Oil news

Huge Rare Earths Discovery is Gamechanger in Americas Trade War with China

Oil news - 15 hours 57 min ago
At the height of the American war machine’s realization that China controls nearly all of its raw materials, two new developments in Europe now suggest that the West has a fighting chance to secure critical metals for the future: A major discovery in Norway, and a potentially game-changing acquisition in Greenland. In mid-June, Norwegian mining company Rare Earths Norway unveiled one of the largest deposits of rare earth elements in Europe in the Fen Carbonatite Complex in the country’s south. That discovery followed a vote in Norwegian…
Categories: Oil news

Natural Gas Outlook Mixed Amid Volatile European Markets

Oil news - 16 hours 12 min ago
U.S. financial markets remained closed on Wednesday in observance of Juneteenth, a day after news about downbeat U.S. retail sales for May raised concerns about lackluster economic activity. According to the Commerce Department's Census Bureau, retail sales grew just 0.1%, missing expectations for 0.2% growth although inflation-adjusted sales rose 0.4% last month after declining 0.3% in April. The latest report has raised hopes for an interest rate cut in September after the Fed left its benchmark overnight interest rate unchanged…
Categories: Oil news

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

Oil news - 16 hours 27 min ago
The second-largest oil-producing U.S. state, New Mexico, has seen record oil and gas output and revenues in recent years on the back of the booming activity in the Permian, the top U.S. shale field. New Mexico has driven the Permian’s oil production growth over the past two years. For example, two counties in the southeastern corner of the state, Lea and Eddy, accounted for 29% of all crude oil production in the Permian Basin in the first half of 2023, the EIA said last year, citing data from Enverus. As New Mexico’s…
Categories: Oil news

Big Oil and Big Corn Form Alliance to Challenge Pro-EV Policies

Oil news - 17 hours 27 min ago
The oil industry has not historically been a fan of ethanol and biodiesel makers. They're competition in a packed market. But now, the API, refiners, and biofuel producers are uniting in the face of a common enemy: the Biden administration that wants to make the EV revolution happen whatever it takes—including unrealistic fuel efficiency standards. Earlier this month, the American Petroleum Institute filed a lawsuit at the D.C. Circuit Court of Appeals challenging the federal government's new fuel efficiency standards. Those call…
Categories: Oil news

How Hydrogen Will Trade in the Commodity Markets of the Future

Oil news - 18 hours 27 min ago
Transitioning hydrogen from its current deployment – produced from hydrocarbons for local industrial use – into a global green commodity is a huge task. The few projects now reaching FID usually involve unique two-party agreements or guaranteed offtake within development consortiums. The lack of globally accepted standards, and the price risk of long-term contracts, remain major hurdles holding many projects back. That the nascent industry appears stalled, with few green hydrogen projects reaching finance and construction, is largely…
Categories: Oil news

Oil Loses Traction As Traders Focus on Geopolitical Situation

Oil news - Wed, 06/19/2024 - 23:30
After hitting a seven-week high earlier today, oil prices pared some gains as geopolitical reclaimed focus in the second half of the day and following the American Petroleum Institute’s (API) data showing an unexpected rise in U.S. crude stockpiles yesterday.  The Juneteenth federal holiday in the U.S. meant low trading activity for commodities on Wednesday, and markets will have to take an extra day to receive the official U.S. stockpile report from the Energy Information Administration (EIA).  At 3:35 p.m. ET on Wednesday, Brent…
Categories: Oil news

Oil Loses Traction As Traders Focus on Geopolitical Situation

Oil news - Wed, 06/19/2024 - 23:30
After hitting a seven-week high earlier today, oil prices pared some gains as geopolitical reclaimed focus in the second half of the day and following the American Petroleum Institute’s (API) data showing an unexpected rise in U.S. crude stockpiles yesterday.  The Juneteenth federal holiday in the U.S. meant low trading activity for commodities on Wednesday, and markets will have to take an extra day to receive the official U.S. stockpile report from the Energy Information Administration (EIA).  At 3:35 p.m. ET on Wednesday, Brent…
Categories: Oil news

The Contested Island at the Heart of Russian-Chinese Relations

Oil news - Wed, 06/19/2024 - 23:00
Not too long ago, tension over possession of islands in the rivers that form the Russian-Chinese frontier led to armed confrontation. These days the same islands are declared “a place of friendship.” But those feelings of amity may not run deep. Heixiazi, the Chinese half of a divided island at the confluence of the Ussuri and Amur rivers, looks “like Disneyland,” according to Akihiro Iwashita, a Japanese scholar who is an expert on Russia’s border issues with China and Japan. He first visited the island,…
Categories: Oil news

French Senate Wants ‘Golden Share’ In TotalEnergies for National Interest

Oil news - Wed, 06/19/2024 - 22:30
A French Senate report released on Wednesday is calling on the government to scoop up a “golden” share in giant TotalEnergies in an attempt to gain a strategic veto on issues related to climate change and any notion the company may have of relocating to American shores.  A “golden share” is a reference to the French’s government’s legal right to acquire one share in any domestic company for reasons of strategic national interest and then convert that share into a golden share that can veto company actions…
Categories: Oil news

French Senate Wants ‘Golden Share’ In TotalEnergies for National Interest

Oil news - Wed, 06/19/2024 - 22:30
A French Senate report released on Wednesday is calling on the government to scoop up a “golden” share in giant TotalEnergies in an attempt to gain a strategic veto on issues related to climate change and any notion the company may have of relocating to American shores.  A “golden share” is a reference to the French’s government’s legal right to acquire one share in any domestic company for reasons of strategic national interest and then convert that share into a golden share that can veto company actions…
Categories: Oil news

Global Clean Energy Spending Is Set to Exceed $3 Trillion in 2024

Oil news - Wed, 06/19/2024 - 22:00
Recent reports, based on the global clean energy pipeline, suggest that investments in renewables, clean tech, and energy infrastructure are expected to soar this year. This is not surprising given the increase in commitment to a green transition from governments around the globe. Nonetheless, the rate at which investment is growing is perhaps unexpected, as green energy funding rapidly increases to overtake oil and gas.  As investment in fossil fuels has been slowly falling over the last decade, the financing of renewable energy projects,…
Categories: Oil news

How Hungary Could Hinder Ukraine’s Path to EU Membership

Oil news - Wed, 06/19/2024 - 21:00
Everything is set up for Ukraine and Moldova to officially open EU accession talks on June 25 in Luxembourg, with the bloc keen to hold what are known in EU parlance as Intergovernmental Conferences (IGC) to mark the occasion. The European Commission, the executive branch of the EU, presented an oral update on both countries to representatives from the 27 EU member states on June 7 in Brussels. According to the update, later distributed in written form to EU capitals and obtained by RFE/RL, the two countries had completed all the reforms that were…
Categories: Oil news

U.S. Steel Prices Pressured by Influx of Vietnamese Imports

Oil news - Wed, 06/19/2024 - 20:00
Via Metal Miner The Raw Steels Monthly Metals Index (MMI) remained sideways, with a modest 1.33% decline from May to June. As a whole, U.S. flat rolled steel prices appeared bearish, accelerating declines throughout June. HRC prices fell nearly 9%, their most significant month-over-month drop since February. CRC and HDG prices saw respective 6% declines, while plate prices fell 4%.  Bearish Steel Prices Search for New Bottoms Steel prices remain in search of new bottoms as the market appears increasingly soft. As of June 13,…
Categories: Oil news

Nigerian Oilfield Shut Down after Oil Spill

Oil news - Wed, 06/19/2024 - 19:30
Oil production at Nigeria’s OML 29 onshore field has been shut down as a precautionary measure after an oil spill was detected earlier this week, the field’s operator Aiteo Eastern Exploration and Production Company (AEEPCO) said on Wednesday.   “This is a precautionary measure while mobilising additional resources to contain the spill. The cause of the spill is currently undetermined,” the company said in a statement carried by Nigerian daily This Day. “We are proactively engaging with stakeholders…
Categories: Oil news

Nigerian Oilfield Shut Down after Oil Spill

Oil news - Wed, 06/19/2024 - 19:30
Oil production at Nigeria’s OML 29 onshore field has been shut down as a precautionary measure after an oil spill was detected earlier this week, the field’s operator Aiteo Eastern Exploration and Production Company (AEEPCO) said on Wednesday.   “This is a precautionary measure while mobilising additional resources to contain the spill. The cause of the spill is currently undetermined,” the company said in a statement carried by Nigerian daily This Day. “We are proactively engaging with stakeholders…
Categories: Oil news

Nigerian Oilfield Shut Down after Oil Spill

Oil news - Wed, 06/19/2024 - 19:30
Oil production at Nigeria’s OML 29 onshore field has been shut down as a precautionary measure after an oil spill was detected earlier this week, the field’s operator Aiteo Eastern Exploration and Production Company (AEEPCO) said on Wednesday.   “This is a precautionary measure while mobilising additional resources to contain the spill. The cause of the spill is currently undetermined,” the company said in a statement carried by Nigerian daily This Day. “We are proactively engaging with stakeholders…
Categories: Oil news

Senegal Is Betting on Both Fossil Fuels and Renewables for Its Energy Boom

Oil news - Wed, 06/19/2024 - 19:00
This month, Senegal announced it had struck oil at its first offshore project. This is just the latest of several new energy projects that the West African country is developing, with an energy mix that includes both fossil fuels and renewables. Following the recent expansion of its energy industry, Senegal is now catching the eyes of several international energy investors, particularly in China.  In Senegal, around 65 percent of the population has access to electricity, showing there is a long way to go to establishing energy security. Over…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

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