Oil prices jumped over 2% Monday, edging closer to $100/bbl on fears of war in Europe. Crude futures retreated in mid-morning trading as war fears abated, with WTI down 4.5% at $91.17/bbl and Brent down 4.1% at $92.50/bbl. U.S. natural gas was 1.9% higher at $4.28/MMBtu.
U.S. gasoline demand jumped 6.4% last week, pushing prices closer to $3.50/gallon compared to $3.30/gallon just one month ago.
The head of the International Energy Agency called on OPEC+ producers to pump more oil to close the widening gap between boilerplate production quotas and actual output.
U.S. Permian Basin production hit 5.06 million bpd in January, the second consecutive monthly record. Forecasts show output growing to 5.205 million bpd by March, contributing to a projected 271,000-bpd rise in overall U.S. shale output for the month.
Every U.S. LNG export terminal was loading or preparing to load a tanker on Saturday, an industry first, as record flows are set to make their way to LNG plants and the U.S. solidifies its position as the world’s top supplier of super chilled power plant fuel.
January’s count of Drilled but Uncompleted Wells in the U.S. dropped to 4,466, down almost 50% from two years ago.
Unlike February 2021, when extreme cold disrupted the supply of electricity in Texas and left millions without power, generators increased output to meet elevated demand earlier this month:
TotalEnergies’ $27 billion project plans for southern Iraq are on the verge of collapse.
Despite the rising popularity of climate pledges, banks across the globe have pumped more than $1.5 trillion into coal since 2019 as energy shortages sent demand for the fuel soaring.
The U.S. administration released $6 billion in Civil Nuclear Credit Program credits to U.S. nuclear facilities, the source of 52% of the nation’s carbon-free power.
Severe winter storms are expected to swing out of the Rockies and travel across the Plains and Mississippi Valley this week, bringing snow, hail and winds as high as 80 mph.
In a rare move, the Canadian government invoked emergency powers Monday to help restore full traffic on Ambassador Bridge from Ontario to Detroit following a week of blockades. A disruptive trucker protest in Ottawa, the nation’s capital, stretched into its 18th day, while border crossings in Alberta and Manitoba remain shut down.
Heavy-duty truck rates between the U.S. and Canada rose 44% the past month, while refrigerated truck rates rose by a third.
Shipments of dry commodities from the Black Sea — a major export region for oil products, steel and grain — are on course for a 44% drop this month.
Economists at the World Trade Organization say up to three-quarters of global trade disruption has been caused by excess demand rather than supply chain snarls, a result of the pandemic-induced shift in spending away from services to goods.
Advanced Micro Devices completed its $35 billion acquisition of California-based supplier Xilinx yesterday, the largest deal in semiconductor history. Meanwhile, Intel is closing in on a $6 billion deal to acquire Israeli chip company Tower Semiconductor.
A new plan would unleash $49 billion in public and private funding for new chip production in Europe, part of the bloc’s broad effort to boost its commercial independence in the key manufacturing business.
Half-year profits at Australian mining giant BHP Group surged 57% on rising prices for metal commodities.
The U.S. poultry industry is on high alert after several flocks were recently compromised by bird flu, a potential source of even higher prices amid an industrywide labor shortage.
Costs for everything from seed to fertilizer are sharply rising on U.S. farms, likely leading to higher grocery bills this year.
Scotland is taking bids to build two green freeports that would give tax benefits and other incentives to firms with long-term climate targets.
The U.S. reported 179,172 new COVID-19 infections and 2,777 virus fatalities Monday. The nation is averaging 175,000 infections per day, a 78% drop over the past month, with fatalities down 10% over the past week.
New COVID-19 cases among U.S. children fell to less than 300,000 last week compared to more than 1.15 million reported a month ago.
New COVID-19 cases fell 38% in New York state and 46% in California last week. Case rates are declining slower in Florida, which still accounts for more than 10% of daily infections across the country.