Nuclear has been a core investment theme since December 2020, followed by the launch of "The Next AI Trade" in April 2024 and the introduction of the "Powering Up America" theme shortly thereafter.  We expanded our nuclear coverage yesterday as Goldman initiated bullish coverage on Uranium Energy Corp. As a reminder, we first flagged Cameco Corp. as a buy around $9 a share; it's now trading above $78.  Goldman's latest nuclear reactor tracker, which charts out global project progress, underscores…

Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday. The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous…

Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday. The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous…

Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico. Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office. Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of…

Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico. Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office. Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of…

India’s state-owned refiners, which paused Russian crude buying a few weeks ago, have now started to inquire traders about potential purchases of the flagship Russian crude Urals, sources familiar with the development told Reuters on Thursday. The biggest Indian state-owned refiners have pulled out of spot purchases of Russian crude for cargoes loading in October, after the U.S. announced an additional 25% tariff on India over its imports of crude from Russia. U.S. President Donald Trump signed an executive order enacting an additional 25%…

India’s state-owned refiners, which paused Russian crude buying a few weeks ago, have now started to inquire traders about potential purchases of the flagship Russian crude Urals, sources familiar with the development told Reuters on Thursday. The biggest Indian state-owned refiners have pulled out of spot purchases of Russian crude for cargoes loading in October, after the U.S. announced an additional 25% tariff on India over its imports of crude from Russia. U.S. President Donald Trump signed an executive order enacting an additional 25%…

Brent crude rose 1.63% to $66.70 and WTI gained 1.74% to $63.74 on Thursday, as of 11:50 a.m. ET, with traders positioning ahead of a closely watched meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska. The talks, expected to touch on Arctic oil and gas development as well as the war in Ukraine, come as markets weigh the potential for new energy cooperation or geopolitical friction between two of the world’s top producers. Traders are watching for any indications of an easing of sanctions, which could…

Chinese state-controlled company Zhenhua Oil is doubling its offtake of crude from Abu Dhabi’s state oil and gas firm after taking over as lead developer of the UAE’s biggest onshore oilfield, industry sources in China told Reuters on Thursday. Zhenhua Oil will double the volumes of crude it receives from Abu Dhabi’s ADNOC from 100,000 barrels per day (bpd) to 200,000 bpd. Earlier this year, the Chinese firm took over from French supermajor TotalEnergies as asset leader for Bu Hasa, ADNOC’s largest onshore asset, located…

Canada’s major oil sands producers are boosting crude production even if they aren’t starting up new projects. The secret sauce appears to be reducing maintenance times and extending maintenance cycles to squeeze more oil and raise efficiencies, Bloomberg reports. Suncor Energy, for example, completed ahead of schedule a multi-year effort to replace eight coke drums at its Base Plant, extending the life of the facility’s Upgrader 1 by about 30 years. “Everything went flawlessly, resulting in the project being completed safely,…

Canada’s major oil sands producers are boosting crude production even if they aren’t starting up new projects. The secret sauce appears to be reducing maintenance times and extending maintenance cycles to squeeze more oil and raise efficiencies, Bloomberg reports. Suncor Energy, for example, completed ahead of schedule a multi-year effort to replace eight coke drums at its Base Plant, extending the life of the facility’s Upgrader 1 by about 30 years. “Everything went flawlessly, resulting in the project being completed safely,…

The Trump administration is poised to introduce new rules that could make it more challenging for renewable energy companies to claim federal tax credits, potentially slowing the development of wind and solar projects across the United States. The Treasury Department is expected to revise the definition of what constitutes "under construction" for these projects, a critical factor for qualifying for subsidies. This action follows a directive from U.S. President Donald Trump, issued in July, to review the existing regulations. The…

Major data center operator Equinix (EQIX.O) has announced a series of agreements to secure advanced nuclear electricity, including power purchase agreements and a pre-order for microreactors, to fuel its data centers. The move comes as the growing energy demands of data centers, driven by technologies like generative artificial intelligence (AI), raise concerns about global power supplies. According to a company statement, the agreements are part of Equinix's long-term strategy to ensure a stable and sustainable electricity supply for its global…

Just two days ahead of a summit with President Vladimir Putin, US President Donald Trump has warned Russia of "very severe consequences" if it doesn't halt its war against Ukraine. Trump gave no details on what consequences Moscow could face if it doesn't put an end to more than 3 1/2 years of war in Ukraine, but he spoke on August 13 shortly after being urged by several European leaders and Ukrainian President Volodymyr Zelenskyy to protect fundamental European and Ukrainian security interests. "The aim is to end the war," he said of what he hopes…

The oil price structure has started to slowly shift as prompt futures premiums are softening compared to later-dated contracts, signaling that the market believes supply would be plentiful as soon as peak summer travel season ends.  The rise in supply from OPEC+ producers, as well as from Latin America and Europe, has eased the backwardation in the oil market in recent weeks, analysts and traders told Reuters on Thursday.   The backwardation structure in oil prices typically occurs when supply is tight, and in it, prices for front-month…

The owner of British Gas, Centrica, has partnered with investment firm Energy Capital Partners LLP to buy the UK’s largest LNG import terminal at the Isle of Grain for an enterprise value of $2 billion (£1.5 billion).  Centrica and Energy Capital Partners are buying the Isle of Grain terminal, known as Grain LNG, from National Grid, the UK energy firm said on Thursday.   Part-owning Grain LNG is in line with Centrica’s strategy of investing in critical energy infrastructure assets, aligned to the energy transition…

The owner of British Gas, Centrica, has partnered with investment firm Energy Capital Partners LLP to buy the UK’s largest LNG import terminal at the Isle of Grain for an enterprise value of $2 billion (£1.5 billion).  Centrica and Energy Capital Partners are buying the Isle of Grain terminal, known as Grain LNG, from National Grid, the UK energy firm said on Thursday.   Part-owning Grain LNG is in line with Centrica’s strategy of investing in critical energy infrastructure assets, aligned to the energy transition…

During earnings season for the first quarter of the year, the message of the U.S. energy industry to the world was “Peak shale is here.” Now, three months later, the message has changed. Now, shale drillers are signaling there is still space to grow, so those expecting a decline after the peak will have to wait a bit longer. “We believe we are at a tipping point for U.S. oil production at current commodity prices,” said Travis Stice, chief executive of Diamondback Energy back in May in a letter to shareholders. “The…

Western governments have recognized the need to intervene and safeguard their existing critical minerals supply chain from extinction in a market heavily dominated by China.   Even more efforts will be needed in the West to establish new manufacturing capacities and ensure that production is at prices higher than those in China.  The U.S., Australia, and the EU have made the first steps to ensuring non-Chinese supply of critical minerals and rare earths—from bailouts in Australia to a direct government investment in companies…

Long-suffering U.S. motorists are set to finally enjoy some reprieve at the pump, with indications that gas prices could decline to multi-year lows. U.S. gasoline prices appear poised to fall below $3 a gallon this summer, a level they last sank to more than four years ago, thanks to surging imports filling inventories at a time when bad weather events are dampening fuel demand. According to AAA data, the national average price of gasoline fell to 3.15 per gallon, the lowest level recorded during summer months over the past four years. Average…