London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This is good news for the government ahead of the annual budget next week and increases the chances of a Bank of England rate cut. The markets are pricing about 86% of the odds that a quarter point reduction will occur in December.
Shell UK sells its 50% stake in Tobermory Gas to UK-based Ithaca Energy
Ithaca Energy, a North Sea oil-and-gas producer, announced on Wednesday that it had agreed to purchase a 50% stake from Shell UK in the Tobermory Gas discovery located in the West of Shetland Basin off Scotland. Shell's Tobermory interest will be part of Adura. This joint venture between Equinor and Shell is expected to launch later this year. This partnership will be announced in December 2024 and combine Shell and Equinor’s UK offshore oil and natural gas assets. Shell spokesperson stated that the announcement made with Ithaca on Wednesday supports Shell's West of Shetland Gas Growth Strategy. Shell and Ithaca are already 50/50 partners on the Tornado discovery.
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. Tesla CEO Elon Mosk and Nvidia's CEO Jensen Huang are scheduled to take part in the AI discussion at the Forum. This is bin Salman's first visit to the U.S.
Gas prices to drop next week due to warmer weather
The wholesale gas prices in the Netherlands and Britain fell on Wednesday morning, as forecasts of warmer weather next week reduced demand. LSEG data revealed that the benchmark Dutch front-month contract for the TTF hub had fallen 0.29 euros to 31.12 Euros per Megawatt Hour (MWh), or $10.55 /mmBtu by 0942 GMT. The Dutch day-ahead rate was down by 0.85 euros at 81.95 euro/MWh. The British day-ahead contracts was down 0.65 pennies at 82.50 pence/therm. Mind Energy analysts stated that the weather forecasts for the next week indicate a cold, calm climate in Northern and Central Europe. However, by the end of the week, it appears the situation will begin to normalize.
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 will take place the day following the meeting between President Donald Trump and Saudi Crown Prince Mohammed bin Salman (also known as MBS). Abdullah Alswaha will moderate the discussion.
The Japanese Governor is set to approve the restart of the world's largest nuclear plant
Kyodo reported that the Japanese governor who oversees the region which is home to the largest nuclear power station in the world is expected to approve its restart this week. The approval is one of the last remaining milestones for Tokyo Electric Power Co to bring back the Kashiwazaki/Kariwa power plant, which was shut down more than 10 years ago after the Fukushima disaster. Kyodo reported that Niigata Prefecture governor Hideyo Hanadazumi will announce his approval for a partial resumption of Kashiwazaki - Kariwa by Friday. This was based on multiple sources unnamed in the prefecture's government. TEPCO plans to bring the two largest units of the plant online, No.
US data center demand will raise power risks in winter, says regulator
The North American Electric Reliability Corporation warned on Tuesday that the growing power demand from data centers will shrink U.S. energy supplies, increasing the likelihood of an energy shortage if winter weather is extreme this year. Electricity use in the U.S. is increasing faster than the supply of power. This is due to the rapid proliferation of data centres, as well as the electrification and modernization of buildings and transport. This dwindling power supply could lead to power shortages during extremely cold weather when heating systems are used more. NERC officials reported in their winter annual assessment of reliability of U.S.
Syria signss gas cooperation agreement with ConocoPhillips & Novaterra
Syria's Energy Ministry announced on Tuesday that the Syrian Petroleum Company and U.S. ConocoPhillips have signed a Memorandum of Understanding to expand their cooperation in natural gas. Syria produces only a fraction (of the electricity needed) of what it requires today due to the destruction caused by its 14-year civil conflict. However, the power supply has significantly improved in recent months, thanks to gas imported from Azerbaijan, and Qatar. The Ministry said that the MoU covers the development of existing fields of gas and the exploration of new ones, using the latest technical and technological standards.
Can West Virginia be green when Trump supports coal mining?
He is a member of Economic Development Greater East, an initiative that promotes projects in a region devastated by the decline in coal production. He said he was a fourth-generation coal miner who had moved from one mining job to another in the past. He met EDGE's founder Jason Tart when he returned to Berwind and with their support, he opened a chicken business. Startups and non-profits, like EDGE, have taken on projects aimed at clean energy and land reclamation. But Donald Trump wants the coal industry to be revived, if only to supply fuel for artificial intelligence systems that are energy hungry and data centers.
Bousso: TotalEnergies' ROI-TotalEnergies power play shows Big Oil how to make energy transition work
TotalEnergies of France is betting heavily on renewables and power, positioning itself as a leader in the global energy demand wave. It also offers investors an alternative to its rivals who are doubling down on gas and oil. Since 2022, the strategies of European oil companies have been in a constant state of flux. The sanctions and full-scale Russian invasion of Ukraine created a shock to the energy system that shifted the focus from long-term energy transformation to near-term security. Shell and BP shifted their focus from investing billions in renewables to focusing on legacy operations and aligning themselves with Exxon Mobil, Chevron and other U.S. competitors.
Trade sources claim that Yanchang, a Chinese refiner, buys crude oil from the UAE and Kazakhstan instead of Russia.
Several sources confirmed that Yanchang Petroleum, a Chinese refiner, has purchased 3 million barrels from the United Arab Emirates (UAE) and Kazakhstan, for arrival in January, after having suspended its Russian oil purchases due to concerns over Western sanctions. They said that the state-owned company purchased 2 million barrels Abu Dhabi Murban crude oil from Swiss trader Mercuria, and 1 million barrels CPC Blend from Vitol. Prices were not immediately available. Yanchang published a tender for non-Russian crude oil to be delivered between December and February.
Pakistan approves TPOC led consortium to operate offshore blocks
The adviser to the Finance Ministry said that Pakistan approved on Tuesday a new offshore exploratory consortium, allowing Turkish Petroleum Overseas Company (TPO) to assume operatorship of Eastern Offshore Block C as part of an effort to revive drilling. The Economic Coordination Committee of Pakistan approved Pakistan Petroleum Limited’s request to transfer a portion of its stake in the block to TPOC Mari Energies, and state-run Oil & Gas Development Co Ltd. This left PPL with a 35 percent stake. TPOC will own 25% of the block and operate it once a formal contract is signed.
EUROPE GAS-Prices in Europe rise due to cold weather.
The price of Dutch and British gas contracts increased on Tuesday morning, as the cold weather across Europe boosted demand for gas heating and increased withdrawals. LSEG data shows that the benchmark Dutch front-month contract was up 0.35 euros at 31.75 Euro per megawatt hour at TTF hub, or $10.78/mmBtu by 0901 GMT. The British day-ahead price of gas rose 1.50 pence, to 83.75 p/therm. Meanwhile, the front-month contract increased by 1.02 pence. LSEG data show that temperatures in Northwest Europe will drop by 1.2 degrees Celsius over the next week. This indicates a possible milder cold snap.
DTEK, a Ukrainian company, imports US LNG through Lithuania
The Ukrainian energy company DTEK said that it has imported its first cargo via Lithuania's Klaipeda Import Terminal of U.S. LNG in order to improve energy security for Ukraine as well as other Eastern European countries. DTEK’s trading arm imported cargo from Louisiana’s Plaquemines Plant aboard the GasLog Houston. The cargo was equivalent to 100 million cubic meters, or one terawatt-hour (TWh) of natural gas. Privately owned company says that the plan is to deliver gas to Ukraine and Baltic countries as well as Poland and other Eastern European markets.
Bousso: TotalEnergies' ROI-TotalEnergies power play shows Big Oil how to make energy transition work
TotalEnergies of France is betting heavily on renewables and power, positioning itself as a leader in the global energy demand wave. It also offers investors an alternative to its rivals who are doubling down on gas and oil. Since 2022, the strategies of European oil companies have been in a constant state of flux. The sanctions and full-scale Russian invasion of Ukraine created an energy shock which prompted governments to focus on the near-term security rather than the long-term transition. Shell and BP refocused on their legacy businesses, instead of investing billions in renewables. They aligned with Exxon Mobil and Chevron.
Trade sources report that China refiner Yanchang purchases 3 million barrels of Murban and CPC crude.
Several sources confirmed that Yanchang Petroleum, a Chinese refiner, has purchased 3 million barrels from the United Arab Emirates (UAE) and Kazakhstan, for arrival in January, after having suspended its Russian oil purchases due to concerns over Western sanctions. On Tuesday, the company said that it had purchased 2 million barrels each of Abu Dhabi Murban crude and CPC Blend from Swiss traders Mercuria as well as 1 million barrels each of CPC Blend and CPC Blende from Vitol. Yanchang published a tender for non-Russian crude oil to be delivered between December and February.
Source: CEOs of Chevron Qualcomm and Pfizer will attend US-Saudi event.
According to a source with knowledge of the event, CEOs from Chevron and Qualcomm will be attending the U.S.-Saudi Arabia Investment Forum in Washington this week, during the visit by Saudi Crown Prince Mohammed bin Salman. Bin Salman is expected to highlight the increasing business ties between Saudi Arabia and the United States during his first visit to the U.S. in 2018. The event will take place at the John F. Kennedy Center for the Performing Arts on Nov. 19. Senior executives from IBM and Alphabet’s Google as well as Salesforce, Andreessen Horowitz (formerly Andreessen Horowitz), Halliburton Adobe, Aramco State Street, Parsons Corp, and Halliburton are expected to attend.
EIA: US oil and gas rig counts slow despite record production
The U.S. Energy Information Administration reported on Monday that drilling activity in the U.S. has declined even though production is at record levels. The EIA reported that the number of active drilling rigs has decreased from 750 in December 2020 to 517 by October 2025. This is due to operators' response to lower natural gas and oil prices, and improved drilling efficiency. According to the report, since December 2022 oil-directed drilling rigs fell 33%, to 397. Gas-directed drilling rigs dropped 23%, to 120, in October 2025. EIA reported that despite fewer rigs production continues to increase.
Kazakh Energy Minister: Government not talking to Lukoil on buying local assets
Energy Minister Yerlan Akkenzhenov stated on Monday that the Kazakh government has not held talks with Russian oil giant Lukoil regarding buying its Kazakh assets. The Russian state media reported earlier that the KazMunayGas head, who is the state-owned oil company of Kazakhstan, had said the company was in discussions about Lukoil’s assets in Kazakhstan. The Russian oil group has stakes in Kazakhstan’s Karachaganak oilfields and Tengiz oilfields. It also holds stakes in the Caspian Pipeline Consortium which transports the majority of Kazakhstan’s oil to Novorossiysk, a Russian port for export.
Energy Transition' Future: Fractured, Bumpy and Long
As COP30 kicks off its second week in Brazil, much has changed since the landmark Paris climate agreement was penned 10 years ago.The spirit of cooperation that once reigned has been shattered by economic rivalries and a stark divergence in climate policies among the world’s biggest polluters.The landmark UN COP21 climate agreement signed in Paris on December 12, 2015 saw 195 nations commit to setting binding targets to reduce greenhouse gas emissions to limit global warming to "well below" 2 degrees Celsius above the pre-industrial levels. The ambition has in recent years been strengthened to 1.5 degrees.Ten years on…