Oil news
Trump-Putin Summit: Live Updates
Russian and U.S. Presidents Vladimir Putin and Donald Trump are meeting for the first time in six years to discuss the Ukraine conflict, with Trump aiming to set the table for a future trilateral meeting including Ukrainian President Volodymyr Zelenskyy. Zelenskyy has been excluded from the current talks and has voiced concerns about decisions made in his absence, particularly regarding territorial concessions. Despite calls for a quick resolution, conflicting aims and ongoing battlefield gains by Russia make a swift end to the conflict unlikely.…
Categories: Oil news
Devon Energy and Centrica Ink Major LNG Supply Deal
U.S. Devon Energy Corporation has signed a 10-year natural gas agreement to supply LNG to UK’s Centrica, the owner of British Gas. Under the deal announced on Friday, Devon Energy will supply 50,000?(MMBtu) per day of natural gas over a 10?year term starting in 2028. This is equivalent to five LNG cargoes per year. The LNG volumes will be indexed to the European gas hub price, TTF. The agreement supports Centrica’s objective of managing market price risk in its LNG portfolio by aligning feed gas pricing with…
Categories: Oil news
China Maintained Strong Oil Refining Output in July
Chinese oil refining throughput jumped by 9% in July from a year earlier amid higher utilization capacity at state-owned refiners, according to official data released on Friday. Chinese refiners processed 14.85 million barrels per day (bpd) of crude oil last month, per the data from the National Bureau of Statistics cited by Reuters. The crude processing throughput was slightly lower compared to June this year, down by 1.95%. June, however, saw the strongest oil refining levels in China in nearly two years. Improved fuel…
Categories: Oil news
India Launches Deepwater Oil and Gas Exploration Mission
India is launching a national deepwater exploration mission to tap more of its energy resources, boost domestic energy supply, and reduce dependence on imports, Prime Minister Narendra Modi said on Friday. “India will harness its deepwater energy resources, strengthening energy self-reliance and reducing dependence on foreign fuel imports,” Modi said in his address on the country’s Independence Day. India is also boosting its renewable energy capacity, with advances in solar, nuclear, hydro, and hydrogen energy, according…
Categories: Oil news
China’s Coal Production Drops in July
Coal production in China fell by 3.8% on the year last month, to the lowest level since April 2024 in the first annual decline for this year, Reuters reported today, citing figures from China’s statistics bureau. Coal production over the first seven months of the year, however, was higher by 3.8% from last year, the data showed, with the total at 2.78 billion tons. Per Bloomberg, the reason for the dip in July was, on the one hand, government efforts to curb oversupply, which is already sizable, and, on the other hand, bad weather consisting…
Categories: Oil news
Fears Of An Oil Price Crash On A Russia-Ukraine Ceasefire Overdone
U.S. President Donald Trump has, over the past couple of weeks, renewed efforts to broker a peace deal between Russia and Ukraine, going as far as proposing the swapping of territories between the two countries. Unlike the situation during the first meeting between Trump and Russia’s President Vladimir Putin earlier in the year, Trump has adopted a far less conciliatory tone ahead of their second meeting in Alaska on August 15th, warning that Russia will face “very severe consequences” unless Putin agrees to end the war in Ukraine.…
Categories: Oil news
Europe’s Battery Storage Problem Turns into Opportunity for Traders
In 2024, total battery storage installations in Europe went up by 11.9 GW to a total of 89 GW. Yet periods of negative prices in the wholesale electricity market became more frequent, despite this increase. For some in commodity trade, the solution is building even more battery storage—and making good money from it. “It is the ultimate fast and scalable way to pick those instances of extreme volatility and address that volatility,” the head of principal investments at trading firm Castleton Commodities International told Bloomberg…
Categories: Oil news
Why Electricity Inflation Is the Next Big Economic Story
By Peter Tchir of Academy SecuritiesA few months ago, we started to regularly check in on the Tariff Revenue chart. We look forward to getting the next “large” number in a little less than 2 weeks. In the meantime, this chart has attracted our attention. Full credit to zerohedge for pounding the table on it, but it fits a few of our themes quite well: Energy = Electricity. We have started trying to disassociate energy with oil and make sure we highlight that energy, in this day and age, means electricity even more than…
Categories: Oil news
IEA: Record Supply Surge Sets Stage for Oil Stockpile Blowout
Soaring crude oil supply will lead to a record glut later this year and in early 2026 as demand growth will continue to disappoint, according to the International Energy Agency (IEA). The agency has now downgraded its expectations of global oil demand growth in six out of eight monthly oil reports so far this year. The latest report out this week was no exception and reaffirmed the IEA’s view since the spring that a large glut is coming later this year once the peak summer season is over. In the IEA’s forecast, demand growth is much…
Categories: Oil news
How a Belarusian Factory Is Fueling Russia’s War Machine
In the spring of 2024, the Belarusian government placed the Manalit radio components plant in Vitsebsk on its Republican Honor Board for "outstanding economic results." It was the second time in a row the plant had received this recognition. The recognition of Manalit, a Russian-owned manufacturer based in Belarus, came as the plant become a critical supplier of high-reliability electronic components for missiles, radars, and aircraft used by Russia in its war against Ukraine. Within the first two years of Russia's full-scale aggression against…
Categories: Oil news
Nuclear Energy's Global Comeback Is Only Gaining Momentum
Nuclear has been a core investment theme since December 2020, followed by the launch of "The Next AI Trade" in April 2024 and the introduction of the "Powering Up America" theme shortly thereafter. We expanded our nuclear coverage yesterday as Goldman initiated bullish coverage on Uranium Energy Corp. As a reminder, we first flagged Cameco Corp. as a buy around $9 a share; it's now trading above $78. Goldman's latest nuclear reactor tracker, which charts out global project progress, underscores…
Categories: Oil news
Citgo Swings to $100M Profit as Bidding War Intensifies for Parent Company
Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday. The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous…
Categories: Oil news
Citgo Swings to $100M Profit as Bidding War Intensifies for Parent Company
Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday. The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous…
Categories: Oil news
Ex-Pemex CEO Arrested in U.S., Faces Corruption Trial in Mexico
Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico. Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office. Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of…
Categories: Oil news
Ex-Pemex CEO Arrested in U.S., Faces Corruption Trial in Mexico
Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico. Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office. Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of…
Categories: Oil news
India’s State Refiners Tempted by Falling Russian Crude Prices
India’s state-owned refiners, which paused Russian crude buying a few weeks ago, have now started to inquire traders about potential purchases of the flagship Russian crude Urals, sources familiar with the development told Reuters on Thursday. The biggest Indian state-owned refiners have pulled out of spot purchases of Russian crude for cargoes loading in October, after the U.S. announced an additional 25% tariff on India over its imports of crude from Russia. U.S. President Donald Trump signed an executive order enacting an additional 25%…
Categories: Oil news
India’s State Refiners Tempted by Falling Russian Crude Prices
India’s state-owned refiners, which paused Russian crude buying a few weeks ago, have now started to inquire traders about potential purchases of the flagship Russian crude Urals, sources familiar with the development told Reuters on Thursday. The biggest Indian state-owned refiners have pulled out of spot purchases of Russian crude for cargoes loading in October, after the U.S. announced an additional 25% tariff on India over its imports of crude from Russia. U.S. President Donald Trump signed an executive order enacting an additional 25%…
Categories: Oil news
Oil Prices Jump as Traders Brace for Trump–Putin Showdown
Brent crude rose 1.63% to $66.70 and WTI gained 1.74% to $63.74 on Thursday, as of 11:50 a.m. ET, with traders positioning ahead of a closely watched meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska. The talks, expected to touch on Arctic oil and gas development as well as the war in Ukraine, come as markets weigh the potential for new energy cooperation or geopolitical friction between two of the world’s top producers. Traders are watching for any indications of an easing of sanctions, which could…
Categories: Oil news
Chinese State Oil Firm Doubles UAE Crude Offtake
Chinese state-controlled company Zhenhua Oil is doubling its offtake of crude from Abu Dhabi’s state oil and gas firm after taking over as lead developer of the UAE’s biggest onshore oilfield, industry sources in China told Reuters on Thursday. Zhenhua Oil will double the volumes of crude it receives from Abu Dhabi’s ADNOC from 100,000 barrels per day (bpd) to 200,000 bpd. Earlier this year, the Chinese firm took over from French supermajor TotalEnergies as asset leader for Bu Hasa, ADNOC’s largest onshore asset, located…
Categories: Oil news
How Canada’s Oil Sands Producers Pump More Crude from the Same Assets
Canada’s major oil sands producers are boosting crude production even if they aren’t starting up new projects. The secret sauce appears to be reducing maintenance times and extending maintenance cycles to squeeze more oil and raise efficiencies, Bloomberg reports. Suncor Energy, for example, completed ahead of schedule a multi-year effort to replace eight coke drums at its Base Plant, extending the life of the facility’s Upgrader 1 by about 30 years. “Everything went flawlessly, resulting in the project being completed safely,…
Categories: Oil news