More Canadian Oil Heads to California Ahead of Trans Mountain Pipeline Launch
Oil Price
by Irina Slav
43m ago
Canadian oil shipments to Los Angeles hit the highest in four years this month ahead of the formal launch of the expanded Trans Mountain pipeline that is expected to boost export volumes further. According to Vortexa data cited by Bloomberg, three tankers carrying a combined 1.74 million barrels departed from the port of Vancouver this month bound for LA. At least two of these were purchased by Marathon Petroleum, which has a refinery in LA. Bloomberg notes that Marathon Petroleum has reserved capacity on the expanded TMX, meaning this increased ..read more
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The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR
Oil Price
by Irina Slav
43m ago
The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government. Per an Argus report, the DoE declined to comment on why it had bought the oil despite the higher price hinting at more news to come later today. Back in 2022, to arrest an inexorable climb in retail fuel prices, the White House announced a release of 180 million barrels of crude oil from the strategic petroleum reserve. Critics ..read more
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Why Morgan Stanley Says to Buy Energy Stocks Right Now
Oil Price
by Alex Kimani
8h ago
The AI boom and Big Tech might be hogging all the media limelight right now, but the smart money is quietly piling into energy stocks. Indeed, the energy sector is the most crowded of all 11 U.S. market sectors, with the sector’s favorite benchmark, Energy Select Sector SPDR Fund (NYSEARCA:XLE) up 10.7% in the year-to-date compared to a 7.9% return by the Technology Select Sector SPDR Fund (NYSEARCA:XLK) and 9.4% gain by the S&P 500. According to Citi, Energy (XLE) is now the most crowded U.S. quant factor, noting ..read more
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Russia and Iran Build Out Gas Alliance String of New Cooperation Agreements
Oil Price
by Simon Watkins
8h ago
Nineteen new cooperation agreements in the areas of oil gas, infrastructure, and finance have been signed in recent days between Iran and Russia, a senior source who works closely with Iran’s Petroleum Ministry told OilPrice.com last week. These build upon the key enhanced cooperation themes laid out in the new 20-year comprehensive cooperation deal between the two countries to which Iran’s Supreme Leader, Ali Khamenei, gave his official approval on 18 January. That deal, and the new agreements on top of it, in many ways ..read more
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Sanctions Begin To Bite Into Russian Oil Exports
Oil Price
by Tsvetana Paraskova
10h ago
The tightening sanctions on Russia's oil exports are raising freight costs for moving Russian crude and having India scrutinize deliveries to avoid opaque trades. The U.S. upped the ante in the sanctions game last month, and Russia may now have to work out new routes and ways to circumvent sanctions at a cost.   The sanctions' estimated direct cost to deliver Russian cargoes now is around 6-8% of the price of a barrel of crude leaving the western ports in Russia for Asia, according to data from commodity price reporting agency Argus crunched ..read more
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TotalEnergies’ South Africa Ambitions: Wise or Risky?
Oil Price
by Irina Slav
11h ago
Two environmentalist groups have challenged in court French oil major TotalEnergies’ plans to drill five wells offshore South Africa. The groups seek to stop the drilling, claiming that the environmental impact assessment was not done according to requirements. This is not the first time activists are challenging oil exploration in South Africa. It won’t be the last. But the French supermajor does not seem too bothered by it. Neither does it seem too bothered, for now, about other challenges it may encounter should the results ..read more
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U.S. Heavy Industries Get Green Makeover with $6 Billion Boost
Oil Price
by Felicity Bradstock
12h ago
The latest green transition move by the U.S. government is to invest in the decarbonisation of hard-to-abate industries. The White House has announced that it will provide funds for companies across several industries to increase the use of renewable energy and clean technologies to power and run plants, aimed at reducing greenhouse gas emissions. It will also incorporate carbon capture and storage (CCS) technology into operations to reduce the CO2 emitted into the atmosphere. This is expected to spur greater private investment in the sector and ..read more
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Western Wind Turbine Manufacturers Struggle to Compete with Chinese Pricing
Oil Price
by OilPrice.com
13h ago
China is quietly dominating another major global sector, wind power. The country accounted for two-thirds of the entire global build in 2023 and now boasts a 77GW portfolio, more than ten times that of the US, the next largest market. Data from Bloomberg’s specialist research unit NEF out today shows that Europe added a record 15.3GW last year, 16 per cent more than the amount installed in 2022, but still only 40 per cent of the required annual volume to meet the 2030 500 GW target. China is strengthening its wind project stock both off its ..read more
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Argentina-Venezuela Tensions Escalate After Diplomatic Spat
Oil Price
by Alex Kimani
13h ago
Tensions between Argentina and Venezuela have worsened after a diplomatic spat between the two South American nations.  Argentina has accused Venezuela of cutting the power supply to its embassy in Caracas after its diplomats invited Venezuela’s opposition leaders due to concerns about “the deterioration of the institutional situation and the acts of harassment and persecution directed against political figures in Venezuela.” In a statement released on Monday by the Office of Argentine President Javier Milei ..read more
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Cool Paint Coatings Can Help Mitigate the Urban Heat Island Effect
Oil Price
by Brian Westenhaus
13h ago
A Nanyang Technological University real-world study has shown that the use of cool paint coatings in cities can help pedestrians feel up to 1.5º Celsius (2.7º F) cooler, making the urban area more comfortable for work and play. The research paper exploring the development has been published in Sustainable Cities and Society. Cool paint coatings contain additives that reflect the sun’s heat to reduce surface heat absorption and emission. They have been touted as one way to cool down the urban area and mitigate the Urban Heat Island ..read more
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