Fossil Fuels

Abu Dhabi National Oil Company said on Friday that it was being "significantly affected" by unprovoked attacks on its people and assets, while it sought to meet customer demands in an "exceptionally difficult environment." ADNOC stated in a press release that 15 of their vessels were attacked by drones and missiles while they transited the Strait of Hormuz, including three this week. One crew member was killed and 20 injured. Strait of Hormuz is the most important oil shipping chokepoint in the world, transporting a fifth of global oil consumption. Since the U.S. and Israeli war against Iran has expanded...

Virginia Governor Abigail "Spanberger" said Thursday that she will intervene in the regulatory review of NextEra Energy’s proposed $66.8 billion merger with Dominion Energy to press for "commitments" on electric bill affordability, jobs protection and clean energy investments. The Governor said that she would become a formal party in the case before Virginia State Corporation Commission. This would give her access to all filings, and allow her to ask questions and voice concerns about the transaction. They're not enough?yet. That's one of the main reasons I chose to intervene in the case. "I need more information." In May, the companies...

The governor of the region, Mikhail Evrayev said that a major refinery in Russia's Yaroslavl area is on fire following a large Ukrainian drone attack. Emergency services are working to extinguish the flames. Images posted on social media that have not been verified show plumes of black smoke rising above the facility. Evrayev stated in a statement on Telegram that the refinery’s storage tanks were struck by falling drone debris. He described this as the largest enemy attack on Yaroslavl to date, located about 250 km (160 mi) northeast of Moscow. "Today, the region successfully repelled the biggest attack by...

Enverus, an analytics firm, said that the volatility of oil prices has tempered investor confidence and led to a four-fold decline in dealmaking in the U.S. Upstream Oil and Gas Sector in the second quarter this year. "Crude price volatility linked to the Iran conflict, and a softer gas outlook, likely widened bid-ask and complicated valuations. This pushed the announced?value down to its lowest quarterly total in years," Andrew Dittmar said, principal analyst at Enverus Intelligence. The Bureau of Land Management, in a record-breaking lease sale in May, made the most money, earning around $4 billion from the sale of...

TAE Technologies, a developer of fusion energy, announced on Wednesday that it had signed a deal with Black Moon Energy, whose private company could 'provide helium-3 as a fuel option in the future for its planned power plant. Nuclear fusion is still a long way from commercial power plants. Developers are still trying to prove the performance of reactors, attract capital, and ensure long-term supply. TAE has raised over $1 billion from Alphabet, Google, and Chevron. It is planning to build its first fusion plant, Da Vinci. The power plant will be able to generate 50 megawatts of electricity. Site...

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, a stake 18% in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

Phillips 66'reported a nearly 4-fold increase in'second-quarter profits on Wednesday, crushing Wall Street expectations, as the Middle East conflic? squeezed global fuel suppli?es and sent U.S. refinery margins soaring. The Iran War has been a boon to U.S. refiners, as buyers from around the world have scrambled for alternative fuels amid fears of disruptions in Middle Eastern exports. Fuel exports from the United States have reached record levels, especially for diesel and other refined fuels. Phillips' refining segment reported a record jump in earnings adjusted to $3.09 Billion from $392 MILLION a year ago. The?realized profit margin? in the second...

President Donald Trump stated that his administration had "very positive discussions" with Iran on Tuesday during the all-day talks, which fueled expectations of a quick end to the five-month conflict. In Asian trade, oil prices dropped and stocks soared on Wednesday following Wall Street's record highs. This was on the hope that a deal would soon be struck to restore traffic in the Strait of Hormuz. Trump said on Fox News' "@ night" program that the negotiations lasted all day. Trump said that the Strait of Hormuz would be opened very soon. If they retreat again, they will be hit...

Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing...

Refiner Marathon Petroleum posted its highest quarterly profit for four years on Tuesday. It also surpassed analysts' profit expectations, as prolonged disruptions to crude supply through the Strait of Hormuz increased refining margins. In premarket trading, shares of Marathon rose by around 2.1%. After the Strait of Hormuz was effectively closed for several months, the margins on gasoline, jet fuel and diesel increased. The repeated?Iranian strikes on refineries in the Middle East further reduced fuel supplies. Marathon's results...follow those of rivals Valero Energy, HF Sinclair and others who have also reported their highest quarterly profit since 2022. Marathon's quarterly refining...

Three sources with knowledge of the discussions said that Damascus had agreed to reduce its imports of Russian crude oil as part of ongoing talks with the United States about lifting the last major designation of sanctions on Syria. This would be a significant shift in the energy policy of 'Syria. It has become heavily dependent on Russian oil, despite its political pivot towards the West. Experts say that it would be a way for the U.S. exert new pressure on Russia’s economic influence in the country. According to a Syrian official with direct knowledge of these conversations, an American...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

Gold prices remained steady Thursday, as oil prices rose after reports that Iran was reviewing restrictions on "hostile vessels" in the Strait of Hormuz. This sparked inflation fears and rate hike expectations. Gold spot was unchanged at $4,244.29 an ounce as of 2:50 pm EDT (1850 GMT), having reached its highest level since the 18th of June earlier in session. The yellow metal gained over 4% in one day, the largest gain since February. U.S. Gold futures settled at $4,299.60, a 0.1% decrease. A committee of the Iranian parliament is reviewing a draft bill which would prohibit U.S. and Israeli...

Libyan police reported that inmates staged an 'escape from a prison on Tuesday?, while armed clashes broke out in two cities to the west of Tripoli. In a press release, the?Tripoli Judicial Police Authority?stated that the mass escape took place at Surman prison and that they had opened an investigation. The police did not disclose the exact number who had escaped. They said that they formed a committee "to identify them and take the necessary legal actions against them." Salem Bahr - a local leader from the town of Zawiya - appealed to Libya Al-Ahrar, a TV channel based in...

Aramco, the Saudi oil giant, reported a 44% rise in its second-quarter net profit on Tuesday. It reaped higher prices for crude 'oil', refined products and chemicals, while being forced to reroute shipment to avoid war-torn Strait of Hormuz. The top oil exporter in the world posted a net profit of 32,69 billion dollars for the three-month period ending June 30 compared to $22,67 billion dollars a year ago. Amin Nasser, CEO of Aramco, said that despite the disruption in supply through the Strait of Hormuz we were able to continue our business by leveraging our diverse asset base, multi-decade...

Abu Dhabi National Oil 'Co announced?on Friday that it will change its benchmark for monthly official sales prices for all of its crude grades from Murban crude to Platts Dubai pricing for the month-to-month from November 1. In a press release, ADNOC said that the change will align ADNOC’s OSPs with the month in which cargoes are loaded. This applies to Abu Dhabi crude grades onshore and off-shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials for grades to Dubai prices in the month prior to cargo loading. ADNOC stated that the new pricing mechanism "reinforces...

Donald Trump, the U.S. president, said that talks with Iran would take place on Monday. He declined to give a 'deadline for agreement' after announcing earlier that he had halted an imminent attack to reach a quick deal to reopen Strait of Hormuz in order to resolve the impasse regarding Tehran’s nuclear capabilities. Trump said on Saturday night on his Truth Social platform, that Iran and Middle Eastern countries asked for more time to reach a deal which would result in "the Immediate Complete and Total Reopening" of the Strait and "an End to Iran's Nuclear Threat" but that Tehran...

The Electricity and Renewable Energy Ministry in Egypt announced on Friday that the rates would remain unchanged for households within the first consumption category, but increase them by an average of 12 percent for all other residential customers. The ministry stated that it had approved the new accounting rate "in order to ensure the stability and financial sustainability" for Egypt's electricity and renewable energy network. This includes production, transmission, and distribution. Egypt spends about 100 billion pounds ($1.9 billion) a year to bridge the gap in production costs and consumer tariffs. The state subsidy is shrinking with increasing household consumption....

The National Development and Reform Commission announced a 'raised retail price cap on gasoline and diesel in China from Saturday. This is due to the sharp volatility of?international crude prices. According to NDRC 'price data, the retail ceiling prices of gasoline and diesel are set to increase by 685 yuan (US $101.54) and $655 yuan, respectively. This represents an increase of 14% to 15% over the previous adjustment made before the Iran War. This is the second adjustment following the renewed conflict between the United States, Iran and other countries this month and the blockade of Strait of Hormuz -...

The oil price fell on Friday, but remained on track to a?monthly rise of around a fifth? as more supplies flowed via crucial maritime chokepoints. This was despite the?absence of major breakthroughs? in talks between the?United States? and Iran? Brent futures dropped $1.03 or 1.2% to $88 per barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI), however, fell $1.50 or 1.8% to $82.09 per barrel. Both benchmarks were expected to increase by about 20% on a monthly basis. Analyst at ING, Daniel?Hynes said that signs of increased flow in the Strait of Hormuz are 'offsetting' Middle East tension....

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves. The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases. Moscow has already placed restrictions on the export of jet fuel and gasoline. Alexander Novak, the Deputy Prime Minister, said last week that...

Trade sources reported on Wednesday that Abu Dhabi National Oil Co had sold 12 million barrels of spot crude at a premium to Asian refiners, trading firms and other companies in its most recent tender. The renewed U.S. - Iran hostilities have disrupted the?supplies, and this has sparked an 'impulsive buying spree. Since the fighting between Iran and the United States intensified in the first half of this month, oil?flows have dropped sharply through the Strait of Hormuz. ADNOC uses a shuttle fleet to move crude oil out of the Gulf of Oman and onto other tankers, despite exports slowing...

Washington said that the U.S. military intercepted multiple missiles fired by Iran at U.S. forces based in the Middle East on Tuesday, in what Washington called "a surprise attack" by Tehran. The U.S. Central Command statement did not specify the exact location that it claimed Iran tried to target. Iran's Revolutionary Guards said later that they fired several missiles in response to U.S. action against Iranian interests. Axios had reported earlier, citing an official from the United States, that Iran "had launched ballistic rockets towards a U.S. military base in Jordan, and the missiles have been intercepted." The Islamic Revolutionary...