ExxonMobil is shifting into high gear with its P’nyang gas field in Papua New Guinea (PNG), fast-tracking the project by “years sooner than previously envisaged”. This acceleration comes as the supermajor doubles down on its ambitious plans to expand its LNG portfolio to 40 million tons annually by 2030. The P’nyang field, holding a staggering 4.4 trillion cubic feet of gas, is key to keeping PNG’s LNG industry humming. With groundwork starting as early as April-June 2025, Exxon is advancing its concept select phase…

CME Group Inc., the parent company of COMEX, the leading U.S. exchange for gold and silver futures, will introduce a one-ounce gold futures contract in January. This move comes in response to soaring demand from retail investors, spurred by gold's record-breaking rally this year from $2,000 to $2,630—a respectable 32% gain. Smaller-sized gold products have grown increasingly popular among retail investors seeking exposure to precious metals and greater diversification in their portfolios. Jin Hennig, CME's Global Head of Metals, described…

Via Metal Miner ThyssenKrupp Steel (TKS) recently announced plans to cut up to 11,000 positions. In a blow to the struggling EU steel market, the German steelmaker stated it would also reduce rolled production by an average 23%. “This is the company’s response to the further consolidation of fundamental and structural changes in the European steel market and in key customer and target markets,” the steelmaker said in a November 25 announcement. “Increasingly, overcapacity and the resulting rise in cheap imports, particularly…

If you think LNG is America’s energy darling, think again. Two major Gulf Coast projects—Venture Global's CP2 and Commonwealth LNG—are stuck in limbo as the U.S. Department of Energy (DOE) says its hands are tied until the Federal Energy Regulatory Commission (FERC) finishes environmental reviews. This isn’t just bureaucratic red tape; it’s a tug-of-war between energy expansion and environmental scrutiny. FERC recently yanked Venture Global’s construction go-ahead for CP2, demanding another environmental review.…

If you think LNG is America’s energy darling, think again. Two major Gulf Coast projects—Venture Global's CP2 and Commonwealth LNG—are stuck in limbo as the U.S. Department of Energy (DOE) says its hands are tied until the Federal Energy Regulatory Commission (FERC) finishes environmental reviews. This isn’t just bureaucratic red tape; it’s a tug-of-war between energy expansion and environmental scrutiny. FERC recently yanked Venture Global’s construction go-ahead for CP2, demanding another environmental review.…

President-elect Donald Trump said Russia and Iran are in a "weakened state" and called on Kremlin leader Vladimir Putin to end the nearly three-year war in Ukraine. Trump made the comments in a post on Truth Social on December 8 as Syrian rebels captured Damascus, ending the half-century rule of the Russia- and Iran-backed Assad family. The incoming U.S. president said Russia and Iran couldn't come to the support of Syrian dictator Assad because they were in a "weakened state right now, one because of Ukraine and a bad economy, the other because…

The price of battery packs for electric vehicles has dropped this year by the most since 2017 as oversupply from China and cheaper lithium prices have driven the decline, the annual battery price survey by BNEF showed on Tuesday. The average price of a lithium-ion EV battery pack has declined by 20% annually to $115 per kilowatt-hour (kWh) this year, BNEF’s survey found. A price of $100 per kWh is generally considered by industry observers as the inflection point at which electric vehicles (EVs) would reach price parity with conventional…

The price of battery packs for electric vehicles has dropped this year by the most since 2017 as oversupply from China and cheaper lithium prices have driven the decline, the annual battery price survey by BNEF showed on Tuesday. The average price of a lithium-ion EV battery pack has declined by 20% annually to $115 per kilowatt-hour (kWh) this year, BNEF’s survey found. A price of $100 per kWh is generally considered by industry observers as the inflection point at which electric vehicles (EVs) would reach price parity with conventional…

In is exceptionally difficult to imagine Saudi Arabia’s Crown Prince Mohammed bin Salman and his United Arab Emirates (UAE) counterpart Sheikh Mohammed bin Zayed al Nahyan disdaining to take an urgent telephone call from President Donald Trump, as they did from President Joe Biden at the height on the energy crisis just after Russia had invaded Ukraine in 2022. However, at its 5 December meeting, selected members of the OPEC+ oil cartel decided to delay the rollback of 2.2 million barrels per day (bpd) of oil production cuts (supposedly being…

Just five states produced more than 70% of the record U.S. natural gas marketed output last year, with Texas accounting for over one-fourth, the Energy Information Administration (EIA) said on Tuesday. The U.S. produced a record-breaking 113.1 billion cubic feet per day (Bcf/d) natural gas volumes in 2023. Texas accounted for 28% of all gas production last year, followed by Pennsylvania, Louisiana, West Virginia, and New Mexico, according to the EIA’s Natural Gas Monthly publications. Pennsylvania’s share of U.S. natural gas production…

Just five states produced more than 70% of the record U.S. natural gas marketed output last year, with Texas accounting for over one-fourth, the Energy Information Administration (EIA) said on Tuesday. The U.S. produced a record-breaking 113.1 billion cubic feet per day (Bcf/d) natural gas volumes in 2023. Texas accounted for 28% of all gas production last year, followed by Pennsylvania, Louisiana, West Virginia, and New Mexico, according to the EIA’s Natural Gas Monthly publications. Pennsylvania’s share of U.S. natural gas production…

After enjoying a rare budget surplus in 2022 amid high oil prices, most Gulf Cooperation Council (GCC) economies have seen their budget deficits widen with current oil prices still well below what they require to balance their budgets.  According to the IMF, Saudi Arabia, the GCC’s biggest economy, needs an oil price of $96.20 per barrel to balance its books, more than $20 above current oil prices. The situation is not helped by the fact that over the past two years, the oil-rich nation has borne the lion’s share of OPEC+ production…

As the EU and the UK are looking to reset their post-Brexit relationship, the European Union’s executive arm, the European Commission, has told EU member states not to give the UK greater access to the EU electricity markets, the Financial Times reports, quoting a working paper it has seen. The advice aligns with the EU’s “no cherry-picking” stance regarding trade and market relations with the UK after Britain left the bloc. But it also goes contrary to what industry in both the EU and the UK want. In the document circulated…

Oil prices remain under pressure despite the recent developments in Syria, with oil market fundamentals countering geopolitical uncertainty.- Expectations for a weaker dollar in 2025-2026 are being gradually reconsidered as Donald Trump’s re-election and the prospect of stronger-than-expected US economic performance improved the outlook of the greenback.- Institutional investors have halved their net short dollar positions to just 2 billion in the week to December 3, the least in more than seven years, according to data aggregated by the…

Oil demand in China, the world’s top crude importer, could peak as early as next year as the penetration of electric vehicles and LNG trucks is accelerating, state-owned China National Petroleum Corporation (CNPC) said on Tuesday. At this time last year, CNPC expected a peak in oil demand coming to China by 2030. Now, after a year of EVs and LNG-fueled trucks displacing some gasoline and diesel demand, respectively, the peak in China’s oil demand may occur five years earlier, in 2025, according to a report by CNPC economists carried…

Deepwater oil exploration has been garnering growing attention this year amid reports of successful—and sizable—discoveries offshore Namibia and Guyana. This might be only the beginning of a new trend in oil exploration because the world will continue needing lots of oil for decades to come. “New discoveries can play an important role in the future, delivering affordable energy and bolstering energy security,” Wood Mackenzie analysts pointed out in a recent review of the deepwater exploration sector. They noted the negative…

Europe’s natural gas and power prices are rallying again as the proper heating season begins, adding to concerns that a new energy crisis is brewing. The political turmoil in the top European electricity exporter and second-largest economy, France, certainly is not helping. A prolonged government crisis after the ousting of Prime Minister Michel Barnier last week could result in reduced electricity exports from France to its interconnected markets, including Germany and Italy, Reuters market analyst Gavin Maguire argues. This would be another…

The United States and China moved closer to an all-out trade war as China last week banned export of the key high-tech metals antimony, gallium and germanium to the United States. That was in response to the United States banning exports to China of computer chip-making equipment, software and high-bandwidth memory chips (used for advanced applications). It should come as no surprise that the three metals listed above are all implicated in the production of high-performance chips of the very type the United States won't send to China. Which leads…

A little-known metal called Antimony rallied 300% this year, overtaking gold, silver, and even Bitcoin.  And there is something that the algorithm gods haven’t noticed. You see, Western powers have embarked on a $100 billion spending spree to restock their armories.  Cuise missiles, artillery shells, javelins, bullets, and armored vehicles. They ALL contain antimony, and the worst news is that the U.S. doesn’t produce an ounce of it.  This huge price spike that followed China’s decision to cut antimony supply to…

Confidence in Argentina, and its economy, looks to be picking up steam. So much so that Argentine energy companies are tapping U.S. debt markets, according to Bloomberg. Shale driller Vista Energy raised $600 million in its first foreign bond sale, while Pampa Energia is planning another market return this year amid growing output in Argentina's Vaca Muerta shale. MSU Energy also secured $177 million to refinance debt. It's hard to say that these efforts to access global lenders do anything but underscore Wall Street's growing confidence in President…