OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
Solar Stocks Rally on Optimistic Guidance
by Alex Kimani
29 Feb 2024 at 5:00pm
The solar sector has snapped from a months-long selloff after the largest U.S. solar module manufacturer, First Solar Inc. (NASDAQ:FSLR), beat Wall Street?s earnings estimate and also issued robust 2024 guidance. First Solar reported Q4 2023 GAAP EPS of $3.25, $0.13 above the Wall Street consensus while revenue of $1.16B was good for a healthy 16.0% Y/Y growth despite missing the consensus by $160M. Fourth-quarter earnings swung to a profit of $349M from a loss of $7.5M in the year-earlier quarter. First Solar finished?
Natural Gas Futures Market?s Wild Swings Set To Continue
by Tsvetana Paraskova
29 Feb 2024 at 4:00pm
Despite the currently low U.S. natural gas prices and the huge shale gas resources, the futures market has seen wild swings in recent months. Record 2023 gas production and one of the warmest winters for decades may have sunk the U.S. benchmark gas price at Henry Hub to the lowest in decades. Still, those factors haven't removed a key risk of sudden spikes and dips. Volatility is here to stay and even increase in the coming years, according to Wood Mackenzie?at least until the U.S. expands its natural gas storage capacity. Lowest Gas Price?
Petrobras Plans Dividend Squeeze To Fund Transition to Renewables
by Irina Slav
29 Feb 2024 at 3:00pm
Brazil?s state-owned energy heavyweight Petrobras will be distributing more modest dividends in the future as it prepares to become a renewable energy company. That?s according to chief executive Jean Paul Prates, who spoke to Bloomberg and said that plans are to have half of Petrobras?s revenues coming from wind and solar power generation and renewable fuels in ten years. Prates told Bloomberg he believed shareholders ?will understand,? explaining that ?I would be more conservative than aggressive.?
Oil Majors Dive Into Deepwater Projects Despite Tight Budgets
29 Feb 2024 at 2:00pm
Oil and gas upstream majors ? ExxonMobil, Shell, Chevron, BP, TotalEnergies and Eni ? will continue to exercise caution in exploration spending this year, with drilling activity poised for a busy year ahead. According to Rystad Energy?s research, these major producers will have spent on average a combined $7 billion each year between 2020 and 2024, a sizeable drop from the previous four-year period during which average total spending was $10 billion. Despite tightened budgets, frontier drilling is fueling optimism for a productive?
Asia's Energy Dilemma: Can the Continent Kick Its Coal Habit?
by Felicity Bradstock
29 Feb 2024 at 1:00pm
Countries worldwide are accelerating the closure of their coal plants, as governments and private companies plough money into growing the global renewable energy capacity, supporting a gradual transition away from fossil fuels. Coal is expected to be the first of the fossil fuels to go, having been deemed to be the world?s dirtiest energy resource. However, the move away from coal is not so easy for some countries in Asia that remain heavily dependent on it. Yet, several advanced and developing economies, such as China, India and Indonesia,?
Saipem First to Call Drop in Aramco Orders Over Oil Expansion Plan Scrapping
by Charles Kennedy
29 Feb 2024 at 12:30pm
Italy?s Saipem oilfield services company said on Thursday that it was anticipating a 20% fall in orders from Aramco as a result of the Saudi oil giant?s orders from on high in late January to scrap plans for expanding capacity, Reuters reported. In 2020, Saipem signed a 12-year-deal with Saudi Aramco, and has averaged over $1.6 billion in engineering and construction projects for Aramco between 2021 and 2023, according to Reuters. "(Saipem's) new business plan already includes a 20% cut in orders from Saudi Arabia compared?
Low-Cost Nickel from Indonesia is Flooding The Market
by Metal Miner
29 Feb 2024 at 12:00pm
Via Metal Miner The global nickel mining industry is under stress, and the primary reason is an oversupply of low-cost nickel from Indonesia. Moreover, this constant supply continues to support a major global surplus, placing downward pressure on the nickel price. At this point, the Southeast Asian nation has already cornered more than half of the world?s supply of this critical metal. Indonesia?s ascent as the leading player in the global nickel industry, leveraging Chinese capital and innovation, proved remarkable. In fact,?
Wood Mac Shaves 1 Million BPD off Global Oil Demand Forecast
by Charles Kennedy
29 Feb 2024 at 11:30am
Wood Mackenzie has revised its global oil demand forecast downward by 1 million barrels per day to 1.9 million bpd for 2024, with the biggest increases in demand coming from China and India. Citing a Wood Mac briefing during an Energy Institute conference in London, Reuters reported on Thursday that Wood Mac?s VP of oils research, Alan Gelder, was largely in line with OPEC own estimates for this year. In January, Wood Mac said it expected global oil demand growth to continue to set records this year, up nearly 2 million bpd compared?
New Tech Enhances Safety and Performance of Lithium Ion Batteries
by Brian Westenhaus
29 Feb 2024 at 11:00am
Incheon National University scientists have developed a method to improve the stability and properties of lithium ion battery separators with a layer of silicon dioxide and other functional molecules. The study published in Energy Storage Materials demonstrates successful graft polymerization on a polypropylene (PP) separator, incorporating a uniform layer of silicon dioxide (SiO2). Lithium-ion batteries face safety concerns as a result of internal separator issues which often lead to short circuits. Batteries employing the Incheon National separators?
Crescent Point Energy Lifts Base Dividend as It Turns Profit for Q4
by Charles Kennedy
29 Feb 2024 at 10:30am
Canadian oil and gas producer Crescent Point Energy (NYSE: CPG) is raising its quarterly base dividend by 15% as it reported on Thursday a net income for the fourth quarter, compared to a loss for the same period of 2022. Crescent Point booked US$701 million (C$951 million) in net income for Q4 2023, compared to a loss of US$367 million (C$498 million) for the fourth quarter of 2022. Adjusted net earnings from continuing operations fell by 8% in the quarter and by 3% for full-year 2023 compared to 2022. The company is increasing?
Egypt Seals Historic $35 Billion Development Deal with UAE
29 Feb 2024 at 10:00am
Via Middle East Eye Egypt has agreed to a $35 billion deal with the United Arab Emirates to develop the town of Ras el-Hekma town on its northwestern coast, Egyptian Prime Minister Mostafa Madbouly announced on Friday after weeks of speculations. Madbouly said at a news conference, which was attended by Egyptian and Emirati officials, that Egypt will receive an advance amount of $15bn in the coming week, and another $20bn within two months. The deal is the largest foreign direct investment in an urban development project in the country's?
Utility Scale Solar Installations Saw Largest Jump Ever Last Year
by Julianne Geiger
29 Feb 2024 at 9:30am
Utility-scale solar installations in the United States rose by 60% last year, the highest level ever recorded, according to new data. U.S. solar projects grew by 15 GW last year?a 60% increase and the highest jump on record, environmental research group Kayrros said in a new report. Behind the large increase year over year was an uneventful 2022, which saw a rash of bottlenecks in solar supply chains, lack of solar workforce, and high import tariffs. Texas, under the oversight of the Electric Reliability Council of Texas (ERCOT), saw the?
Oil Workers Fired As Strike Rages On in Kazakhstan
29 Feb 2024 at 9:00am
An oil services company in western Kazakhstan whose operations have been hampered by a strike that began in December has escalated the standoff by announcing that it will dismiss 50 employees involved in industrial action. The firings, announced by West Oil Software on February 27, represent the company's largest mass dismissal since the strike started. The company has stated that the strike is costing it millions of dollars daily, with the financial damage to date around 1 billion tenge ($2.2 million). It cited a December court ruling, which?
Kuwait?s Fuel Oil Exports Jump to Record as New Refinery Ramps Up
by Charles Kennedy
29 Feb 2024 at 8:30am
Fuel oil exports from one of OPEC?s top crude exporters, Kuwait, are estimated to have hit a record-high level in February, as the new Al-Zour Refinery has ramped up fuel processing to full capacity. In February, fuel oil exports from Kuwait reached a record high of around 720,000 metric tons, equal to 158,000 barrels per day (bpd), according to ship-tracking data from analytics firm Kpler cited by Reuters. According to data from LSEG, Kuwait?s fuel oil exports in February have been around 516,000 tons, which is the highest export?
Can Anything Stop Bitcoin?s Bull Run?
29 Feb 2024 at 8:00am
Bitcoin surged beyond $63,000 on Wednesday, marking its highest level in over two years, fuelled by a wave of investment into new U.S. spot bitcoin exchange-traded products. This rally, witnessing a remarkable 42% increase this month, is shaping up to be its most significant monthly gain since December 2020. However, the excitement was short-lived as Bitcoin unexpectedly experienced a drop, stabilizing at $61,650 during Asia?s morning trading session. This upward momentum in the most traded cryptocurrency?s value also lifted Ether?