U.S. gas prices have dropped to their lowest Independence Day level in four years, with the national average now at $3.14 per gallon, according to GasBuddy. The dip is driven by a retreat in Middle East tensions and consistent supply from both U.S. shale producers and OPEC+ exporters. Brent crude futures have fallen steadily over the past two weeks, dropping from over $75 per barrel to just under $68 as of Monday. The de-escalation between Israel and Iran has eased fears of shipping disruptions through the Strait of Hormuz, through which about…

Russia’s government is weighing the possibility of some tax relief for the giant gas firm Gazprom, which would be paid for by potentially higher taxes on other Russian natural gas producers, a source in the Russian government told Reuters on Monday.     Gazprom has been bleeding cash since it cut off most of its pipeline gas deliveries to Europe in the wake of the Russian invasion of Ukraine. While the giant is looking east to offset lost revenues from sales in Europe, it has been struggling to convince China to sign up…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues.  “The company's next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.   Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission…

Iran could resume producing enriched uranium within months despite significant damage inflicted on its nuclear facilities by recent US and Israeli air strikes, the head of the UN's nuclear watchdog said. “The capacities they have are there. They can have, you know, in a matter of months, I would say, a few cascades of centrifuges spinning and producing enriched uranium, or less than that,” Rafael Grossi told CBS News in an interview broadcast June 29. US and Israeli attacks on sites in Fordow, Natanz, and Isfahan had set back Iran’s…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

An oil tanker has suffered an explosion off Libya’s coast, without causing any injuries or pollution, the vessel operator said on Monday, adding that the cause of the explosion is not clear yet. The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday.  The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.  The Vilamoura, a Marshall Islands-flagged tanker, is currently…

Rising demand for natural gas in the United States and a supportive administration are prompting U.S. natural gas producers and pipeline giants to begin to actively consider proposing new pipelines to bring more gas supply from America’s top gas-producing region, Appalachia, to consumers. “We are actively evaluating opportunities to expand infrastructure,” Amy Rogers, a spokeswoman for one of the top U.S. natural gas producers, EQT, told Reuters. “Enhancing pipeline capacity is essential to unlocking Appalachian supply,”…

The east coast of Australia is facing natural gas shortages earlier than previously expected, the country’s competition watchdog has warned, noting the market could swing into a deficit as early as the fourth quarter of this year. The government reacted to the report by saying it would consider setting up a „gas reservation” for the vulnerable states. “The east coast gas supply outlook for 2025 and 2026 has deteriorated despite an easing in gas prices in the second half of 2024,” the Australian Competition and Consumer…

Crude oil prices began trading with a loss this week as traders anticipated another OPEC+ supply boost next month at a rate of 411,000 barrels per day, taking the cumulative increase this year to 1.78 million barrels daily, according to preliminary reports. At the time of writing, Brent crude was trading at $67.63 per barrel, with West Texas Intermediate at $65.23 per barrel, following Reuters reporting over the weekend that OPEC+ was going to extend its production additions in August. The disappearance of the wartime premium following the Israel-Iran…

U.S. power utilities are set to spend $212.1 billion in capex this year, which would be a 22.3% increase on the year as they race to secure new electricity supply for data centers, the Financial Times has reported, citing data from Jefferies. Compared to 10 years ago, the rise in investment stands at an impressive 129%. According to the investment bank, capex in the power utility sector in the United States will hit an all-time high in 2027, at $228.1 billion. “Companies are investing in generation and transmission to reindustrialise the…

Global research and consultancy group Wood Mackenzie has predicted that the global Carbon Capture, Utilisation and Storage (CCUS) market will surge 28-fold by 2050 to 2,061 million tonnes per annum, surpassing trillions of dollars in value. According to WoodMac, countries across the globe led by U.S., Canada and Europe have committed $80 billion for CCUS so far, with just 50 CCUS projects with a capacity to store 51 million tonnes of CO2 per year currently operational. WoodMac has also predicted that the gap between capture capacity and storage…

Despite the Western push to diversify critical minerals supply away from China, Beijing is set to further tighten its grip on the market of key battery metal lithium. China is poised to become the world’s biggest lithium miner by next year, surpassing Australia, commodity price reporting agency Fastmarkets forecasts. China already has an outsized dominant position in the refined lithium market, where it held a 73% market share as of 2024, per data from the International Energy Agency (IEA). Sourcing more of the raw material at home –…

OPEC+ will make its August oil production decision on the fly during the upcoming July 6 meeting, Russia confirmed on Friday, suggesting there would be no pre-negotiating behind closed doors.   "We'll review it during the meeting, as is traditional," Russian Deputy Prime Minister Alexander Novak told reporters, adding to market anticipation ahead of the gathering. Eight OPEC+ nations—including Saudi Arabia, Russia, Iraq, and the UAE—have been incrementally unwinding 2.2 million barrels per day of voluntary cuts since April, with…

Early in Donald Trump’s presidency, he announced his ambitions to acquire Greenland. In March, Trump said, “We need Greenland for international safety and security. We need it. We have to have it.” As well as stating ambitions to counter Russia’s presence in the Arctic, taking control of Greenland would put vast quantities of rare earth minerals and rare earth elements in the possession of the United States. However, Denmark quickly shot down the idea of Trump’s acquisition, saying that Greenland was not for sale.…

The European Union has pledged billions in rearmament spending. It also just pledged billions in higher NATO spending. Steel is a crucial part of the rearmament drive. Without it, you can’t build tanks and make weapons. But Europe does not just want any steel—it wants it green. And green steel is so expensive, companies are walking away from green steel projects in droves. This week saw one of the world’s largest steelmakers, ArcelorMittal, ditch its plans for the conversion of two plants in Germany to green hydrogen as an energy…

Just a couple of years ago, everyone seemed to be talking about the great potential for clean hydrogen. As governments worldwide strive to decarbonise, several industry players were looking to hydrogen as the potential miracle fuel that could clean up operations. While there is still hope for a hydrogen revolution in some parts of the world, this is looking increasingly unlikely in the United States.  Under the Biden administration, investors across the U.S. were planning to spend billions on hydrogen projects, encouraged by the financial…

Despite expectations, the recent geopolitical turbulence in the Middle East—especially the events of October 7, 2023, and the escalation between Israel and Iran—did not deliver a severe blow to global energy markets. Compared to past regional crises or major global shocks like the Russia–Ukraine war, the impact was surprisingly muted. This apparent inability of oil-rich Middle Eastern nations to wield their petroleum power as a political weapon may mark the start of a deeper shift in global dynamics—one that emboldens Western-aligned…