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Dodgy Demand Data? The Oil Price Collapse Conspiracy
Dodgy Demand Data? The Oil Price Collapse Conspiracy WTI oil prices have given up nearly all their gains since Russia invaded Ukraine, falling roughly 9.5% over the course of the week amid fears oil demand is collapsing. Some oil pundits are now claiming that the Biden administration has been fabricating low gasoline demand data in […]
Hezbollah Threatens Israel With War Over Disputed Gas Field
Hezbollah Threatens Israel With War Over Disputed Gas Field Lebanon’s armed Hezbollah group threatened Israel that drilling at the Karish gas field could result in war. Israel and Lebanon are in a years-long dispute over the demarcation of their territorial waters in the Mediterranean. Israel has already warned early on that any damage to the […]
Gas Levy Could Triple Household Heating Bills In Germany
Gas Levy Could Triple Household Heating Bills In Germany Germany plans to introduce a levy for all its gas consumers beginning in October as the government looks to avoid a wave of collapsing gas-importing and gas-trading companies amid record-high natural gas prices, a new bill seen by Reuters showed on Thursday. Russia is further reducing flows via […]
IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter
IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union will need to cut even more in order to get through the winter. “Even […]
Refinery Shuts Down Due To Lack Of Crude
Refinery Shuts Down Due To Lack Of Crude A South African refinery has shut down operations and declared force majeure on the supply of petroleum products due to a delay in the shipment of crude, which highlights the fact that the physical market for crude is tight these days despite a slump in paper-traded oil […]
Is Saudi Arabia Exaggerating Its Oil Production Potential?
Is Saudi Arabia Exaggerating Its Oil Production Potential? For years, Saudi Arabia has made some pretty hefty claims about its oil potential. It is becoming increasingly clear, however, that the Kingdom may be stretching the truth a little too far. Analysts are now beginning to doubt that Saudi Arabia even has the reserves it says […]
France Sees Nuclear Energy Output Plummet At The Worst Possible Moment
France Sees Nuclear Energy Output Plummet At The Worst Possible Moment France, the European Union’s leader in nuclear energy, is seeing a massive decline in output. Though it has been relatively unfazed by the bloc’s ongoing energy crisis, declining nuclear production could pose a significant problem in the coming months. The collapse of French nuclear […]
Oil Likely To Hit $200: SEB Group
Oil Likely To Hit $200: SEB Group Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7’s price capping proposal […]
IEA: Europe Will Have To Cut Gas Usage By Nearly One-Third
IEA: Europe Will Have To Cut Gas Usage By Nearly One-Third In the first quarter of next year, the countries of the European Union will have to cut their usage of natural gas by up to 30% in preparation for a complete stoppage of Russian gas flows, according to the International Energy Agency (IEA). IEA […]
IEA: Europe Should Prepare For Complete Russian Gas Shutdown
IEA: Europe Should Prepare For Complete Russian Gas Shutdown IEA chief Birol said that Europe should prepare for a complete suspension of Russian gas supplies. Birol advised European governments to keep nuclear power stations running and take other contingency measures. Germany, Austria, and the Netherlands are restarting coal power plants. Europe should prepare for a […]
Record UK Gasoline Prices See Biggest Daily Surge In 17 Years
Record UK Gasoline Prices See Biggest Daily Surge In 17 Years UK gasoline prices continue to set records, with the daily price jump between Monday and Tuesday at its highest in 17 years, RAC, the UK’s longest-serving motoring organization, says. “The average price of petrol endured its biggest daily jump in 17 years by going […]
BofA: Sharp Decline In Russian Exports Could Send Oil Above $150
BofA: Sharp Decline In Russian Exports Could Send Oil Above $150 Analysts: Asian buyers are unlikely to be able to absorb all the Russian oil unwanted in the West. There is a distinct possibility of a sharp drop in Russian oil exports. BofA: A sharp contraction in Russian oil exports could push Brent well past […]
Summer Heat Could Wreak Havoc On Texas’ Grid
Summer Heat Could Wreak Havoc On Texas’ Grid Experts warn that Texans should be prepared for another massive grid failure. While Texas has made some progress in increasing surplus energy flow to the grid, high demand may overwhelm embattled ERCOT. Despite warnings, ERCOT remains confident that it can manage the increase in energy demand this […]
Citi: Soaring Energy Bills Raise Chances Of Windfall Taxes In Europe
Citi: Soaring Energy Bills Raise Chances Of Windfall Taxes In Europe Gas and electricity bills in Europe could jump to 4.5 percent of household disposable income in 2023. Rising utility bills raise pressure on politicians to implement windfall tax. Rising energy commodity prices weigh most on Eastern European countries. The higher the energy bills in […]
Russia’s Oil Output Is Plummeting, And It May Never Recover
Russia’s Oil Output Is Plummeting, And It May Never Recover Russia’s oil output is plummeting, and the decline is expected to worsen in May. OPEC recently warned that markets could see the loss of more than 7 million barrels per day of Russian oil and other liquids exports. With many global producers constrained in their […]
