Oil news

Sweden Rejects New Power Cable to Germany Over Market Inefficiencies

Oil news - Fri, 06/14/2024 - 21:30
In a significant move, the Swedish government has rejected the proposed 700 MW Hansa PowerBridge subsea power connection between Sweden and Germany. Energy Minister Ebba Busch cited inefficiencies in the German electricity market as the primary reason for the decision, emphasizing that connecting southern Sweden—already facing an electricity production deficit—with Germany could lead to higher prices and increased market instability. The Hansa PowerBridge project, a collaboration between grid operators Svenska Kraftnät and Germany’s…
Categories: Oil news

Sweden Rejects New Power Cable to Germany Over Market Inefficiencies

Oil news - Fri, 06/14/2024 - 21:30
In a significant move, the Swedish government has rejected the proposed 700 MW Hansa PowerBridge subsea power connection between Sweden and Germany. Energy Minister Ebba Busch cited inefficiencies in the German electricity market as the primary reason for the decision, emphasizing that connecting southern Sweden—already facing an electricity production deficit—with Germany could lead to higher prices and increased market instability. The Hansa PowerBridge project, a collaboration between grid operators Svenska Kraftnät and Germany’s…
Categories: Oil news

Canada Poised to Reclaim Top Spot as World's Largest Uranium Producer

Oil news - Fri, 06/14/2024 - 21:00
Canada was the world's top uranium producer for years until Kazakhstan dethroned it in 2009. Fast forward to 2022, and Canada held the second spot, pumping out 15% of the global supply. By 2023, Canada became the top uranium supplier to the US, delivering 27% of total deliveries. With uranium prices soaring in the last several years, primarily because of the 'Next AI Trade' theme (laid out for pro subs), Canada's uranium mining boom could lead it to reclaim the top spot.  A new report from Bloomberg highlights that Canada's Saskatchewan province…
Categories: Oil news

U.S. Oil, Gas Drilling Activity Sees Further Declines

Oil news - Fri, 06/14/2024 - 20:09
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 4 to 590 this week, compared to 687 rigs this same time last year. The number of oil rigs fell by 4 again this week, after falling by 4 in the week prior. Oil rigs now stand at 488--down by 64 compared to this time last year. The number of gas rigs stayed the same this week at 98, a loss of 32 active gas rigs from this time last year. Miscellaneous rigs stayed the…
Categories: Oil news

Catan's New Edition Challenges Players with Energy Crisis, Climate Change

Oil news - Fri, 06/14/2024 - 19:30
The classic board game Catan, known for its emphasis on development and resource management, has been reimagined for the 21st century with a new edition that integrates modern energy challenges. "Catan: New Energies" tasks players with balancing fossil fuel production and clean energy development while averting climate catastrophe. In this updated version, players build towns, cities, and roads and must decide between investing in fossil fuels for quicker gains or opting for renewable energy, which is slower but sustainable. The game introduces…
Categories: Oil news

"Bitcoin is Exponential Gold", Says Fidelity's Director Of Global Macro

Oil news - Fri, 06/14/2024 - 19:00
Jurrien Timmer, Fidelity’s Director of Global Macro, recently made a notable statement about Bitcoin, describing it as "exponential gold" and an emerging player on the "store of value" team. Timmer's comments were shared through a series of posts, where he elaborated on Bitcoin's evolving role in the financial ecosystem. In my view, bitcoin is exponential gold and an aspiring player on the store of value team. My work suggests that the price of bitcoin is driven primarily by the growth in its network, which is in turn driven by bitcoin’s…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

European Diesel Market Shows Signs of Tightening

Oil news - Fri, 06/14/2024 - 18:30
Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East.   The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg. This market structure, backwardation, suggests increased immediate demand for a commodity compared to…
Categories: Oil news

Tesla Shareholders Push Back Against ESG Proposals

Oil news - Fri, 06/14/2024 - 18:00
Shareholders also voted against several proposals aimed at improving Tesla’s ESG standards, opting instead to re-incorporate the company in Texas. Tesla chief Elon Musk has won shareholder approval over his controversial 2018 stock option compensation package, potentially worth up to $56bn (£44bn), at Tesla’s annual meeting held at its Texas gigafactory. Shareholders also greenlit Tesla’s decision to re-incorporate in Texas, moving away from Delaware, where Musk’s pay package had previously been rescinded. “Hot…
Categories: Oil news

Fitch: EU Tariffs on China’s EVs Will Not Affect European Market

Oil news - Fri, 06/14/2024 - 17:30
The European Commission’s provisional tariffs on imports of Chinese electric vehicles in the EU are not expected to materially impact the European market, due to the slow uptake of EVs, Fitch Ratings said on Friday. However, a potential Chinese retaliation would be key to the fortunes of European carmakers, especially of the German auto manufacturers, according to the rating agency. Earlier this week, the European Commission announced provisional tariffs on Chinese EVs in Europe, ranging from 17.4% for BYD to 38.1% for…
Categories: Oil news

Fitch: EU Tariffs on China’s EVs Will Not Affect European Market

Oil news - Fri, 06/14/2024 - 17:30
The European Commission’s provisional tariffs on imports of Chinese electric vehicles in the EU are not expected to materially impact the European market, due to the slow uptake of EVs, Fitch Ratings said on Friday. However, a potential Chinese retaliation would be key to the fortunes of European carmakers, especially of the German auto manufacturers, according to the rating agency. Earlier this week, the European Commission announced provisional tariffs on Chinese EVs in Europe, ranging from 17.4% for BYD to 38.1% for…
Categories: Oil news

Fitch: EU Tariffs on China’s EVs Will Not Affect European Market

Oil news - Fri, 06/14/2024 - 17:30
The European Commission’s provisional tariffs on imports of Chinese electric vehicles in the EU are not expected to materially impact the European market, due to the slow uptake of EVs, Fitch Ratings said on Friday. However, a potential Chinese retaliation would be key to the fortunes of European carmakers, especially of the German auto manufacturers, according to the rating agency. Earlier this week, the European Commission announced provisional tariffs on Chinese EVs in Europe, ranging from 17.4% for BYD to 38.1% for…
Categories: Oil news

Debate Rages Over Global Oil Demand

Oil news - Fri, 06/14/2024 - 17:00
Signs that inflation may be easing in the U.S. have given oil markets a bullish hue this week, but uncertainty over demand remains.Friday, June 14, 2024After several weeks of unpredictable see-sawing, oil markets are back to their usual self. The IEA and OPEC are publicly arguing about the future of oil demand, U.S. interest rate cuts are still not happening, and questions remain about the strength of summer gasoline demand. That said, a positive outlook in U.S. inflation data might have helped to tilt the balances slightly in favor of…
Categories: Oil news

Russia’s Oil Product Shipments Jumped by 10.4% in May

Oil news - Fri, 06/14/2024 - 16:00
Russia’s fuel exports by sea increased by 10.4% in May compared to April as Moscow lifted a gasoline export ban and some refineries returned from maintenance, according to Reuters estimates and data from industry sources.  Last month, Russia shipped 9.595 million metric tons of oil products to international markets, as the authorities lifted on May 20 a temporary ban on gasoline exports and as more refineries completed planned seasonal maintenance or emergency repairs after Ukrainian drone hits. Exports via the Black…
Categories: Oil news

Russia’s Oil Product Shipments Jumped by 10.4% in May

Oil news - Fri, 06/14/2024 - 16:00
Russia’s fuel exports by sea increased by 10.4% in May compared to April as Moscow lifted a gasoline export ban and some refineries returned from maintenance, according to Reuters estimates and data from industry sources.  Last month, Russia shipped 9.595 million metric tons of oil products to international markets, as the authorities lifted on May 20 a temporary ban on gasoline exports and as more refineries completed planned seasonal maintenance or emergency repairs after Ukrainian drone hits. Exports via the Black…
Categories: Oil news

OPEC Demand Forecast Boosts Bullish Sentiment in Oil Markets

Oil news - Fri, 06/14/2024 - 15:30
Oil Prices Rise on OPEC Demand Forecast and Easing U.S. Inflation Oil prices are sharply higher as we end the week, driven by an optimistic demand forecast from OPEC and signs of easing U.S. labor market and inflation pressures. These factors have bolstered expectations for potential Federal Reserve rate cuts despite recent cautious statements from Fed officials. Consequently, oil prices have posted a near 3% weekly gain. US Economic Indicators and Federal Reserve Actions The U.S. Labor Department reported a 0.2% drop in the Producer Price Index…
Categories: Oil news

Pages