Draws In Product Inventories Offset Rising Crude Stocks

The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds. The week, according to the API, the build was 3.294 million barrels-strong. U.S. crude inventories are still 63 million barrels below where they were at the beginning of the year. Analyst expectations for the week were for a build of 2.233-million barrels for the week. In the previous week, the API reported a surprise build in oil inventories of 5.213-million barrels, compared to the 140,000 barrel build that analysts had predicted. Oil prices…

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Oil Refining Margins Bounce Back To Pre-Crisis Levels

Recovering fuel demand and additional demand for oil products amid record-high coal and natural gas prices have pushed up global oil refining margins to their pre-pandemic levels. For the first time since COVID crippled fuel demand and margins in early 2020, refining margins in the key regions Asia, Europe, and North America have rebounded strongly in recent weeks, according to analysts and company officials who spoke to Reuters. Globally, refinery activity continued to disappoint in the third quarter, with lower throughputs in China and India in August only partially offset…

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Kazakhstan Is Pulling The Plug On Crypto Miners Amid Power Shortages

Kazakhstan’s national grid operator has begun rationing electricity to the country’s biggest consumers, likely targeting cryptocurrency mining farms. Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry. Nur-Sultan has struggled to land on a consistent policy toward cryptocurrencies and mining – the series of electricity-hungry calculations made by networked computers to verify and record cryptocurrency transactions. Only three years ago, the National Bank called for a ban on trading cryptocurrencies and mining them. Then, in 2020, parliament passed a law legalizing mining and creating welcoming conditions for…

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After The Bell: Tesla Expected Booming Revenue For Q3

Chip shortage or not, it looks like Tesla’s Q3 results are going to be quite impressive despite some supply chain issues that are pervasive in the market. Tesla (NASDAQ: TSLA) is set to report after the bell on Wednesday, and expectations are for $1.3 billion in profit for Q3—up from the paltry $331 million that the electronic vehicle manufacturer reported in Q3 2020. Tesla’s Q3 revenue is expected to hit between $13.6 billion and $14.116 billion, up from $8.8 billion in Q3. Tesla already reported at the beginning of October…

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Exxon Considers Abandoning Major Oil And Gas Projects To Appease ESG Investors

Ever since the arrival of the ESG craze, we have discussed the change in “optics” that Exxon has been trying to pull off in order to placate some of the most vocal activist shareholders, some of whom now happen to be on the company’s board. But now, instead of just purely superficial changes, Exxon may be on the cusp of making fundamental changes as well as the oil and gas major is considering whether or not to shutter “several major oil and gas projects”, according to a new report from…

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The Battle For Oil Market Share Heats Up Within OPEC

he ongoing energy crunch has put a lid on what seemed to be the ideal bull run for this year’s autumn season – OPEC+ has maintained rigorous discipline even after it concluded a new supply cut agreement until end-2022, whilst demand for energy was growing much more robustly than anyone anticipated. Power consumption mandates, production cuts and electricity shortages have, however, become the new reality of October 2021, reshaping the overall market fundamentals of crude. Chinese buying, always presumed to restart at some point later this year, is now off…

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Grim future for coal and gas if China and Japan meet climate plans

Modelling shows the future of fossil fuel exports that drive regional economies is grim, complicating the Prime Minister’s message to the Nationals that regional Australia will be shielded from losses under his push to commit to net zero emissions by 2050. The Reserve Bank of Australia’s recent analysis of coal and gas exports shows the industries would at least halve if major customers China, Japan and South Korea met their climate commitments. The Nationals are baulking at endorsing the 2050 target, which Prime Minister Scott Morrison is aiming to commit…

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Annual U.S. coal-fired electricity generation will increase for the first time since 2014

We expect 22% more U.S. coal-fired generation in 2021 than in 2020, according to our latest Short-Term Energy Outlook (STEO). The U.S. electric power sector has been generating more electricity from coal-fired power plants this year as a result of significantly higher natural gas prices and relatively stable coal prices. This year, 2021, will yield the first year-over-year increase in coal generation in the United States since 2014. Coal and natural gas have been the two largest sources of electricity generation in the United States. In many areas of the…

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Local POL Production Increase 2.35% In 2 Months

Overall production of petroleum commodities has witnessed an increase of 2.35 percent during the first two months of current financial year 2021-22 as compared to corresponding period of fiscal year 2020-21. The Petroleum, Oil and Lubricants (POL) products that showed positive growth include Jet Fuel Oil the production of which increased by 14.40 percent during the period under review, Pakistan Bureau of Statistics (PBS) reported. Similarly, the production of Motor Spirits, Lubricating Oil, Solvant Naptha, Liquefied Petroleum Gas (LPG) and other petroleum products witnessing increase of 7.48 percent, 168.36 percent,…

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Regulatory Bodies: AGP yet to get access to core record

Auditor General of Pakistan (AGP) has yet to get access to core record of regulatory bodies despite directive of the Public Accounts Committee (PAC) that all government organisations are subject of audit under the Constitution. The AGP has mandate to complete audit of the regulators. The audit officials will not only audit the expenditures of the regulatory authorities but also their performance and other matters. The regulatory authorities refused to give access to the AGP to their accounts on the pretext that no allocation in the budget is made for…

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