Fossil Fuels

Members of the Senate, and the House of Representatives were briefed by top Trump administration officials on Wednesday regarding strikes on suspected drug-trafficking boats near Venezuela. This came after Congress expressed frustration over a lack of transparency in the operation. Secretary of State Marco Rubio, and Secretary of Defense Pete Hegseth spoke for an hour with Republican and Democratic leaders of the House and Senate and members of senior national security committees. They discussed U.S. attacks on vessels in Caribbean and Pacific waters that have resulted in the deaths of dozens of people. The Trump administration has insisted that the...

Canada's benchmark stock index rose on Wednesday. It recovered from the previous days' sell-off, thanks to the strength of commodity-linked stocks, and investors also digested an unexpectedly positive U.S. payrolls report. At 10:07 am. The S&P/TSX Composite Index in Toronto was up 0.84% at 30,027.94. Gold sub-index was the sector's leader with a 2.6% increase, following gold prices as investors shifted away from risky investments to metals that are considered safe havens. Gold has played a major role in the TSX's movements. When gold moves higher, the market tends to move up with it, said Allan Small. Senior investment advisor...

Orsted, the Danish offshore wind company, said that it has no plans to acquire the renewables division of Equinor. Equinor is its second largest shareholder and had proposed closer ties with Orsted. Equinor is a Norwegian oil and gas group that also produces renewable energy. It took a 10% share in Orsted in October last year, and invested close to $1 billion into the company. Last week, it said that offshore wind needed consolidation. Orsted shares are down 85% since their peak in 2021, due to rising costs, disruptions of the supply chain, and challenges in the United States, where...

Marathon Petroleum, a U.S. refiner, missed Wall Street's expectations for the third quarter profits on Tuesday as higher turnaround costs in refining and losses from renewable diesel weighed on performance. At 1:30 pm, shares of Marathon, which is the largest refiner in the United States by volume, had fallen about 7%. ET (1830 GMT). Marathon's results highlight the challenges facing U.S. refining companies as inflation and high maintenance costs eat away at earnings, despite strong demand. According to LSEG, the company reported a quarterly profit of $3.01, compared to an average analyst estimate of $3.15. Analysts said the results were...

Kimmeridge, an activist investor, called on Tuesday for a change in leadership and strategy within Coterra Energy. He said that the merger of Cabot Energy & Oil and Cimarex Energy into the new company by 2021 has failed to provide value and the stock is trading at a lower price than its peers. The private investment firm, in an open letter to the board, urged it to appoint a non-executive, independent chair, and to refocus its operations on the oil-rich Delaware Basin, claiming that the current mix of oil properties and gas properties had created inefficiency and reduced returns. In...

Exxon Mobil, a company executive said in an interview, is looking at other opportunities to renovate sites after launching operations this year at four new initiatives for refining and chemicals. Exxon Mobil CEO Darren Woods described the projects as part of a larger strategy to transform low-value feedstocks and chemicals into products that are more valuable. He said that upgrading existing refineries and diversifying the production will allow the company to maintain low investment costs and better withstand fluctuating demand and supply markets. Matt Crocker, Exxon's president of product solution, said in an exclusive interview conducted last Wednesday before the...

The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that the Trump administration has yet to provide any details about its operations against the drug cartels or their legal basis. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean have resulted in the deaths of dozens of people. This has caused tension between Washington DC and Caracas. In a rare instance of bipartisanship on the strikes, Republican senator Roger Wicker and Democrat Jack Reed stated in a joint statement that they had not received the information requested from the administration regarding...

The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal...

The Republican and Democratic leaders in the U.S. Senate Armed Services Committee stated on Friday that they have asked the administration of President Donald Trump for information and legal reasoning about operations against drug cartels, but still have not received it. Since early September, U.S. airstrikes on suspected drug-trafficking boats in the Caribbean and Pacific have resulted in the deaths of dozens of people. This has heightened tensions between Washington DC and Caracas. In a rare instance of bipartisanship in relation to the strikes Republican Senator Roger Wicker, and Democrat Jack Reed stated that they did not receive information from...

President Donald Trump on Friday denied he was considering strikes inside Venezuela, appearing to contradict his own comments from last week and amid intensifying expectations that Washington may soon expand drug-trafficking-related operations. In recent months the United States has established a significant military presence in Caribbean, including fighter jets, ships and thousands of soldiers. This presence will grow significantly in the next few weeks, with the arrival the Gerald Ford aircraft carriers strike group. When asked on Friday by reporters aboard Air Force One whether media reports claiming that Trump was considering strikes in Venezuela were true or not, Trump...

A poll conducted on Friday showed that analysts are keeping their oil price predictions largely the same as OPEC+'s rising output targets and a lacklustre market demand have offset geopolitical risk to supply. According to a survey conducted by 36 economists and analyst in October, Brent crude is expected to average $67.99 a barrel in 2025. This is about 38 cents higher than the estimate from last month. West Texas Intermediate will average $64.83 per barrel in 2025. This is slightly higher than September's estimate. Brent and WTI have been averaging $69.27 and $65.92 respectively so far this year. Tobias...

Indian Oil Corp, the top refiner in India, has purchased five cargoes from non-sanctioned companies for delivery in December. Traders said that India had resumed purchases despite Washington's pressure to stop purchasing Russian oil. Washington imposed sanctions last week on Rosneft, and Lukoil - the two largest Russian oil companies - in an effort to increase pressure on President Vladimir Putin for the end of the war in Ukraine. Since then, Indian refiners, including the state-run Mangalore Refinery & Petrochemicals Ltd., HPCL Mittal Energy Ltd. and Reliance Industries (the operator of the largest refining facility in the world) have stopped...

Local media reported that the ruling party of Bulgaria plans to introduce legislation to allow a special manager to supervise the sale, if one is appointed, of the Burgas Oil Refinery owned by the Russian oil company Lukoil sanctioned by the United States. Mediapool in Bulgaria reported the draft document. It would allow a special manager the right to sell an asset. The legal owner of the refinery would not have the right to vote or appeal. Last month, the U.S., Britain, and France imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This...

Two sources with knowledge of the situation said that after European Union sanctions earlier in the year, Nayara Energy, a Russian-backed Indian refiner, has increased crude processing to 90-93% capacity at its Vadinar Refinery. Sources have said that oil processing at Nayara’s 400,000 barrels-per-day western India plant fell to 70 to 80 percent after the EU sanctions it in July. This impacted its exports, and caused suppliers like Iraq and Saudi Arabia, to stop crude sales to the firm. Nayara was operating at 104% capacity before the sanctions. Nayara, a majority-owned company by Russian entities, is dominated by Rosneft. Rosneft...

A company executive said that India's state refiner Mangalore Refinery & Petrochemicals Ltd does not have immediate plans to purchase Russian oil because of the risks involved following the latest U.S. sanction on Moscow's major oil producers. Last week, U.S. president Donald Trump imposed sanctions against Rosneft, Russia's largest oil company, and Lukoil in an effort to pressure Vladimir Putin into ending the war in Ukraine. The MRPL executive who declined to name himself due to the sensitive nature of the issue said that it was hard for the company's to track back oil supplies and make sure they did...

Russian authorities reported that Ukraine had sent drones to Moscow for a third night in a row and also targeted other Russian regions. The drones disrupted air traffic across the country, and threatened an industrial plant located in the south of Russia, they said. The Russian Defence Ministry announced on Telegram that Russian air defence units had destroyed 100 Ukrainian drones over the course of the night, including six in Moscow and thirteen over the bordering areas. Kyiv continued to launch long-range drone attacks on Moscow and other Russian regions over the past few months. The aim, according to Kyiv,...

Tuesday, the United States warned Americans living in Mali to immediately leave using commercial flights. The government is under increasing pressure by insurgents linked to al Qaeda, who have imposed a fuel embargo. Early September, militants from Jama'at Nusrat al-Islam and Muslimin announced a ban on fuel imports into the landlocked West African nation. Since then, they have attacked convoys of tankers trying to enter the country and reach Bamako. Due to fuel shortage, the government ordered on Sunday the suspension of all school and university classes in Mali for a period of two weeks. The U.S. Embassy in Mali...

Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, the highest since February 2024. LSEG data shows that it was about $2 a barrel early October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies....

State television Vesti, on its Telegram channel, reported that the Kremlin stated on Sunday that it was incorrect to speak about canceling a meeting between Russian president Vladimir Putin and U.S. president Donald Trump. However, it added that preparations were needed. They are clear about this: "Presidents can't just meet to waste time. They cannot meet just for the sake meeting. They have instructed the (U.S. secretary of state Marco) Rubio and the (Russian foreign minister Sergei) Lavrov to prepare for this meeting. "The process is complex," Kremlin spokesperson Dmitry Peskov said to state TV Kremlin reporter Pavel Zarubin. Peskov...

The U.S. Dollar was almost flat Friday, after it had dipped following new inflation data showing that U.S. consumer price increases were lower than expected in September. This kept the Federal Reserve on course to reduce interest rates next week. Consumer Price Index increased by 0.3% in September and by 3.0% over the past 12 months. The economists surveyed by predicted that the CPI would rise by 0.4% this month, and by 3.1% on an annual basis. The U.S. Dollar Index was down last by 0.021%, at 98.934. It had fallen as high as 0.2% earlier. Still on track to...

Oil prices rose more than 5% on Thursday to a new two-week high after Washington imposed sanctions against major Russian companies for the Ukraine War. Major stock indexes also climbed, as gains in U.S. energy stocks and European energy shares offset mixed earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, as well as Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas liquefied imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks closed higher with indexes gaining strength after...

The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out...

Rosen Zhelyazkov, the Prime Minister of Bulgaria, said that although U.S. sanctions have been imposed on Russia's Lukoil, which operates Bulgaria's largest refinery, there is still enough fuel to meet demand. The U.S. President Donald Trump has imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This has sent global oil prices up and prompted India to cut Russian imports. Lukoil operates the Burgas refinery in Bulgaria which produces 190,000 barrels per day. It also has more than 200 petrol station and a network of fuel depots and transport. Zhelyazkov, speaking to journalists in...

Russia, which is the second-largest oil exporter in the world, is considering how it will respond to U.S. sanction against top oil companies Rosneft, and Lukoil, and to the possibility of reduced sales to India, its largest buyer. Since months, President Donald Trump and Vladimir Putin have been discussing a way to end the conflict. However, there has not yet been a breakthrough. What did the U.S. do? The U.S. Department of the Treasury’s Office of Foreign Assets Control, or OFAC, imposed sanctions against Rosneft, Lukoil and several of their subsidiaries on October 22, while calling on Moscow to agree...