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First Major Windfarm in U.S. Shut After Incident
2 English Oilprice.com

First Major Windfarm in U.S. Shut After Incident

The Vineyard Wind offshore project has been temporarily shut down following a turbine blade failure that resulted in debris washing ashore on Nantucket Island. The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is collaborating with Viney…

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Oil Prices Hold Gains As US Jobs Data Appears to Support Rate Cuts
2 English Oilprice.com

Oil Prices Hold Gains As US Jobs Data Appears to Support Rate Cuts

Oil was trading down slightly on Thursday but largely holding onto its gains from the previous day, which saw the U.S. benchmark rally over 2.9%. American jobs data are feeding cautiously into optimism that the Federal Reserve remains on track for ra…

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Is It Time for National Oil Companies to Renter the M&A Game?
2 English Oilprice.com

Is It Time for National Oil Companies to Renter the M&A Game?

National oil companies (NOCs) have been sitting on the sidelines of the latest merger frenzy in the industry, but the time may be right for these state-owned giants to return to spending on expansion via acquisitions, Wood Mackenzie said in a new rep…

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Utilities Must Adapt, Not Just Respond To Extreme Weather
2 English Oilprice.com

Utilities Must Adapt, Not Just Respond To Extreme Weather

After electricity is restored in Houston, people may ask with respect to future electricity reliability: what’s next? Well, in Houston we would characterize Centerpoint’s response as being more or less typical for a regulated utility. The hurricane d…

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OPEC+ Panel Not Expected to Propose Changes to Oil Output Policy
2 English Oilprice.com

OPEC+ Panel Not Expected to Propose Changes to Oil Output Policy

The Joint Ministerial Monitoring Committee (JMMC), the OPEC+ panel monitoring the oil market, is not expected to recommend in August any changes to the current production policy plan of the group, OPEC+ delegates told Bloomberg on Thursday.    The JM…

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Can the U.S. Avoid an Energy Crisis?
2 English Oilprice.com

Can the U.S. Avoid an Energy Crisis?

Authored by Danny Ervin via RealClearEnergy, I am generally pessimistic about the future of the U.S. due to recent energy policies at the federal and state levels that favor “green” energy technologies, primarily solar and wind. These policies often…

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China’s Surging Commodity Exports Suggest Weak Domestic Demand
2 English Oilprice.com

China’s Surging Commodity Exports Suggest Weak Domestic Demand

China’s copper, diesel, and alumina exports soared in June compared to the same month of 2023, with copper exports surging to a record high as sluggish domestic demand amid weaker-than-expected economic growth is weighing on Chinese commodities consu…

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Russia Discusses Boosting Electricity Exports to China
2 English Oilprice.com

Russia Discusses Boosting Electricity Exports to China

Russia and China are discussing the possibility of Russia increasing its electricity exports to China, but taking into account the growing power demand in Russia’s Far East, the Russian Energy Ministry has said. A Russian-Chinese working group for co…

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Energy Hit Harder by Ransomware Attacks Than Other Sectors
2 English Oilprice.com

Energy Hit Harder by Ransomware Attacks Than Other Sectors

Ransomware attacks on oil and gas companies and utilities have not subsided over the past year despite an overall decline in the number of such attacks globally, cybersecurity firm Sophos said in a new report. Not only has the frequency of attacks on…

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Wildfires Return and Threaten Canada’s Oil Sands Once Again
2 English Oilprice.com

Wildfires Return and Threaten Canada’s Oil Sands Once Again

As many as 47 new wildfires were reported in Alberta over the past 24 hours, as extreme heat and dry weather are currently fanning about 150 wildfires in Canada’s oil-producing province. Fire bans and alerts of severe fire threats are in place for ma…

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JP Morgan Explains Why Oil Prices Could Hit $100 This Year
2 English Oilprice.com

JP Morgan Explains Why Oil Prices Could Hit $100 This Year

WTI crude oil prices could surge to $100 per barrel in the coming year as there are diminished incentives for producers to boost production, according to a note from JP Morgan cited by Forexlive. The investment bank estimates that the equilibrium pri…

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California Launches First U.S. Hydrogen Hub With Federal Funding
2 English Oilprice.com

California Launches First U.S. Hydrogen Hub With Federal Funding

California has just become the first U.S. state to launch a hydrogen hub after the Department of Energy officially awarded federal funding to support clean hydrogen projects in California as part of the Biden Administration’s program to partly financ…

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Seasonal Demand and Production Cuts Drive Oil Rally
2 English Oilprice.com

Seasonal Demand and Production Cuts Drive Oil Rally

Oil bulls have a narrow window for bullish bets as driving season and weather disruptions create a prime opportunity for a market rally. With the driving season in full swing and weather-related production disruptions upon us, now may be the best cha…

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WTI Crude Soars on Tailwinds of Saudi July Export Cuts
2 English Oilprice.com

WTI Crude Soars on Tailwinds of Saudi July Export Cuts

U.S. benchmark West Texas Intermediate (WTI) is up over 2.9%, with Brent up only half that on the day, after the EIA reported a larger-than-expected draw on U.S. crude stockpiles and a weakening U.S. dollar. U.S. crude oil inventories have drawn down…

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Middle East Oil Benefits As China Buys Less African Crude
2 English Oilprice.com

Middle East Oil Benefits As China Buys Less African Crude

China has long been building inroads into Africa, while the U.S. backs down from the region, leaving a gaping hole in the West’s influence over the “final frontier”. Now, however, we’re seeing all that soft power and oil-backed loans fizzle out as va…

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LNG Market Crucial for Energy Security and Decarbonization Plans
2 English Oilprice.com

LNG Market Crucial for Energy Security and Decarbonization Plans

Global liquefied natural gas markets (LNG) are in a prolonged state of flux. The ongoing Russian war in Ukraine has continued to create waves in global energy markets, and the instability has resulted in significant price volatility across markets. W…

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Rio Tinto's Multi-Billion-Dollar Lithium Mine Back on Track in Serbia
2 English Oilprice.com

Rio Tinto’s Multi-Billion-Dollar Lithium Mine Back on Track in Serbia

Serbia’s government has reinstated a spatial plan for a multibillion-dollar lithium mine and processing plant, days after the Balkan state’s Constitutional Court said a previous government acted improperly to halt the project amid public protests. An…

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US Eases Some Venezuela Sanctions, But Not For PdVSA
2 English Oilprice.com

US Eases Some Venezuela Sanctions, But Not For PdVSA

The United States Office of Foreign Assets Control (OFAC) has eased some sanctions on Venezuela but retained sanctions on PdVSA. OFAC has issued a new license allowing certain transactions related to the export or re-export of liquefied petroleum gas…

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The EU Is Facing a Looming Gas Supply Crisis
2 English Oilprice.com

The EU Is Facing a Looming Gas Supply Crisis

The European Union (EU) targets a ban on Russian fuel imports by 2027. However, nearly half of Russia’s pipeline gas supplies to Europe and Moldova are still passing through Ukraine, totaling 13.7 billion cubic meters (Bcm) in 2023. As the EU discuss…

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UAE Considering Building A Second Nuclear Power Plant
2 English Oilprice.com

UAE Considering Building A Second Nuclear Power Plant

The United Arab Emirates is considering building a second nuclear power plant to meet surging electricity demand, a government official has told Reuters.  Home to 10 million people, the UAE commissioned the first unit of the Barakah Nuclear Energy Pl…

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