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Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other. But futures markets are forward-looking and traders appear to be anticipating a much tighter supply situation that would underpin the higher prices and spreads over the next few months. …
Oil Traders Expect Large Inventory Draw in Third Quarter: Kemp Read More »
Tariffs on Chinese imports could make things worse by reducing competition and increasing costs Financial Times Clint and Rachel Wells had reasons to consider buying an electric vehicle when it came to replacing one of their cars. But they had even more reasons to stick with gasoline. The couple live in Normal, Ill., which has enjoyed an …
Why Americans Are Not Buying More Electric Vehicles Read More »
Adnoc is attempting to clinch $12.5 billion Covestro takeover Gulf buyers have faced challenges on large international deals For years, Abu Dhabi’s main oil producer was known as a sleepy state company content to churn out crude from its vast oil fields. But that stodgy reputation is getting a dramatic makeover as it uses a …
Gulf Oil Giant Adnoc With $150 Billion Turns Into Top Dealmaker Read More »
(Reuters) – Spanish oil major Repsol plans to sell a minority interest in its Eagle Ford shale assets in South Texas, in a deal that could value the assets at up to $2 billion, three sources familiar with the talks told Reuters. The sources said Repsol has hired Scotiabank to assist with the process, and aims to …
Repsol Explores Sale of Minority Stake in South Texas Oil Assets – Sources Read More »
Summary Brent 2024 average is forecast at $83.93 a barrel in poll WTI 2024 average is forecast at $79.72 a barrel in poll Prices could spike to $90 depending on summer use, geopolitics (Reuters) – Oil prices will not change much in the second half of 2024 as concerns around demand from China and prospects …
Oil Prices to Stay Steady as China Demand Woes Offset Mideast Risks – Reuters Poll Read More »
(Reuters) – The EU will struggle to meet ambitious goals for rare earths in new legislation designed to boost domestic output of critical minerals and reduce dependence on China. The 17 silvery-white rare earth minerals are not uncommon in the earth’s crust. But deposits that are economically viable are more difficult to find, and the real rarity …
The Complexity of Transforming Rare Earths From Mine to Magnet Read More »
The consolidation wave in the U.S. energy sector that triggered $250 billion worth of deals in 2023 has stretched into this year, as companies look for opportunities to deploy their cash hoard and boost their oil and gas reserves. The total value of deals in January and February hit the highest level since the first …
U.S. Energy Sector Deals Accelerate in Quest for Reserves Read More »
By Irina Slav More From Irina Slav In February this year, Barclays announced it would stop direct financing for “energy clients, for upstream oil and gas expansion projects or related infrastructure.” The bank followed a massively popular trend in the industry of boosting support for transition-related businesses at the expense of traditional energy because traditional energy …
SM Energy said on Thursday it had agreed to buy some shale assets of oil and gas producer XCL Resources for about $2 billion, extending its footprint in the Uinta region in Utah. Northern Oil and Gas will also buy 20% of the oil and gas assets of EnCap Investments-backed XCL for $510 million, resulting …
SM Energy Buys XCL Resources’ Shale Assets for $2 Bln Read More »
The Texas power-grid operator forecast on Wednesday that electricity use will break peak-demand records for June and July over the next week as homes and businesses crank up air conditioners to escape a heat wave. In response to that demand spike, spot power and natural gas prices jumped to their highest levels since earlier this …
Texas Power Demand to Break June, July Records in Heat Wave, Grid Operator Says Read More »
