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The biggest U.S. shale producers have remained conservative in spending on drilling this year despite the spike in the average WTI crude price by $20 per barrel compared to last year. While signs have emerged that smaller independents have started to take advantage of the higher oil prices to increase drilling, the biggest shale producers are keeping their powder dry amid unprecedented…
Asian countries that depend on oil and gas imports for their energy security are hoping that the results of the U.S. midterms will lead to an end to the war in the Middle East and, consequently, an end to the severe fuel crisis Asian countries are experiencing. The hopes may be premature, however. Trump is still president, and Democrats are no fans of Iran. Asia has been the hardest-hit by the…
India’s clean energy growth is far surpassing expectations and quickly establishing the world’s most populous country as one of the major global players in clean energy markets. India is now the second-fastest-growing clean energy market in the world, and the world’s second-largest producer of solar panels, following China. And according to a new report from the International Energy Agency (IEA),…
Gas peakers have always had one decisive economic advantage: they were relatively cheap to build. A peaking plant could sit idle for most of the year, then start when demand and electricity prices surged. Its fuel was expensive and its efficiency often mediocre, but low upfront costs made that acceptable. The owner did not need thousands of operating hours to recover an enormous initial…
ConocoPhillips more than doubled its third-quarter profit to $4 billion and raised its quarterly dividend by 11% on Thursday, joining a growing list of oil majors reporting enormous earnings gains as higher crude prices offset production disruptions caused by the Iran war. The Houston-based producer reported adjusted earnings of $3.27 per share, comfortably beating Wall Street's $2.97 estimate.…
France’s present economic woes signal serious trouble ahead for the coherence of the European Union. On Wednesday evening, the French National Assembly unanimously rejected the government’s proposed budget, provoking further fears in the bond market. A couple of weeks ago, it was reported that the French government’s budget deficit now stood at 5.1 per cent, the worst it had been for nearly a…
Oil prices surged Thursday, recovering some of Wednesday's staggering losses as traders reconsidered whether the U.S. midterm election results would actually bring a swift end to the Iran war. Brent crude had climbed to $98.01 per barrel by early afternoon, gaining $3.39, or 3.58%, while West Texas Intermediate rose $2.21, or 2.51%, to $90.33. Both benchmarks continued climbing later in the…
US and Turkmen diplomats focused on expanding trans-Caspian connectivity and promoting energy export diversification during annual consultations in Ashgabat. Turkmen officials are signaling a strong desire to improve trade ties with both South Asia and the West, while maintaining the country’s long-standing status as a neutral state. Visiting US Assistant Secretary of State for South and Central…
U.S. refineries are producing a smaller share of gasoline from every barrel of crude oil they process and shifting production efforts toward diesel and jet fuel as soaring margins on those products reshape the economics of American refining. Gasoline yields averaged below 45% during the first eight months of 2026, falling below the previous five-year low in every month, according to data…
Tight global oil supplies, compounded by fears of further U.S. strikes against Iran, are stoking concerns over a potential oil price super-spike. Global petroleum inventories are shrinking, while U.S. fuel prices surge to historic highs, fueling inflation and intensifying pressure on the economy. As Middle East tensions disrupt shipping through the Strait of Hormuz, a chokepoint for one-fifth of…
Turkey targets total investments of $500 billion in energy infrastructure in its new energy plan to 2040, Minister of Energy and Natural Resources, Alparslan Bayraktar, said on Thursday, as the country looks to boost its energy independence and eventually become energy independent. In recent years, Turkey has been paying up to $70 billion to import energy, including coal, oil, and gas. The new…
In a significant, albeit underreported development for global energy, and for the US-Iran standoff in the Persian Gulf, the Iranian parliament has this week announced it is exempting several key trading partners from its oil transit restrictions in the Strait of Hormuz. The move was first unveiled Tuesday by Ahmad Hayat-Moghaddam, Vice Chairman of the Iranian Parliament’s National Security and…
The European Union neither wants nor has any plans to resume purchases of Russian gas, EU diplomats told EUobserver as European, U.S., and Ukrainian officials are meeting in Brussels to discuss post-war recovery in Ukraine ahead of next week’s US-Ukraine-Russia negotiations in Abu Dhabi. “We don’t see any rationale at the moment to ease sanctions or restrictions on Russia, in any sector,” an EU…
More than half of proposed LNG-to-power projects, worth a total of $67.8 billion, in four key Southeast Asian markets have been either scrapped or stalled since 2021, amid rising costs that raise risks for project financing, the Institute for Energy Economics and Financial Analysis (IEEFA) said in a report on Thursday. The five-year analysis of $109.2 billion worth of proposed LNG-fired power…
The benchmark European natural gas prices fell by 2% in the early morning in Amsterdam on Thursday, extending Wednesday’s decline, after the resounding Democratic victory in the U.S. midterm elections raised hopes of a resolution to the Iran war and a return of LNG flows through the Strait of Hormuz. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas…
Soaring diesel prices helped usher in Democratic sweep
Morning Bid: Oil and the blame game
Latinos, motivated by immigration and economic woes, drive Democratic gains in Republican strongholds
China’s diesel exports are on track to drop in November from the highs seen in August and September as increased fuel shipments at the end of the summer dented domestic inventories, traders and executives with knowledge of this month’s export plans told Reuters on Thursday. So far this month, Chinese refiners have sold about 500,000 metric tons of diesel for November loading, according to…
European gas slips further as 20% weekly Oil crash overwhelms fresh Hormuz threats
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