Crude oil inventories in the United States fell this week by 3.23 million barrels for the week ending April 19, according to The American Petroleum Institute (API). Analysts had estimated a 1.8 million barrel build for crude oil. For the week prior, the API reported a 4.09 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.8 million barrels as of April 19. Inventories are now... Читать дальше...
Rystad Energy’s latest data reveals renewable energy installations in India surged to a record 7.1 gigawatts (GW) in March, more than doubling the previous record of 3.5 GW set in March 2022. The increase in installations helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024. The growth was primarily driven by solar installations, up 23% on levels from the 2023 financial year, driven by the commissioning of numerous projects within India's... Читать дальше...
Houston-based data provider Enverus reported that the United States saw a record-breaking $51 billion worth of oil and gas deals in the first quarter of the year, with much of the activity centered around the Permian Basin in West Texas and New Mexico. As energy companies seek to expand their drilling inventories, the Permian's reputation for high-quality drilling prospects and relatively low break-even costs of around $64 per barrel continues to attract significant investment. Andrew Dittmar, Enverus... Читать дальше...
The UK economy is uniquely positioned to benefit from the roll out of artificial intelligence. Politicians on all sides should be championing policies that help secure these benefits as soon as possible, Chris Dorrell writes Amid a slew of warnings about slow growth and rising national debt, it was easy to miss that the International Monetary Fund (IMF) had some good news for the UK economy last week. Modelling the potential impact of artificial intelligence (AI) on both UK productivity and output... Читать дальше...
Amidst global efforts to phase out coal power by 2040, China's coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China's coal usage, currently the world's largest, will experience a minor reduction in the next two years, followed by a one-third decline by 2040. Despite a surge in renewable energy generation, coal will remain a substantial part of China's energy mix, projected to constitute 25% of its peak consumption by 2050. Читать дальше...
Tesla is slated to report earnings today and, as FT notes, investors are bracing for the "worst results in 7 years" from the EV manufacturer. Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020. Expectations for Tesla's 2024 full year earnings are lower than those of 2023. Читать дальше...
NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS... Читать дальше...
The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024... Читать дальше...
WTI crude hangs above $80 per barrel as geopolitical risks have eased somewhat, but haven't disappeared altogether. Fuel Oil Is Having Its Sunshine Moment - Fuel oil has risen to prominence as the most improved oil product of late, boosted by higher demand from Asia’s power generation sector as well as limited supply of heavy crudes required to produce it. - The US’ snapback of sanctions against Venezuela and Mexico’s sudden cut to exports of heavy sour grades such as Maya have greatly limited the... Читать дальше...
Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday. The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more... Читать дальше...
The Texas energy grid faced its first high-heat litmus test of the year this month as warming April temperatures placed an early strain on utilities. Earlier this month, the Electric Reliability Council of Texas (ERCOT) had to postpone scheduled maintenance to “to help alleviate potential tight conditions” in order to keep up with energy demand as more residents turned on their air conditioning units. Worryingly, it wasn’t an intense or unprecedented heat wave that placed a stress test on the troubled grid... Читать дальше...
Polish refiner Orlen has scrapped contracts to purchase Venezuelan crude and oil products after losing millions of U.S. dollars on prepayment for cargoes that haven’t been loaded while a wind-down period of the return of the U.S. sanctions on Venezuela has begun, a manager at Orlen has told Reuters. Refiners and traders flocked back to trade with Venezuela at the end of last year after the United States lifted most sanctions on Venezuela’s oil industry after the Nicolas Maduro government reached... Читать дальше...
The United Arab Emirates and Oman signed on Tuesday $35 billion worth of investment partnerships in renewable energy, green metals, railways, and digital infrastructure and technology during the state visit of Oman’s Sultan to the UAE. The memorandums of understanding establish investment partnerships between the UAE and Oman worth a combined $35 billion (129 billion UAE dirhams) to deepen cooperation across multiple sectors, the UAE’s Ministry of Investment said in a statement. Under the deals,... Читать дальше...
Halliburton Company (NYSE: HAL) booked slightly higher-than-expected adjusted earnings for the first quarter, driven by rising international demand for oilfield services. The company, one of the world’s top three oilfield services providers and leader in the U.S. fracking services market reported on Tuesday an adjusted net income of $679 million for the first quarter of 2024, or $0.76 per diluted share. This beat the analyst consensus forecast of $0.74 EPS compiled by The Wall Street Journal. Halliburton’s... Читать дальше...
Amid concerns in the auto industry about slowing electric vehicle sales with the phase-out of subsidies in key markets and consumers not yet convinced about affordability and range, the International Energy Agency (IEA) continues to hold a very bullish view on the global EV market. “The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million,” the IEA said in its annual Global EV Outlook 2024 published on Tuesday. Last year, global electric car sales soared... Читать дальше...
Alberta authorities have issued the first evacuation order for this year as wildfires spread across Canada’s biggest oil producer. Per a Bloomberg report, the residents of a First Nation community in the Cold Lake region were ordered to evacuate because of the blaze. Several other communities in the vicinity were put on standby, the report added. The Cold Lake indigenous area is to the north of Edmonton, close to the border with Saskatchewan. The news comes a day after reports about a wildfire in... Читать дальше...
California is close to completing a two-year investigation into Exxon on allegations of plastic pollution. After that, the state will decide whether to sue the supermajor for polluting or not. That’s what California’s Attorney General told Reuters, using rhetoric that suggested the lawsuit is the more likely outcome. "We are soon going to be ready to get to a decision based on all of our investigations in the coming weeks," Rob Bonta said. "The lies and deceit Exxon used to cover up the truth about... Читать дальше...
Crude oil prices have recouped some of the losses posted on Monday as fears of an escalation between Israel and Iran dissipated. Brent crude was trading above $87 per barrel and West Texas Intermediate remained above $82 per barrel as the news about fresh U.S. and UK sanctions on Iran failed to impress traders. According to a Bloomberg report, the U.S. sanctions, which are due to be passed by Congress this week, may end up not being enforced at all. The reason? President Biden would be wary of doing... Читать дальше...
Shares of Portuguese integrated energy operator Galp Energia (OTCPK:GLPEF) (OTCPK:GLPEY) have popped more than 20% in Monday’s early trading session after the company announced that the first phase of its exploration in the Mopane field in offshore Namibia could contain at least 10B barrels of oil. Galp says it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March, with, "significant light oil columns discovered in high-quality reservoir sands." The Mopane... Читать дальше...
Since day one of President Joe Biden's term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America's energy and national security with punitive and restrictive measures against fossil fuels. Yet, during President Biden's tenure, American oil and gas production has hit record highs. But this achievement has come despite Biden's policies, not thanks to them, the industry says. For his part, the presumptive Republican nominee and former... Читать дальше...
Former Dutch colony Suriname shares the offshore Guyana Suriname Basin with the former British colony of Guyana, which is reaping a massive economic windfall from one of South America’s largest oil booms of recent times. Suriname’s government in Paramaribo is hungrily eyeing Guyana’s oil boom, which has propelled the country into the global league of major oil-producing and exporting nations, putting it on track to become one of the wealthiest nations in South America. Deeply impoverished Suriname... Читать дальше...
The nationwide average price of gasoline in the United States has risen for three consecutive weeks, gaining 4.3 cents over the past week, to hit $3.62 per gallon on Monday, according to Gasbuddy data. Compared to a month ago, average gasoline prices are up 10.8 cents, but still 1.1 cents per gallon lower than they were this same time a year ago. The average national diesel price declined this week to $4.01 per gallon, some 15 cents below the price level at this same time last year. “As the nationwide... Читать дальше...
Sam Altman and venture capital firm Andreessen Horowitz are betting on solar power and energy storage that can supply a low-carbon future to artificial intelligence data centers. Altman, the face of the AI chatbot boom, has also invested in nuclear power technology to fuel America's powering up with clean, reliable energy. The Wall Street Journal reports that Altman and the private US venture capital firm are among the investors putting $20 million into Exowatt, a company that aims to solve the clean-energy needs of AI data centers. Читать дальше...
