Downstream

U.S. natgas down 3% as Freeport LNG outage leaves more fuel for storage

This post was originally published on this siteU.S. natural gas futures fell about 3% on Thursday on expectations last week’s storage build will be near normal despite hotter than usual weather, as the shutdown of Freeport’s liquefied natural gas (LNG) export plant in Texas left more fuel available for utilities to stockpile. Prices fell despite …

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U.S. Supreme Court limits federal power to curb carbon emissions

This post was originally published on this siteThe U.S. Supreme Court on Thursday imposed limits on the federal government’s authority to issue sweeping regulations to reduce carbon emissions from power plants in a ruling that will undermine President Joe Biden’s plans to tackle climate change. The court’s 6-3 ruling restricted the Environmental Protection Agency’s (EPA) …

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Analysis: Saudi Arabia walks oil policy tightrope between Biden and Putin

This post was originally published on this siteSummary Saudi Arabia, Russia forged OPEC+ alliance in 2016 Riyadh’s diplomacy highlights a difficult balancing act Biden pushes for more oil as he seeks to isolate Russia Moscow seen benefiting from alliance amid Ukraine crisis LONDON/DUBAI, June 30 (Reuters) – Saudi Arabia’s push for swifter oil production hikes …

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Biden administration drilling plan may exclude all waters beyond Gulf of Mexico

This post was originally published on this siteJune 30 (Reuters) – The U.S. Interior Department has recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two …

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OPEC+ Ratifies August Supply Hike, Next Move Left Unresolved

This post was originally published on this siteThe OPEC+ coalition ratified an oil-production increase that completes the return of supplies halted during the pandemic, while deferring discussions on its next move for another day. The 23-nation group led by Saudi Arabia rubber-stamped plans to add 648,000 barrels a day in August, restoring the final tranche …

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Rejecting Biden: First Solar Rejects US Site for New Factory, Eyes Europe or India Instead

This post was originally published on this site(Bloomberg) First Solar Inc. has decided against building a new factory in the US, citing uncertainties regarding trade policy and tax incentives. The biggest US solar manufacturer is still planning a manufacturing facility in either Europe or India, and Chief Executive Officer Mark Widmar expects to make a final decision within …

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US Gasoline Market Dips in Peak Season as High Prices Slow Demand

This post was originally published on this siteJun 29, 2022 (Bloomberg) Gasoline demand in the US shows signs of further softening just three weeks into the peak driving season, with near-record prices likely encouraging people to stay closer to home. The four-week moving average of gasoline supplied — the best gauge for demand — fell below 9 million barrels a …

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Oil Set for First Monthly Decline This Year Before OPEC+ Meeting

This post was originally published on this siteBy Alex Longley  Jun 30, 2022 (Bloomberg) Oil is heading for the first monthly decline since November as OPEC+ ministers prepare to gather to discuss the group’s supply policy. West Texas Intermediate futures traded near $110 a barrel after closing almost 2% lower on Wednesday. OPEC+ is expected to rubber-stamp an increase …

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