OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
U.S. Nuclear Power May Not Have A Role In Energy Transition After All
by Charles Kennedy
29 Jul 2021 at 8:00am
Exelon plans to shut down two Illinois nuclear power plants that it previously sought to keep afloat with state subsidies?and the reasons behind the shutdown raises questions as to the competitiveness of the nuclear industry as a whole. The parent company of Commonwealth Edison, which last year agreed to pay $200 million to settle bribery charges, had filed documents for the shutdown of the two nuclear power plants with federal regulators, it said in a statement. ?The filings are among the final steps in retiring the plants, which face?
Oil Tops $75 On Shrinking U.S. Crude Inventories
by Julianne Geiger
29 Jul 2021 at 7:30am
Brent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data. The September Brent crude futures contract rose 0.59% to $75.18 per barrel on Thursday at 10:30 p.m., EDT. The WTI benchmark, for its part, landed at $72.82 per barrel, up $0.44, or 0.59% on the day. The rise in crude oil prices comes despite oil demand concerns on the back of mounting fears regarding Covid-19?s Delta variant and disappointing news of waning efficacy of the Pfizer jab after?
OMV: Nord Stream 2 Could Start Shipping Gas This Year
by Charles Kennedy
29 Jul 2021 at 7:30am
The Russia-led Nord Stream 2 natural gas pipeline could begin shipping gas as soon as this year, one of the western investors in the project, Austria?s OMV, said on Wednesday. ?I would like to keep my fingers crossed for the Nord Stream 2. The head of the company [Nord Stream 2 AG] said that the construction work would be completed at the end of August. So, we believe that the gas may be flowing this year. There is a good chance of this happening,? OMV?s chief executive officer Rainer Seele said on the company?s Q2?
Shell Reports $5.5 Billion Net Profit And Hikes Dividends
by Irina Slav
29 Jul 2021 at 7:00am
Anglo-Dutch Shell reported a net profit of $5.5 billion for the second quarter of the year on the back of stronger oil prices and said it will buy back $2 billion worth of shares. The company also booked free cash flow of $9.7 billion for the period, up from $200 million a year earlier, and reduced its net debt to $65.7 billion from $77.8 billion for the second quarter of 2020. ?We are stepping up our shareholder distributions today, increasing dividends and starting share buybacks, while we continue to invest for the future of energy,??
Shrinking Global Populations Poses An Existential Threat To Oil
by Alex Kimani
28 Jul 2021 at 5:00pm
About a week ago, Saudi Energy Minister Prince Abdulaziz bin Salman made waves in the oil community after telling Bloomberg News that Saudi Arabia "...is going to be the last man standing, and every molecule of hydrocarbon will come out." The comments by bin Salman?heralded as the most powerful man in the global oil and gas industry?came shortly after the latest OPEC+ agreement and mirrored those by Saudi Aramco CEO Amin Nasser, who expressed similar sentiments back in January 2019. And this might not be idle bluster: In late 2019,?
Oil Majors Are Primed For A Massive Earnings Season
by Alex Kimani
28 Jul 2021 at 4:00pm
Earnings season is here with us once again, with a quarter of S&P 500 companies having reported second-quarter 2021 earnings. According to FactSet data, 88% of S&P 500 companies have reported a positive EPS surprise, while 86% have reported a positive revenue surprise. The good news for oil and gas investors: The long-suffering sector is on course for a repeat of a stellar first quarter by posting blowout earnings, again, in large part due to an increase in oil and gas prices. Three-quarters of energy companies that have reported earnings?
Why Exxon Is Doubling Down On Guyana?s Offshore Oil Boom
by Matthew Smith
28 Jul 2021 at 3:00pm
Global oil supermajor ExxonMobil is investing heavily in South America seeing it become the driving force behind Guyana?s offshore oil boom. The integrated energy company is reporting stunning successes in the offshore 6.6-million-acre Stabroek block where it is the operator and holds a 45% interest with partners Hess and CNOOC owning 30% and 25% respectively. Since 2015, Exxon has made a notable 20 oil discoveries in the Stabroek block, the latest being the June 2021 Longtail-3 discovery, giving the energy supermajor estimated recoverable?
Why Won?t Foreign Investors Back Kazakhstan?s Renewable Revolution?
28 Jul 2021 at 2:30pm
In May, Kazakhstan?s president upped the stakes for the country?s renewable energy agenda. The plan is no longer for 10 percent of the country?s power needs to be generated through renewables by 2030. It is 15 percent. ?I am a supporter, a firm supporter, of the development of clean energy and green technologies in general,? Kassym-Jomart Tokayev told officials. ?I support the construction of power plants using renewable energy sources.? These kinds of environmental-minded pledges have come thick?
Why Norway Won?t Give Up On Oil & Gas
by Tsvetana Paraskova
28 Jul 2021 at 2:00pm
Norway doesn?t have any second thoughts about oil exploration and investment in light of the International Energy Agency?s (IEA) report suggesting that no new fossil fuel exploration would be needed for a net-zero world. Western Europe?s biggest oil and gas producer is doubling down on oil development and continues to consider oil exploration and production a critical part of its economy and income for the state. Norway, the country with the highest electric vehicle (EVs) share of new car sales anywhere in the world,?
Environmentalists Take Aim At UK?s North Sea Oil Plan
28 Jul 2021 at 1:30pm
The High Court has today agreed to hear a case brought by environmental campaigners claiming that the government?s plans for the North Sea oil basin are unlawful. Three activists are arguing that the Oil and Gas Authority?s (OGA) new strategy for the continental shelf, which was released earlier this year, conflicts with its legal duty to achieve net-zero emissions by 2050.? Justice Thornton said that the campaigners had ?presented an arguable case? which was ?in the public interest?. The defendants have?
Controlling The Weather Could Have Serious Global Implications
by Haley Zaremba
28 Jul 2021 at 1:00pm
As the world gets warmer, regions around the world are experiencing sweltering heat waves and setting records for high temperatures almost every passing year. This week the Middle East has been suffering from soaring temperatures reaching a truly hellish 125 degrees. These dangerously high temperatures come as the Arabian Gulf countries continue to experience the longest recorded meteorological drought, clocking in at a whopping twenty years. ?The general pattern of the climate in the region is warming. There is warming over the seas?
The Tech Boom Is Sending Tin Prices Into The Stratosphere
by Ag Metal Miner
28 Jul 2021 at 12:30pm
Tin prices have soared to a record high on the LME, closing last week at $34,177 per metric ton. The closing price marked an increase of 12.56% month over month. As we?ve noted in previous reports, increasing consumer demand for electronics has supported the tin price. Tin is also used as solder for joining pipes and electric circuits. Balanced market as tin prices rise Prices have surged amid a balanced global tin market. According to the World Bureau of Metal Statistics (WBMS), the global tin market posted a minuscule deficit of 1,400 tons?
Renewables Will Play A Vital Role In Energy Security For The U.S.
by Haley Zaremba
28 Jul 2021 at 12:00pm
The United States? energy independence is under threat. For decades, the gush of cheap and abundant shale oil and gas out of the West Texas Permian Basin has allowed the U.S. a large degree of energy security and sovereignty, as well as giving the nation a great deal of sway in global energy markets. But U.S. energy titans and politicians have gotten complacent. As the country has doggedly stuck to the status quo, the rest of the world has been investing heavily in clean energy infrastructure, research, and development. And the United States?
Top Investors Back $5.4 Billion TPG Rise Climate Fund
by Charles Kennedy
28 Jul 2021 at 11:30am
Alternative asset firm TPG announced this week the first close of $5.4 billion in subscriptions to its TPG Rise Climate fund, which attracted some of the world's largest institutional investors and multinational corporations. TPG Rise Climate, the climate investing strategy of TPG's global impact investing platform TPG Rise, has set a hard cap of $7 billion in total capital commitments and expects to hold a final close in the fourth quarter of 2021. The fund's first close received subscriptions from some of the world's largest institutional?
Here?s Why Analysts Expect Record-High Earnings For ExxonMobil
28 Jul 2021 at 11:00am
Surging prices for plastics are likely to help Exxon's petrochemicals division post record-high earnings this week when the company reports its earnings. Items like flooring, roofing and packaging all saw demand remain firm throughout the pandemic. This helped keep a bid under the price of the commodity while the "lockdown trade" pulled the rug out from under the bid of other items, like vacations and corporate real estate. Chemical ingredients like polyethylene and polyvinyl chloride used to make plastics have seen record-high prices this year.?