BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
Commodities trader BB Energy lays some Houston traders off in major reorganization
Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made changes in order to focus its efforts on its most profitable core business while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
UBS raises copper outlook as mine disruptions deepen supply deficits
UBS said that it expects the copper price to increase into next year. The bank cited tightening supplies due to mine disruptions, and a strong demand for clean energy and electrification. UBS's updated projections show that its March 2026 forecast price was increased by $750 to $11,500 per metric ton. It also raised its targets for June and September 2026 by $1,000 each to $12,000 and $12,500 respectively. A new target of $13,000 a ton per month has been introduced in December 2026. UBS has also increased its forecasts for market deficits…
U.S. Companies hold their line in climate talks despite Trump
Despite the U.S. Government's deterioration on climate change ahead of the COP30 Summit, American companies didn't shy away. According to an analysis of the attendance lists, there were 60 Fortune 100 representatives at this year's event in Brazil, as opposed to 50 last year at Baku, Azerbaijan. Others attended pre-conferences in Brazil's financial hub Sao Paulo, and Rio de Janeiro. On a U.N. provisional list of summit attendees, Microsoft, Google, Occidental Petroleum and General Motors were all represented. We have seen no change in the level of engagement by U.S.
Siemens Energy gives investors $11.5 Billion as the power market booms
S iemens Energy announced on Thursday that it will return up to 10 billion euro ($11.5 billion), to its shareholders by the year 2028, on the backs of booming demand in power infrastructure equipment. This has boosted the company's shares to a new record high. Siemens Energy announced that up to 6 billion euro would be spent on a share-buyback program, while the remainder will go towards dividends. This announcement was made as part of an event celebrating the U.S. Capital Markets Day.
Trump Administration proposes to relax rules protecting endangered species
The Trump administration proposed on Wednesday four new regulations that would rollback Biden's era regulations that strengthened the protections for endangered animals. This move aligns with President Donald Trump’s efforts to reduce what he calls burdensome federal regulations on businesses. Conservation groups warned that the changes could threaten the survival of endangered species, including Florida manatees and monarch butterflies. The Endangered species Act is an important regulatory consideration when agencies decide whether to issue permits for oil and natural gas…
Trump administration could delay biofuel credit cuts as refiners balk
According to sources familiar with this matter, the Trump administration may delay for one or even two years the proposed cut in incentives for biofuels imported from the United States. This is due to pressure by U.S. refining companies who claim that the move would increase costs and reduce fuel supplies. The current delay could be welcomed by domestic oil refiners who have invested in bio-based diesel, but it would frustrate U.S. biofuel and agricultural producers. The Environmental Protection Agency's proposal to reduce the value of renewable fuel credit given by the U.S.
Sources say that Total and Chevron are leading the race to purchase Galp's Namibian oil discovery.
LISBON/PARIS/CAPE TOWN - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane's Namibian discovery. After a series of high-profile oil discoveries, oil companies are flocking to Namibia. The country has no hydrocarbons and could be a top-15 producer in the next decade. Mopane's estimated resources are at least 10 billion bbls. Galp hopes to announce the winner by year end. TotalEnergies & Chevron have declined to comment.
US and Saudi announce new business deals during investment forum
Saudi Arabian and U.S. officials highlighted billions of dollars in new investments on Wednesday, coinciding the Saudi Arabian Crown prince Mohammed bin Salman’s Washington visit. According to the program for the event, the CEOs of Chevron and Qualcomm as well as General Dynamics, Cisco, General Dynamics, Pfizer, and Alphabet's Google will attend the U.S. Saudi Investment Forum in Washington. Also attending are senior executives from IBM and Andreessen Horowitz as well as Boeing, Halliburton Adobe, Aramco State Street, and Parsons Corp.
Sources say that TotalEnergies and Chevron are leading the race to purchase stakes in Mopane, owned by Galp, in Namibia.
LISBON/PARIS - Four sources have confirmed that TotalEnergies, Chevron and other oil majors are the frontrunners for a 40% stake in Galp Mopane in Namibia. Galp said that it would announce the winner of Mopane's estimated resources by year-end. Namibia has attracted international oil companies, despite the fact that it does not produce hydrocarbons, following a series of high-profile finds beginning in 2022, indicating the country's potential to be among the top 15 oil producers by 2035. This is according to NAMCOR, the state-owned oil company in Namibia.
Saudi Crown Prince tries to improve image of Saudi Arabia with top corporate executives
WASHINGTON, November 19 - Saudi Arabian crown prince Mohammed bin Salman, who was reintroduced to Washington by President Donald Trump with a glowing White House endorsement, will rub shoulders on Wednesday with some of the most powerful corporate executives in America. According to the program for the event, the CEOs of Chevron and Qualcomm will attend, along with senior executives from IBM and Alphabet's Google. Also attending are Boeing, Halliburton Adobe, Aramco State Street, Parsons Corp., and Salesforce.
Elon Musk, Jensen Huang to talk AI at US-Saudi investment forum
According to a document that was seen by us, Elon Musk of Tesla and Jensen Huang of Nvidia will be taking part in a panel discussion about artificial intelligence and technology on Wednesday at the U.S. Saudi Arabia Investment Forum in Washington. The document stated that "This conversation will examine the emerging forces shaping a new wave of technological advancement, highlighting architectures, models and investments driving a more interconnected and intelligent future." The event…
Environmentalists sue Gulf of Mexico Oil Auction to Stop it
On Tuesday, environmental groups sued the Trump Administration for its decision to proceed with the planned December 10, offshore oil and natural gas lease sale that covered 80 million acres (32 millions hectares) of the Gulf of Mexico. Why it's Important The lawsuit filed in U.S. District Court for the District of Columbia challenges a large sale that is aligned with President Donald Trump’s policy of maximising domestic oil and natural gas development. This is just the latest of a series of recent lawsuits over offshore drilling which have resulted in victories for environmentalists.
China finds bigger role as US sidesteps Brazil climate summit
China has stepped into the spotlight as a leader of the global warming fight, with the United States missing the U.N.'s annual climate summit in New York for the first three decades. The country's pavilion dominates the entrance of the sprawling COP30 grounds in Brazil’s Amazonian city of Belem. Executives from its largest clean energy companies present their visions of a greener future in English to large audiences, while its diplomats work behind the scenes to facilitate constructive discussions. Washington used to play these roles. Now, they are played by Beijing.
Wall St hedge funds reduced megacaps in the third quarter
According to the most recent quarterly disclosures, Wall Street's biggest hedge funds have reduced their exposure to certain Magnificent Seven companies, such as Nvidia and Alphabet, and placed new bets on sectors like application software, ecommerce, and payments. The following are some key positions changes made by the funds. Bridgewater Associates outperformed its peers in the first nine-month period of the year, and it slashed the stakes in Nvidia to nearly two thirds, or 2.5 million shares, as well as Alphabet to more than half, or 2.65 million.
Enbridge Approves $1.4b Project to Expand Canadian Crude Pipelines into US
Canadian pipeline operator Enbridge on Friday approved a $1.4 billion expansion of its Mainline and Flanagan South pipelines, adding new capacity for Canadian heavy crude into the U.S. Midwest and Gulf Coast.The project adds additional takeaway capacity for Canadian crude and broadens access to U.S. refineries, improving the flow of oil sands to major export outlets.This comes as Enbridge balances liquids growth with its push into natural gas utilities and low-carbon fuels.Enbridge said Mainline Optimization Phase 1 (MLO1) will add 150…
Enel ups guidance on 2025 net income, plans data centres
Enel, Italy's largest utility company, increased its guidance for full-year net earnings after reporting nine-month results that were marginally higher than market expectations. The average analyst estimate of 17.17 billion euro was surpassed by the actual EBITDA, which came to 17.26 billion dollars. The ordinary net income for the first half of this year was 5.7 billion euro, slightly higher than the analyst's expectations and 4.5% more than the same period last year. The company expects…
New Fortress Energy delays quarterly filings amid debt restructuring discussions
New Fortress Energy, a U.S. company that deals in liquefied gas, has asked for more time to submit its third-quarter financial results. The company is negotiating a debt restructuring due to an upcoming interest repayment. The company has been delaying its quarterly filings all year and said that the outcome of these talks could impact what it discloses for the three-month period ending September 30. New Fortress stated that it would evaluate how possible defaults under their debt agreements could impact its cash position, if the extension was not granted.
UBS: Data centres will drive the energy storage boom cycle in the next five years
UBS Securities predicts that the growth of AI-driven data centres in the U.S. will drive a "boom" cycle for energy storage over the next five year as it is necessary to balance out the fluctuations in wind and solar power generation. Yan Yishu, an analyst at UBS Securities in Hong Kong, told the media on Wednesday that global energy storage demand is expected to increase by 40% year-on-year globally in 2026. The demand for AI data centers in the U.S. has been very strong, but the main bottleneck is electricity. The only segment of the U.S.
Occidental Petroleum predicts flat production and lower spending in 2026
Occidental Petroleum, an oil and gas company, said Tuesday that it expects a flat growth in production and lower spending than the current year levels by 2026 as crude prices fall. The U.S. shale oil producers are coping with a global oil crisis, as prices remain in the $60 per barrel range. This is due to OPEC+ production increases and a slowing of global demand. Benchmark Brent crude prices have fallen by about 12.7% this year. Sunil Mathew, Chief Financial officer of Occidental, said in a conference call that the company expects production to remain flat or increase by 2% between 2026 and 2027…