Hungary will begin negotiations to purchase nuclear fuel from the United States as it looks to diversify its supplies, the country’s foreign Minister Peter Szijjarto told the country’s MI state news channel on Wednesday, noting that Budapest needs extra nuclear fuel to meet surging energy demand, and adding that the country would nonetheless continue buying Russian fuel. Currently, Hungary's Paks nuclear plant has four Russian-built VVER 440 reactors supplying a combined 2,000 megawatts, but could more than double that capacity with…

The European Union's latest package of sanctions against Russia will list four companies, including a Chinese trading firm and two independent Chinese oil refineries, involved in oil trade that have continued to circumvent Western restrictions.  According to EU sanctions envoy David O'Sullivan, China still insists that it does “normal trade” with Russia, contrary to the view by the West that it plays a central role in helping Russia circumvent sanctions. The EU's 19th sanctions package is expected to be the most economically significant.…

The European Union's latest package of sanctions against Russia will list four companies, including a Chinese trading firm and two independent Chinese oil refineries, involved in oil trade that have continued to circumvent Western restrictions.  According to EU sanctions envoy David O'Sullivan, China still insists that it does “normal trade” with Russia, contrary to the view by the West that it plays a central role in helping Russia circumvent sanctions. The EU's 19th sanctions package is expected to be the most economically significant.…

In Afghanistan, to monitor a pipeline construction project, Turkmenistan’s paramount leader, Gurbanguly Berdymukhamedov, hailed improving bilateral relations with the Taliban government in Kabul, while giving a shout-out to the United States for fostering regional trade. “Relations between the Turkmen and Afghan peoples, which date back to ancient times, are significantly strengthened,” Berdymukhamedov said in an October 20 speech in the western Afghan city of Herat. He insisted that the pipeline project – dubbed TAPI, enabling…

The Global Precious Metals MMI (Monthly Metals Index) saw a sharp rise in price action, jumping by 14.44%. This comes as all four major precious metals prices spiked in early October. Gold recently notched all-time highs again, while silver briefly hit $54/oz before a steep pullback. Meanwhile, platinum and palladium are also near multi-year highs. The rush in precious metals prices has been fueled by several factors, including the government shutdown, trade-tariff worries and a slowing labor market, which is boosting safe?haven buying. What Drove…

China’s total oil product demand jumped by 416,000 barrels per day (bpd) in August from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.   The data compiled from reports submitted by the individual countries also showed that the increase in China’s crude oil imports was higher than the rise in reported total product demand, suggesting that the world’s top crude oil importer continued to send some of the imported crude volumes into strategic or commercial storage.  China’s…

China’s total oil product demand jumped by 416,000 barrels per day (bpd) in August from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.   The data compiled from reports submitted by the individual countries also showed that the increase in China’s crude oil imports was higher than the rise in reported total product demand, suggesting that the world’s top crude oil importer continued to send some of the imported crude volumes into strategic or commercial storage.  China’s…

Crude oil inventories in the United States decreased by 1 million barrels during the week ending October 17, after gaining 3.5 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 422.8 million barrels according to government data, which is still 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories…

Saudi Arabia’s crude oil exports surged by 413,000 barrels per day (bpd) in August, to the highest level in six months, as the world’s top crude exporter and the OPEC+ group accelerated the reversal of the production cuts.  Saudi Arabia’s crude oil production also soared in August, by 521,000 bpd from July, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.  Refinery runs in Saudi Arabia fell by 76,000 bpd month-on-month in August, freeing even more barrels for exports.  To meet…

EU leaders will task the European Commission on October 23 with drawing up a legal proposal to leverage 176 billion euros ($204 billion) of frozen Russian state assets for a loan to Ukraine -- a move that could cover most of Kyiv’s financial needs for the next three years. European diplomats who spoke with RFE/RL believe there is a chance the whole scheme can be agreed upon by the end of this year and that it would help fill the shortfall expected if the United States is no longer willing to finance Kyiv to the same extent as before. The…

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…