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U.S. Crude Stocks and Gasoline Inventories Rise, Distillate Inventories Fall, EIA Says

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

U.S. crude stocks and gasoline inventories rose while distillate inventories fell in the week ending June 21, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.6 million barrels to 460.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel draw. Crude stocks at the …

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VW Latches Onto Rivian in US$5 billion EV Pact to Catch up to Tesla

Electric Vehicles, Energy Topics & Technology, Latest, US News / By

Deal is a financial lifeline for Rivian as automakers rethink strategies in a slowing EV market Bloomberg News Volkswagen AG is taking another swing in its long struggle to catch up with Tesla Inc., plowing US$5 billion into a tie-up with that company’s closest would-be rival, Rivian Automotive Inc. VW and Rivian are set to jointly develop battery-powered …

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Hedge Funds Rebuild Oil Position After OPEC⁺ Round Trip

CDN and International News, Energy Topics & Technology, Latest, Oil, OPEC / By

By John Kemp (Reuters) – Portfolio investors have rebuilt their position in crude oil after reassurance from Saudi Arabia and its OPEC⁺ allies that any planned future increases in production would be contingent on market conditions. Last week hedge funds and other money managers turned their attention to boosting Brent positions, after a large jump in …

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U.S. Electric Utilities Turn to Batteries to Shift Power from Low-Price to High-Price Periods

Batteries, Energy Storage, Energy Topics & Technology, Latest, US News / By

(Reuters) – Electric utilities in the U.S. are increasingly turning to batteries to shift power from periods of low prices to high-priced ones, according to an analysis from the U.S. Energy Information Administration. The strategy, referred to as arbitrage, involves utilities charging batteries by buying electricity during low-cost periods and then selling that electricity when …

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The Carbon Cleanup Industry Is Growing in Louisiana

Carbon Capture, Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, US News / By

Startup Heirloom announced it will be building facilities to suck carbon from the air in the northwest corner of the state, thanks to a skilled workforce and ideal geology. The Biden administration’s hub to clean carbon from the air in northwest Louisiana is getting company. On Monday, Heirloom Carbon announced that it’s constructing a facility with machines …

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Barclays CEO Says Banks Can’t Go ‘Cold Turkey’ on Oil Clients

Conventional Energy, Energy Topics & Technology, Finance, Latest, LNG, Natural Gas, Oil, US News / By

The chief executive of Barclays Plc characterized as unrealistic growing calls for the finance industry to abandon fossil-fuel clients. Banks “cannot go cold turkey” on the oil and gas industry, Barclays CEO CS Venkatakrishnan told Bloomberg’s Anna Edwards at the Bloomberg Sustainable Finance Forum in London on Tuesday. While Barclays’ is “very much moving from away from” coal and oil, the …

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Lithium Battery Factory Fire in South Korea Kills 22, Mostly Chinese Migrant Workers

Batteries, CDN and International News, Energy Topics & Technology, Latest / By

The fire began after batteries exploded while workers were examining and packaging them Firefighters work to extinguish a fire at a lithium battery factory in Hwaseong on June 24, 2024. PHOTO BY YONHAP / AFP SEOUL, South Korea — A fire likely sparked by exploding lithium batteries swept through a manufacturing factory near South Korea‘s capital on Monday, killing …

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US Oil Refiners’ Weekly Capacity Seen up 68,000 Bpd, IIR Says

Energy Topics & Technology, Latest, Refineries / By

U.S. oil refiners are expected to have about 85,000 barrels per day (bpd) of capacity offline in the week ending June 28, increasing available refining capacity by 68,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 79,000 bpd in the week ending July 5, IIR added. The following …

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U.S. Jet Fuel Output Rises to Pre-COVID Levels as Demand Soars

Air Travel, Energy Topics & Technology, Latest, US News / By

U.S. jet fuel output rises to pre-COVID levels as demand soars June 21, 202412:55 PM Reuters0 Comments U.S. refiners pumped out jet fuel last week at the fastest pace since the pandemic, government data showed, as they look to keep up with forecasts of record air travel this summer. U.S. refiners’ net production of jet fuel …

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U.S. Drillers Cut Oil and Gas Rigs to Jan 2022 Low for Third Week – Baker Hughes

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, US News / By

By Scott DiSavino (Reuters) -U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022 for a third week in a row, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The oil and gas rig count, an early indicator …

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