Germany Calls On EU To Extend Transition Period for Green Hydrogen Rules
by Charles Kennedy
20 Sep 2024 at 9:30am
Germany is seeking an EU delay to some of the rules on green hydrogen production to allow the industry to take off and produce clean hydrogen at lower costs, Germany?s Economy Minister Robert Habeck wrote this week in a letter to EU Energy Commissioner Kadri Simson seen by Bloomberg. The EU and Germany are betting on green hydrogen as a fuel for industry.                           The EU has set a priority to develop?

Gazprom Accelerates Pipeline Gas Transports to China
by Julianne Geiger
20 Sep 2024 at 9:00am
Russia is accelerating its natural gas exports to China through the Power of Siberia pipeline, aiming to hit maximum capacity by the end of 2024?a full year ahead of schedule. Gazprom, Russia's state-run energy giant, has agreed with China National Petroleum Corporation (CNPC) to boost December supplies, reaching the pipeline's designed capacity of 38 billion cubic meters (bcm) annually. This increase in gas flows reflects Russia's pivot towards China, as Moscow seeks to replace lost European buyers following its invasion of Ukraine. Gazprom?

TotalEnergies Set to Develop $9 Billion Suriname Oil Resources
by Charles Kennedy
20 Sep 2024 at 8:30am
French supermajor TotalEnergies has started to scour the market for deepwater rigs and support vessels to begin development of massive resources discovered offshore Suriname, anonymous sources with knowledge of the tenders told Bloomberg on Friday. Exploration and resource development in the Atlantic Basin is now alive more than ever, following the huge developments offshore Guyana led by ExxonMobil and the plans of TotalEnergies to tap the discovered resources in Guyana?s neighbor, Suriname. TotalEnergies, which partners with APA Corp offshore?

3-Mile-Long Freight Trains Cause Traffic Nightmares in Texas
by OilPrice.com
20 Sep 2024 at 8:00am
Texas freight trains have become a problem when they cross busy roadways. With some trains now 3 miles or longer in length, places like Pleasantville, Texas often see traffic waiting for up to 7 minutes for them to pass. The town is near rail yards run by Union Pacific, Wall Street Journal highlighted in a new article. It says the 'monster trains' are a way to make higher profits because they can haul more goods with less locomotives and less crew.  There are no federal limits on train length, though regulators are reviewing the issue, the?

Three Mile Island Nuclear Power Plant to Restart Following Microsoft Agreement
by Charles Kennedy
20 Sep 2024 at 7:30am
Constellation Energy has signed its largest-ever power purchase agreement with Microsoft, which paves the way for the restart of the Three Mile Island Unit 1 nuclear plant, the biggest owner of U.S. nuclear power plants said on Friday. Microsoft and other major technology firms have been looking to purchase zero-carbon electricity to power up their data centers, which are consuming growing amounts of electricity. For their part, power-generating companies and utilities are raising power supply and planning for a surge in U.S. electricity demand,?

Has Sentiment Finally Shifted in Oil Markets?
by Michael Kern
20 Sep 2024 at 7:00am
Oil prices are on track to post a second weekly gain as bullish sentiment builds and the prospect of a prolonged price rally becomes increasingly likely. Friday, September 20th, 2024Oil prices are set to record their second straight week-on-week gain with WTI rebounding above $70 per barrel and now trading closer to $72 per barrel, but the fact that the US Federal Reserve has at last initiated a new cycle of monetary easing should have prompted a stronger market response. With a weaker dollar and an improved macro risk outlook, next week could?

Russia Boosts Use of Sanctioned Tankers to Export Its Oil
by Tsvetana Paraskova
20 Sep 2024 at 6:15am
Over the past weeks, Russia has been using a growing number of oil tankers sanctioned by the West to export its oil, in a move suggesting that Moscow has become more successful in defying U.S. and EU restrictions. A total of six oil tankers sanctioned by the U.S., the EU, or the UK loaded oil cargoes from Russia in August, and at least another six have done the same so far in September, according to tanker-tracking data compiled by Bloomberg. The data showed that at least 17 sanctioned tankers have left Russian ports loaded with oil since the end?

Crude Oil Futures Surge as Bullish Sentiment Builds
by Editorial Dept
20 Sep 2024 at 6:00am
Light crude oil futures have rallied sharply this week, supported by multiple key factors. The U.S. Federal Reserve?s aggressive rate cut, escalating geopolitical tensions between Israel and Hezbollah, and a significant drawdown in U.S. crude stockpiles have all contributed to higher prices. However, concerns over weak demand from China remain a limiting factor, creating mixed sentiment in the market. Fed Rate Cut Fuels Economic Optimism The Federal Reserve's decision to cut interest rates by 50 basis points has injected fresh momentum into?

A Huge Problem for the U.S. Refining Industry
by Editorial Dept
20 Sep 2024 at 6:00am
COP29 Bets on Energy Storage as Funding Talks Hit a Roadblock - Azerbaijan?s COP29 presidency has unveiled the summit agenda and initiatives undertaken before the November summit in Baku, focusing on methane reduction, battery storage, and an expansion of the climate fund. - Battery storage might be one of the success stories of the summit, aiming to reach 1,500 GW of energy-storage capacity by the end of the decade ? an ambitious goal there?s only 85 GW of battery storage capacity as of end-2023 and pumped hydro capacity takes?

A Relatively Safe Dividend Stock to Avoid Political Risk
by Editorial Dept
20 Sep 2024 at 6:00am
Long-term investing in anything in the run up to a US election is a risky proposition, but stocks in the energy sector are particularly prone to post election volatility. The widely differing energy policies of the two parties, or at least the perception that that is true, mean that oil and gas stocks represent an exaggerated risk every four years as the seemingly endless American Presidential campaigns finally end. History suggests that who is in the White House actually has very little influence on stock prices in general, including those in?

The Market May Be Misinterpreting Libya's Oil Blockade
by Editorial Dept
20 Sep 2024 at 6:00am
Claims that the rival governments in Libya will soon resolve their differences and entirely lift the blockade on oil exports put in place by the Haftar clan in the country?s east seem hard to believe. Two weeks ago, we saw Libya?s oil exports plummet by over 80% (week on week), with the NOC canceling cargoes. For the past week, exports have reportedly ticked up to an estimated 550,000 bpd, from the 1-1.2 million bpd Libya was exporting prior to the August 26 blockade. Kpler data from Thursday put Libya?s crude exports so far for?

Tensions Between Israel and Hezbollah Reach Fever Pitch
by Editorial Dept
20 Sep 2024 at 6:00am
Politics, Geopolitics & Conflict South Sudan said this week that it had cut a deal with the SAF (Sudanese Armed Forces) in neighboring Sudan to resume crude oil exports, which have been halted as a casualty of Sudan?s ongoing civil war. Officials now say the pipeline has been repaired. Landlocked South Sudan gets its oil to market via the Petrodar pipeline, which leads to Port Sudan. Petrodar was damaged in February in the armed conflict between the SAF and the paramilitary Rapid Support Forces. There could still be some delays in restarting?

TotalEnergies Starts Natural Gas Production From Argentinian Offshore Field
by Tsvetana Paraskova
20 Sep 2024 at 5:15am
French supermajor TotalEnergies announced on Friday the start of natural gas production from the Fenix gas field offshore in southern Argentina. The Fenix field has been developed to have a production capacity of 10 million cubic meters per day, or 70,000 barrels of oil equivalent per day, (boe/d). The field, 60 km (37 miles) off the coast of Tierra del Fuego in Southern Argentina, consists of a new unmanned platform and is connected to the existing facilities at the Cuenca Marina Austral 1 (CMA-1) concession, which TotalEnergies operates.?

Russia?s Fuel Exports Rise by 10% in September
by Tsvetana Paraskova
20 Sep 2024 at 4:00am
Russian petroleum product exports jumped by 10% in the first half of September compared to August as diesel and fuel oil shipments recovered from last month?s multi-month lows, data from analytics firm Vortexa compiled by Bloomberg showed on Friday. Refining rates in early September improved from August and so did exports of diesel and fuel oil. Russia?s total exports of refined oil products by sea averaged about 2.2 million barrels per day (bpd) between September 1 and 15, according to the data compiled by Bloomberg. This average volume?

The Refining Supercycle Is Coming to an End
by Tsvetana Paraskova
20 Sep 2024 at 2:36am
The refining industry is witnessing the end of the supercycle of huge profits and record margins that began with the post-pandemic surge in demand and war- and sanctions-related supply disruptions. This year, weaker Chinese economy and fuel consumption, a wave of new refining capacity in the Middle East and Africa, and underwhelming demand in developed economies have depressed refining margins to multi-year lows. Profits at U.S. refiners have been much lower this year as refining margins slumped from record highs in the previous two years. The?