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Firm seeks to extend life of Indiana facility by three years Power demand spike has complicated utilities’ climate goals Duke Energy Corp. plans to extend the life of its largest coal-fired power plant, pushing aside its climate goal to shutter all facilities that burn the dirty fuel by 2035. The utility said it plans to operate …
Duke Plans to Delay Coal Plant Closing Despite Climate Goals Read More »
Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and …
Exxon Sees $1.6 Billion Earnings Hit From Oil, Refining Margins Read More »
In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is …
The 2024 Disinflation Lesson: Ignore Oil at Your Peril: McGeever Read More »
MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a …
Russia’s Novak Says Market Wary of Oil Supply Cuts Due to Middle East Conflict Read More »
Vladimir Putin’s ambition to triple exports by 2030 looks like a stretch, and that bodes well for Washington. Vladimir Putin’s strategy to expand liquefied natural gas exports hinges on finding buyers willing to circumvent US sanctions. So far, that’s proven a challenge. Key to the Russian president’s plans is the vast Arctic LNG 2 plant, which started …
Russia’s Struggle to Sell Its LNG Is a Double Win for the US Read More »
Oct 3 (Reuters) – Enbridge said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by BP. The pipelines are expected to be operational by 2029 and would cost $700 million, the Canadian firm said. The crude oil …
Enbridge to Build Pipelines to Service BP’s Kaskida Oil Hub Read More »
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s …
OPEC+ Could Cushion Iran Oil Shock But Not Broader Disruption Read More »
The oil industry and markets have had a muted reaction to growing conflict in the Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+ prepares to lift production. The global oil benchmark Brent jumped 5% on Tuesday after Iran, a key producer and member of the …
Plentiful Oil Supply Dampens Industry Reaction to Growing Middle East Conflict Read More »
U.S. crude oil inventories rose last week as refinery utilization rates fell amid weakening fuel demand, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by …
U.S. Crude Oil Inventories Rise as Refining Activity Dips, EIA Says Read More »
Oilfield-service costs for US shale drillers are expected to rebound in 2025, clawing back some of this year’s drop, as explorers expand the hunt for natural gas and extend sideways wells, according to industry consultant Enverus. This year’s reduction in drilling and fracking, combined with the push to max out efficiencies, are seen lowering per-well …
Shale-Production Costs Seen Rising 2.8% in 2025, Enverus Says Read More »
