SpaceX is seeking approval to build a 32.4-mile natural gas pipeline in Florida that would connect directly to the interstate gas network and supply the company’s expanding launch operations at Cape Canaveral. The proposed 16-inch pipeline would run through Brevard County and connect SpaceX operations directly to the Florida Gas Transmission system, giving the company a dedicated source of natural gas as its launch activity increases. SpaceX subsidiary Coastal Connect Services filed for approval of a tariff with the Florida Public Service…

SpaceX is seeking approval to build a 32.4-mile natural gas pipeline in Florida that would connect directly to the interstate gas network and supply the company’s expanding launch operations at Cape Canaveral. The proposed 16-inch pipeline would run through Brevard County and connect SpaceX operations directly to the Florida Gas Transmission system, giving the company a dedicated source of natural gas as its launch activity increases. SpaceX subsidiary Coastal Connect Services filed for approval of a tariff with the Florida Public Service…

Some ten years after it should have, Europe is finally reaching for the brakes. According to Bloomberg, the European Commission is preparing so-called safeguard measures to limit imports of Chinese hybrid vehicles, most likely via tariff-rate quotas that slap a levy on anything above a set volume. The cap would be time-limited, and Brussels plans to use hybrids as a "test case" which, if successful, could be replicated in other sectors where the bloc is drowning in Chinese imports. Our reaction this morning was short and to the point: The market…

Iraq devalued the dinar by 14.5% on Wednesday, setting the exchange rate at 1,520 per dollar after months of disruption to oil exports through the Strait of Hormuz cut into the government’s main source of revenue. The cabinet adopted the new exchange-rate structure on Tuesday, with the changes taking effect Wednesday. The decision set the Finance Ministry’s purchase rate at 1,500 dinars per dollar and the rate for sales by banks and non-bank financial institutions to end beneficiaries at 1,510 dinars per dollar. Baghdad had been considering…

Iraq devalued the dinar by 14.5% on Wednesday, setting the exchange rate at 1,520 per dollar after months of disruption to oil exports through the Strait of Hormuz cut into the government’s main source of revenue. The cabinet adopted the new exchange-rate structure on Tuesday, with the changes taking effect Wednesday. The decision set the Finance Ministry’s purchase rate at 1,500 dinars per dollar and the rate for sales by banks and non-bank financial institutions to end beneficiaries at 1,510 dinars per dollar. Baghdad had been considering…

Crude oil inventories in the United States saw a decrease of 3.2 million barrels during the week ending October 2, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 424.1 million barrels, according to government data, which is now 1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories had fallen by 2.09 million barrels in…

South Korea plans to invest as much as one quadrillion Korean won, or $747 billion, in renewable energy, EV uptake, and industry decarbonization by 2035 as it looks to address energy security concerns and tightening global carbon regulations.    Senior South Korean officials on Wednesday presented the details of the so-called Korea Green Transformation (K-GX) Strategy through 2035, which includes targeting 100 gigawatts (GW) of renewable energy capacity by 2030, and electric and hydrogen vehicles topping 70% of new vehicle sales…

US Secretary of State Marco Rubio has signaled a renewed American push to strengthen security in the Arctic, warning that US adversaries and competitors are already acting in a region of growing strategic importance. Standing alongside Iceland's foreign minister, Thorgerour Katrin Gunnarsdottir, Rubio, on the first stop of a three-nation tour of NATO allies, cast the strategically located NATO member as a critical link in the defense of North America and Europe. The trip comes as Russia's military and covert capabilities and China's expanding Arctic…

The International Energy Agency (IEA) is holding an informal meeting on Wednesday to discuss the planned release of 100 million barrels of oil and diesel stocks to ease the fuel supply crunch, two EU diplomats told Reuters today. The IEA’s Governing Board, the highest decision-making body of the international agency, is holding the meeting after representatives of EU nations already discussed specifics of the planned oil stocks release earlier on Wednesday, according to Reuters’ sources. Details on the 100-million-barrel release are…

Brent Crude oil prices have held above $100 per barrel for most of the past month despite numerous reports and figures put out in recent weeks by tanker-tracking services and investment banks that crude oil flows from the Strait of Hormuz have recovered, and even exceeded, pre-war levels. But if so much crude is leaving the Middle East again, why do Brent prices continue to hover around the $100 a barrel mark, up from $60 before the war?    The Perfect Storm Because crude oil flows returning to pre-war levels does not mean that the market…

When Iran struck Qatar's Ras Laffan complex in March and knocked out 17% of the country's LNG export capacity, the trade seemed pretty straightforward. Buy the American exporters, sit back and wait for Europe and Asia to come knocking for cargoes that didn't need to sail through the Strait of Hormuz. Cheniere did exactly what everyone expected it to do, shipping more LNG than it did a year ago and raising its 2026 guidance for the second quarter in a row. Nearly seven months into the war, the strait is still a mess. QatarEnergy just extended force…

Following pressure from U.S. President Donald Trump, G7 leaders announced on Friday a coordinated release of 100 million barrels of emergency oil stocks through the IEA, to begin immediately and be completed over four months. Previously, Trump threatened to ban U.S. diesel exports in a bid to lower record-high domestic fuel prices ahead of the November 2026 midterm elections, with diesel prices recently surging to all-time highs amid tight supplies. However, Trump later ruled out the export ban hours after the European leaders agreed to the release.…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.09 million barrels in the week ending Oct 2. In the week prior, US crude oil inventories grew by 1.019 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 38 million barrels over the last 25 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending October 2, another 800,000 barrels left the SPR to…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.09 million barrels in the week ending Oct 2. In the week prior, US crude oil inventories grew by 1.019 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 38 million barrels over the last 25 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending October 2, another 800,000 barrels left the SPR to…

The global energy landscape is undergoing a rapid transformation as the age of electrification takes hold and the runway growth of artificial intelligence introduces new challenges and possibilities for energy production and use, as well as the ways that our power grids operate. As a result, an increasingly complex nexus is emerging at the intersection of digitalisation, artificial intelligence and grid flexibility that could be make-or-break for the future of energy security. The issue is not that we don’t have the technology to keep up…

One of the world’s largest oilfield service providers has refused to get involved in the Sea Lion oil project off the coast of the Falkland Islands, amid a step-up in pressure from the Argentine president on the companies leading the work. Halliburton, in fact, refuses to take part in any oil or gas development around the contested islands. The company’s declaration of non-involvement follows contacts with the Argentine government, Halliburton has said. These contacts, according to the company, featured “questions concerning criminal…

Iraq is building its 2027 budget around $58 oil, a far cry below what the country actually needs to balance its books. The draft budget assumes crude exports of roughly 4 million barrels per day, including Kurdistan, with total spending of 217 trillion dinars, or about $166 billion. Even at those assumptions, lawmakers say the budget would run a deficit of more than 40 trillion dinars. At 4 million bpd and $58 per barrel, Iraq would generate roughly $85 billion in annual gross crude export revenue before accounting for discounts, transport costs…

Centuries ago, the untamed jungles of Venezuela’s Orinoco Basin helped power the myth of El Dorado, a city made entirely of gold. But for the new adventurers staking a claim in the country’s black gold instead, there is no myth involved, but rather the world’s largest crude oil reserves of 303 billion barrels. The latest two firms to sign agreements in this black gold rush are the U.S.’s Halliburton and France’s TotalEnergies, with each having played central roles in the West’s search to replace lost oil and…

For most of modern history, the gold trade worked one way: emerging-market mines dug it up, shipped it out (often as cheap ore, more often through the back door), and London and New York did the rest. But that arrangement is now quietly breaking down. According to a must-read report in Nikkei Asia, countries across Asia are moving to capture more of the value from the gold boom by refining domestically, taxing exports and having their central banks buy local production. Nikkei calls it "a new form of resource nationalism", and one that "could exert…

It was hoped SpaceX’s blockbuster June flotation would add rocket boosters to the global IPO  market. But four months on, momentum has come crashing back down to earth. Wall Street IPOs have slowed considerably since Elon Musk’s $75bn (£56.7bn) listing, damaging what was once expected to be a quarter chock-full of floats. Smart-ring maker Oura was the latest company to stall its listing just last week, while data centre company SB Energy, petrol station empire EG Group and nuclear energy firm Holtec have all also postponed.…