President Trump’s newly released 2026 budget proposal aims to slash over $15 billion in federal support for carbon capture and renewable energy programs, signaling a sharp pivot toward fossil fuels and nuclear energy—and away from climate-focused policy. The White House plan, which proposes $163 billion in total cuts to non-defense spending, also scraps $6 billion in funding for electric vehicle (EV) chargers from the 2021 bipartisan infrastructure law. The administration blamed the lack of charger deployment on overregulation and climate…

An increasing number of "zombie" or "phantom" oil tankers—vessels that assume the identities of scrapped ships—have emerged off Venezuela's coast, allowing dark fleet operators to circumvent U.S. trade restrictions on global oil transport.  According to a Bloomberg report, one of these zombie tankers was recently spotted off the waters of Malaysia after a two-month voyage from Venezuela, raising many red flags.  The report describes how dark fleet operators transform tankers into floating zombies:   The vessel raised…

The total number of active drilling rigs for oil and gas in the United States slipped this week, according to new data that Baker Hughes published on Friday, following a 2 rig increase in each of the two weeks prior. The total rig count in the US fell by 3 to 584 rigs, according to Baker Hughes, down 21 from this same time last year. The number of oil rigs fell by 4 to 479—down by 20 compared to this time last year. The number of gas rigs rose by 2 this week, to 101 for a loss of 1 active gas rigs from this time last year. Miscellaneous rigs…

Crude oil futures tumbled over the past week, falling more than 6% as concerns over weakening global demand and a resurgent supply outlook weighed on sentiment.  Friday, May 02, 2025 China, preparing for a week-long lull in trading activity, has nevertheless given the oil markets a much-needed carrot after a month-long stick treatment, saying that Beijing is evaluating a Trump administration proposal to hold negotiations over tariffs. As US-Iran nuclear talks have seemingly hit a temporary impasse, ICE Brent is set to start May trading with…

The OPEC+ members currently participating in voluntary production cuts will meet this Saturday, May 3, instead of Monday, May 5, according to Kpler’s Amena Bakr on X. The call is set for noon Vienna time, with the agenda focused on “consensus building around maintaining the sped-up increment of 411K for June.” Brent crude had slipped nearly 1% by late Friday morning, trading at $61.56. It’s a price level not seen since early 2021—and one that puts most OPEC+ budgets underwater. For producers already grappling with…

Canadian producer Imperial Oil booked a higher net income for the first quarter than a year earlier as industry refining margins improved. Imperial Oil, majority owned by U.S. supermajor ExxonMobil, reported on Friday a net income in the first quarter of US$933 million (C$1.29 billion), up from US$860 million (C$1.19 billion) for the same period of 2024. Net income rose compared to the fourth quarter, too, thanks to improved refining margins, which allowed Imperial Oil to book higher downstream margin capture. Refining margins in North America…

European benchmark natural gas prices rose on Friday amid signals from China that it considers engaging in trade talks with the United States.  A de-escalation of the tensions drove markets higher at the end of the week as traders and analysts weigh the possibility of less disruptive trade and lower impact on the economy. Over the past month, European gas prices have slumped by 20% on warmer spring weather and higher wind and solar output, but also due to concerns that an escalating U.S.-China trade war would hit global demand for commodities,…

Numbers Report – May 02, 2025 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. Asia’s Manufacturing Plunges on Trump Tariffs - In the first month of Donald Trump’s import tariffs, even if temporarily capped at 10% for most, Asian countries have seen an across-the-board contraction in manufacturing…

Politics, Geopolitics & Conflict - The fourth round of indirect nuclear negotiations between the U.S. and Iran, initially scheduled for May 3 in Rome, has been postponed. While Omani officials cited logistical reasons, Iranian authorities say the delay is due to Washington’s imposition of new sanctions targeting oil and petrochemicals during the negotiations, which Tehran has criticized as unconstructive. Things are about to get choppier with respect to these talks, as well, with Trump this week dismissing National Security Adviser Mike…

We’re seeing a fast-moving deterioration in India-Pakistan relations triggered by a high-casualty militant attack in Indian-administered Kashmir on April 22. Indian intelligence is attributing the incident to Pakistan-based elements, citing cross-border movement and recovered ID documents. Pakistan has denied any role and is calling for third-party verification.  On Tuesday, Pakistan said it had credible intel that India was planning a military strike within the next 24-36 hours (a timeframe that did not materialize by the time of writing…

Crude oil futures tumbled over the past week, falling more than 6% as concerns over weakening global demand and a resurgent supply outlook weighed on sentiment. West Texas Intermediate (WTI) briefly hit a low of $56.39 before recovering to $59.24 by Thursday’s close. While dip-buying provided short-term support, the underlying market tone remains distinctly bearish as fundamental pressures intensify. China Demand Slowdown Fuels Bearish Sentiment Fresh economic data from China delivered a major blow to oil bulls. The country's official manufacturing…

There have been reports this week that the Tesla (TSLA) board have initiated a search for a new CEO to replace Elon Musk. The company has denied them, of course, but the chaos around Tesla’s leadership is adding another element of uncertainty to an industry that is already under pressure from tariffs and the threat of a US, or maybe even a global recession. Despite the obvious and oft quoted potential of the market, therefore, investing in American EV specialist stocks right now is a risky thing to do, but Tesla’s problems may create…

Researchers around the world are competing to design and scale next generation solar panels. While current photovoltaic solar panels are generally cost-effective and efficient, the sector is always looking to advance, and find even better ways of converting sunlight into clean energy.  Solar photovoltaics are on track to be the world’s biggest source of renewable energy by 2029, overtaking hydropower. While solar deployment has risen sharply in recent years, buoyed by supportive policy measures and falling costs, solar technology will…

First-quarter earnings at ExxonMobil (NYSE: XOM) topped analyst estimates as higher production in the Permian and offshore Guyana offset part of the lower realizations due to falling oil prices.  Despite the lower earnings compared to a year ago, Exxon expressed confidence that the structural and cost-saving measures of the past few years have prepared it to weather the uncertain market environment.  Exxon reported on Friday first-quarter earnings of $7.7 billion, down from $8.2 billion in the first quarter of 2024. Earnings per share…

Chevron (NYSE: CVX) reported on Friday adjusted earnings for the first quarter in line with analyst estimates as the U.S. supermajor’s downstream business recovered from a loss for the prior quarter. Chevron booked adjusted earnings of $3.8 billion, or $2.18 per share, for the first quarter 2025, down from adjusted earnings of $5.4 billion, or $2.93 per share, for the same period of 2024. Despite the year-over-year slump in profits, the first-quarter EPS was slightly above the $2.16 earnings per share expected by the analyst consensus in…

Indian state-held refiner and fuel retailer Bharat Petroleum Corporation Ltd (BPCL) is in discussions with suppliers to swap a Middle East cargo with liquefied petroleum gas (LPG) with cheaper supply from the United States, the refiner’s head of finance, Vetsa Ramakrishna Gupta, said on Friday. “We are approaching suppliers. We see little bit of opportunity in terms of U.S. LPG. We are expecting a net benefit of $20 to $30 per ton,” Reuters quoted Gupta as telling analysts today.  The U.S.-China trade war has widened the…

Shell (NYSE: SHEL) is launching another $3.5-billion buyback, keeping the pace of its share repurchases, after posting consensus-beating earnings for the first quarter.   Shell reported on Friday adjusted earnings of $5.58 billion for the first quarter of 2025, down by 28% from a year earlier, but higher than the analyst consensus estimate of $5.1 billion.   “Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with…

The U.S. Justice Department is suing the states of New York, Vermont, Michigan, and Hawaii over state climate actions it described as unconstitutional.   The DOJ on Thursday filed complaints against the states of New York and Vermont over their “climate superfund laws.” In separate actions, the Justice Department also filed lawsuits against the states of Hawaii and Michigan to prevent each state from suing fossil fuel companies in state court to seek damages for alleged climate change harms.  Last year, the state of Vermont…

QatarEnergy is in talks with Japanese energy companies over a long-term supply deal for liquefied natural gas from the expanded North Field. According to an exclusive Reuters report that cited unnamed sources, the volume under discussion is a minimum of 3 million tons annually, to be split between several Japanese companies, which include heavyweights JERA and Mitsui & Co. Qatar is already the largest supplier of LNG to resource-scarce Japan. The deal, over the Reuters sources, would strengthen the Gulf state’s dominant position on the…

Crude oil prices staged a rebound earlier today on reports that China had signaled it wants to negotiate with the Trump administration on tariffs. The country’s commerce ministry said it was considering a proposal made by Washington to discuss the tariffs. Even this slim chance of a de-escalation in the tariff war energized oil traders, leading to Brent crude rising to $62.53 per barrel at the time of writing, with West Texas Intermediate at $59.67 per barrel. Despite the rise, both benchmarks are set to end the week lower than they started…