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The benchmark European natural gas price jumped by 3% at opening in Amsterdam on Friday as the Middle East escalation continues to restrict Qatari LNG flows and some EU countries started tapping gas in storage as temperatures drop. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, jumped by 3% at 7 a.m. Amsterdam time on Friday, as oil…
Analysis-Trump’s diesel price relief efforts grow costlier as election nears
Italian energy group Eni is boosting its payout to investors with an extraordinary dividend and increased share buybacks after more than doubling its third-quarter earnings on higher oil and gas production and soaring refining margins. Eni’s adjusted net profit more than doubled from a year earlier to $3.14 billion (2.8 billion euros) for the third quarter, driven by higher oil and gas production…
European gas caps strong weekly gain on Middle East supply escalation
There is no risk of power or gas outages during this winter in the UK, as there will be sufficient generation and gas supply, the National Energy System Operator has said in its early winter outlook. In fact, NESO said it expected surplus electricity output at 5.5 GW for the period between October 31 and March 31 next year, “with an 8.8% buffer over expected peak demand.” Things may yet change,…
The Japanese government may start reducing its financial support for retail gasoline prices from December as payments become difficult to sustain, Reuters has reported, citing unnamed sources from the ruling party in the country. Introduced in March, soon after the war in the Middle East began, subsidies for gasoline are costing Tokyo several billion dollars every month, the report said, as the…
Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today. At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in…
For years, the West has searched for a technological escape hatch from rare earths. Engineers have developed new motor designs, alternative magnet chemistries, and materials that reduce or even eliminate the need for some critical minerals. Every time China tightens export controls, those efforts receive another burst of attention. They're worth pursuing. But they don't answer the question…
Gold hits 3-mth low as oil rally fuels rate concerns; set for weekly drop
Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia
Oil prices cool from 5-month highs as Trump invokes defense production act
Last month, Shell (NYSE:SHEL), alongside Malaysia's PETRONAS, China's PetroChina, Mitsubishi Corporation and KOGAS, officially approved the Final Investment Decision (FID) for the LNG Canada Phase 2 expansion project, doubling the facility's capacity to 28 million tons per annum (mtpa) and reinforcing the country's potential as a significant long-term supplier to Asian markets. Together with…
China has relied on its huge crude oil inventories since the Iran war hiked oil prices to above $100 per barrel. The world’s biggest crude importer has drawn from its 1.3-billion-barrel stash for most of the months after March as it slashed imports amid soaring prices. The stock draws, and the reduced imports in the spring and summer, have even kept benchmark crude oil prices in check despite the…
The European Union will shun crude oil and natural gas produced from fields in the Arctic, recommending that these “stay in the ground” under its new Arctic strategy released this week. The reiteration of the EU’s stance on Arctic hydrocarbons comes amid a severe fuel crisis and soaring gas prices ahead of winter peak demand season. The update on the Arctic strategy of the bloc that has quite…
Trump invokes Cold War era Defense Production Act for oil production, refining
El Niño rains batter Latin America from Mexico to Chile
The energy demand boom being driven by the artificial intelligence era is placing unprecedented strain on global energy infrastructure. Not only are the world’s energy production capacities – and especially clean energy production capacities – dwarfed by projected data center energy demand curves in coming years, the physical infrastructure needed to build and sustain never-before-seen rates of…
Trump directs trade negotiations on wind turbine imports in executive order
Asia will need as much as $1 trillion annually in energy investment over the next 15 years to meet rising demand and reduce its exposure to supply disruptions, according to a McKinsey report released Thursday. That amounts to $15 trillion through 2040, with the Iran war exposing just how vulnerable the region remains to disruptions in oil and gas shipments through the Strait of Hormuz. McKinsey…
French historian Jean-Baptiste Fressoz has offered energy-transition skeptics an appealing historical argument. In More and More and More, he argues that humanity has never really moved from one energy source to another. Wood was joined by coal, coal by oil, oil by gas and all of them by renewables. Energy sources accumulate rather than replace one another. Global primary-energy charts make the…
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