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Two startup electricity retailers in Germany have recently announced they would cease operations as spiking wholesale prices amid the gas price surge are pressuring the industry again, and this time the pressure is compounded by plans for renewable policy changes. Renewable electricity provider Grüüün, part of Münch Energie Group, early this month said it would discontinue servicing about 200,000…
Supertanker rates fall from record highs
The global LNG supply crunch has made Europe’s last-standing coal-fired power plants profitable this year as gas supply costs soar while the need for conventional generation to stabilize grids remains. In Germany and Poland, which host most of the remaining operational or back-up-ready coal power capacity in Europe, coal-fired generation is profitable again as winter approaches, LNG supply is…
Ukrainian forces have struck an oil refinery in Russia's Ryazan region, Russian officials said, hours after President Volodymyr Zelenskyy said Ukraine would resume attacks on Russian energy facilities and voiced anger over a "dangerous" disruption of satellite intelligence from the United States. Defying an "energy cease-fire" announced unilaterally last week by US President Donald Trump,…
The trading arm of China’s state-owned giant PetroChina is set to reap a record more than $3 billion (20 billion yuan) in trading profits this year as the Middle East crisis hiked crude prices and rattled global fuel markets and trade flows. PetroChina International (PCI), the trading vehicle of the biggest oil and gas producer in Asia, is set to book more than $3 billion in gross trading profit…
Morning Bid: Tipping Point
ExxonMobil signals $4.5 billion refining earnings boost as margins soar
Plans for huge data center buildouts in India are set to hike clean energy demand in the country, and local renewable energy providers expect demand to outstrip supply. “Even if just five gigawatts of data center capacity comes to India, which is a conservative estimate, you will need about 30-40 gigawatts of renewable power,” Kuldeep Jain, managing director and founder of CleanMax Enviro Energy…
Two Trump decisions will set this weekend's energy risk, and in both he is giving up leverage to chase lower pump prices before November 3. The first is to keep U.S. firepower out of Saudi Arabia's war with the Houthis. The Houthis hit Aramco's Dhahran headquarters on Tuesday night and have kept Riyadh's main airport shut until Saturday, and Washington's rule since September is that it stays out…
Politics, Geopolitics & Conflict Air strikes on October 10 killed at least 72 artisanal gold miners at Shamal al-Wadi, in the far north of Sudan's Red Sea state, along a border Egypt is policing to control a gold trade it now dominates. Survivors put the toll above 200. Miners and Sudanese rights groups blame Egyptian aircraft, and no government has claimed the strikes. Egypt treats the disputed…
Chinese LNG buyers acted early to build gas stockpiles amid the Iran war, helping the world’s top LNG importer stock up enough inventories ahead of the winter, industry analysts have told Bloomberg. As of the end of September, China’s underground gas storage was 80% full, according to Rystad Energy’s analyst Xiong Wei. Lower demand for spot supply from China this winter could mean relief for…
Exclusive-Iran ships some LPG, jet fuel despite US blockade, data shows
Soaring prices of spot LNG supply amid the lack of Middle Eastern deliveries have pushed South Korea to rely more on coal-fired power generation in the coming winter, despite its pledge to shift away from fossil fuels. Like all other Asian importers, South Korea, the world’s third-largest LNG buyer after China and Japan, has been hit by the Middle East crisis and the lack of Qatari LNG supply.…
India has nearly halved its export duty on diesel for the next two weeks while it hiked the levy on gasoline exports fivefold, effective October 16. The lower diesel export levy could encourage additional supply to the international market, which is reeling from a diesel crunch and price shocks, while the hike in the gasoline export duty appears to be intended to discourage gasoline exports.…
Ukraine’s renewed attacks on Russian refineries are a “disgrace” and will only lead to higher prices, President Donald Trump has said in comments about the latest Ukrainian attack of a Rosneft facility in Ryazan. “All he’s doing is making the world oil price higher. Well, I think that’s a disgrace,” Trump told Newsmax in an interview. “There are a lot of targets you can hit, but when you shoot at…
Global fuel oil supply is shrinking while demand for the fuel from the shipping industry remains robust, suggesting further supply pain down the road. Exports of high-sulfur fuel oil from the Middle East are running at a rate that is at least 800,000 tons a month lower than it was before the war, the head of Asian operations at Vitol said at an industry event. “Producers are paying higher freight…
Crude oil prices were on course to book a weekly gain earlier today, amid continuing Iranian strikes on tankers in the Strait of Hormuz and a substantial inventory draw in the United States, at 8.56 million barrels for the week to October 9. At the time of writing, Brent crude was trading at $105.48 per barrel, with West Texas Intermediate at $97.40 per barrel. Both were off highs touched earlier…
Crude Oil Rallies as U.S. Inventory Draw Outruns Supply Relief November WTI crude oil futures are up sharply for the week through Thursday night. The gain did not come from one headline. The market has spent the week dealing with tanker attacks near the Strait of Hormuz, renewed attacks on Russian refineries, emergency stock releases and fresh talk of legal oil moving on previously sanctioned…
Oil prices were mixed in Thursday's trading session, with prospects of the United States easing restrictions on Russia's crude helping ease the international benchmark while attacks on vessels in the Middle East provided support. Brent crude for December delivery was down 0.2% to trade at $106 per barrel at 2.49 pm ET, while WTI crude for November delivery jumped 3.6% to trade at $98 per barrel.…
The recent rise in crude oil flows out of the Strait of Hormuz isn’t solving the world’s most pressing fuel problem—the diesel crunch and record diesel prices that start to feed into the wider economy. While Middle East crude oil flows are nearing pre-war levels, global diesel supply is much lower due to refinery constraints in the Middle East and Russia that the rest of the world cannot offset.…
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