNBC’s “Tra…
Interior maps path to oil and gas lease sales, with first steps to come in days
The Interior Department has told a court that the Bureau of Land Management (BLM) will post lists of “scoping” parcels by Aug. 31 for consideration in oil and gas lease sales this year.
Russia is pumping a lot less natural gas to Europe all of a sudden — and it is not clear why
LONDON — Russia has slowed the delivery of piped natural gas to Europe in recent weeks, according to analysis from ICIS, a commodity intelligence service, raising questions about the potential causes behind the drop and its implications for global ga…
Oil jumps as much as 6%, snapping longest losing streak since 2019
Oil prices jumped Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone.“News of zero new cases in China has certainly provided a tailwind as it gives …
Crude falls on surging Covid cases, following worst week since October for oil
Oil prices slid Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a demand slowdown.West Texas Intermediate crude futures declined more than 4% at one point to trade as low as $65.15, a level not seen since May. Th…
Oil falls for a sixth straight day, sinks to the lowest level since May on fears of slowing growth
Oil dropped for a sixth-straight session on Thursday, falling to the lowest level since May as demand fears and comments from the Federal Reserve that it will suspend its bond-buying program sent prices tumbling.Crude came under pressure amid weakness…
Mothballed Wyoming refinery slated for new life as renewables plant
Slate Refining LLC has entered an agreement with Starwood Energy Group Global Inc. to convert a 3,800-b/d mothballed refinery in Douglas, Wyo., in the heart of the Powder River basin, into a renewable fuels production plant.
Bapco lets contract for Sitra refinery modernization, expansion program
Bahrain Petroleum Co. has let a long-term contract to Advanced Refining Technologies LLC to deliver a series of services for a grassroots residue hydrocracking unit to be built as part of the operator’s Bapco Modernization Program now under way.
MasoSine Certa pumps match consumer appetite for superfoods
As anyone who has been tracking the shopping habits of millennials will reveal, avocados are now among the most popular superfoods.