Energy secretary Miatta Fahnbulleh is holding crunch talks with her American counterpart over Donald Trump’s threat to curb diesel exports to Europe. City AM understands that Fahnbulleh is in direct contact with US energy secretary Chris Wright to discuss a US move to potentially choke off diesel exports to Europe that threatens to upend supply and send prices at the pump soaring, a person familiar with the discussions said. The UK and Europe are being pressured by the Trump administration to tap into their emergency stockpiles of the fuel…

Exports of crude oil from the Middle East hit their highest level in September since the war with Iran began, reinforcing a trend of increased supplies despite Iranian attacks on shipping in the Strait of Hormuz, according to analysis of shipping and commodity market data by industry observers. But while crude levels have risen, the refinery bottleneck that has caused a global spike in diesel prices persists. European Union figures published on October 1 showed diesel pump prices at record levels. Prices have also surged in the United States despite…

Goldman analyst Carly Davenport views Amazon's nuclear power deal with Constellation Energy as "positive for industry broadly" as the "Powering Up America" theme and nuclear theme continue as Big Tech scrambles for the cleanest form of stable power to fuel data centers chip stacks.  Davenport said Constellation Energy's 20-year deal to supply Amazon with 690 megawatts from Maryland's Calvert Cliffs nuclear plant is positive for both the utility and the broader power complex.  Calvert Cliffs has two nuclear reactors, with…

The Bureau of Land Management will offer roughly 35,000 acres in California for oil and gas leasing on December 1, putting 43 parcels in Kern, Kings, Fresno and San Luis Obispo counties on the auction block, the agency said on Thursday. The sale follows BLM decisions in June that allowed federal oil and gas leasing to resume in its Bakersfield and Central Coast planning areas after years of litigation and environmental review. Most federal drilling in California already happens in Kern County. BLM says more than 95% of federal drilling in the state…

Canada is fast-tracking a proposed 1 million-barrel-per-day oil pipeline to the Pacific coast, giving Alberta another route to Asian buyers and another way around its overwhelming dependence on the U.S. market. Prime Minister Mark Carney said Thursday that Ottawa will list the project as one of national interest, sending it through a single federal review process that Ottawa aims to complete by September 1, 2027, potentially allowing construction to begin shortly afterward. The pipeline would run from Alberta to southern British Columbia, largely…

Canada is fast-tracking a proposed 1 million-barrel-per-day oil pipeline to the Pacific coast, giving Alberta another route to Asian buyers and another way around its overwhelming dependence on the U.S. market. Prime Minister Mark Carney said Thursday that Ottawa will list the project as one of national interest, sending it through a single federal review process that Ottawa aims to complete by September 1, 2027, potentially allowing construction to begin shortly afterward. The pipeline would run from Alberta to southern British Columbia, largely…

A company based in the United States just got one step closer to making nuclear fusion a reality. Commonwealth Fusion Systems (CFS), an MIT offshoot, just inked a deal with a Japanese producer of high-temperature superconductors (HTS) in the largest deal of its kind in history. The contract is going to bring the company’s tokamak fusion device a step closer to commercial reality at a pivotal point in the global race to unlock the technology hailed as the holy grail of clean energy. This specialized tape is a critical material for making tokamaks…

Andy Burnham promised to be “pragmatic” about drilling in the North Sea in his conference speech. Those in Aberdeen say there’s not a moment to lose. Bedecked in her obligatory high-vis jacket and surrounded by hardhard-wearing oil and gas workers, Miatta Fanbulleh’s first ministerial trip was a striking piece of political symbolism. Just three days on from being named Andy Burnham’s energy secretary, the former think tank chief had managed achieved something that took her predecessor Ed Miliband more than four months:…

If you only looked at the price of the fuel, you'd think the nuclear trade has never been better. Long-term uranium prices are sitting at $96/lb, an all-time record and up ~12% YTD, taking out the $95/lb high set in mid-2007 at the peak of the last uranium mania (per UxC data compiled by TD Cowen). Spot has followed along to roughly $90/lb, up ~11% YTD. If, however, you looked at anything with a ticker attached to it, you'd think the nuclear renaissance had been quietly cancelled somewhere between the "AI will need infinite power" phase and the…

Oil prices are high not because the world is short on oil but because the trade routes have been severely disrupted, driving up freight and other costs, India’s Oil Minister Hardeep Singh Puri said.   “There's no supply shortage in the world. The world has 104 million barrels of oil a day. It's only that the supply routes are choked and freight charges and others are high, and that's higher prices,” Puri told reporters on the sidelines of an event, as carried by Indian media. Currently, global oil consumption is running below…

Oil prices are high not because the world is short on oil but because the trade routes have been severely disrupted, driving up freight and other costs, India’s Oil Minister Hardeep Singh Puri said.   “There's no supply shortage in the world. The world has 104 million barrels of oil a day. It's only that the supply routes are choked and freight charges and others are high, and that's higher prices,” Puri told reporters on the sidelines of an event, as carried by Indian media. Currently, global oil consumption is running below…

The U.S. Administration has urged Germany and France, Europe’s largest economies that hold a sizeable chunk of the EU’s emergency reserves, to release diesel from emergency stockpiles or face a potential U.S. diesel export ban, sources close to the discussions told Reuters on Thursday. Since crude oil prices jumped again in September to above $100 per barrel and the global fuel markets, especially for diesel, continued to tighten, diesel prices hit record highs in many countries, including in the United States.   The U.S. Administration…

India's power shortfall surged to a three-year high in September as El Niño and industrial electricity demand drove consumption higher. Last month, India's power shortages jumped to 560 million kilowatt-hours (kWh). This was the highest level since August 2023, Reuters calculations of daily data from the regulator Grid-India showed on Thursday. Total electricity generation increased by 11.3% in September from a year earlier to 174.17 billion kWh, according to the data. Coal-fired and renewable energy generation both rose compared to last…

Three oil tankers have been hit by unknown projectiles while transiting the Strait of Hormuz this week, shipping intelligence and security companies say.   Three Liberia-flagged tankers with their transponders switched off were transiting the Strait on Tuesday and Wednesday when they were hit by projectiles, shipping intelligence firm Marisks says, as carried by Reuters on Thursday.  Earlier this week, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, warned it had received three separate…

Iranian oil is disappearing from the market just as its biggest buyer returns for more. China’s recovering crude demand is colliding with the loss of a supplier that sustained its independent refiners through the crisis, forcing them to compete for increasingly expensive alternatives. The consequences reach beyond China: every replacement barrel tightens supplies for other buyers, while Tehran faces a growing incentive to disrupt the Strait of Hormuz, which is now carrying an unexpectedly strong 13 million barrels a day (just 5 million below…

The European Commission has signaled it would delay the entry into effect of its controversial methane regulation amid a persistent gas crunch resulting from the wars in Ukraine and the Middle East. That may not be enough to offset the effects of that crunch—because the regulation is not yet in effect and Europeans are already struggling. “I have instructed my services to look into the possibilities of postponing the import part of the legislation with one year,” Energy Commissioner Fan Jorgensen told Bloomberg this week. “And…

Hundreds of oil executives have flocked to Venezuela’s capital city of Caracas this week for the first major industry event in the country in decades. The Venezuela International Oil & Gas Summit is taking place nine months after the U.S. captured Nicolas Maduro, installed a U.S.-friendly administration, and vowed to open Venezuela’s oil reserves – the world’s biggest – to development by international companies. The sold-out event has attracted executives from international majors, regional companies, and relatively…

The United States Department of Energy (DoE) is offering up $215 million in funding to help domestic firms develop the world’s first reliable quantum computer. The race to unlock quantum computing has heated up as the next-gen technology has arisen as a potential solution to the Pandora's box of energy demand that the AI boom has opened.   The DoE’s Quantum Genesis Q Competition is now accepting proposals on ideas for how to “deploy quantum computers with at least 100 logical qubits that are capable of performing hundreds…

For decades, Africa has lagged the world in energy consumption, accounting for less than 5% of global energy supplies despite being home to a fifth of the world’s population. The continent also accounts for a mere 2% of global manufacturing output, with the majority of African nations exporting raw minerals and agricultural products while importing expensive finished goods. However, Africa now leads the world in a foundational, starter industry considered critical for industrialization: cement production. Indeed, across the continent we’re…

Guyana is starting to see significant profits from its rapidly expanding oil operations, with much more expected to come. Oil was first discovered in the offshore Stabroek Block in 2015, with development commencing soon after, and production starting in December 2019. This has transformed Guyana into South America’s third-largest oil producer, after Brazil and neighbouring Venezuela. Guyana’s oil production could surpass one million bpd by the end of the year, with crude output already exceeding 900,000 bpd, according to Guyana’s…