Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday. Deputy Prime Minister Alexander Novak said European companies that invested in the project, which is awaiting German and EU regulatory approval, would be able to ask for additional gas on top of their long-term contracts via the route. "To my mind, European consumers are very interested in the project to start [Read more]
Biden administration offers $1 bln loan guarantee for hydrogen project
The Biden administration said on Thursday it has offered Monolith Nebraska LLC an up to $1.04 billion conditional loan guarantee for a project to make clean hydrogen, in its first use of an office that has tens of billions of dollars in financing. The financing from the Department of Energy's Loan Programs Office (LPO) aims to help Monolith expand its Olive Creek plant to convert natural gas into hydrogen for making products like fertilizer. The plant will also make carbon black, a product [Read more]
U.S. drillers add oil and gas rigs for third week in a row
U.S. energy firms this week added oil and natural gas rigs for a third week in a row as demand for energy keeps growing after last year's coronavirus demand destruction. The oil and gas rig count, an early indicator of future output, rose seven to 586 in the week to Dec. 23, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Thursday. Baker Hughes released the rig count a day early, on Thursday, due to the Christmas holiday. Even [Read more]
U.S. natgas slips over 6% on milder weather, lower demand forecasts
U.S. natural gas futures fell more than 6% on Thursday, weighed down by forecasts for milder weather and lower heating demand than previously expected and smaller-than-usual storage withdrawal last week. The U.S. Energy Information Administration (EIA) said utilities pulled 55 billion cubic feet (bcf) of gas from storage during the week ended Dec. 17.. That was close to the 56-bcf decline that analysts had forecast in a Reuters poll and compared with a draw of 147 bcf in the same week last [Read more]
Oil prices edge higher on optimism over Omicron impact
Oil prices edged up on Thursday for a third consecutive session over positive developments around COVID-19, even as China imposed new travel curbs and Australia reinstated restrictions to combat surging cases. U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.11%, to $73.07 a barrel after jumping 2.3% in the previous session. Brent crude futures also gained 6 cents, or 0.8%, to $75.65 a barrel, extending a 1.8% gain in the previous session. The big gains on Wednesday [Read more]
How 2021 became the year of ESG investing
Investors concerned about climate change and social justice had a bumper year in 2021, successfully pushing companies and regulators to make changes amid record inflows to funds focused on environmental, social and corporate governance (ESG) issues. Extreme weather becoming more frequent and events highlighting social justice issues, such as the death of George Floyd in Minneapolis police custody, contributed to ESG rising to the top of the agenda of investors, companies and policy [Read more]
Oil prices steady as Omicron caution lingers amid renewed curbs
Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases. U.S. West Texas Intermediate (WTI) crude futures slighty dipped 5 cents, or 0.07%, to $71.22 a barrel after jumping 3.7% on Tuesday. Brent crude futures was down 2 cents, or 0.03%, to $74.06 a barrel after gaining 3.4% in the last [Read more]
U.S. to be world’s biggest LNG exporter in 2022
The United States is set to become the world's biggest liquefied natural gas (LNG) exporter in 2022, surpassing Qatar and Australia, and may hold that title for years to come. In a year when China and other large economies in Europe and Asia scrambled to source enough supply for heating and power generation, the United States was sitting on a bevy of supply - one that will grow in coming years. Global LNG demand has hit record highs each year since 2015, due mostly to surging demand in [Read more]
Oil prices slide more than 2% as rapid Omicron spread dims fuel demand outlook
Oil prices slumped by more than 2% on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions on businesses to combat its spread may hit fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell $3.16, or 4.50%, to $67.15 a barrel. Brent crude futures fell $2.70, or 3.70%, to $70.28 a barrel. "Today's Asia... weak sentiment in oil prices seems to go in line with a weakness seen in the S&P 500 and [Read more]
U.S. offers 18 mln barrels of oil from emergency reserve
The U.S. Department of Energy on Friday said it will sell 18 million barrels of oil from the Strategic Petroleum Reserve, with offers from companies to purchase it due on Jan. 4, as part of a previously announced release aimed to cool fuel prices. The announcement of the sale was expected, after the Biden administration announced it as part of a wider 50 million barrel release from the reserve in coordination with other oil-consuming countries including China, India and South Korea. The [Read more]
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