Category: Highlights

Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory – a stunning turn of events that cost traders massive losses – when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored, and as such those traders who were assigned delivery would pay others just to take the physical oil off their hands. Well, in just a few weeks we may see the opposite scenario: no physical oil at all in the largest US commercial…

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Funds that have spent years reducing their exposure to oil and gas stocks because of the ESG trend are now scrambling to get back in on the fossil fuel game. Reuters’ David Randall wrote this week that allocations to energy stocks from fund managers gained 23 percentage points over the last month as energy stocks strongly outperformed the S&P 500, enjoying a 53.8-percent rise compared with 20.2 percent for the broader index. According to Randall, the energy stock rally caught fund managers by surprise. This implies that many had believed…

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Soaring gas prices seem to have their impact not only in the UK’s energy market but also in its northwest neighbour Germany. E.ON has written on its website in the section for its gas supply business solutions that “unfortunately, we are currently unable to offer you natural gas products.” An E.ON spokesperson told ELN: “E.ON stands by its customers as a partner. Supply to customers with existing natural gas contracts will continue as normal. “We have only been reviewing new customer contracts for a few days, as we must take…

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A specialist nuclear vessel has been 100% recycled for the first time in a UK fleet. Oceanic Pintail was operated by Nuclear Transport Solutions (NTS), which gave Dales Marine Services the task of recycling the 3,865-tonne vessel. Every part of it ended up being recycled and reused, which the Nuclear Decommissioning Authority (NDA) has stressed can become another means to boost governmental net zero ambitions. Concrete and tiles were crushed to create materials for the construction industry, insulation was converted into electrical energy, oils were separated from water and soil…

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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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