Oil steadied as broad, risk-off sentiment eroded gains boosted by Russia’s ban on gasoline and diesel exports, further tightening an already stressed global fuel market. The measures, designed to stabilize Russia’s domestic fuel prices, will remove supplies from the global diesel market at a time when refineries are struggling to meet demand. So far this year, Russia has been the world’s leading maritime fuel exporter. West Texas Intermediate settled below $90 a barrel, having earlier recovered near $91. In broader markets, investors fled risky assets after the Federal Reserve signaled that borrowing costs were likely to remain higher for longer.…
Author: Automotivedealernews.com
The US Department of Energy (DOE) has opened applications for $400 million in grants to state governments to implement building energy codes that improve efficiency and reduce emissions. “Homes built to today’s energy codes are nearly 40 percent more efficient than homes built just 15 years ago, dramatically reducing energy costs for consumers,” the DOE noted in a recent press release that announced the funding of the formula. “If all states updated to the most recent energy codes, over 30 years, this action would save enough energy to power all US homes for a full year. The change to the…
TotalEnergies SE has committed $300 million in equity investments to form an Indian joint venture (JV) with Adani Green Energy Ltd. (AGEL) which aims for a wind and solar electricity portfolio of 1,050 megawatts of alternating current (MWac) capacity. “This portfolio will consist of a mix of assets already operating (300 MWac), under construction (500 MWac) and under development (250 MWac) with a combination of solar and wind,” a joint press release said on Wednesday . AGEL, the renewables unit of diversified Indian conglomerate Adani Group, will contribute all the assets. “Thanks to this new transaction, TotalEnergies will strengthen its…
The oil price rally has continued apace in September, Standard Chartered analysts noted in a new report sent to Rigzone on Tuesday. In the report, analysts note that this development has come “as physical markets have tightened, following what we estimate was a supply shortfall of 3.0 million barrels per day in August “. “The past seven trading days have seen new year highs for first-month Brent, most recently a 10-month high above $95 a barrel,” the analysts said in the report. “There have been higher intraday highs over the past eight trading days and over 16 of the past…
Equinor Energy AS said the estimated investment costs for its flagship Johan Castberg project have risen by almost $1.2 billion (NOK 13 billion) since last year to $7.38 billion (NOK 80 billion) . However, the start of production is still planned for the fourth quarter, Equinor said in a press release on Tuesday. The main reason for the increase in the investment estimate compared to last year is that the workload transferred to Stord has been more comprehensive and complex than estimated, Equinor said. Offshore operations, drilling and completion costs have also increased due to “market cost developments” and “the…
The normal price of oil is $97 a barrel. That’s what Skandinaviska Enskilda Banken AB (SEB) chief commodity analyst Bjarne Schieldrop said in a new SEB report, which was sent to Rigzone on Tuesday. “Normal in the eyes of most market participants today is $60 per barrel, but that perception is likely based largely on recent market experience,” Schieldrop said in the report. “The average price of Brent crude between 2015 and 2019 was $58.5 a barrel, but it was a boom period in non-OPEC supply, mainly shale oil,” he added. “But the shale oil supply boom is now increasingly…
Exxon Mobil Corp. has launched two new chemical production units at its manufacturing facility in Baytown, Texas, entering a new chemical market with production of linear alpha olefins. The $2 billion expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its US Gulf Coast chemical and refining facilities, the company said in a press release on Tuesday. ExxonMobil’s new linear alpha olefins unit will produce 350,000 tonnes per year of Elevexx brand products, marking ExxonMobil’s entry into the market. Linear alpha olefins are used in plastic packaging, high-performance motor and industrial oils, and other applications, as…
The US effort to prioritize low-carbon energy comes with some bumps and bruises along the way, an indication that the energy industry’s trilemma of availability, reliability and affordability can conflict with economic realities and environmental priorities current, even in a state like California with abundant financial resources. and clean energy resources and a commitment to decarbonisation. In today’s RBN blog, we look at the state’s big goals to phase out fossil fuels, why it’s been forced to put its transition away from natural gas and nuclear power on hold, and some of the biggest challenges for Golden State. As we…
Vital Energy Inc. has entered into three acquisition agreements with subsidiaries of Henry Energy LP and Henry Resources LLC, Tall City Property Holdings III LLC and Maple Energy Holdings LLC that will increase its footprint in the Permian Basin by nearly 53,000 net acres. The three deals have total consideration of approximately $1.165 billion, subject to customary closing price adjustments, Vital said in a recent press release, adding that all transactions are expected to close in the fourth quarter . The combined transactions will add proven reserves of approximately 248 million barrels of oil equivalent that are 44 percent oil,…
Oil’s torrid rally is taking a breather as a smaller-than-expected drop in US crude inventories bolstered technical resistance to further gains. The most active West Texas Intermediate futures fell below $90 a barrel after the Federal Reserve left its benchmark interest rate unchanged while signaling that borrowing costs are likely to remain higher for longer time after another hike this year. Traders fled risk assets, and stocks also fell. “Crude oil prices are lower after the Fed offered a bold jump and upbeat forecasts,” said Ed Moya, senior market analyst at Oanda. “A small fall in inventory and risks that…