Oil prices dropped on Tuesday to their lowest point in five weeks, driven by a wave of algorithmic selling. The U.S. benchmark WTI has now dipped as much as 1.6% to a level that is dangerously close to $77 per barrel. The decline follows the surpassing of key technical levels, namely the 50-day and 100-day moving averages, which typically serve as support thresholds. The market's current low liquidity during the summer months has further amplified this downturn. The Brent crude benchmark fell 1.27% by 2pm ET, to $81.13 per barrel. The drop in prices…

Oil prices dropped on Tuesday to their lowest point in five weeks, driven by a wave of algorithmic selling. The U.S. benchmark WTI has now dipped as much as 1.6% to a level that is dangerously close to $77 per barrel. The decline follows the surpassing of key technical levels, namely the 50-day and 100-day moving averages, which typically serve as support thresholds. The market's current low liquidity during the summer months has further amplified this downturn. The Brent crude benchmark fell 1.27% by 2pm ET, to $81.13 per barrel. The drop in prices…

It seems all the fears expressed by Indian steelmakers (and policymakers) are coming true. There just seems to be no stopping the flood of cheap steel imports into domestic markets, a problem that continues to cause great agony for Indian steel manufacturing leaders.  India became a net importer of steel in the first quarter of FY25 (April to June), with steel imports exceeding exports by approximately 0.6 million tons (MT). The export of finished steel from India consistently declined throughout the first three months of the fiscal year due…

Zambia is attracting the attention of the world’s energy and mining companies as it shows significant potential for critical mineral extraction. Innovative technologies have helped uncover massive deposits of copper in Zambia, which could help massively expand the country’s mining industry over the next decade. This discovery could help provide the resources needed for the massive clean tech pipeline and make Zambia a critical minerals hub for years to come.  The digital exploration company KoBold Metals has spent several years…

Shares of the German sportscar maker Porsche slid on Tuesday after the company slashed its full-year revenue forecast. The automaker warned that a snarled supply chain involving aluminum parts from a supplier could limit or even halt production of specific models.  Porsche now forecasts a return on sales between 14% and 15% for the year, down from its previous estimate of around 15% to 17%. The company faces a slowdown in sales in the Chinese market, driving global deliveries down 7% in the first half of the year. The company…

A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asian demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of Forties, one of the grades underpinning Dated Brent, was sold last week to South Korean refiner GS Caltex Corporation at a price that was $3.50-$4.00 a barrel below the North Sea spot price, traders with knowledge of the deal told Bloomberg on…

A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asian demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of Forties, one of the grades underpinning Dated Brent, was sold last week to South Korean refiner GS Caltex Corporation at a price that was $3.50-$4.00 a barrel below the North Sea spot price, traders with knowledge of the deal told Bloomberg on…

A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asian demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of Forties, one of the grades underpinning Dated Brent, was sold last week to South Korean refiner GS Caltex Corporation at a price that was $3.50-$4.00 a barrel below the North Sea spot price, traders with knowledge of the deal told Bloomberg on…

Soaring shale production, expanded pipeline networks in the U.S. Gulf Coast, and rising exports of American crude has made the U.S. benchmark crude price, WTI, a force to be reckoned with in the global oil market. The discount of WTI Crude to the international benchmark Brent Crude has dropped from nearly $20 per barrel in the early 2010s to below $3 a barrel today.    Before the U.S. allowed in 2015 crude oil exports to international markets other than Canada, soaring American production during the first shale revolution…

Despite cutting off most European customers from its pipeline natural gas supply, Russia still sends nearly the same volumes of gas to Europe via pipelines as it does to its key new energy market China, according to Bloomberg calculations based on gas flows. Russia’s gas giant Gazprom still exports natural gas via pipelines to Europe, via a link crossing Ukraine, and through the TurkStream pipeline. The customers are several countries in central Europe. Russia has seen its gas exports to Europe significantly reduced since the invasion…

Despite cutting off most European customers from its pipeline natural gas supply, Russia still sends nearly the same volumes of gas to Europe via pipelines as it does to its key new energy market China, according to Bloomberg calculations based on gas flows. Russia’s gas giant Gazprom still exports natural gas via pipelines to Europe, via a link crossing Ukraine, and through the TurkStream pipeline. The customers are several countries in central Europe. Russia has seen its gas exports to Europe significantly reduced since the invasion…

Oil prices have been in decline this week despite rising geopolitical risks, with markets seeming to be focused primarily on Joe Biden's decision to drop out of the presidential race. - The Asian oil market witnessed a much-needed recovery in trading after the region’s main benchmark grade Dubai weakened so much against Brent and WTI that arbitrage flows from other continents became hardly workable.- Following an extremely disappointing June performance, China’s state-owned oil companies Unipec and PetroChina have boosted spot…

The U.S. stock market is enjoying another banner year with five sectors boasting double-digit returns in the year-to-date. The S&P 500 Energy Sector has returned 10.4% YTD, below the S&P 500 average return at 15.4% but still the 5th best showing among 11 U.S. market sectors. It’s becoming increasingly clear that investors should not write off oil and gas stocks despite the ongoing clean energy transition. Indeed, under most key metrics, the U.S. oil and gas industry has flourished under the Biden administration…

The Czech government (which controls power company CEZ) has chosen South Korea’s Korea Hydro and Nuclear Power (KHNP) to build up to four new gigawatt-scale reactors at the country's two existing nuclear sites, Dukovany and Temelin. KHNP beat out competitors EDF (France) and Westinghouse (USA). This announcement was interesting for several reasons. First, there are very few open competitions or “beauty contests” for new reactor projects of this scope. The reason is simple. The Chinese, for example, rely on their own domestic companies…

The energy transition would need a major change in the mentality of stock market investors to succeed. Investors’ focus on relatively fast returns and immediate financial performance right now makes them reluctant to invest in transition companies. And this could become the death knell of that transition. “Public markets are probably the cheapest cost of capital,” KKR partner and co-head of climate, Emmanuel Lagarrique, told Bloomberg recently. “But at the same time, they have volatility and very short memories,…

We have previously noted the early indicators of the sun's upcoming 11-year solar cycle. Currently, Solar Cycle 25 is at its peak, known as the 'solar maximum,' characterized by intense solar activity such as sunspots, flares, and coronal mass ejections. This results in a significant surge in electromagnetic energy hurtling towards Earth, and now new data shows Washington, DC, is the most vulnerable US city to space weather. The Royal Astronomical Society reports that researchers at the British Geological Survey (BGS) found that Washington, DC,…

Former OPEC member Indonesia is looking to buy Russian crude for the first time in more than a decade according to anonymous sources that spoke with Reuters. Indonesia’s Pertamina hasn’t bought any crude oil from Russia following its invasion of Ukraine in February 2022 but has now added Sokol and Urals grade crude oil to its tender list for purchase in September 2024. According to Reuters, the last time that the Indonesian oil company bought Sokol crude was more than 10 years ago.Whether Indonesia joins China and India as buyers of…

Via Metal Miner The Renewable MMI (Monthly Metals Index) slowed in terms of bearish price action, moving sideways and dropping 2.66%. Meanwhile, cobalt prices suffered another huge price drop, mainly due to weak demand and oversupply pulling the index down more than up. According to renewable energy news sources, the market could experience more metal price volatility due to several factors. Steel plate prices dropped in the past month amid somewhat weak demand. This could work in the favor of wind turbine projects purchasing steel plate. On the…

Freeport LNG has resumed shipments of liquified natural gas (LNG) two weeks after Beryl hit the Texas coast, with processing on track to reach about half its capacity on Monday.  According to LSEG data cited by Reuters, the amount of gas flowing to the 2.1-billion cubic feet per day (bcfd) facility was on track to hit ~1.0 bcfd on Monday after averaging 0.8 bcfd on Sunday. Freeport has had a slow operational restart ever since it shut its three liquefaction trains on July 7.  Last week, unnamed trading sources told Bloomberg…

Freeport LNG has resumed shipments of liquified natural gas (LNG) two weeks after Beryl hit the Texas coast, with processing on track to reach about half its capacity on Monday.  According to LSEG data cited by Reuters, the amount of gas flowing to the 2.1-billion cubic feet per day (bcfd) facility was on track to hit ~1.0 bcfd on Monday after averaging 0.8 bcfd on Sunday. Freeport has had a slow operational restart ever since it shut its three liquefaction trains on July 7.  Last week, unnamed trading sources told Bloomberg…