Fossil Fuels

Barclays anticipates that the Bank of England will increase rates by 25 basis points in November, after keeping them steady. They cite a "dramatically altered" medium-term outlook for energy and warn of a possible further tightening if the Middle East conflict continues. Barclays joins J.P. Morgan, which has also warned about the possibility of further rate hikes due to the Middle East Crisis. J.P. Morgan had previously predicted that the BoE would raise rates in November 2026, and then cut rates twice in 2027. BoE?kept rates at 3.75% as expected on Thursday, but also forecasted?that inflation would top 4% by...

JP Morgan stated on Thursday that they do not have a baseline view of oil markets for the first time since the US-Israeli War on Iran. Analysts at the bank stated that they "simply do not know how to model endgame." The note noted that JP Morgan assumed at the start of the conflict that there would be a few economic thresholds the U.S. government wouldn't cross. However, six months later, these lines had been crossed and no exit strategy was in sight. The bank stated that gasoline is now $4.37 per gallon, and oil has risen above $100 per...

The latest 'flashpoint' between New Delhi, India and Washington is a sweeping U.S. bill on sanctions and tariffs. It adds pressure to the ties that are already strained due to U.S. tariffs against Indian goods and Washington’s close relationship with India's neighbour Pakistan. Here's a look at the?turns and?turns? that have shaped India-U.S. relations during President Donald Trump’s second term. FEBRUARY 20,25 Trump announced that the U.S. will charge the same tariff rate as India. The two countries agreed to work towards a limited free trade agreement and to double their bilateral trade by 2030 to $500 billion. APRIL 2025...

U.S. President Donald?Trump called on Ukrainian president Volodymyr?Zelenskiy on Sunday to stop attacking Russian diesel infrastructure. He said the attacks are causing a fuel shortage that "hurts the world". In recent months, long-distance Ukrainian?drone attacks on Russian oil refineries have reduced the country's fuel production. This has led to gasoline shortages in all of Russia. Ukraine, which is regularly attacked by Russia on its own energy infrastructure says that refineries are legitimate targets. According to GasBuddy, the U.S. average price of?diesel - used in trucks, trains and ships, as well as farm equipment - rose above $6 per gallon on...

According to sources familiar with the plans of the administration, the White House is considering?how it can use the Defense Production Act in order to increase U.S. oil refinery capacity. The conflict with Iran has exposed the country's vulnerability due to global crude supply disruptions and price increases. This extraordinary move highlights the growing pressure on the Trump administration to demonstrate that it can control the impact of rising fuel prices for consumers and businesses in advance of the midterm elections scheduled for November. Sources said that the proposal to use the act was brought up at a recent White...

Stocks in the U.S. rose on Friday, as oil prices fell. This helped to put stocks "on track" to finish a tough week on a positive note. Dell has jumped more than 11%, setting a new record. Hewlett Packard Enterprise jumped nearly 10%, and HP gained around 7% after Oracle's strong results. Gains in the stock market have helped to ease pressure on stocks at a period when fluctuating interest rate expectations, an intensifying Middle East conflict, and high Treasury yields had weighed heavily. After several days of defensive positions, today's movement looks like a regression to mean. "The market...

Venezuela's state-run energy company PDVSA ?has restarted the fluid catalytic cracker of ?its 310,000-barrel-per-day Cardon refinery, ?three sources said ?on Friday, ?complementing output of the neighboring Amuay refinery, whose catalytic cracker is also in service. Power outages affected refineries that are part of Paraguana Refining Center earlier this year. Since then, PDVSA has tried to restart the operational units, especially those critical for producing gasoline and Diesel. Sources said that as of 'this week', Cardon has three crude distillation unit, a naphtha Reformer, and a 'catalytic Cracker, while Amuay has two crude distillation units?and the catalytic cracked, which are operational...

Chevron CEO, Mike 'Wirth' said on Friday that the oil buffers which limited crude prices increases during the Iran War have been exhausted and that the conflict may cause the price to rise further in the coming months. Since the beginning of the war in late February, some countries have released crude stocks to the market. The U.S. has also lifted restrictions on oil that is stored on floating ships from countries subject to?sanctions. Wirth, speaking at the University of Texas?at Austin's energy conference, said that those buffers had now "played themselves out". He said that it was difficult to...

U.S. index futures rebounded on Friday as oil prices dropped and investors hoped that the consumer inflation report would end a 'rough' week on a positive. Oracle's premarket price jumped by nearly 7% after it surpassed estimates for its quarterly results on Thursday. This reassured investors that their AI investments are paying off. Nvidia gained 0.8%. The market is weakened by fluctuating interest rates expectations as the stock markets navigate through a convergence of factors, such as the Middle East conflict intensifying and the elevated Treasury yields. After Thursday's slightly higher-than-expected Producer Price Index, which did not reassure investors, the...

U.S. stock index futures rebounded as oil prices dropped on Friday, and investors placed their hopes in the consumer inflation report. This helped end a tough week with a positive ending. Oracle's premarket price jumped by nearly 7% after it surpassed estimates for its quarterly results, announced late Thursday. This reassured investors that their AI investments are paying off. Nvidia gained 0.9%. The market is weakened by fluctuating interest rates expectations as stocks face a number of challenges, such as the intensifying Middle East conflict or the elevated Treasury yields. The market now faces the Consumer Price Index report, another...

The International Energy Agency announced on Friday that global oil demand and supply will be lower than originally thought. This is because the Iran War has not been resolved, and the return to 'normal Middle East flows' until 2027 is delayed. Fuel prices are also expected to rise as a result. Crude prices have reached $110 per barrel for the first week since May due to an increase in attacks on oil tankers along Middle East shipping routes. This increase is overshadowed, however, by the record-breaking price of diesel. The IEA has now predicted that the world's oil supply will...

According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will...

DAMASCUS 17th September - Syria is offering cheaper diesel fuel for heating, agriculture, and industry. Energy Minister Mohammed al-Bashir announced this on 'Thursday. Days after a fuel hike triggered some of the largest protests - since the fall Bashar al-Assad. The government's move is a partial retreat after the increases last weekend sparked protests across the country. Protesters burned tyres and?blocked?roads to demand the increases be reversed. UN estimates say that 90% of Syrians are below the poverty level. Bashir said at a press briefing that diesel will be sold for three different prices, 115,150 and 175 Syrian pounds a...

Naseem al-Akkari has been experiencing power cuts for many years. He owns a restaurant chain in the capital of Libya, Tripoli. It wasn't until the summer heatwaves of this year that his business was put in danger. He lost an estimated $40,000 within a few months. The generator must run in order to keep the goods from spoiling. "You have no other choice than to buy diesel on the black market in order to keep running," he said during an interview where the power had gone out more than ten times. The combination of rising temperatures and global energy disruptions,...

New Hope Corp, a thermal coal -miner in Australia, declared its 'largest ever final dividend' on Tuesday. This was despite the fact that their annual profit had more than halved and they missed expectations. The shares rose to their highest level in over 3-1/2 years. Rob Bishop, CEO of. "We had a good year and we were able to pay out a large dividend," said he. New Hope announced a final dividend per share of 30 Australian cents for fiscal 2026. This is the highest since 2021 when it was 31 cents and surpasses last year's 15 Australian cents. The...

The International Energy Agency said that Saudi Arabia's crude oil supply dropped by 2.3 million barrels per month to 6,000,000 bpd, its lowest level in over 30 years. Attacks on Saudi energy plants were cited as the reason. In a recent report, the IEA noted that groups affiliated with Yemen's Houthis had targeted ships passing through the Bab el-Mandeb and Saudi Arabia Jazan refinery, as well as shipping near Yanbu. Iran-backed militias used drones in Iraq to attack Saudi Arabia Abqaiq's oil processing site. Saudi Arabia's own assessment of its supply of 7.122?million bpd in August was lower than the...

Two Asian refiners, according to sources familiar with the matter, have asked Saudi Aramco to switch the benchmark for their long-term crude contracts from Dubai to ICE Brent. Middle Eastern price indicators have surged over Brent since August, due to the increasing tensions between Iran and the United States. The APPEC Conference in Singapore is an annual gathering of Middle Eastern producers and Asian refining companies to discuss long-term contracts. These are usually finalised by the end of the year. Sources said that refiners requested supplies for 2027 during this week's discussions. They cited the increased volatility of the Middle...

Donald Trump has said that he expects the war against Iran to end following the midterm elections in November. He also threatened to 'again' attack a nuclear site linked to the Islamic Republic after both sides launched their 'biggest wave of strikes on shipping since the beginning of the six-month war. Saudi civil defense authorities issued emergency alerts on Thursday in Khamis Mushait, a city in southwest Yemen, for the fourth consecutive day, after clashes with the Houthis, who are backed by Iran. Brent crude prices were above $100 per barrel, as both supply routes through the Strait of Hormuz...

The Wall Street Journal reported Wednesday that top 'White House' advisers, including Vice President JDVance and Secretary Marco Rubio have privately warned Donald Trump that the conflict could last 'throughout the rest of his presidency. The White House did not respond immediately to a comment request. Journal: The 'advisers' told Trump privately in the Situation Room and the Oval Office that Iran could continue to resist U.S. Pressure, possibly prolonging the conflict past Inauguration day in January 2029. The reported warning is in contrast to Trump's public statements about the war. The president stated on Wednesday that he expects 'the...

* The global shortage of uranium has been eased by clandestine shipments Oil prices have risen because of the uncertainty over oil volumes * Difference between peak daily flows and the average Dmitry Zhdannikov & Anushree Mukerjee LONDON, September?9, - Estimates of Middle Eastern oil flows have been wildly varying since tankers started "dark crossings", meaning that they sail without transponder signals, to avoid Iranian attacks. The clandestine "shipments" have greatly increased supplies while the incertitude over their scope has added to the premium on international oil prices. Last week, U.S. Diesel prices reached a record high. Last week, the...

Brent crude, the global benchmark for oil prices, hit $100 per barrel Wednesday. This was the first time this has happened since late July. However the price increase is relatively slow despite the escalating conflict in the Middle East that fuels fears of more disruptions to oil shipments. Russell Hardy, CEO Vitol - the world's largest independent oil trader - told the APPEC Conference in Singapore on Tuesday that the Middle East has exported approximately 9 million barrels of crude per day and another 1 million bpd in refined products in recent days. This compares to roughly 20,000,000 barrels of...

Brent crude, the global benchmark for oil prices, has risen this month. However it has remained below $100 per barrel despite the recent escalation of the U.S. - Iran conflict which has caused disruptions in Gulf exports via the Strait of Hormuz or the Red Sea. According to Argus, Crude Oil?shipments are now at 11 million barrels a day (bpd), down from 18 million bpd prior to the Iran War seven months ago. What are the factors that influence oil prices? SIGNIFICANT VOLUMES CAN FLOW?THROUGH HORMIZ Claudio Galimberti, Rystad's Chief Economical Officer, stated that in the week prior to fighting...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

Motiva Enterprises restarted a small 'crude distillation unit (CDU) at its 656,400 barrel per day (bpd), Port Arthur, Texas refinery on Thursday. Sources?said that the 90,000 bpd unit, which is the smallest of the refinery's three crude distillation units, was one of several closed on Tuesday night as Tropical Storm Eduoard passed close to the?refinery. It is the largest in the United States. VPS-2, the refinery's smallest crude distillation unit, is located in the refinery. Motiva did not respond to a request for comment. CDUs are typically the first step in the refining of crude oil, converting it into feedstocks...