oil
Sweden has emerged as a standout example in Europe, proving that substantial economic growth and significant reductions in greenhouse gas emissions can go hand-in-hand. Since 1990, the Scandinavian nation has achieved an impressive 80% reduction in net greenhouse gas emissions while simultaneously doubling the size of its economy. This accomplishment is particularly notable given Sweden’s industrial base, which includes high-emission sectors such as steel, cement, and automotive manufacturing. 70% of Sweden’s electricity is derived from renewable sources Sweden’s success can be largely attribu...
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Republican Representative Mark Green, who has served Tennessee’s 7th congressional district since 2019, has recently disclosed a lucrative stock trade involving NGL Energy Partners (NYSE: NGL). Green sold between $15,000 and $50,000 worth of NGL shares for $4.74, highlighting his strategic trading prowess and significant gains in a challenging market. Mark Green’s engagement with NGL Energy Partners dates back several years, but his recent trading activity has drawn considerable attention. The journey began in early 2022Over the past two and a half years, Green has adeptly managed to almost do...
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Gasoline futures in the United States have risen above $2.4 a gallon, rebounding from a recent low and closely tracking changes in crude oil prices. This increase coincides with supply concerns that have made refinery inputs more expensive. Let’s go deeper into the elements driving this growing trend in the energy sector. The surge in gasoline futures is directly linked to the rebound of crude oil prices. The Energy Information Administration (EIA) announced a larger-than-expected drop in US crude oil stocks for the sixth straight week. This continuous decline has raised the risk premium on en...
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US crude oil prices have surged for the fifth straight day, surpassing $77 per barrel. This climb is driven by heightened geopolitical tensions following the Pentagon’s decision to bolster military forces in the Middle East due to escalating threats from Iran towards Israel. The recent surge underscores the impact of geopolitical developments on global oil markets. WTI and Brent prices rise The West Texas Intermediate (WTI) crude oil for September delivery closed at $77.69 per barrel, marking an 85-cent increase or 1.11% rise. This brings WTI’s year-to-date gain to 8.4%. Meanwhile, Brent crude...
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Saudi Aramco has agreed to purchase a 22.5% stake in the petrochemical joint venture Petro Rabigh from Japan’s Sumitomo Chemical for $702 million, as announced in a joint statement on Wednesday. Aramco and Tokyo-headquartered Sumitomo Chemical currently own 37.5% of shares in Petro Rabigh, which was listed on the Saudi Exchange in 2008. Upon completion of the transaction, which is priced at SAR7 per share, Aramco will become Petro Rabigh’s largest shareholder with an equity stake of approximately 60%, while Sumitomo Chemical will retain an equity stake of 15%. Deal to help Aramco’s downstream ...
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Pakistan is currently working out the details of a possible deregulation of petroleum prices. As things stand, it is the government that determines the fuel prices every fortnight. However, deregulation would mean the prices would no longer be directly determined by the government, bringing an end to petroleum politics. Several international oil companies are operating in Pakistan. If the deregulation goes ahead, it would open the doors for higher profits and better protection against smuggling. The reason behind the deregulationPakistan is currently going through an economic crisis caused by ...
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Chevron Corp (NYSE: CVX) has announced plans to move its headquarters from California to Texas, a strategic relocation that aligns with the company’s response to the evolving political landscape. This move comes as Vice President Kamala Harris’ prospects in the upcoming November elections appear increasingly robust. The decision to shift headquarters reflects broader political tensions. While former President Donald Trump is a staunch supporter of the oil industry, Kamala Harris has been associated with progressive policies that may challenge traditional oil and gas interests. The presidential...
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WTI crude futures rose 3.5% on Wednesday, reaching $76.8 a barrel, as geopolitical tensions in the Middle East escalated. Concerns about probable supply interruptions have seized the market, and recent developments have heightened uncertainty. Geopolitical unrest unfolds: The impact on oil pricesThe killing of Hamas leader Ismail Haniyeh in Tehran, combined with Israel’s reported bombing on Hezbollah’s senior commander in Beirut, has heightened regional tensions. Iran’s promise of retaliation against Israel, combined with ongoing wars, has stoked concerns about supply interruptions, driving up...
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Brent futures exceeded the $80 per barrel mark on Wednesday as Iran’s allegations regarding the assassination of Hamas political leader Ismail Haniyeh heightened tensions in the Middle East. Brent futures reach $80.32 per barrelThe ICE Brent contract for September delivery traded at $80.32 per barrel at 09:45 a.m. London time, marking a 2.15% increase from Tuesday’s closing price. Similarly, front-month September NYMEX WTI futures were at $76.55 per barrel, up by 2.44% from the previous day’s settlement. Conflict escalation impacts oil market dynamicsOil prices have climbed amid intensified ho...
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Jet fuel prices have seen a dramatic drop, now standing at $2.39 per gallon as of July 2024, marking a significant 42% decrease from their peak in 2022. This reduction is a welcome shift for the aviation industry, which faced severe financial strains due to soaring fuel costs in the wake of the pandemic. However, while this drop offers some relief, it comes with its own set of challenges and implications for airline ticket prices and the broader industry landscape. Fuel price trends: From peaks to troughsAccording to Statista, the current price of $2.39 per gallon represents a substantial decr...
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