Category: Highlights

The oil price rally has really cooled down over the past three weeks, with oil prices declining to levels last seen prior to Russia’s invasion of Ukraine. A massive increase in interest rates by the Fed, pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. That said, whereas it’s crude markets that have been hogging the limelight, the most dramatic action in global oil markets has been happening in a more hidden corner of the market: distillate…

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As European LNG buyers are snapping up cargoes from the United States in a race to replace Russian pipeline deliveries, America has become a major supplier to Europe, and its sales to China have dwindled to just a few cargoes shipped so far this year. Chinese imports of LNG from the U.S. plunged by 95% between February and April compared to the same period in 2021. Meanwhile, Chinese imports of LNG from Russia jumped by 50%, according to Chinese customs data cited by The Wall Street Journal. That’s a major…

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Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off its means of financing the invasion of Ukraine. The United States has suggested a price cap decided by consuming countries, a proposal that was discussed on Sunday by the G7 leaders at a summit in the Bavarian Alps. Western countries rallied around Kyiv when Russia invaded Ukraine in February, but more than four months into…

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A new battery from Contemporary Amperex Technology Co Ltd promises to resolve one of the chief complaints that drivers have with electric vehicles: battery range. The next-generation Qilin battery—named after a Chinese mythical creature that appears with the imminent arrival or passing of a sage or respected leader—has a range of more than 620 miles in a single charge, and is 13% more powerful than the next battery Teslas will use. It charges faster than existing cells, and it is also safer and more durable, CATL boasts. CATL will begin…

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A total of 45 percent of UK adults have cut back on non-essential journeys in a vehicle amid soaring fuel prices, the Office for National Statistics (ONS) said in its latest survey published on Friday. As in many other countries, UK gasoline prices have jumped to records this year, with prices setting the biggest daily jump in 17 years in early June. The average UK gasoline price has been around £1.90 per liter this week, or the equivalent of more than $8.80 per U.S. gallon. Rallying gasoline prices compound the cost-of-living crisis in the UK, where energy bills…

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