Sunday, March 7, 2021

Reuters News

MARKETS: Hedge Funds Sell Oil

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Hedge funds have reduced their position in petroleum futures and options for the first time in 16 weeks, the first weekly net sales since the first successful coronavirus vaccine trials…

ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus

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Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent…

Energy Charter Treaty Talks: EU to Seek Fossil Fuel Phase-out

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The European Union's executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the…

Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders

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President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as…

Biden Administration Suspends Federal Oil and Gas Permitting

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The Biden administration has temporarily suspended oil and gas leasing and permitting on federal lands and waters while it evaluates the legal and policy implications of the program, according…

Biden Announces Return to Global Climate Accord, New Curbs on US Oil Industry

Joe Biden - Image by Gage Skidmore/Flickr (CC BY-SA 2.0)

U.S. President Joe Biden on Wednesday announced America's return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S.

Mercuria Teams Up with Envysion for Project Investment

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Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings…

Japan Faces LNG Shortage Amid Supply crunch, Cold Weather

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JERA, Japan's biggest electricity generator and the world's largest buyer of liquefied natural gas (LNG), is operating gas- power plants at lower rates as it runs down inventories amid rising heating demand as temperatures drop.Th

Saudi Cuts Drive Oil to 11-month High

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Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent…

Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension

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Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a…

Oil Slips, Set for 20% Annual Drop in Tumultuous 2020

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Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S.

Brazil: Petrobras receives $45M in Vitol Corruption Settlement

Petrobras HQ - Image by Celso Pupo/AdobeStock

Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated…

Oil Rises on Vaccine Hope, Weak Dollar

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Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes…

US Oil Industry Group Pledges to Fight Possible Biden Fracking Limits

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If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum Institute (API) will use "every tool at its disposal" including legal action…

Global Crude Market Finds Support From China Demand

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China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders…

Chevron Posts Q3 Profit

Michael K. Wirth, Chevron’s chairman of the board and chief executive officer. Photo courtesy Chevron Corporation

Chevron on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results.Chevron and its peers have slashed spending…

Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry

Historical growth and prospects of gas investment for short-, medium- and long-term ($ billion). Source: GECF Secretariat, based on data from the GECF GGM

As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas…

Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf

Hurricane Sally (Photo: NOAA)

Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to…

Equinor Axing Jobs in US, Canada and UK

Equinor's Houston office (Photo: Ole Jørgen Bratland, Equinor)

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.The…

RWE Eyes Renewables Deals as Part of $8.4 B Expansion

For illustration  - Credit: Innogy (File Photo)

Germany's largest power producer RWE plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just…