A Strong Global Economy Is Expected to Keep Oil Prices Rangebound
by Irina Slav
26 Apr 2024 at 2:00am
The global economy is likely to continue on its current strong course, according to a poll among economists conducted by Reuters. While this is bullish for oil, some of the implications will likely keep prices range-bound. Global GDP growth could reach 2.9% this year, the 500 respondents Reuters polled said. This means that central banks will be hard put to start cutting rates, meaning borrowing costs will remain elevated for longer. "We are continuing to be surprised by the resilience of the global economy. Now, part of that is we entered?

China?s EV Dominance Threatens to Undermine U.S. Subsidies
by Irina Slav
26 Apr 2024 at 1:00am
China?s dominance over EV supply chains risks making U.S. subsidies for the industry unusable, South Korea has said. Subsidies for EV manufacturing, including components, under the Inflation Reduction Act seek to reduce sourcing from China. Yet China controls almost the entire EV supply chain. This means few if any companies involved in EV manufacturing in the U.S. would be able to benefit from the incentives, South Korea?s trade minister told the Financial Times. According to data from Benchmark Minerals Intelligence, Chinese?

Oil Prices Are Set for a Weekly Gain as Yellen Sees Inflation Falling
by Irina Slav
25 Apr 2024 at 11:40pm
Crude oil prices may end this week in the green as the U.S. Treasury suggested the weak first-quarter GDP data may be revisable and as supply concerns persisted. If the benchmarks do indeed end the week with gains, it would be the first positive week in three. "The U.S. economy continues to perform very, very well," Janet Yellen told Reuters yesterday commenting on the latest economic reports out. Those showed a GDP growth rate of just 1.6% for the first quarter and an accelerated inflation rate of 3.7% in personal consumption expenditures.?

How Copper Is Defying Weakness in China to Make A Serious Bull Run
by Alex Kimani
25 Apr 2024 at 4:00pm
The entire base metal complex has been bullish in the current year, led by a 37% surge by tin and 17% by copper despite a weaker Chinese market and the U.S. dollar strengthening against major world currencies. Last week, copper prices soared to a two-year high just shy of $10,000 per ton largely spurred by a combination of positive investor interest--as evidenced by increasing bullish positions in Comex futures--and supply concerns due to mine-supply downgrades. Still, the Chinese market continues to send mixed signals. On one hand, macro?

U.S. Natural Gas Could Be A Big Winner of The AI Boom
by Tsvetana Paraskova
25 Apr 2024 at 3:00pm
U.S. natural gas producers and shippers could be one of the big winners of the latest advances in Artificial Intelligence.  The surge in data centers amid the booming AI technology development is set to lead to higher U.S. natural demand and prices by the end of the decade, according to investment bank Tudor, Pickering, Holt & Co.    Natural Gas To Meet Some of Power Demand Spike Electricity demand to power the data centers is soaring and so is demand for grid connections. While many tech companies prefer to power their AI development?

Are Heat Pumps the Future of Residential and Commercial Heating?
by Felicity Bradstock
25 Apr 2024 at 2:00pm
Heat pumps are hotting up as governments worldwide search for alternatives to gas boilers. They can both warm and cool buildings and are powered by electricity, rather than fossil fuels, helping to decarbonise homes and offices. Governments worldwide are beginning to invest heavily in the technology as they strive to trade old boilers out for innovative heat pump technology to support a green transition. We have long relied on fossil fuels to heat residential and office buildings. Most boilers continue to be powered by natural gas, which contributes?

Shale Gas Reactor Could Saves Millions in Propylene Production
by Brian Westenhaus
25 Apr 2024 at 1:00pm
University of Michigan engineers have designed new chemical reactor to make an important ingredient for plastics, adhesives, carpet fibers, household cleaners and more from natural gas. The idea could reduce manufacturing costs in a post-petroleum economy by millions of dollars. The research paper has been published in the journal Science. The reactor creates propylene, a workhorse chemical that is also used to make a long list of industrial chemicals, including ingredients for nitrile rubber found in automotive hoses and seals as well as blue?

Chevron Kazakhstan Oil JV Start New Tengiz Production
by Charles Kennedy
25 Apr 2024 at 12:30pm
Chevron launched its first production at its Tengiz oilfield expansion project in Kazakhstan on Thursday, with completion of the final phase of the expansion set for the first half of next year, enabling an additional 260,000 barrels per day of crude oil output, or an additional 12 million tons per year.  ?This is a significant step towards completion of the Future Growth Project (FGP). It is also important progress for the modernization of the existing base business at Tengiz and demonstrates TCO?s commitment to safely and reliably?

How Gold Became an Essential Component in Nvidia's GPUs
by OilPrice.com
25 Apr 2024 at 12:00pm
Via SchiffGold.com, What is Nvidia? If you?re a committed gamer the question may sound like nonsense. Nvidia, which was founded in 1993, is a tech company that makes GPUs and other products. It originally specialized in making products for the video game industry, that assisted in 3D rendering. If you were a committed gamer, you probably owned their products. If you weren?t, you might not have heard of them. But with sudden advances in artificial intelligence, it has been everywhere in the news because its products can also be used?

Saudi Oil Giant, Aramco, Wins 4-Year FIFA World Cup Sponsorship
by Charles Kennedy
25 Apr 2024 at 11:30am
Saudi Aramco has sealed a sponsorship deal with FIFA, the International Federation of Association Football, through 2027, after winning a bidding process last October in which it was the only sponsorship candidate, the Associated Press reports. With the new deal, Aramco becomes a ?Major Worldwide Partner of FIFA?, which gives it sponsorship rights for FIFA Men?s World Cup 2026 and Women?s World Cup 2027. ?Through this partnership with FIFA we aim to contribute to football development and harness the power of sport?

Azerbaijan is Quietly Playing a Key Role in Russia's Economic Plans
by RFE/RL staff
25 Apr 2024 at 11:00am
When the presidents of Azerbaijan and Russia met on April 22 at the Kremlin, it wasn't Nagorno-Karabakh, Ukraine, or Iran that took center stage. It was the 50th anniversary of a Soviet railroad construction project. The occasion for the visit, at least officially, was to mark the 1974 start of construction of the Baikal-Amur Mainline (BAM) railway in the Russian Far East. The project was headed by Heydar Aliyev, in his role as first deputy chairman of the Soviet Union's Council of Ministers. Fifty years later that Aliyev's son -- Ilham Aliyev,?

Energy Groups of Czech Billionaire Book $7.8 Billion Core Earnings in 2023    
by Charles Kennedy
25 Apr 2024 at 10:30am
Energy firms held by Czech billionaire Daniel Kretinsky have reported core earnings of $7.8 billion (7.3 billion euros) for 2023, Reuters reported on Thursday.   The energy assets of Kretinsky?s EP Corporate Group include the flagship energy holding EPH, which reported today core earnings ? or earnings before interest, tax, depreciation, and amortization (EBITDA) ? of $3.85 billion (3.6 billion euros). This was down by 17% compared to the record EBITDA from 2022, when oil and gas prices surged following the Russian?

Anglo-American's Share Price Soars on BHP Buyout Talks
by OilPrice.com
25 Apr 2024 at 10:00am
The mining world is all aquiver this morning at talks of a potential mega-deal from BHP to buy up London-listed miner Anglo American. Metals miner Anglo has been seen as a potential takeover mark since its share price took a sharp dive last year on the back of weak production forecasts. But just hours after the news was confirmed by Anglo this morning, its share price has jumped by more than 12 per cent, effectively erasing the losses of the last 12 months. So what do analysts think Anglo has to offer BHP? Principally, the play would make BHP?s?

Hertz To Sell More EVs as Q1 Loss Exceeds Expectations
by Charles Kennedy
25 Apr 2024 at 9:30am
Hertz Global Holdings Inc (NASDAQ: HTZ) has raised the number of electric vehicles it plans to sell this year as it is cutting its EV fleet to reduce losses that have weighed on the car rental giant?s earnings. In the first quarter, Hertz upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. Most of these EVs will be Teslas. The company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value?

EU Prepares to Tighten Screws on Russian LNG Imports
by Julianne Geiger
25 Apr 2024 at 9:00am
In a move that could reshape Europe's energy landscape, the European Commission is poised to propose new sanctions targeting Russian liquefied natural gas (LNG) imports. According to Reuters sources close to the matter, the proposed measures will include a ban on shipments within the EU and sanctions on three Russian LNG projects. The European Commission's decision comes amid growing concerns over Europe's reliance on Russian energy, particularly in the wake of the ongoing conflict in Ukraine. While the EU imposed a ban on Russian seaborne oil?