Exxon freezes plans for major hydrogen plant amid weak customer demand
Exxon Mobil has halted plans to build one of the largest hydrogen production plants in the world due to low customer demand, CEO Darren Woods said in an interview with Business Insider on Friday. The project's suspension, which was already delayed…
Schedule for US Energy Data in the week of Nov. 23
Thanksgiving Day, which falls on Thursday November 27, will impact the schedule for the release of major energy data during the week beginning Nov. 23. The schedule below shows the weekly release of the U.S. Petroleum, Oil and Natural Gas Supply and Inventory. WEEK OF 23 NOV.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production…
FTSE 100 ends higher as Fed rate cuts are expected; UK Budget looms
London's FTSE 100 gained ground on Friday as investors awaited the UK budget announcement next week. Blue-chip index ended the week with a 1.7% decline, a greater weekly drop than in April, when markets were shook by President Donald Trump's tariff announcements.
Russian Urals Discounts in India Triple Since August as US Sanctions Hit
Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.The United States…
Lukoil Trading Arm Falls Apart Under US Sanctions
U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target state-owned Rosneft,…
UK stock markets set to suffer sharp losses this week as Fed, tech concerns impact the market
London's major stock indexes fell on Friday and headed for weekly losses as fears over tech valuations, the Federal Reserve's hawkish position, and signs of possible progress towards peace in Ukraine rattled global markets. Defence…
Kyiv confirms that work is continuing on a technical level between teams studying US proposals
A senior Ukrainian official stated on Friday that Ukraine is calling on its partners respect its position while work continues at the technical level in order to study the U.S.-backed end of war plan. Rustem Umerov, secretary…
Palm prices down on weak demand and strong ringgit, but set to gain for a second week
Malaysian palm futures prices were little changed Friday as the weaker demand and stronger ringgit weighed heavily on the market. However, expectations of tighter production provided support. At midday, the benchmark palm oil…
China's electricity consumption in October is up 10.4% due to a surge in household power usage
The energy regulator reported that China's power consumption in October was up 10.4% compared to the same period last year. This increase is attributed to a surge in consumption by households, industries such as information technology, and consumers who charge and swap batteries.
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia.
Trump Energy Department reorganizes to focus on fossil and nuclear priorities
The U.S. Department of Energy announced on Thursday a reorganization of its agency, which prioritizes oil and nucleic resources over offices dedicated to renewables or efficiency. DOE released a new organization chart along with…
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.
US Natural Gas Futures Ease 1% on Ample Gas in Storage
U.S. natural gas futures eased about 1% on Thursday on near-record output and ample amounts of gas in storage despite near-historic flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher…
Are renewables prepared for the COP30 discussion on fossil fuels?
At the climate summit, it may be premature to declare the end to the fossil fuel age. But up to 80 nations are calling for a concrete plan that will move us away from polluting energy. The 195 countries at the COP30, including the oil producers…
US Natural Gas Futures Climb 4% with LNG Flows, Cold December Forecast
U.S. natural gas futures climbed about 4% on Wednesday on near-record flows to liquefied natural gas export plants and forecasts for higher demand than previously expected as the weather turns colder than normal going into December.Front…
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…
Aramco signs preliminary US deal worth more than $30 Billion
Saudi Aramco, the oil giant, said that it signed 17 preliminary agreements with U.S. firms with a total potential value of over $30 billion during a trip to Washington by Saudi Crown Prince. In a press release, the company said that these projects include liquefied 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…
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…