Investors have purchased oil at the fastest rate for more than four years, amid optimism that Saudi Arabia and its OPEC+ allies will continue to restrict production while an improving economic outlook boosts consumption. Ukraine’s drone attacks on oil refineries and export terminals in Russia, which threaten to disrupt production and exports of both crude and fuels, have turbocharged the shift in sentiment to more bullishness. Over the seven days ending on March 19, hedge funds and other [Read more]
US oil refiners’ weekly capacity seen up 8,000 bpd, IIR says
U.S. oil refiners are expected to have about 809,000 barrels per day (bpd) of capacity offline for the week ending March 29, marking an increase in available refining capacity of 8,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to rise to 882,000 bpd in the week ending April 5, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday March 25 March 22 March [Read more]
Goldman Sachs retains bullish view for commodities in 2024
Goldman Sachs held onto its view to go long on commodities in 2024 which have given a 9% return year to date, which is further expected to rise to 15% by year-end, on cyclical and structural support to demand, and geopolitical risks. The bank forecast a return of 20% in select sectors such as energy and industrial metals ex-nickel and zinc in the S&P GSCI Commodity Index for 2024, it wrote in a research note dated Sunday. Data so far across developed and emerging markets have renewed [Read more]
US awards record $6 billion to back industrial emissions reduction projects
The U.S. Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost U.S. competitiveness. Energy Secretary Jennifer Granholm will unveil the awards during a visit to a Cleveland-Cliffs Steel Corp facility in Middletown, Ohio, which will receive up to $500 million to install two new electric arc furnaces and hydrogen-based technology to reduce [Read more]
Oil rises as heightened geopolitical risks exacerbate supply concerns
Oil prices rose in early Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. Brent crude futures climbed 52 cents, or 0.6%, to $85.95 a barrel at 0359 GMT. U.S. crude futures gained 55 cents, or 0.7%, to $81.18 per barrel. Both benchmarks fell less than 1% last week versus the previous week. A stronger U.S. dollar, which [Read more]
Financiers grab reins as new energy startups struggle
Private equity firms are increasing their direct oversight of energy transition companies in their portfolios, taking on added duties to address runaway costs from supply chain issues and preserve valuations, executives said at the CERAWeek energy conference this week. Excitement around new energy technologies saw billions of dollars of investment poured in the last four years into those aiming to shape the energy transition with biofuels, hydrogen, solar, wind and carbon removal [Read more]
TotalEnergies Texas refinery production cut after fire sources say
Production at TotalEnergies' 238,000-barrel-per-day (bpd) Port Arthur, Texas refinery was reduced and the small crude distillation unit (CDU) shut following a fire on Friday morning, said people familiar with plant operations. The fire broke out at about 4:30 a.m. CDT (0930 GMT) in the naphtha and aromatics processing section of the refinery, the sources said. The company did not have an immediate comment about operations at the refinery. The 40,000-bpd ACU-2 CDU was shut following the [Read more]
US gas rig count falls to lowest since January 2022 – Baker Hughes
U.S. energy firms this week cut the number of natural gas rigs operating to the lowest level since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22. Baker Hughes said that puts the total rig count down 134, or 18%, below this time last year. The number of oil rigs fell by one to 509 this week, while gas rigs decreased by four [Read more]
US gas producers shrug off low prices, bet on LNG boom
Energy executives say they are looking past current ultra-cheap gas prices and betting on a coming wave of new liquefied natural gas (LNG) plants to lift demand - and prices - for the fuel. Natural gas prices have fallen by one-third this year, undercut by a warmer winter, outages at LNG facilities and higher-than-expected output. The growth in solar and wind power and a pause on new U.S. LNG export permit reviews also have clouded the outlook for future gas demand. "Domestic U.S. markets [Read more]
US natgas prices ease 1% to three-week low on mild forecasts
U.S. natural gas futures eased about 1% to a three-week low on Thursday on forecasts for milder weather over the next two weeks than previously expected, ample gas in storage and expectations gas flows to liquefied natural gas (LNG) export plants would remain low through May due to outages at Freeport LNG's plant in Texas. Freeport LNG said it anticipates two of the three liquefaction trains at its export plant will remain out of service for testing and repairs through May. Front-month gas [Read more]
- « Previous Page
- 1
- 2
- 3
- 4
- 5
- …
- 597
- Next Page »