Crude oil inventories in the United States fell this week by 3.23 million barrels for the week ending April 19, according to The American Petroleum Institute (API). Analysts had estimated a 1.8 million barrel build for crude oil. For the week prior, the API reported a 4.09 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.8 million barrels as of April 19. Inventories are now at 365.7 million barrels—the highest point…

Crude oil inventories in the United States fell this week by 3.23 million barrels for the week ending April 19, according to The American Petroleum Institute (API). Analysts had estimated a 1.8 million barrel build for crude oil. For the week prior, the API reported a 4.09 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.8 million barrels as of April 19. Inventories are now at 365.7 million barrels—the highest point…

Rystad Energy’s latest data reveals renewable energy installations in India surged to a record 7.1 gigawatts (GW) in March, more than doubling the previous record of 3.5 GW set in March 2022. The increase in installations helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024. The growth was primarily driven by solar installations, up 23% on levels from the 2023 financial year, driven by the commissioning of numerous projects within India's inter-state transmission system network…

Houston-based data provider Enverus reported that the United States saw a record-breaking $51 billion worth of oil and gas deals in the first quarter of the year, with much of the activity centered around the Permian Basin in West Texas and New Mexico. As energy companies seek to expand their drilling inventories, the Permian's reputation for high-quality drilling prospects and relatively low break-even costs of around $64 per barrel continues to attract significant investment. Andrew Dittmar, Enverus Intelligence Research's principal analyst,…

The impending $60 billion aid package for Ukrainian in the United States is not coming a moment too soon. The situation on the front has been so dire for Ukrainian forces in recent weeks that CIA Director William Burns warned that Kyiv could lose the war against Russia by the end of the year if substantial aid was not forthcoming. Over the past few months, as politicians in the U.S. Congress have wrangled over the aid allocation, Russian forces have been attacking at a handful of spots along the 1,000-kilometer front running through eastern and…

The UK economy is uniquely positioned to benefit from the roll out of artificial intelligence. Politicians on all sides should be championing policies that help secure these benefits as soon as possible, Chris Dorrell writes Amid a slew of warnings about slow growth and rising national debt, it was easy to miss that the International Monetary Fund (IMF) had some good news for the UK economy last week. Modelling the potential impact of artificial intelligence (AI) on both UK productivity and output, it suggested that the size of the UK economy could…

Over the weekend, as part of the $95 billion package providing funding for aiding Ukraine, Israel and Taiwan which passed by a vote of 360-58 on Saturday, the US House also passed new sanctions on Iran’s oil sector set to become part of a foreign-aid package, putting the measure on track to pass the Senate within days. The legislation, as Bloomberg reports, would broaden sanctions against Iran to include foreign ports, vessels, and refineries that knowingly process or ship Iranian crude in violation of existing US sanctions. It would also…

Amidst global efforts to phase out coal power by 2040, China's coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China's coal usage, currently the world's largest, will experience a minor reduction in the next two years, followed by a one-third decline by 2040. Despite a surge in renewable energy generation, coal will remain a substantial part of China's energy mix, projected to constitute 25% of its peak consumption by 2050. The country's commitment…

Amidst global efforts to phase out coal power by 2040, China's coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China's coal usage, currently the world's largest, will experience a minor reduction in the next two years, followed by a one-third decline by 2040. Despite a surge in renewable energy generation, coal will remain a substantial part of China's energy mix, projected to constitute 25% of its peak consumption by 2050. The country's commitment…

Tesla is slated to report earnings today and, as FT notes, investors are bracing for the "worst results in 7 years" from the EV manufacturer.  Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020. Expectations for Tesla's 2024 full year earnings are lower than those of 2023. Current forecasts by FactSet…

NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS for the first quarter of 2024 exceeded…

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024, versus a 36.2%…

NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS for the first quarter of 2024 exceeded…

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024, versus a 36.2%…

WTI crude hangs above $80 per barrel as geopolitical risks have eased somewhat, but haven't disappeared altogether. Fuel Oil Is Having Its Sunshine Moment - Fuel oil has risen to prominence as the most improved oil product of late, boosted by higher demand from Asia’s power generation sector as well as limited supply of heavy crudes required to produce it. - The US’ snapback of sanctions against Venezuela and Mexico’s sudden cut to exports of heavy sour grades such as Maya have greatly limited the pool of heavier crudes…

Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday.   The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more than double ADNOC’s LNG…

Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday.   The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more than double ADNOC’s LNG…

The Texas energy grid faced its first high-heat litmus test of the year this month as warming April temperatures placed an early strain on utilities. Earlier this month, the Electric Reliability Council of Texas (ERCOT) had to postpone scheduled maintenance to “to help alleviate potential tight conditions” in order to keep up with energy demand as more residents turned on their air conditioning units. Worryingly, it wasn’t an intense or unprecedented heat wave that placed a stress test on the troubled grid, it was temperatures…

Shares of Portuguese integrated energy operator Galp Energia (OTCPK:GLPEF) (OTCPK:GLPEY) have popped more than 20% in Monday’s early trading session after the company announced that the first phase of its exploration in the Mopane field in offshore Namibia could contain at least 10B barrels of oil. Galp says it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March, with, "significant light oil columns discovered in high-quality reservoir sands." The Mopane field is located in the Orange Basin,…

Since day one of President Joe Biden's term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America's energy and national security with punitive and restrictive measures against fossil fuels.   Yet, during President Biden's tenure, American oil and gas production has hit record highs. But this achievement has come despite Biden's policies, not thanks to them, the industry says.   For his part, the presumptive Republican nominee and former president Donald Trump has pledged…