American shale companies are eyeing the benefits of small nuclear reactors to power their Permian Basin drilling campaigns in order to reduce carbon emissions in a reliable and sustainable manner, Bloomberg reported on Monday.  Among those eyeing small nuclear reactors is the largest independent producer in the region, Diamondback Energy Inc, which Bloomberg reports has already signed a letter of intent for a supply of next-generation nuclear reactors.  The letter of intent was with Oklo Inc, whose CEO, Jacob Dewitte, reportedly told…

American shale companies are eyeing the benefits of small nuclear reactors to power their Permian Basin drilling campaigns in order to reduce carbon emissions in a reliable and sustainable manner, Bloomberg reported on Monday.  Among those eyeing small nuclear reactors is the largest independent producer in the region, Diamondback Energy Inc, which Bloomberg reports has already signed a letter of intent for a supply of next-generation nuclear reactors.  The letter of intent was with Oklo Inc, whose CEO, Jacob Dewitte, reportedly told…

Via Metal Miner Australia’s iron ore industry faces a major challenge, and if the country does not take corrective course action soon, it risks losing its position as the largest exporter of iron ore. This would have a significant impact on the nation’s industry, and its ability to affect the iron ore price. The challenge is the “changing color of steel,” as one expert put it. According to Magnetite Mines Ltd Chief Executive Tim Dobson, future demand will favor iron ore producers capable of efficiently and sustainably purifying…

As tensions escalate in proxy zones in the Israel-Hamas conflict, six people have been killed in a Monday bomb strike that completely leveled the Iranian consulate in Damascus, Syria, with Tehran accusing Israel of being behind the strike. According to Agence France Press (AFP), the air strike hit an Iranian embassy annex building, killing six people. Syrian and Iranian media are attributing the strike to Israel, with a Lebanese security source telling Reuters that a senior commander of Iran’s Revolutionary Guards Corp (IRGC) was killed in…

Many health-conscious people already know that the nutrient value of foods has been dropping since the introduction of industrial agriculture. The causes include loss of nutrient-rich topsoil due to erosion brought on by frequent plowing and therefore loosening of the soil. Farmers also often fail to plant cover crops to hold soil in place when the growing season is over. Another cause is the reduction in the biological diversity and density of the soil brought on both by frequent plowing and by the constant barrage of synthetic chemicals, both…

Lower exports from both Iraq and Nigeria, in combination with continuing voluntary supply cuts have resulted in reduced oil production for OPEC in March, according to a Reuters survey published on Monday. Based on the survey data, OPEC output for March was at 26.42 million barrels per day on average, compared to 50,000 bpd for February.  OPEC+, the expanded cartel including Russia, agreed in early March to prolong voluntary oil output cuts from the first quarter into the second quarter of this year. The initial cuts of 2.2 million barrels…

The recent collapse of the Francis Scott Key Bridge into the Patapsco River on March 26 has caused a temporary halt to all shipping traffic from the Port of Baltimore. A reader recently asked me how this might impact the energy markets. First, the closure should have minimal impact on the transportation of more commonly used petroleum products. Ship tracking data indicates limited activity, with only one shipment of gasoline and three petroleum-related export cargos recorded at the port in 2023. The port receives a modest quantity of refined petroleum…

Argentina and Brazil are discussing the idea to export natural gas from Argentina’s Vaca Muerta shale play to Brazil via pipelines in Bolivia, by potentially reversing the flow northbound to Brazil. Energy companies from the three South American countries have started talks, but progress has been slow and there are a lot of issues to overcome to make such gas flows happen, industry executives and analysts have told Reuters. The idea is to reverse the southbound flow of gas pipelines in Bolivia, which used to carry gas to Argentina. The…

Argentina and Brazil are discussing the idea to export natural gas from Argentina’s Vaca Muerta shale play to Brazil via pipelines in Bolivia, by potentially reversing the flow northbound to Brazil. Energy companies from the three South American countries have started talks, but progress has been slow and there are a lot of issues to overcome to make such gas flows happen, industry executives and analysts have told Reuters. The idea is to reverse the southbound flow of gas pipelines in Bolivia, which used to carry gas to Argentina. The…

Argentina and Brazil are discussing the idea to export natural gas from Argentina’s Vaca Muerta shale play to Brazil via pipelines in Bolivia, by potentially reversing the flow northbound to Brazil. Energy companies from the three South American countries have started talks, but progress has been slow and there are a lot of issues to overcome to make such gas flows happen, industry executives and analysts have told Reuters. The idea is to reverse the southbound flow of gas pipelines in Bolivia, which used to carry gas to Argentina. The…

The Iranian-backed Houthis will attack Saudi Arabia if it continues to allow U.S. warplanes to use its territory for military strikes against the Yemeni rebel group. Having taken control of the Yemeni capital of Sanaa in 2014, the Houthis are now building up their military presence for a push on the country’s principal oil and gas region of Marib. The group has also been stepping up its attacks on oil ships passing through the key transit routes in and around the Red Sea, including the crucial chokepoint of the Bab-el-Mandeb Strait. This…

The federal government of Canada is not interested in investing in any LNG projects or subsidizing such plans, Energy and Natural Resources Minister Jonathan Wilkinson told CTV in an interview aired on Sunday. The Canadian government doesn’t plan to subsidize the electrification of ongoing LNG projects, the federal minister of energy added. “The government is opposed to using government money to fund inefficient fossil fuel subsidies. We’re the first country in the world to actually do that,” Wilkinson told CTV.  …

The federal government of Canada is not interested in investing in any LNG projects or subsidizing such plans, Energy and Natural Resources Minister Jonathan Wilkinson told CTV in an interview aired on Sunday. The Canadian government doesn’t plan to subsidize the electrification of ongoing LNG projects, the federal minister of energy added. “The government is opposed to using government money to fund inefficient fossil fuel subsidies. We’re the first country in the world to actually do that,” Wilkinson told CTV.  …

The federal government of Canada is not interested in investing in any LNG projects or subsidizing such plans, Energy and Natural Resources Minister Jonathan Wilkinson told CTV in an interview aired on Sunday. The Canadian government doesn’t plan to subsidize the electrification of ongoing LNG projects, the federal minister of energy added. “The government is opposed to using government money to fund inefficient fossil fuel subsidies. We’re the first country in the world to actually do that,” Wilkinson told CTV.  …

The United States beat out both Australia and Qatar to become the largest exporter of liquefied natural gas (LNG) in 2023, with an average of 11.9 billion cubic feet per day (Bcf/d) in exports last year, the U.S. Energy Information Administration (EIA) said on Monday. Strong demand in Europe, the return of Freeport to full operations, and high utilization rates helped America raise its LNG exports by 12% annually in 2023 compared to 2022, per data from the EIA’s Natural Gas Monthly. The U.S., with average LNG exports of 11.9 Bcf/d last…

US futures extend their record-breaking meltup following the long weekend (which was to be expected with hedge funds piling into shorts last week, hoping for a reversal), with most European markets still closed and Asian stocks closing lower. As of 7:30am, S&P futures were 0.3% higher, but trading near session lows; Nasdaq futures gained 0.4%. Bond yields are 1-3bp higher with the USD unchanged from its Friday close. Commodities are mixed: oil down and metals are mostly higher this morning as China PMIs beat expectations. While bitcoin suffered…

Turkey’s main opposition party, the secular Republican People’s Party (CHP), dealt a heavy blow to President Recep Tayyip Erdogan in the local elections this weekend, keeping the mayor’s office in Istanbul and Ankara and winning 15 other mayoral offices nationwide.    With 100% reported ballots, CHP won 37.76% of the votes, ahead of Erdogan’s AK Party (AKP), TRT World reports.   Erdogan’s party fared worse than polls had indicated and saw its worst defeat at any election during 20 years of Erdogan's…