The premium for prompt U.S. crude futures to the second-month contract more than doubled on Tuesday, hitting a high of $1.71 a barrel – its widest level in roughly four months. The structure, known as backwardation, occurs when the front-month contract is at a premium to later-dated contracts and can indicate tightness in the market. …
Prompt U.S. Crude Futures Jump to Steep Premium Over Later-Dated Contracts Read More »
Compensation talks were under way following the expropriation earlier this month of a plant at a major Mexican oil refinery that was sold to France’s Air Liquide several years ago, the company’s chief executive said on Tuesday. Mexico’s energy ministry announced the expropriation of the hydrogen plant at the Tula refinery, owned and operated by …
After Plant Expropriation in Mexico, Air Liquide Says Compensation Talks Under Way Read More »
ExxonMobil has warned it would withhold billions of dollars in climate-related investments in Europe unless Brussels cuts environmental red tape, which the company blames for the “deindustrialisation of the European economy”, the Financial Times reported on Tuesday. Exxon had $20 billion set aside for decarbonisation projects between 2022 and 2027, the newspaper reported, citing an …
Exxon Warns EU That Red Tape Might Push it to Invest Elsewhere, FT Reports Read More »
U.S. energy firm Equitrans Midstream delayed the completion date for its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter of 2024 from the previous estimate of the first quarter. The company also boosted the projected cost to complete the project to around $7.57 billion-$7.63 billion, up from a prior …
Equitrans Delays WV-VA Mountain Valley Natgas Pipe Again, Boosts Cost Read More »
Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter. Western Midstream shares rose 10% to $32.12 in afternoon trading in New York on Tuesday. The divestment would help Occidental, …
Occidental Explores $20 Bln-Plus Sale of Western Midstream Read More »
Courtesy of imgflp The International Energy Agency (IEA) is doing what anyone approaching 50 does: buying a Harley having an identity crisis. Key stakeholders of the global energy watchdog gathered in France this week to honor the organization’s half-century mark. While many celebrated its recent turn towards green energy and sustainability, not all IEA members are thrilled. …
As EV sales climb, more companies are embarking on wireless-charging pilot projects. But hurdles remain before powering up without a plug can go commercial. Bloomberg Someday soon, plug-in cars may no longer need a plug. Electric car drivers would simply pull into a specialized parking space when it’s time to power up, wait for a …
Wireless Charging for Electric Cars Is Inching Closer to Reality Read More »
(Reuters) – Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration’s five-year plan to offer drilling leases in the Gulf of Mexico. The petitions to a U.S. appeals court come four months after the Interior Department unveiled a congressionally-mandated plan for offshore leasing that included just three sales, the …
Oil Industry, Green Groups Challenge Biden Offshore Drilling Plan Read More »
(Reuters) – The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said. The decision will likely be bittersweet for the biofuel industry, which wants to expand …
Biden Administration to Approve E15 Gasoline Expansion Starting in 2025 Read More »
Summary Signs of stronger China demand support sentiment -analyst Beijing cuts mortgage reference rate to bolster property sector Houthis continue to hit shipping in Red Sea (Reuters) – Oil prices edged lower on Tuesday but remained near three-week highs on heightened Middle East tensions and as China showed some signs of economic recovery. Brent futures …
Oil Hovers Near 3-Week High on Middle East Tensions, China Demand Read More »
