Oil and Gas Are Here To Stay – OilPrice.com
The energy transition has shown signs of losing momentum in recent months: EV sales are slowing, wind and solar capacity additions are not expanding fast enough, and electricity prices are rising instead of falling. Along with these signs, other signs are raising red flags: Despite the pressures on oil and gas, these will be here […]
Fire at Russian Oil Depot After Reported Ukraine Drone Strike
KYIV, Ukraine (AP) — An oil depot in Russia’s southwestern Rostov region caught fire in a Ukrainian drone attack early Saturday, local officials said, the latest long-range offensive by Kiev’s forces into the border region. Ukraine has stepped up air strikes on Russian territory in recent months, targeting refineries and oil terminals in an effort […]
China Caught Using Fuel Tankers to Store Cooking Oil
China’s state-owned Grain Reserve Corp, commonly known as Sinograin, is facing public outrage and a government investigation after a state newspaper revealed it was shipping edible oil in unwashed tankers also used to transport fuel. Sinograin is China’s largest grain storage and transportation company. Beijing News continue An inspection of tanker trucks belonging to Sinograin […]
John Paul Getty III, grandson of billionaire oil tycoon, was kidnapped on this day in history
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Oil Prices Perk Up on Crude Draw – OilPrice.com
Crude oil prices rose today following the release of the U.S. Energy Information Administration. report Inventories fell by 3.4 million barrels in the week ending July 5. This compares with a much larger drop of 12.2 million barrels the previous week. The American Petroleum Institute reported on Tuesday that inventories were estimated to have fallen […]
It Turns Out That Western Sanctions On Russia’s Booming Oil Industry May Be Falling Flat
The West has sought to crack down on Russia’s oil sector through crippling sanctions in response to the country’s invasion of Ukraine, but new data indicates that a key goal of the sanctions is not being achieved, Bloomberg News reported Monday. The price for Russian Ural crude oil deliveries from a major Black Sea port […]
Oil little changed as investors eye impact of storm Beryl on Texas By Reuters – Investing.com
Investing.com — Gold prices edged lower in Asian markets on Monday as traders awaited further clues on U.S. interest rates from testimony by Federal Reserve Chairman Jerome Powell and the release of key inflation measures this week. However, bullion prices remained near one-month highs and looked set to rise back above $2,400 an ounce amid […]
Oil prices muted as markets watch for storm Beryl impact By Investing.com – Investing.com
Investing.com — Oil prices were flat in Asian markets on Monday as traders closely monitored the impact of Tropical Storm Beryl on crude production in the Gulf of Mexico, but also remained focused on further signs of robust summer demand. Oil prices have recorded four straight weeks of big gains on hopes of stronger summer […]
Big Oil to Buy Stakes in UAE's New LNG Project | OilPrice.com – OilPrice.com
International oil and gas giants Shell, BP and Total Energies as well as Japan’s Mitsui & Co. have agreed to buy 10 percent each in a new LNG project in the United Arab Emirates, according to anonymous sources familiar with the plans. Bloomberg on friday. Big oil companies continue to bet on rising demand for […]
Strong Fundamentals Suggest Oil Prices Will Continue to Climb – OilPrice.com
Analysts predict that oil prices are likely to rise further this week, and the rally could continue into the coming weeks. The question on everyone’s mind is: how far will OPEC allow prices to rise before tapering its production cuts? “Strong market fundamentals are propelling oil prices higher this week, on track to rise for […]