Last week, crude oil futures settled at their highest levels in more than two months while energy stocks scored their best week since March 2023 thanks to a cornucopia of catalysts including escalating tensions in the Middle East, a Ukraine drone attack on a Russian oil refinery, production glitches in the U.S., inventory drawdowns that were much… Read more »
In 1943 President Franklin Roosevelt declared that “the defense of Saudi Arabia is vital to the defense of the United States.” The reason: Ten years earlier the desert kingdom had granted a concession to Standard Oil of California to explore for oil. It turned out there was some, in fact, a lot. Roosevelt visited with… Read more »
As Europe continues to grapple with a daunting energy crisis, European energy markets still face a liquidity disaster, with financial institution exposure to fossil fuels and record levels of margin calls sounding the alarm bells. According to Norway’s Equinor ASA (NYSE: EQNR), European energy trading is under severe strain by margin calls of at least $1.5 trillion, putting extra pressure… Read more »
Most of Western Canada’s oil production has been restored, according to the Canada Energy Regulator, but U.S. oil producers haven’t had as much luck. Both countries had to curtail oil production in May due to low oil prices amid the coronavirus pandemic and the oil price war waged by Saudi Arabia and Russia. The Canada… Read more »
Saudi Arabia plans to double its natural gas production over the next ten years, the country’s energy minister told reporters on Wednesday. “When it comes to natural gas, over the next decade we are going to be roughly doubling our production to 23 billion cubic feet per day and substantially increasing the percentage of natural… Read more »
The budget deal that the U.S. Congress reached on Wednesday includes the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) between 2022 and 2027—a total volume equal to some 15 percent of the current reserve. According to the text of the budget deal, carried by Reuters, the agreement—expected to… Read more »
Tesla began manufacturing its solar powered shingles for mass market release, according to CEO Elon Musk’s Tuesday email reported by Bloomberg. Musk introduced the concept to industry leaders and brand fans last year. The shingles are topped with a strong glass that allows light to pass through to specially designed miniature solar panels, allowing homes… Read more »
The American Petroleum Institute (API) reported a staggeringly large draw of 11.19 million barrels of United States crude oil inventories for the week ending January 5, marking six large draws in as many weeks, according to the API data. Analysts, had expected a much smaller drawdown of 3.89 million barrels in crude oil. Last week,… Read more »
China’s government promised on Friday to “deal seriously” with people or companies that may have violated United Nations sanctions by illicitly delivering oil to North Korea. On Wednesday, South Korean newspaper Chosun Ilbo reported that Chinese shipping companies were dodging the UN sanctions on oil sales to North Korea by registering ships in third countries…. Read more »
To offset the decline in its foreign currency reserves, OPEC member Angola—which relies on oil for 90 percent of government revenues—is ditching its currency peg to the U.S. dollar and will allow a more flexible exchange rate regime with the currency trading within a band. Since the oil price crash of 2014, Angola’s economy has… Read more »
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