A US judge on Tuesday dismissed an antitrust lawsuit in which Michigan accused four major oil companies of colluding to forestall competition in renewable energy, including electric vehicles, a decision in line with prior rulings in similar cases. US District Judge Jane Beckering in Grand Rapids rejected the lawsuit filed in January by Michigan Attorney General Dana Nessel, a Democrat, against BP, Chevron, Exxon, Shell and the American Petroleum Institute. The judge said antitrust laws [Read more]
Ninepoint shrugs off political rhetoric to launch ETF focusing on energy interdependence of US and Canada
Canadian asset manager Ninepoint Capital is challenging economic nationalism in both the United States and Canada and the growing trade war between them by launching on Tuesday an exchange-traded fund that will emphasize the energy interdependence of the two countries. The Ninepoint North American Energy Independence ETF is the Toronto-based company's first fund to be listed in the United States and is designed to offer cross-border exposure to an investment theme that Ninepoint co-CEO John [Read more]
Ban on US diesel exports would hurt, not help fuel markets, analysts say
US President Donald Trump on Tuesday said he backed the idea of a diesel export ban as a way to lower prices that have hit record highs due to a global supply shortage. But analysts and market watchers warn that such a measure would do little to ease high energy prices, and could worsen supply and economic disruptions around the globe. Trump's comments come as average US diesel prices have jumped to a record $6.5107 a gallon, according to AAA. Diesel is critical to the global economy because [Read more]
EQT sees higher 2026 US natgas output on lower spending, CEO says
EQT, the second-biggest US natural gas producer, plans to pull more gas out of the ground in 2026 while spending less money than last year to meet growing global demand, CEO Toby Rice told Reuters on Tuesday. He said record production will come despite curtailed production in recent months by EQT and others in the Marcellus and Utica shale regions of Pennsylvania, Ohio and West Virginia. The producers are waiting for gas prices in the region to rise. "We have a shut-in program. During [Read more]
Trump says he backs the idea of a ban on diesel exports
President Donald Trump on Tuesday said he backed the idea of a ban on diesel exports, which some US politicians are calling for as a way to curb the soaring cost of energy. Diesel prices have rallied in Europe and the US to record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates. "I've said let's not send out the diesel. We make a lot of diesel... I've called for it. I've called for it within [Read more]
Trump says talks with Iran continue and he thinks settlement will be reached
US President Donald Trump said that Iran and the United States had been talking on Tuesday, and he thinks the two countries will reach a deal at some point. "I think that a settlement is going to be reached," Trump said after a meeting with British Prime Minister Andy Burnham on the sidelines of the UN General Assembly in New York. "They want to talk to us. They have been talking to us, even today they've been talking to us, and the relationship is developing," he added. "But we can't let [Read more]
Saudi crude oil exports hit four-month high in July, data shows
Saudi Arabian crude oil exports in July rose by about 3.3% from June to 4.125 million barrels per day, the highest level since March, data from the Joint Organizations Data Initiative (JODI) showed on Tuesday. Crude oil production in the kingdom increased to 8.135 million bpd from 7.122 million bpd in June. Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries provide monthly export figures for publishing on the JODI website. "Saudi crude and product [Read more]
Tehran hints at Hormuz talks with US as leaders gather at UN
A senior Iranian official told Reuters on Tuesday that Iran could reopen the Strait of Hormuz to Gulf shipping within days if the US lifts its blockade, describing a gathering at the UN as a "golden opportunity" to renew diplomacy with Washington. US President Donald Trump and Iranian President Masoud Pezeshkian are both due to attend the UN General Assembly in New York, the first time they will be at the same event since Trump launched "Operation Epic Fury" against Iran in February. The [Read more]
Iran ready to reopen Strait of Hormuz if US eases military pressure and lifts blockade
Iran can reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, a senior Iranian official told Reuters on Tuesday. On Sunday, Iran's military central command said it was informed the US was preparing to restart military operations with the support of regional countries, and warned this would lead to Tehran's retaliation "without limitations and considerations". "The US needs to announce that it wants to resolve [Read more]
Traders push for discounts for Venezuelan oil as shipping costs soar, sources say
Global oil trading firms Vitol and Trafigura are pushing for steeper discounts on Venezuelan crude oil as rising freight rates shrink their margins, five sources familiar with the matter said. The two merchant houses have been among the biggest winners in a race to control Venezuela's crude flows since the US captured then-President Nicolas Maduro in January and began pushing to reactivate the country's oil sector. They now sell and ship more than half of the OPEC member's exports, and the [Read more]
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