There is once again a great deal of noise regarding the oil glut. Some say it is the largest since COVID, while others are dismissing it as hype. By looking at data from the OECD, Kpler, the Oxford Energy Institute, and other independent analyses, it becomes clear that it is the composition and location of today’s oil glut that makes it particularly difficult to quantify. As has been noted in the recent Oxford Energy Institute report, despite repeated forecasts of surpluses, OECD stocks have barely budged. The buildup is happening mainly…

An auto supplier that manufactures electrified propulsion systems, among others, has closed a factory in Detroit because of the drop in demand for electric vehicles. In a statement cited by CBS, Dana Inc. said that the closure decision was the result of an “unexpected and immediate reduction in customer orders driven by lower demand for electric vehicles, which has rendered continued operations at the plant no longer viable.” Some 200 workers at the plant will be laid off. The Dana facility may be the first of many casualties of the…

The national average price of gasoline dropped below $3 a gallon over the weekend, with many U.S. motorists now paying significantly less than they did a year ago. According to popular fuel savings platform GasBuddy, average national gas prices clocked in at $2.969 per gallon on Monday, 16 cents lower than a year ago while the median U.S. gas price was $2.82 per gallon. However, prices remain widely skewed depending on the states, with motorists in California paying an average of $4.624 per gallon as per the AAA, more than $2 more than in Oklahoma…

President Trump has been threatening tariffs on India unless it stops buying Russian crude and the European Union has been preparing to cut off all gas imports into the bloc within two years—even against member states’ wishes. Yet the latest data shows that Russia is still exporting a lot of oil and gas—including to the EU. Last month, China remained the biggest buyer of Russian crude oil, even as the U.S. president says that once he deals with India on that matter, he would turn to China. According to customs data cited by the…

China has significantly increased crude stockpiling this year. The crude import volumes going into the world’s biggest importer have held relatively strong despite lukewarm demand and an imminent peak in demand for road transportation fuels. China’s crude stockpiling has supported international oil prices into the $60-$70 a barrel range, despite trade wars, concerns about the economy, and soaring supply from both OPEC+ and non-OPEC+ exporters. But supporting oil prices has hardly been China’s motive to amass crude in storage tanks.…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.980 million barrels in the week ending October 17, when analysts had expected a sizable build. This more than offsets last week’s 2.780 million barrel build. Crude oil inventories in the United States are so far still showing a net loss for the year, losing 2.423 million barrels according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.980 million barrels in the week ending October 17, when analysts had expected a sizable build. This more than offsets last week’s 2.780 million barrel build. Crude oil inventories in the United States are so far still showing a net loss for the year, losing 2.423 million barrels according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum…

A study by X-energy Canada has confirmed the feasibility and benefits of repurposing an existing thermal generation site in Alberta with X-energy's small modular reactors, World Nuclear News reports.  Funded by Emissions Reduction Alberta (ERA), the study found that the Xe-100 high-temperature gas-cooled reactor is uniquely suited to Alberta's energy needs. As well as producing electricity, it is specifically designed to provide 565°C heat and steam for industrial applications, unlocking a broad range of use cases for Alberta's industrial…

Fossil fuels aren’t going anywhere. Oil, natural gas, and coal are set to represent about half of global energy consumption in 2050 and beyond, according to the tenth annual McKinsey report, which showed the biggest shift in the consultancy’s thinking on energy systems in a decade. McKinsey’s Global Energy Perspective 2025 offers “a chance to reflect on the lessons learned over the past decade and to look ahead to the next one,” the consultancy said. The reflection revealed that of the three energy system priorities…

Changes in equipment costs, interest rates, and power prices have resulted in a large shift in PPA prices globally in recent years. On the cost side, breakeven prices for solar PV and onshore wind have seen very different trajectories in recent years, with global average onshore wind increasing and solar PV decreasing. We see global solar costs stabilizing within a fairly narrow range over the next five years, while wind costs are likely to push higher and have more variation around the world. But costs are just one part of the equation. Wind projects…

Here is a funny thing about valuation “bubbles” involving financial instruments. In every individual case, you unavoidably end up asking:  "What were they thinking?” Or stated differently, what causes a significant part of the supposedly rational investing public to collectively lose their minds for a relatively brief period? A few tulip bulbs, for example, were valued more highly than a modest Amsterdam house in 1637, until they weren’t. Leveraged speculation in frontier commodity markets of Asia and America led to…

The Trump administration is dipping its toe—barely—into refilling the U.S. Strategic Petroleum Reserve (SPR), announcing plans to purchase one million barrels of crude for delivery in December and January. The move, while symbolically significant, amounts to little more than a rounding error in a reserve that once held 700 million barrels. The Department of Energy will use $171 million from President Trump’s new tax and spending law to fund the purchase, issuing a solicitation for crude to be delivered to the Bayou Choctaw site…

The Trump administration is dipping its toe—barely—into refilling the U.S. Strategic Petroleum Reserve (SPR), announcing plans to purchase one million barrels of crude for delivery in December and January. The move, while symbolically significant, amounts to little more than a rounding error in a reserve that once held 700 million barrels. The Department of Energy will use $171 million from President Trump’s new tax and spending law to fund the purchase, issuing a solicitation for crude to be delivered to the Bayou Choctaw site…

The Trump administration is dipping its toe—barely—into refilling the U.S. Strategic Petroleum Reserve (SPR), announcing plans to purchase one million barrels of crude for delivery in December and January. The move, while symbolically significant, amounts to little more than a rounding error in a reserve that once held 700 million barrels. The Department of Energy will use $171 million from President Trump’s new tax and spending law to fund the purchase, issuing a solicitation for crude to be delivered to the Bayou Choctaw site…

The UK is set to become the first European country to welcome Waymo’s driverless taxis but lawyers caution that current laws are fundamentally incompatible with the technology. Last week, Waymo announced its UK launch will start with a small fleet of human-supervised Jaguar I-PACE electric vehicles “in the coming weeks,” before moving to fully autonomous operations by 2026. Waymo’s Ethan Teicher told City AM, “We’ll start with a small fleet and gradually expand, working closely with the Department for Transport…

The fight over Venezuela’s last major foreign asset just got nastier. Lawyers for Citgo Petroleum and its owner, PDV Holding, told a Delaware court this week that Elliott Management’s affiliate Amber Energy shouldn’t even be in the running for Citgo’s parent company—calling its bid “so low it shocks the conscience.” What began nearly six years ago as a straightforward plan to settle old creditor claims has turned into something else entirely — a slugfest over conflicts of interest, political meddling,…

The fight over Venezuela’s last major foreign asset just got nastier. Lawyers for Citgo Petroleum and its owner, PDV Holding, told a Delaware court this week that Elliott Management’s affiliate Amber Energy shouldn’t even be in the running for Citgo’s parent company—calling its bid “so low it shocks the conscience.” What began nearly six years ago as a straightforward plan to settle old creditor claims has turned into something else entirely — a slugfest over conflicts of interest, political meddling,…

The Automotive MMI (Monthly Metals Index) moved sideways, rising a slight 1.39%. As a whole, the US automotive market is facing a number of challenges necessitating both innovation and resilience. Why Are Critical EV Minerals in Short Supply? Automakers are grappling with shortages of critical minerals needed for electric vehicles and high-tech components. Rare earth minerals are a prime example. This set of 17 metallic elements is integral to many car parts, from EV motors and batteries to windshield wipers and speakers. CBS News reports that…

Halliburton Company (NYSE: HAL) saw its third-quarter earnings top Wall Street expectations on steady drilling and stimulation demand in North America. Halliburton, the oilfield services giant with the highest exposure to the U.S. fracking market, on Tuesday reported an adjusted net income of $0.58 per diluted share for the third quarter. That’s down from $0.73 a year earlier, but higher than the $0.55 EPS for the second quarter and the $0.50 per share income expected for Q3 in an analyst consensus in The Wall Street Journal. Halliburton’s…

Halliburton Company (NYSE: HAL) saw its third-quarter earnings top Wall Street expectations on steady drilling and stimulation demand in North America. Halliburton, the oilfield services giant with the highest exposure to the U.S. fracking market, on Tuesday reported an adjusted net income of $0.58 per diluted share for the third quarter. That’s down from $0.73 a year earlier, but higher than the $0.55 EPS for the second quarter and the $0.50 per share income expected for Q3 in an analyst consensus in The Wall Street Journal. Halliburton’s…