A liquid natural gas (LNG) tank. Artinun Prekmoung / Eyeem | Eyeem | Getty Images U.S. natural gas futures plunged below $6 per million British thermal units on Thursday, after an inventory report showed a larger-than-expected storage build, sparking fears of an oversupplied market. Henry Hub futures declined 12.5% to $5.68 per million British thermal
Month: June 2022
De Nora was founded in 1923 and specializes in electrode and water treatment technologies. Pavlo Gonchar | Lightrocket | Getty Images The CEO of electrode maker Industrie De Nora says it is “not scared” about the current market turbulence as it braves an IPO this week. The initial public offering was priced at 13.50 euros
This photo taken on October 24, 2021 shows coal being loaded on a cargo ship in Jiujiang, in China’s central Jiangxi province. STR | AFP | Getty Images Russia’s coal shipments to China have been rising even though overall shipments to China have declined, new data from S&P Global Market Intelligence showed. Russian seaborne coal
Esso Australia, a subsidiary of oil and gas supermajor ExxonMobil, has announced that it started a technical tender process for the decommissioning of several of its facilities in Bass Strait. Exxon said that the technical tender would outline approaches to undertaking platform removal activities in Bass Strait. “Technical tender is an important step in preparing for
By Maria Merano Posted on June 28, 2022 Tesla’s mass layoffs reached the Autopilot team in San Mateo. Autopilot workers have started posting the news on LinkedIn. People familiar with the matter told Bloomberg that Tesla laid off about 200 Autopilot workers from its San Mateo office. San Mateo had around 350 employees before the recent layoffs.
A pedestrian uses an umbrella to get some relief from the sun as she walks past a sign displaying the temperature on June 20, 2017 in Phoenix, Arizona. Ralph Freso | Getty Images Summer’s here, and it’s a hot one. Forecasts from the Farmers’ Almanac, the National Oceanic and Atmospheric Administration and The Weather Company
A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters The European Union’s best shot at replacing Russian gas imports this year is likely to miss the mark, analysts predict, exerting further pressure on the region’s economy. The EU plans to replace two-thirds of Russian gas imports by the end
AscentXmedia / Getty Record high inflation and gas prices have many Americans hoping for financial relief. And in California, that’s exactly what approximately 23 million residents stand to get, thanks to the state’s new budget deal, which is slated to give qualifying taxpayers new direct payments. Democratic California Gov. Gavin Newsom and Democratic legislative leaders
Oil rose for a third day as global output threats compound already red-hot markets for physical supplies, while the Group of Seven agreed to look into a price cap for Russian oil. West Texas Intermediate futures rose to trade near $112 on Tuesday. G-7 leaders said they want ministers to urgently examine how prices of
By Maria Merano Posted on June 27, 2022 The Rivian Adventure Network (RAN) launched its first fast chargers in Colorado and the company plans to open sites in California next. The EV automaker plans to open three fast charging sites this week. Customers are just starting to share their experiences with the first Rivian Adventure Network site
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Participants in the G7 summit held in Germany photographed on June 26, 2022. Stefan Rousseau – Pool | Getty Images News | Getty Images G-7 leaders will work with partners to establish a “Climate Club” by the end of this year, according to the communique from their latest meeting. Published Tuesday, the document said leaders
India’s stocks didn’t have a good start in the first half of the year, but stock brokerage Kotak Securities remains bullish on two stocks. Reliance Industries, an energy and telecommunications conglomerate, has been making a lot of small acquisitions and is “very aggressive” in converting companies into digital businesses, said Shrikant Chouhan, executive vice president
Russian President Vladimir Putin makes a toast as he takes part in the XIV BRICS summit in virtual format via a video call, in Moscow on June 23, 2022. Mikhail Metzel | AFP | Getty Images The Group of 7 nations need to brace for a complete shutdown of Russian gas pipelines in the near term,
Guinea-Conakry’s hydrocarbons industry is gathering steam with the tendering of 22 unexplored offshore blocks in its sights. While Senegal’s more established industry has seen over 160 wells drilled since the 1980s, Guinea-Conakry’s first exploration dates to 2012, conducted by U.S firm HyperDynamics, followed by the entry of French oil major TotalEnergies in 2018. Among the
By Maria Merano Posted on June 26, 2022 Stellantis made a €50 million (about $52 million) equity investment in Vulcan recently to increase lithium production for EV manufacturing. Vulcan plans to use the investment for expansion drilling in its Upper Rhine Valley Brine Field (URVBF), where it aims to produce lithium hydroxide. Vulcan’s URVBF already
We need more oil, there is no question about it — crude prices are up because supply can’t keep up with current demand. But we likely won’t get more oil out of U.S. producers anytime soon. As noted in Jim Cramer’s ” Morning Thoughts” and our “Morning Meeting” for Club members, Pioneer Natural Resources (PXD)
In this article @LCO.1 Energy expert Dan Yergin said there are two reasons why oil prices have dropped in the past month despite a market that is still tight: the Fed and Russia’s war in Ukraine. Oil prices had been increasing since last year, spiking to highs after Russia launched an unprovoked war on Ukraine.
In this article XOM Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable energy will cause society to “pay a high price.” The national average price for a gallon of gasoline is currently nearly $5, causing strife for all drivers, according to AAA. In an interview with CNBC’s David Faber, Woods cautioned
Qantas Airways Ltd. slashed domestic flight schedules through to March next year to help offset the rising cost of fuel, a step that’s likely to drive fares even higher. Flying in Australia from July to September will be cut by 15%, more than the airline previously forecast, Qantas said Friday. Some 10% of flights will be scrubbed
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