Oil posted a weekly decline as worries about demand continue to dominate market sentiment even after Saudi Arabia unilaterally promised to cut output. West Texas Intermediate settled near $70 a barrel, closing the week below where it was before Saudi Arabia’s surprise weekend announcement. The commodity was down 2% for the week, even with the wild moves sparked by international headlines. Riyadh’s surprise decision to cut output by about 1 million barrels sparked a short-lived rally that was scaled back by demand fears. Oil briefly fell below $70, losing nearly 5% in less than an hour, according to Middle Eastern…
Author: Automotivedealernews.com
Progressive lawmakers and activists are again pleading with President Joe Biden to declare a climate emergency, citing the thick blanket of smoke from Canadian wildfires that now surrounds the US Capitol and swathes of the East Coast. “As much of the Northeast and our nation’s capital experience the sweltering conditions that have become commonplace in the West, we are faced with another stark reminder that the climate crisis is here.” said Rep. Earl Blumenauer, D-Oregon. “We should treat it like it’s an emergency.” Those sentiments were echoed by Representative Ro Khanna, a California Democrat, who urged Biden on Twitter to…
British trade union Unite recently announced that more than 700 offshore members of Bilfinger UK Limited have accepted a “vastly improved” pay offer. The development ends a pay dispute between workers and the company, Unite said in a statement posted on its website. Unite’s Bilfinger members accepted a further six per cent increase in basic pay on top of a four per cent rise in January 2023, Unite highlighted in the statement, adding that, with other ” increases” made by Bilfinger in November 2022, the increase in basic pay has been increased by up to 19 percent for some members…
The US Energy Information Administration (EIA) raised its average Brent spot price forecast for 2023 and 2024 in its latest Short-Term Energy Outlook (STEO), which was released this week. According to the June STEO, the EIA now expects the Brent spot price to average $79.54 per barrel this year and $83.51 per barrel next year. In its previous STEO, which was released in May, the EIA projected that the Brent spot price would average $78.65 per barrel this year and $74.47 per barrel in 2024. Brent crude averaged $100.94 per barrel in 2022, the EIA’s latest STEO noted. In the…
Global global oil demand for road transport will peak in 2027 as the use of electric vehicles (EVs) increases in the coming years, BloombergNEF (BNEF) said on Thursday. The use of electric vehicles is already displacing demand for 1.5 million barrels per day (bpd) of oil, and that displacement “will increase dramatically in the coming years,” the research firm said in its report annual perspective of electric vehicles. Demand for road fuel has already peaked in the United States and Europe, and is expected to peak in 2024 in China, the report said. Global oil demand from two-wheelers, three-wheelers and…
Despite the scorching heat driving up energy demand as fans and air conditioners fire up, Chinese coal hasn’t been this cheap in more than two years, and it could be even cheaper. Fuel used by power plants fell this week to 772 yuan ($108) a tonne at the port of Qinhuangdou, its lowest level since April 2021. The latest supply figures show domestic production it is up almost 5% on last year, while imports have increased. 90% Indicators, from high inventories to a contraction in manufacturing activity, point to sour demand as China’s economic recovery stalls. The benchmark could reach…
Aker BP has received approval from Norway’s legislature to proceed with development projects in the North Sea that have about 1.07 billion barrels of oil equivalent (Bboe) in combined reserves. The green light paves the way for final approval by the Ministry of Petroleum and Energy of development plans for the Yggdrasil area and the Valhall field extension project, Aker BP said in a statement press monday The independent exploration and production company previously announced a Yggdrasil discovery that brings the area’s reserves to more than 700 million boe (MMboe). Estimated to add 40-90 MMboe, the Ost Frigg Beta/Epsilon exploration…
US production of natural gas liquids and NGL “purity products” continues to rise (aside from occasional hiccups) and domestic demand for the raw materials remains flat, so you know what’s coming, the big most of the incremental production of ethane, LPG and natural gasoline. it goes to the export docks. This is good news, and so is the fact that the midstream sector has the infrastructure in place (or under development) to handle the growing volumes of NGLs that are coming. On today’s RBN blog, we begin a series on the U.S.’s robust and growing networks of NGL pipelines, fractionators,…
Mitsubishi Shipbuilding Co Ltd has signed an agreement for technical studies on technologies that would allow ammonia to be used to power ships. The deal with Winterthur Gas & Diesel AG (WinGD) will test the gas commonly used for fertilizer in “large, low-speed two-stroke marine engines” currently being developed by the Swiss company, Mitsubishi Heavy Industries said Group (MHI) in a press release on Monday. The memorandum of understanding (MOU) was signed on June 2. “The recently concluded MOU reflects the desire of both companies to contribute to the achievement of the International Maritime Organization’s (IMO) decarbonisation target for greenhouse…
Gas South has formed a dedicated customer line with a utility technical service provider, offering Georgia households lower costs for pipe repair and other home energy needs. “After receiving many inquiries from our natural gas customers regarding plumbing installation and other services, we recognized a unique opportunity to partner with Coolray, a trusted local service provider who could provide the additional services they require our customers,” Gas South president and CEO Kevin Greiner said in a joint news release Tuesday. The deal with Coolray Heating & Air Conditioning “marks the first time a natural gas supplier and home utility company…