|Day's range||2.1590 - 2.1740|
Investing.com -- The much-anticipated storage injection of 100 billion cubic feet or more for the current build season in natural gas has finally materialized, sending prices of the fuel to a near one-month low on Thursday.
(Bloomberg) -- Brazil’s state-controlled oil giant Petrobras is capturing and storing a growing amount of carbon dioxide below the seabed in a strategy that helps it boost oil and natural gas production. It also calls it green.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireWall Street Banks Are Using AI to Rewire the World of FinanceDebt-Limit Deal Passes the House, Easing US Default ConcernsBillionaire Perot Wa
Oil prices are falling again, just days ahead of this weekend’s Opec+ meetings in Vienna. International benchmark Brent settled at $72.60 per barrel, close to its lowest price since 2021. Oil prices have lost almost 15 per cent since Saudi Arabia surprised the market in April by announcing more cuts to supply.
For the fourth time in 123 years, this ultrapopular commodity appears to be on the verge of a significant bull market.
(Bloomberg) -- Traders are seeking buyers for piles of unused coal before it becomes worthless after the fuel was hoarded to save Europe’s economy from running out of power last year.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into the EarthInside the Making of Redfall, Xbox’s Latest MisfireDebt-Limit Deal Passes the House, Easing US Default ConcernsWall Street Banks Are Using AI to Rewire the World of FinanceBillionaire Perot Warns of Real Estate Recession as Loans Dry Up
A huge tax on BTC miners didn’t make it into a deal to resolve the battle, and a separate provision might actually (unintentionally) help them.
With oil witnessing its largest decline in four weeks and weaker demand indicators appearing on the horizon, is now the moment to consider investing in inverse energy ETFs?
Apart from ConocoPhillips (COP) and Shell (SHEL), TechnipFMC (FTI), Eni (E) and Petrobras (PBR) hogged attention during the week.
TotalEnergies and a Belgian energy start-up plan to build a $2bn plant in the US to produce synthetic natural gas, underscoring how President Joe Biden’s Inflation Reduction Act is drawing clean energy infrastructure investment away from Europe and towards the United States. The plant, which will probably be in Texas, will use wind and solar power to make hydrogen that will be combined with carbon dioxide to create synthetic methane — which has essentially the same chemical structure as natural gas. Marco Alverà, chief executive of Tree Energy Solutions, which is focused on the production of green hydrogen, said the incentives provided by the IRA had accelerated the project by several years.
(Bloomberg) -- Countries from Asia to Latin America are snapping up natural gas cargoes as prices slump, helping replace more polluting fuels while easing cost pressures on the economy.Most Read from BloombergWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesPutin Orders Tighter Defenses After Drone Strikes on MoscowMcCarthy Confident on Debt Vote Despite Hard-Line Ouster ThreatStock Rally Loses Steam After AI-Fueled Euphoria: Markets WrapNvidia Touches $1 Trillion Mark After
(Bloomberg) -- Coal cargoes unwanted in Europe are heading to Asia, where utilities are stockpiling the fuel amid sweltering temperatures heading into the summer.Most Read from BloombergPutin Orders Tighter Air Defenses After Drone Strikes on MoscowWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesTaiwan Rushes to Prevent China From Cutting Internet, PhonesS&P 500 Gains Wane After AI-Fueled Rally in Stocks: Markets WrapNvidia Surpasses $1 Trillion Market Valuation in Massive A
(Bloomberg) -- Copper and European natural gas futures prices are both in the midst of multiweek losing streaks, while oil is looking to maintain the momentum after a two-week rally. In the US, investors will be focused on two annual general meetings from oil behemoths Exxon Mobil Corp. and Chevron Corp. Here are five notable charts to consider as the week in commodities gets underway.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion Rally
With natural gas prices depreciating significantly in 2023, we advise focusing on fundamentally sound companies like CHK and LNG.
(Bloomberg) -- China’s raw materials producers are at the forefront of falling industrial profits as poor demand and price deflation tear into margins at steel mills, metals smelters, chemicals firms and coal miners.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyDebt-Limit Deal Brings Relief Tinged by Caution: Markets WrapManchin Gets Mountain Valley Pipeline Deal Into Debt BillTraders Ready to Embrace Riskier Assets After Debt-Cap
The much-awaited deal to raise the U.S. debt ceiling is in, President Joe Biden said on Saturday, potentially setting equity and commodity markets on a new wave of risk-taking - after weeks of fear about a government default on payments. “Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle,” Biden said in an announcement on Twitter, barely 24 hours after Treasury Secretary Janet Yellen said the administration had until June 5 to avoid default. Republican congressional leader Kevin McCarthy and Democrats led by Biden and Senate Majority Leader Charles Schumer have been in a stand-off for more than a month in raising the $31.4 trillion debt ceiling.
(Bloomberg) -- As global liquefied natural gas prices nosedive, traders are bracing for the possibility that US cargoes will be canceled in the coming months.Most Read from BloombergEurope’s Economic Engine Is Breaking Down‘Last of Us’ Multiplayer Video Game Faces Setbacks at SonyEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeDebt-Limit Talks Get More Time as US Treasury Pushes Back DeadlineAsian LNG spot prices
This week CoinDesk published one of the most thought-provoking and balanced articles on bitcoin mining I’ve ever read. The report is focused around the Greenidge bitcoin mining company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. The thing is, most of the worst claims about Greenidge were straight up wrong.
Brussels has said it expects EU gas demand to fall by more than its total imports from Russia this year. Gas-saving measures undertaken by the EU’s 27 member states are estimated to cut consumption in 2023 by 60 bcm compared with the bloc’s average use over the past five years, according to an internal European Commission document seen by the Financial Times. This represents “more than the gas volumes we still foresee to import from Russia in 2023, both pipeline and [liquefied natural gas]”, the document said.
A fire incident at Marathon Petroleum's (MPC) Galveston Bay refinery leads to a worker's death, raising concerns regarding safety within the facility.
Investing.com -- U.S. natural gas storage rose by 96 billion cubic feet, or bcf, last week, the Energy Information Administration, or EIA, said Thursday, announcing for a second straight time a weekly injection below 100 bcf that suggested the oversupplied market may be turning the corner on fundamentals.
In Italy and much of Europe, 2022 was the driest year for the past 500. Europe relies on hydroelectric power for about 15 per cent of its energy. Hydro — generated by harnessing the flow of rivers or water released from reservoirs — used to be thought of as a reliable renewable energy source.
Crusoe is not a pioneer, but a follower, says the lawsuit filed by Stephen Barbour's mining firm.
Environmentalists and anti-mining lawmakers debating bitcoin mining facility Greenidge Generation’s impact use rhetorically persuasive arguments that aren’t backed by reality. But so do the bitcoiners supporting the powerplant-turned-mining facility. And the debate does not solve the very real environmental problems on Seneca Lake.
Earnings and profits of natural gas-weighted companies are seen getting better despite the outsized supply of U.S. natural gas versus demand, with four companies particularly — Southwestern Energy (NYSE:SWN), Chesapeake Energy (NYSE:CHK), Range Resources (NYSE:RRC) and EQT (NYSE:EQT) — offering value to investors, Bank of America says. “Our second conclusion is that at the current forward curve for U.S. gas, valuations for gas weighted E&Ps look compelling, led by SWN, CHK, RRC and EQT, with limited down-side risk contrasting with values we see 80%-175% higher at strip,” analysts BofA said in a note.
(Bloomberg) -- Saudi Arabia’s top energy official issued another warning to oil short-sellers, just over a week before the OPEC+ alliance is due to meet.Most Read from BloombergCarl Icahn Is $15 Billion Poorer After Hunter Becomes the HuntedMcCarthy Says Debt Deal Remains Elusive as Negotiations ResumeChina’s $23 Trillion Local Debt Mess Is About to Get WorseRussia Pushes India for Help to Avert Global Financial IsolationSaudi Energy Minister Tells Oil Speculators to ‘Watch Out’Riyadh and its pa