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

China's Oil Demand Threatened by LNG Trucks

Oil news - Fri, 06/14/2024 - 15:30
1. IEA Angers Oil Market With 2029 Demand Peak Call - This week has seen a fierce standoff between OPEC and the IEA, with the latter predicting a peak to oil demand in 2029 at 105.6 million b/d, following which consumption would decline amidst higher penetration of EVs and improved fuel efficiency. - From a total spare production capacity of 6.7 million b/d this year, the IEA sees the supply surplus ballooning to 8.2 million b/d, albeit 45% of this increase would come from natural gas liquids, not oil. - OPEC has countered by stating…
Categories: Oil news

Oil and Gas M&A Momentum Continues to Build

Oil news - Fri, 06/14/2024 - 15:30
Deals, Mergers & Acquisitions Matador Resources Company has announced the acquisition of Permian Basin oil and gas properties from Ameredev II Parent, LLC for $1.9 billion. This deal includes a 19% stake in Piñon Midstream and enhances Matador's existing portfolio with high-quality assets in Lea County, New Mexico, and Loving and Winkler Counties, Texas. With this acquisition, Matador's Delaware basin acreage will exceed 190,000 net acres, producing over 180,000 boed with proved reserves surpassing 580 MMboe. The acquisition is strategically…
Categories: Oil news

Is It Time to Get Back Into Energy Stocks?

Oil news - Fri, 06/14/2024 - 15:30
As you are probably aware, and for obvious reasons, when writing here I typically stick to energy markets, writing about either stocks in the sector or the commodities that underly them. That isn’t exactly a hard thing to do. Energy is an interesting sector, not least because it often moves without regard to general stock market sentiment. If oil is rising, stocks in the oil and gas industries will post gains almost whatever the sentiment around stocks in general, or it could be that rising output or some other fundamental influence holds…
Categories: Oil news

Geopolitical Risks Loom Large Over Oil Markets

Oil news - Fri, 06/14/2024 - 15:30
While optimistic inflation data slightly buoyed oil earlier this week, with the Fed indicating one rate cut before the end of this year, and more to follow in 2025 and 2026, a cocktail of global events is just as likely to sway crude prices in the coming weeks.  In a flanking movement, Russia is trying to secure its position off the coast of Libya on the Mediterranean (within easy reach of Italy, and really anywhere in Western Europe), as Russian warships, including one a nuclear-powered sub, arrive in Havana Bay, Cuba, just off the Gulf of…
Categories: Oil news

Egypt Turns to LNG Imports to Counter Blackouts

Oil news - Fri, 06/14/2024 - 15:00
Egypt looks to import in the coming months the highest number of LNG cargoes in years as it looks to ease the strain on its grid and industry amid energy shortages that have led to rolling blackouts this summer. Egyptian Natural Gas Holding Co, the state gas company, is seeking to purchase at least 17 LNG cargoes for delivery over the next three months, traders familiar with the company’s tender to the market told Bloomberg.  Egypt, which aims to become a regional gas hub, has been exporting LNG to Europe from its terminals on the…
Categories: Oil news

Renewables Could Make Japan Energy Independent by 2060

Oil news - Fri, 06/14/2024 - 13:59
Japan could be energy independent by 2060 if it manages to install enough solar and wind power generation plus battery storage, Jarand Rystad, CEO of consultancy Rystad Energy, has told Reuters. “Japan's mindset is that we have to import energy because we have no energy ourselves. But with the development in renewable energy technologies, I think that statement doesn't need to be true,” the head of the firm told Reuters. Japan could become energy independent by 2060 with 45% of energy coming from solar, 30% from wind, especially…
Categories: Oil news

Tesla Shareholders Approve Elon Musk’s $56-Billion Pay Package

Oil news - Fri, 06/14/2024 - 12:46
Tesla’s shareholders overwhelmingly approved on Thursday a 2018 CEO remuneration plan that would give Elon Musk a pay package of up to $56 billion in value. At Tesla’s Annual Stockholders’ Meeting, stockholders approved the ratification of the 2018 CEO Performance Award and the redomestication of the company to Texas, the EV manufacturer said in a statement. Stockholders, as recommended by the board, voted for a Tesla proposal to ratify the 100% performance-based stock option award to Elon Musk that was proposed to and approved…
Categories: Oil news

Trump Vows Reversal of Arctic Drilling Ban If Elected

Oil news - Fri, 06/14/2024 - 11:30
Donald Trump promised Republican Senators this week to reverse a drilling ban for the Alaska Arctic National Wildlife Refuge if he wins the November vote. According to a Bloomberg report, Trump made the promise at a closed-door meeting, saying, per one of those present at the meeting “He opened it up, and Biden closed it down, and he said when we get back we’ll get it back open.” The Biden administration this April finalized a new regulation aimed at restricting drilling in the area with the stated purpose of helping…
Categories: Oil news

U.S. Crude Is Dominating Global Oil Markets

Oil news - Fri, 06/14/2024 - 03:00
A couple of years ago, British oil and gas supermajor BP Plc (NYS:BP) lamented that the North Sea crude price Dated Brent--the company’s most important pricing benchmark--was experiencing “regular dislocations.”Back then, a handful of deep-pocketed traders would sometimes hold as much as 40% of the world’s total crude supply for particular months, allowing them to manipulate the markets. Luckily for global markets, the inclusion of the United States' WTI Midland into the benchmark has made dated Brent…
Categories: Oil news

Europe’s Gas Supply Risks Remain Despite Record Storage Levels

Oil news - Fri, 06/14/2024 - 02:00
Europe’s natural gas prices have jumped by 40% over the past three months despite the EU exiting the winter heating season with a record-high level of gas still in storage. The price move higher during the so-called shoulder season when household gas demand is low was the result of concerns about supply disruptions and an uptick in Asia’s LNG imports due to lower spot prices and heat waves in parts of China as well as India and other Southeast Asian countries. The stronger pull of LNG to Asia has left Europe with fewer imports in the…
Categories: Oil news

Green Hydrogen Hype Gets Dose of Reality

Oil news - Fri, 06/14/2024 - 01:00
Hydrogen, a versatile energy carrier with multiple industrial applications, has been hyped up as a pillar of the energy transition. Green hydrogen, specifically, is being advertised as a must-have for a successful transition. A lot of the talk around hydrogen has been advertising with little actual substance. Now, as hydrogen plans become more specific and actual money rather than pledges is at stake, the reality is reasserting itself—and it was high time it did. “I’m sorry Lord Bamford [JCB’s owner], I love that you have…
Categories: Oil news

Russian Oil is Fueling Geopolitical Fragmentation

Oil news - Fri, 06/14/2024 - 00:00
Russia’s invasion of Ukraine in February 2022 led to severe bans or restrictions on Russian oil from the West. Meanwhile, other nations - including China, India, and Türkiye - opted to deepen trade ties with the country. This graphic from the Hinrich Foundation is the final visualization in a three-part series covering the future of trade. Julia Wendling, via Visual Capitalist, provides visual context to the growing divide among countries shunning Russian oil versus those taking advantage of the excess supply. Which Countries Have Decreased…
Categories: Oil news

U.S. Automakers Race to Offset the Rise in Copper Prices

Oil news - Thu, 06/13/2024 - 23:00
Via Metal Miner The Automotive MMI (Monthly Metals Index) continued to rise month-over-month, this time increasing by 3.04%. Aluminum and platinum prices rose significantly, which pulled the index up and provided significant bullish price action. Meanwhile, copper prices also added some bullish sentiment to the index, though not quite as much as in May. Copper prices continue to be a hot topic of debate, with the recent rally, speculative purchasing and supply concerns causing ample volatility in the global copper market. With this vital metal…
Categories: Oil news

Trump Criticizes Biden's "Crazy" EV Mandate, Pledges Policy Reversal

Oil news - Thu, 06/13/2024 - 22:30
In a recent meeting with House Republicans, former President Donald Trump declared his intention to completely reverse President Joe Biden's electric vehicle (EV) policies if he is re-elected. Trump criticized the current administration's push towards battery-powered cars, describing the mandate as "crazy," according to Idaho Representative Russ Fulcher. He emphasized that, if given the opportunity, he would overturn Biden's EV policies entirely. Trump's remarks, delivered at the Capitol Hill Club, reflect his longstanding opposition to electric…
Categories: Oil news

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